Welcome to our dedicated page for SPX TECHNOLOGIES news (Ticker: SPXC), a resource for investors and traders seeking the latest updates and insights on SPX TECHNOLOGIES stock.
SPX Technologies, Inc. (NYSE: SPXC) generates a steady flow of news as a diversified, global supplier of highly engineered industrial technology equipment. Company announcements emphasize its focus on the HVAC and detection and measurement markets, with updates on segment performance, acquisitions, capital markets activity, and leadership changes.
Investors following SPXC news can expect regular quarterly earnings releases, where SPX reports results for its HVAC and Detection & Measurement segments and discusses trends in areas such as hydronic heating and cooling equipment, engineered air movement, communication technologies, transportation systems, aids to navigation, and inspection businesses. These releases often include commentary on organic and inorganic growth, non-GAAP measures like adjusted EBITDA and adjusted EPS, and updated full-year guidance ranges.
SPX news also covers acquisition activity, such as the completed acquisition of Sigma Heating and Cooling and Omega Heat Pump (Sigma & Omega) and the definitive agreement to acquire Crawford United Corporation’s commercial air-handling equipment segment. These announcements describe how new businesses expand SPX’s HVAC portfolio with vertical stack heat pumps, fan coils, institutional heating products, commercial self-contained units, and custom air-handling solutions serving markets like high-rise residential buildings, hotels, schools, hospitals, healthcare, universities, pharmaceutical, advanced manufacturing, and commercial properties.
Additional news items include public equity offerings and related underwriting agreements, credit agreement amendments that affect the company’s financing structure, and executive appointments, such as the naming of a new Vice President, General Counsel & Secretary. Together, these updates provide context on SPX’s strategic priorities, capital deployment, and governance.
By monitoring this news feed, readers can track SPXC’s financial disclosures, strategic transactions, and corporate developments as reported through press releases and related SEC filings.
Dominus Capital, L.P. has entered into an agreement to sell Cincinnati Fan & Ventilator Co. to SPX Corporation (NYSE: SPXC) by year-end 2021, pending regulatory approval. Cincinnati Fan specializes in engineered air movement solutions and has experienced growth under Dominus, completing two acquisitions and launching new products. The transaction aims to leverage Cincinnati Fan's capabilities to drive growth for SPX and its investors. William Blair acted as financial advisor for Cincinnati Fan, while BlackArch Partners advised SPX.
SPX Corporation (NYSE: SPXC) announced a definitive agreement to acquire Cincinnati Fan & Ventilator Co. from Dominus Capital, expanding its HVAC Cooling platform into the engineered air movement market. The acquisition, expected to close by year-end 2021, will leverage Cincinnati Fan's expertise and brand synergy with SPX's existing operations. This marks SPX's tenth acquisition since 2018, enhancing its capabilities and market positioning. Post-integration, the acquisition is anticipated to positively impact SPX's HVAC segment margins.
SPX Corporation (NYSE:SPXC) reported Q3 2021 results with revenue of $285.8 million, up from $268.3 million in Q3 2020, and GAAP EPS of $0.17. Adjusted EPS was $0.41, down from $0.48 year-over-year. The company closed its sale of Transformer Solutions, positioning for growth. However, supply chain challenges are anticipated to impact Q4 performance, prompting a revised full-year guidance of adjusted revenue growth of 8-10%. SPX's strong cash flow and balance sheet remain pivotal for future plans, with Q3 cash generation of $55.1 million.
SPX Corporation (NYSE:SPXC) will release its third quarter 2021 financial results on November 3, 2021, after market close. CEO Gene Lowe and CFO Jamie Harris will discuss the results during a conference call at 4:45 p.m. Eastern Time, with a dial-in option available. A replay of the call will be accessible until November 10, 2021. SPX Corporation specializes in engineered products and technologies in the HVAC and detection sectors, employing over 4,000 staff across 15 countries.
SPX Corporation has completed the sale of SPX Transformer Solutions, Inc. to Prolec GE for $645 million, including assumed debt. This strategic move aims to enhance SPX's focus on its HVAC and Detection & Measurement segments. CEO Gene Lowe expressed confidence in this transaction, highlighting its value creation potential and ability to accelerate strategic initiatives. SPX expects to pay taxes on the gain from the sale in 2022. The transaction is positioned to strengthen Prolec GE's support for the electrical grid's growth in the Americas.
SPX Corporation (NYSE:SPXC) announced that CEO Gene Lowe will present at the Sidoti Fall Virtual Investor Conference on September 22, 2021, at 2:30 PM ET. CFO Jamie Harris will join him, and one-on-one meetings with investors will also be available. The presentation can be accessed live through a provided Zoom link. SPX Corporation, based in Charlotte, North Carolina, specializes in engineered products and technologies, focusing on HVAC and detection and measurement markets. The company operates in 15 countries with approximately 4,000 employees.
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SPX Corporation (NYSE:SPXC) reported Q2 2021 GAAP EPS of $0.32 and adjusted EPS of $0.49, reflecting year-over-year increases. The company updated its full-year 2021 guidance, expecting adjusted EPS between $2.25-$2.45, driven by strong performance in the HVAC segment and the acquisition of Enterprise Control Systems Ltd (ECS). Revenue for Q2 was $296.7 million, up from $258.0 million in Q2 2020. Despite a decline in operating income, SPX remains solid in investments, focusing on growth as it aims for 'SPX 2025' targets.
SPX Corporation (NYSE: SPXC) has successfully acquired Enterprise Control Systems Ltd (ECS), a UK-based leader in tactical datalinks and RF countermeasures. This acquisition, part of SPX's Communications Technology platform, is expected to contribute approximately $14 million in annualized revenue. SPX anticipates updating its 2021 financial guidance on August 5 to reflect ECS's integration, which is projected to enhance segment margins. The acquisition is seen as a strategic move to bolster SPX's position in COMINT and expand its market reach.
SPX Corporation (NYSE:SPXC) will release its Q2 2021 financial results after market close on August 5, 2021. The company will conduct a conference call at 4:45 p.m. Eastern time to discuss these results. Interested parties can join by dialing 877-341-7727 (international: +1 262-558-6098), and a replay will be available until August 12, 2021. SPX Corporation specializes in highly engineered products within the HVAC and detection and measurement markets, boasting over 4,500 employees across 15 countries.