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) is a leading supplier of engineered products and technologies, specializing in the Heating, Ventilation, and Air Conditioning (HVAC) and detection and measurement markets. Headquartered in Charlotte, North Carolina, the company operates through two main segments: HVAC and Detection & Measurement Technologies.
The HVAC segment, which generates the majority of SPX Technologies' revenue, designs, manufactures, installs, and services a range of cooling, heating, and ventilation products. Recently, the segment expanded its capabilities by acquiring Ingénia Technologies, a company renowned for its custom air handling units used in healthcare, pharmaceuticals, education, food processing, and industrial markets. This acquisition strengthens SPX's position in Engineered Air Movement (EAM) solutions, with Ingénia anticipated to contribute approximately $100 million in annualized revenue for 2024.
The Detection and Measurement Technologies segment focuses on designing, manufacturing, and installing underground pipe and cable locators, inspection equipment, and bus-fare collection systems. This segment is essential for various industries, ensuring safety and efficiency in operations.
Financially, SPX Technologies has shown impressive growth. For the first quarter of 2024, the company reported a 46.7% increase in Adjusted EBITDA, reaching $92.0 million, compared to $62.7 million in the first quarter of 2023. Adjusted earnings per share also saw a significant rise, from $0.93 in Q1 2023 to $1.25 in Q1 2024. The company raised its full-year guidance for Adjusted EPS to a range of $5.15 to $5.40, reflecting a year-on-year growth of approximately 23%.
SPX Technologies' strategic focus includes not only expanding its product portfolio through acquisitions but also driving greater efficiencies in its production facilities. The company's commitment to innovation and quality positions it well for continued success in its key markets.
Globally, SPX Technologies generates the majority of its revenue in the United States, with significant contributions from China, the United Kingdom, and other regions. The company employs over 4,000 people across 15 countries, highlighting its strong international presence.
For more information, visit the official website at www.spx.com.
SPX Technologies (NYSE:SPXC) has announced a definitive agreement to acquire Kranze Technology Solutions (KTS) for approximately $350 million in cash. KTS, headquartered in Des Plaines, Illinois, specializes in digital interoperability and tactical networking solutions, with strong ties to the US Marine Corps.
KTS is projected to generate revenue of approximately $90 million for 2025, with segment income margin and revenue growth rate above the Detection & Measurement segment average. The acquisition will be financed through SPX's revolving credit facility and is expected to close in Q1 2025, subject to regulatory approval.
This marks SPX's 15th acquisition since 2018, scaling their CommTech platform to over $200 million in revenue. The integration will enhance SPX's tactical datalinks and RF countermeasure offerings, particularly in US military platforms and the Asia Pacific region.
SPX Technologies (NYSE:SPXC) has announced its participation in two upcoming investor conferences. The company will attend the Wolfe Research Small and Mid-Cap Conference in New York City on December 4th and the Sidoti Small Cap Conference virtually on December 5th. President and CEO Gene Lowe and CFO Mark Carano will meet with investors at both events.
At the Sidoti conference, SPX will deliver a live presentation with Q&A at 10am Eastern Time. The presentation will be accessible via webcast through the company's website and will remain available for approximately 90 days after the event.
SPX Technologies (NYSE:SPXC) reported strong Q3 2024 results with revenue of $483.7 million, up from $448.7 million in Q3 2023. Operating income reached $78.9 million, compared to $57.7 million last year. The company achieved significant margin expansion in both HVAC and Detection & Measurement segments. Q3 GAAP EPS was $1.08, while Adjusted EPS reached $1.39. HVAC segment revenue grew 15.9% to $335.3 million, while Detection & Measurement revenue decreased 7% to $148.4 million. The company maintains its full-year 2024 guidance for adjusted EBITDA of $410-$430 million and adjusted EPS of $5.45-$5.60.
SPX Technologies (NYSE:SPXC) has announced it will release its third quarter 2024 financial results after U.S. financial markets close on Wednesday, October 30, 2024. Following this, the company will hold a conference call at 4:45 p.m. (Eastern Time) on the same day. President and CEO Gene Lowe, along with VP, CFO, and Treasurer Mark Carano, will discuss the financial results and business outlook.
The call will be webcast live with slides available on the company's Investor Relations website. For those wishing to participate via phone, the dial-in number is 1-833-630-1956 (U.S.) or +1-412-317-1837 (outside U.S.). Participants are advised to dial in five minutes before the start time. A replay will be available after the call, accessible by dialing 1-877-344-7529 (U.S.) or 1-412-317-0088 (outside U.S.) with the replay access code 4037679.
SPX Technologies (NYSE:SPXC) has released its seventh annual sustainability report for 2023, now available on their website. President and CEO Gene Lowe highlighted the company's progress in sustainability, emphasizing its role in their value creation framework and strategic planning process.
Key achievements include:
- Introduction of new climate-conscious solutions for customers
- Further reduction in greenhouse gas intensity, ahead of schedule
The report underscores SPX Technologies' commitment to sustainability as a core component of their business strategy and showcases their ongoing efforts to improve environmental performance while delivering innovative solutions to customers.
SPX Technologies (NYSE:SPXC) has appointed Jennifer Carpenter as its new Chief Human Resources Officer (CHRO), effective September 30, 2024. She succeeds Tausha White, who is retiring. Ms. Carpenter brings over 20 years of leadership experience in human resources, most recently serving as Vice President, Human Resources for Digital IT at Honeywell International Inc.
Gene Lowe, President and CEO of SPX, praised Ms. Carpenter's expertise in developing business partnerships, building talent, and empowering employees. He highlighted her strong track record in driving process efficiencies and managing growth. Ms. Carpenter's experience includes leading HR functions across diverse businesses and global teams, as well as playing a major role in integrating a $3 billion+ acquisition with over 6,000 employees.
SPX Technologies (NYSE:SPXC) reported strong Q2 2024 results, with revenue of $501.3 million and operating income of $74.6 million. The company's GAAP EPS was $0.96, while Adjusted EPS reached $1.42. Based on these results, SPX is raising its full-year 2024 Adjusted EPS guidance to $5.45-$5.60, implying year-on-year growth of approximately 28%.
Key highlights include:
- Q2 net income increased 22.8% to $44.2 million
- Adjusted EBITDA grew 45.0% to $108.9 million
- HVAC segment revenue increased 32.5% to $356.5 million
- Detection & Measurement segment revenue decreased 6.2% to $144.8 million
SPX updated its full-year 2024 guidance, targeting consolidated revenue of $1.97-$2.02 billion and adjusted EBITDA of $410-$430 million.
On July 11, 2024, SPX Technologies (NYSE: SPXC) announced it will release its Q2 2024 financial results after the U.S. markets close on August 1, 2024. The company’s President and CEO, Gene Lowe, and CFO, Mark Carano, will discuss the results and business outlook in a conference call at 4:45 p.m. (ET) the same day. A live webcast and slide presentation will be available on SPX's Investor Relations page. Dial-in details for the call can be obtained via a provided link. A replay of the webcast will be accessible on the company’s website for a time.
SPX Technologies (NYSE: SPXC) announced the appointment of Cherée Johnson as the new Chief Legal Officer and Secretary, effective June 10, 2024. She succeeds John W. Nurkin, who is retiring. Johnson brings over 20 years of senior executive experience across multiple industries. Her previous roles include senior vice president and Chief Legal Officer at Dentsply Sirona, General Counsel at W.R. Grace & Company, and legal executive positions at McCormick, Kraft Heinz, and 3M. She holds a law degree from the University of Minnesota and a Chemical Engineering degree from Florida A&M University.
SPX Technologies, Inc. reported strong Q1 2024 results, highlighting Q1 GAAP EPS of $1.05 and adjusted EPS of $1.25. Revenue increased to $465.2 million, operating income reached $64.6 million, and net income was $49.0 million. Adjusted EBITDA grew by 46.7% to $92.0 million. HVAC segment revenue increased by 20.2%, while the Detection & Measurement segment saw a 9.9% revenue increase. SPX raised its 2024 full-year adjusted EPS guidance to $5.15-$5.40, reflecting a 23% year-on-year growth.
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