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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 it will release its financial results for Q1 2023 after U.S. markets close on May 4, 2023. The company’s President and CEO, Gene Lowe, along with CFO Mark Carano, will discuss the results and business outlook during a conference call at 4:45 PM Eastern Time the same day. Interested parties can access the call via a live webcast on SPX’s Investor Relations page. SPX Technologies is a leader in HVAC and detection and measurement markets, based in Charlotte, North Carolina, with around 3,100 employees across 15 countries.
SPX Technologies Inc. (NYSE:SPXC) has acquired T. A. Morrison & Company (TAMCO) for approximately US$125 million in cash, enhancing its HVAC segment. TAMCO, based in Smiths Falls, Ontario, offers market-leading dampers that regulate airflow in various sectors including data centers and healthcare. This acquisition is expected to strengthen SPX's position in the Engineered Air Movement sector. Gene Lowe, President and CEO of SPX Technologies, expressed enthusiasm about the fit and growth potential of TAMCO's products within their business. The acquisition was facilitated by A. Buchholtz & Company, which took approximately six months to finalize. TAMCO anticipates building a stronger platform together with SPX Technologies.
SPX Technologies Inc. (NYSE: SPXC) has acquired TAMCO, a leader in motorized dampers, for approximately CA$170 million (or US$125 million) in cash. Based in Smiths Falls, Ontario, TAMCO specializes in eco-friendly airflow control solutions for commercial and industrial sectors, generating over US$50 million in annual revenue. This acquisition strengthens SPX’s position in the HVAC sector by enhancing its Engineered Air Movement capabilities, potentially leading to higher margins and growth. SPX has made 12 acquisitions since 2018, supporting its strategy to develop market-leading platforms and expand into adjacent markets.
SPX Technologies (NYSE:SPXC) will present at the Sidoti March Virtual Investor Conference on March 22, 2023, at 1:00 PM ET. Gene Lowe, the President and CEO, along with Mark Carano, the CFO, will represent the company. Investors can register for the presentation and one-on-one meetings by visiting www.sidoti.com/events. The live presentation can be accessed here. A replay of the webcast will be available on SPX Technologies’ website for about 90 days after the event.
SPX Technologies, Inc. reported a Q4 2022 revenue of $429.3 million, up from $350.0 million in Q4 2021, driven by growth in HVAC and Detection & Measurement segments. Q4 adjusted EPS was $1.17, compared to $0.88 in the previous year. For full-year 2022, revenue rose to $1,460.9 million from $1,219.5 million, with adjusted EPS reaching $3.10. The company anticipates 2023 adjusted EPS of $3.30 to $3.55, capitalizing on strong backlog and operational momentum despite mixed macroeconomic indicators. Key accomplishments include the acquisition of International Tower Lighting and divestiture of the asbestos portfolio, significantly reducing liabilities.
SPX Technologies, Inc. (NYSE:SPXC) will release its financial results for the fourth quarter and full year of fiscal year 2022 on February 23, 2023, after U.S. financial markets close. The company's leadership, including CEO Gene Lowe and CFO Mark Carano, will discuss the results and future outlook during a conference call at 4:45 p.m. ET the same day. Interested parties can access a live webcast on the Investor Relations page of SPX's website. SPX Technologies specializes in highly engineered products in the HVAC and detection markets, employing approximately 3,100 individuals across 15 countries.
SPX Technologies has appointed Mark A. Carano as Vice President, Chief Financial Officer, effective January 3, 2023. Carano brings vast experience in finance and business development, having held executive roles at various public companies, including Insteel Industries and Big River Steel. His expertise is seen as a valuable addition to SPX’s growth initiatives. CEO Gene Lowe expressed confidence that Carano's background aligns with the company's strategic goals. SPX, based in Charlotte, NC, is a global supplier in the HVAC and detection markets, listed on NYSE under the ticker SPXC.
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