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 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.
SPX Technologies, Inc. (NYSE:SPXC) reported Q3 2022 results with revenue of $370.5 million and adjusted EPS of $0.81, an increase from $285.7 million and $0.44 respectively in Q3 2021. The HVAC segment grew 27% in revenue, driven by higher sales volumes, while the Detection & Measurement segment saw a 34.1% increase. SPXC raised its full-year adjusted EPS guidance to $2.85-$2.95, reflecting a 24% year-on-year growth. The company also divested legacy asbestos liabilities, enhancing cash flows and earnings power. Total debt stood at $246.9 million with cash at $187.3 million.
SPX Technologies has divested three wholly-owned subsidiaries to Canvas Holdco LLC, transferring asbestos liabilities and relevant assets. SPX contributed $138.8 million in cash, while Canvas contributed $8 million. This transaction is expected to enhance SPX's Adjusted Earnings Per Share by $0.08 to $0.10 starting in 2023. The move aims to streamline operations, reduce risk, and improve financial certainty for investors, as the asbestos liabilities will be excluded from SPX's year-end 2022 balance sheet.
SPX Technologies has appointed Darnell Smith as the new Chief Information Officer and Michael Daly as VP, Global Head of Strategy and Business Development. Smith brings over 30 years of IT experience, while Daly offers decades of global M&A leadership. CEO Gene Lowe emphasized that this leadership is crucial for accelerating the company's growth strategy. SPX is a diversified supplier in HVAC and detection markets with a workforce of over 3,100 across 15 countries, listed under the symbol SPXC.
SPX Technologies, Inc. (NYSE:SPXC) will release its Q3 fiscal year 2022 financial results on November 3, 2022, after market close. A conference call will follow at 4:45 p.m. ET, hosted by CEO Gene Lowe and interim CFO Mike Reilly, discussing results and business outlook. Participants can access the call via phone or webcast. SPX Technologies specializes in engineered products in HVAC and measurement markets, employing about 3,100 people across 15 countries.
SPX Technologies has appointed Sean McClenaghan as President of Global Cooling and an Executive Officer, effective immediately. McClenaghan has over 25 years of executive leadership experience, previously serving as CEO of RWC Americas. His background includes strategic roles at McKinsey & Company and operational positions at DuPont. Gene Lowe, CEO, expressed optimism about McClenaghan's track record in driving market expansion and acquisitions, reinforcing the company's commitment to its 'SPX 2025' targets. McClenaghan holds an MBA from Harvard and a Bachelor in Chemical Engineering from Georgia Tech.
SPX Technologies, Inc. (NYSE: SPXC) announced the resignation of Jamie Harris, CFO, effective September 23, 2022, to pursue another CFO opportunity. SPX has initiated a search for a new CFO, with Mike Reilly, the Chief Accounting Officer, appointed as interim CFO. CEO Gene Lowe praised Harris for his contributions, noting the company's strengthened position during his tenure. Harris expressed gratitude to the SPX team for their collaboration and confidence in the leadership's ability to drive future success.
SPX Technologies (NYSE: SPXC) announced the successful completion of its corporate reorganization, merging SPX Corporation into SPX Merger, LLC, a newly-formed subsidiary. This strategic move creates a simpler corporate structure aimed at enhancing growth and managing legacy liabilities. The reorganization allows SPX Technologies to operate as the holding company for its various subsidiaries while continuing to trade on the NYSE under the same symbol, SPXC. The company expects this transition to yield numerous operational benefits.
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