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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 Corporation (NYSE: SPXC) reported Q2 2022 results with a GAAP EPS of $0.41 and adjusted EPS of $0.71, raising its full-year EPS guidance to $2.70-$2.85. Revenue increased to $354 million, up from $296.6 million in Q2 2021. The company announced a plan to reorganize its legal structure to align with strategic goals and expects completion by August 15, 2022. SPX repurchased $34 million in stock and anticipates solid cash generation. Their strong performance is attributed to robust bookings despite supply chain challenges.
SPX Corporation (NYSE:SPXC) will announce its financial results for Q2 2022 after market close on August 4, 2022. SPX President and CEO Gene Lowe and CFO Jamie Harris will host a conference call to discuss these results and the company's outlook at 4:45 p.m. Eastern Time on the same day. A live webcast with a slide presentation will be accessible on the Investor Relations page of SPX’s website. The company specializes in engineered products and technologies, focusing on HVAC and detection and measurement markets.
SPX Corporation (NYSE: SPXC) reported Q1 2022 earnings with GAAP EPS of $0.28 and adjusted EPS of $0.40. Revenue increased to $307.1 million, up from $287.2 million in Q1 2021. Despite strong demand, the company faces supply chain constraints affecting production. SPX announced the acquisition of International Tower Lighting (ITL), enhancing its AtoN lighting capabilities. Full-year 2022 guidance was updated, projecting revenue of $1.36-$1.43 billion and adjusted EPS of $2.55-$2.85, reflecting a year-on-year growth of approximately 16%. Cash generation remains strong amidst ongoing challenges.
SPX Corporation (NYSE: SPXC) will release its first quarter 2022 financial results on May 4, 2022, after market close. A conference call will be held at 4:45 p.m. Eastern time, featuring discussions by CEO Gene Lowe and CFO Jamie Harris. Participants can join the call by dialing 877-341-7727 (or +1 262-558-6098 internationally) five minutes prior to the start. A replay will be available until May 11, 2022. SPX Corporation specializes in highly engineered products across HVAC and measurement markets, employing approximately 3,100 individuals globally.
SPX Corporation (NYSE: SPXC) has successfully acquired International Tower Lighting, LLC (ITL) as of April 11, 2022. ITL specializes in designing and manufacturing Aids-to-Navigation systems, generating approximately $18 million in revenue. This acquisition is expected to modestly enhance SPX's average segment margin and will be included in the Detection & Measurement segment. SPX plans to update 2022 financial guidance following Q1 results, indicating a commitment to expand its global AtoN platform.
SPX Corporation (NYSE:SPXC) reported Q4 and full-year results for 2021, with Q4 GAAP EPS at $0.10 and adjusted EPS at $0.88. Full-year GAAP EPS was $1.27 with adjusted EPS of $2.33. Revenue for Q4 was $350.0 million, slightly up from $348.3 million, while full-year revenue reached $1,219.5 million, up from $1,128.1 million in 2020. The company anticipates 2022 adjusted EPS between $2.50-$2.80, driven by strong demand despite supply chain challenges. Notably, SPX closed the sale of Transformer Solutions and completed three strategic acquisitions during 2021.
SPX Corporation (NYSE:SPXC) will release its fourth quarter and full-year 2021 financial results on February 23, 2022, after market close. Following the release, CEO Gene Lowe and CFO Jamie Harris will host a conference call at 4:45 p.m. Eastern to discuss the results and 2022 financial guidance. Interested participants can join the call by dialing 877-341-7727 (international: +1 262-558-6098) and using participant code 2176750. The call will also be webcast and available for replay until March 2, 2022.
SPX Corporation (NYSE:SPXC) has successfully acquired Cincinnati Fan & Ventilator Co. for $145 million in cash, enhancing its engineered air quality solutions segment. This acquisition is projected to yield annual revenues between $60-70 million in 2022. The integration aims to boost SPX's HVAC segment margin significantly. SPX's President, Gene Lowe, expressed optimism about the potential for expanded market opportunities and accelerated growth through this strategic acquisition.
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.
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