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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.
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.
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.
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