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 Corporation has nominated Angel Shelton Willis for election to its Board of Directors at the upcoming annual stockholders' meeting on May 11, 2021. If elected, she will join the Nominating and Governance Committee, expanding the Board to nine members. Currently, Ms. Willis is the Vice President, General Counsel, and Secretary at Sealed Air Corporation, overseeing legal and compliance affairs. With her extensive experience in law and corporate governance, her addition is expected to enhance SPX's strategic capabilities in sustainability and diversity.
SPX Corporation (NYSE: SPXC) reported Q4 2020 GAAP EPS of $0.58 and full-year EPS of $2.20, with adjusted EPS of $0.89 and $2.80 respectively. Revenue for Q4 was $456.8 million, up from $443.4 million in Q4 2019. For full-year 2020, revenue increased to $1.6 billion from $1.5 billion in 2019. The company anticipates adjusted EPS for 2021 between $3.00 and $3.20, with a focus on growth through strategic acquisitions and enhancements in key initiatives. Despite challenges due to the pandemic, SPX experienced strong segment income in various sectors, though segments showed mixed performance.
SPX Corporation (NYSE:SPXC) has finalized its acquisition of Sensors & Software Inc., a leader in Ground Penetrating Radar (GPR) technology based in Mississauga, Ontario. This strategic move is expected to enhance SPX's Radiodetection business by integrating GPR products for locating underground utilities and conducting geological investigations. The acquisition is projected to contribute $6-8 million in annual revenue and improve the margin profile of SPX's Detection & Measurement segment, highlighting its commitment to growth and innovation in detection technologies.
SPX Corporation (NYSE:SPXC) reported Q3 2020 results with a GAAP EPS of $0.49 and adjusted EPS of $0.64. Revenue reached $363.4 million, slightly lower than $364.8 million in Q3 2019, while operating income increased to $30.0 million from $27.6 million. The HVAC segment reported a 10.3% revenue increase, aided by acquisitions, while Detection & Measurement faced a 12.7% decline due to pandemic-related challenges. SPX anticipates full-year earnings modestly higher than 2019, with strong operational execution expected to enhance shareholder value moving forward.
SPX Corporation (NYSE:SPXC) has announced the appointment of Ankush Kumar as an Executive Officer, expanding his role to oversee all global Cooling operations, including Process Cooling. Joining SPX in 2018 as President of HVAC Cooling, Kumar has shown substantial operational improvements and brings vast experience from Gardner Denver Holdings and McKinsey & Company. Gene Lowe, President and CEO, praised Kumar's strategic acumen and commitment to value creation for shareholders.
SPX FLOW reported its Q3 2020 results, marking progress amid pandemic challenges. Revenues declined to $356.9 million, down 8.9% year-over-year, while operating income rose 19.7% to $31.6 million, reflecting stringent cost controls. Backlog increased 7.9%, driven by industrial orders. However, orders declined 7.9%, with significant drops in North America and Asia Pacific. Adjusted EPS from continuing operations hit $0.39, a slight increase from $0.38. The company remains focused on strategic innovation and cost management as it prepares for a potential recovery in market demand.
SPX Corporation (NYSE:SPXC) will release its third quarter 2020 financial results on October 29, 2020, after market close. Following the release, CEO Gene Lowe and CFO Jamie Harris will discuss the results in a conference call at 4:45 p.m. Eastern Time. Interested participants should dial in five minutes early. The call will be webcast and a replay will be available until November 5th. SPX is a leading supplier of engineered products with approximately $1.5 billion in annual revenue and over 4,500 employees.
SPX Corporation (NYSE: SPXC) announced the acquisition of ULC Robotics, a leader in robotic systems and inspection technology, for an upfront cash payment and contingent payments based on performance. ULC's RaaS business, CISBOT, specializes in rehabilitating natural gas distribution networks, contributing approximately $40 million in annual revenue. The integration is expected to enhance SPX's Detection & Measurement segment margins and have a modest impact on 2020 Adjusted EPS. This acquisition aims to complement SPX’s Location & Inspection platform, fostering growth in advanced technologies such as AI and machine learning.
SPX Corporation (NYSE:SPXC) has appointed Jamie E. Harris as Vice President, Chief Financial Officer, and Treasurer, effective August 17, 2020. Harris brings over 20 years of executive financial experience, previously serving as CFO of Elevate Textiles and Coca-Cola Consolidated. He will replace Scott Sproule, who is retiring but will assist during the transition. CEO Gene Lowe expressed confidence in Harris's ability to drive growth and operational excellence amidst challenging market conditions, aiming to position SPX for future success.
SPX Corporation (NYSE: SPXC) will release its second-quarter 2020 financial results on July 30, 2020, after market close. The company's President and CEO Gene Lowe, along with CFO Scott Sproule, will discuss these results during a conference call at 4:45 p.m. Eastern time. Interested parties can join by dialing in five minutes early or via the company’s website. A replay of the call will be available until August 6, 2020. SPX Corporation, based in Charlotte, NC, reported approximately $1.5 billion in revenue for 2019 and employs over 4,500 people across 17 countries.
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