SPX Technologies (SPXC) came out with quarterly earnings of $1.39 per share, beating the Zacks Consensus Estimate of $1.38 per share. This compares to earnings of $1.06 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 0.72%. A quarter ago, it was expected that this infrastructure equipment supplier would post earnings of $1.26 per share when it actually produced earnings of $1.42, delivering a surprise of 12.70%. Over the last ...

Financial Performance - Q3 2024 revenue was $483.7 million, up 7.2% from $448.7 million in Q3 2023[3] - Q3 2024 net income was $50.2 million, compared to a loss of $20.4 million in Q3 2023[3] - Adjusted EBITDA for Q3 2024 increased by 27.0% to $104.0 million from $81.9 million in Q3 2023[4] - Adjusted EPS for Q3 2024 was $1.39, compared to $1.06 in Q3 2023[4] - Operating income rose to $78.9 million for the three months ended September 28, 2024, compared to $57.7 million in the prior year, reflecting a 36.9% increase[19] - Consolidated revenues reached $483.7 million, reflecting a 7.8% increase from $448.7 million year-over-year[21] - Consolidated operating income improved to $78.9 million, a 36.7% increase from $57.7 million in the same quarter last year[21] - SPX Technologies reported an adjusted operating income of $97.5 million, up from $75.8 million for the same period in 2023, representing a 28.5% increase[27] - The company reported a basic income per share from continuing operations of $1.10 for the three months ended September 28, 2024, compared to $0.78 in the prior year[19] - SPX Technologies reported earnings per share from continuing operations of $1.39 for the three months ended September 28, 2024, compared to $1.06 for the same period in 2023, marking a 31.1% increase[28] Segment Performance - HVAC segment revenue grew by 15.9% to $335.3 million, with a 9.0% increase in organic revenue[5] - Detection & Measurement segment revenue decreased by 7.0% to $148.4 million, primarily due to lower large project volume[7] - Segment income margin for HVAC increased to 23.9% in Q3 2024 from 20.2% in Q3 2023[6] - HVAC reportable segment revenues increased to $335.3 million for the quarter ended September 28, 2024, up 15.9% from $289.2 million in the same quarter last year[21] - Detection & Measurement reportable segment revenues decreased to $148.4 million, a decline of 7.0% compared to $159.5 million in the prior year quarter[21] - Organic revenue growth for the HVAC segment was 9.0%, while the Detection & Measurement segment experienced a decline of 7.0%[26] Guidance and Future Outlook - Full-year 2024 guidance for adjusted EBITDA is targeted between $410 million and $430 million[10] - Full-year 2024 revenue guidance is narrowed to a range of $1.97 billion to $2.00 billion[10] - The company plans to continue focusing on market expansion and new product development to drive future growth[19] - The company plans to continue focusing on strategic acquisitions and integration efforts to enhance operational efficiency and market presence[32] Balance Sheet and Cash Flow - Total outstanding debt as of September 28, 2024, was $737.8 million, with total cash of $129.4 million[9] - Total current assets increased to $827.6 million as of September 28, 2024, compared to $709.6 million at the end of 2023, representing a 16.6% growth[20] - Goodwill increased to $854.3 million as of September 28, 2024, up from $704.8 million at the end of 2023, indicating ongoing strategic acquisitions[20] - Long-term debt rose to $665.2 million as of September 28, 2024, compared to $523.1 million at the end of 2023, reflecting increased financing activities[20] - Cash and equivalents increased to $124.8 million as of September 28, 2024, up from $99.4 million at the end of 2023, enhancing liquidity[20] - The company’s total assets reached $2,806.0 million as of September 28, 2024, compared to $2,439.7 million at the end of 2023, marking a 15% increase[20] - The total debt at September 28, 2024, was $737.8 million, reflecting an increase from $558.3 million at December 31, 2023[25] Costs and Expenses - Selling, general and administrative expenses as a percentage of revenues for the HVAC segment increased to 23.9%, up 370 basis points from 20.2% in the prior year[21] - The company incurred integration costs of $1.4 million and $6.3 million during the three and nine months ended September 28, 2024, respectively[21] - The company’s long-term incentive compensation expense increased to $4.0 million from $3.4 million year-over-year[21] - The company incurred acquisition-related and other costs of $10.0 million for the nine months ended September 28, 2024, down from $12.0 million for the same period in 2023[32] Cash Flow Activities - Net cash from continuing operations increased to $77.0 million for the three months ended September 30, 2023, up from $45.4 million year-over-year[22] - The company reported a net cash used in investing activities of $277.3 million for the nine months ended September 28, 2024[24] - Business acquisitions net of cash acquired resulted in a cash outflow of $292.0 million for the nine months ended September 28, 2024[24] - Capital expenditures for the nine months ended September 28, 2024, were $28.2 million[24] - Borrowings under senior credit facilities amounted to $610.2 million, with repayments of $462.0 million during the same period[25] - The change in cash and equivalents due to foreign currency exchange rates was an increase of $5.5 million[24]

Core Insights - SPX Technologies reported a strong financial performance for Q3 2024, with revenue of $483.7 million, a 7.8% increase from $448.7 million in Q3 2023, and a net income of $50.2 million compared to a loss of $20.4 million in the same period last year [3][10][21] - The company achieved significant margin expansion in both HVAC and Detection & Measurement segments, with Adjusted EBITDA growing by 27% to $104 million [4][5] - SPX is well-positioned to meet its full-year 2024 guidance, targeting Adjusted EBITDA in the range of $410-$430 million and Adjusted EPS between $5.45 and $5.60 [10][11] Financial Performance - Q3 2024 revenue was $483.7 million, up from $448.7 million in Q3 2023, while operating income increased to $78.9 million from $57.7 million [3][20] - Net income for Q3 2024 was $50.2 million, a significant recovery from a loss of $20.4 million in Q3 2023 [3][21] - Adjusted EPS for Q3 2024 was $1.39, compared to $1.06 in Q3 2023, reflecting a 31.1% increase [4][10] Segment Performance - HVAC segment revenue rose by 15.9% to $335.3 million, driven by a 9.0% increase in organic revenue and a 6.8% contribution from the acquisition of Ingénia [5][25] - Detection & Measurement segment revenue decreased by 7.0% to $148.4 million, primarily due to lower large project volumes in communication technologies [7][26] - Segment income for HVAC was $80.0 million (23.9% margin), while Detection & Measurement reported segment income of $33.8 million (22.8% margin) [6][8] Guidance and Outlook - The company narrowed its full-year 2024 revenue guidance to a range of $1.97-$2.00 billion, down from a previous range of $1.97-$2.02 billion [10][11] - SPX expects Adjusted EBITDA growth of approximately 35% and Adjusted EPS growth of approximately 28% at the midpoint of its guidance range [2][10] Cash Flow and Debt - As of September 28, 2024, SPX had total outstanding debt of $737.8 million and total cash of $129.4 million, with net operating cash flow from continuing operations totaling $77.0 million for Q3 2024 [9][31] - Capital expenditures for continuing operations in Q3 2024 were $7.9 million [9][29]

Growth stocks are attractive to many investors, as above-average financial growth helps these stocks easily grab the market's attention and produce exceptional returns. But finding a growth stock that can live up to its true potential can be a tough task.In addition to volatility, these stocks carry above-average risk by their very nature. Also, one could end up losing from a stock whose growth story is actually over or nearing its end.However, the Zacks Growth Style Score (part of the Zacks Style Scores sy ...

SPX Technologies (SPXC) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.Since a changing earn ...

Wall Street expects a year-over-year increase in earnings on higher revenues when SPX Technologies (SPXC) reports results for the quarter ended September 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on October 30, 2024, might help the stock move higher if these key numbers are better ...

CHARLOTTE, N.C., Oct. 07, 2024 (GLOBE NEWSWIRE) -- SPX Technologies (NYSE:SPXC) announced today that it will release its financial results for the third quarter of fiscal year 2024 after the U.S. financial markets close on Wednesday, October 30, 2024. In conjunction with this announcement, SPX Technologies' President and Chief Executive Officer Gene Lowe and SPX Technologies' Vice President, Chief Financial Officer and Treasurer Mark Carano will discuss the Company's financial results and business outlook d ...

CHARLOTTE, N.C., Sept. 30, 2024 (GLOBE NEWSWIRE) -- SPX Technologies, Inc. (NYSE:SPXC) announced today that its seventh annual sustainability report with data covering 2023 is available on the company's website at (https://www.spx.com/our-company/sustainability-reporting/). Gene Lowe, President and CEO of SPX Technologies commented, "I am pleased to present our latest sustainability report, sharing another year of progress. Sustainability is a key component of our value creation framework, and is embedded i ...

CHARLOTTE, N.C., Sept. 26, 2024 (GLOBE NEWSWIRE) -- SPX Technologies, Inc. (NYSE:SPXC) ("SPX", or the "Company"), is pleased to announce the appointment of Jennifer Carpenter as its new Chief Human Resources Officer (CHRO), effective September 30, 2024. She succeeds Tausha White, who earlier this year announced her decision to retire. Ms. Carpenter joins SPX with an extensive background of human resources and leadership experience. Gene Lowe, President and CEO, commented, "We are very pleased to welcome Jen ...

For those looking to find strong Business Services stocks, it is prudent to search for companies in the group that are outperforming their peers. Has SPX Technologies (SPXC) been one of those stocks this year? By taking a look at the stock's year-to-date performance in comparison to its Business Services peers, we might be able to answer that question. SPX Technologies is a member of the Business Services sector. This group includes 317 individual stocks and currently holds a Zacks Sector Rank of #6. The Za ...