UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number: 1-6948 SPX Technologies, Inc. (Exact name of registrant as specified in its charter) Delaware 88-3567996 (State or other jurisdiction of ...

Financial Performance Highlights - FY2023 Adjusted EBITDA increased by approximately 50% year-over-year[72] - Q4 2023 revenue increased by 93% year-over-year[67] - Q4 2023 Adjusted Operating Income increased by 187% year-over-year, with a 150 bps margin expansion[67] - The company anticipates approximately 25% year-over-year Adjusted EBITDA growth in 2024[72] - The company anticipates approximately 16% Adjusted EPS growth at midpoint in 2024[72] Segment Performance - HVAC segment experienced a 20% organic decline in Q4 2023, but this was offset by growth in Cooling volumes and acquisitions[87] - Detection & Measurement segment experienced a 02% organic decline in Q4 2023 due to lower run-rate sales[89] - Consolidated Segment Income increased by $197 million[7] Guidance and Outlook - The company projects 2024 revenue between $193 billion and $200 billion, with HVAC revenue between $1325 billion and $1375 billion, and Detection & Measurement revenue between $605 million and $625 million[17] - The company projects 2024 Adjusted EBITDA between $375 million and $405 million[18] - The company anticipates achieving key Adjusted EPS between $485 and $515[38]

Exhibit 99.1 SPX Reports Fourth Quarter and Full-Year 2023 Results GAAP EPS of $0.67 in Q4 2023 Compared with $(0.55) in Q4 2022 GAAP EPS of $3.10 in Full-Year 2023 Compared with $0.43 in Full-Year 2022 GAAP Net Income of $89.9 million in Full-Year 2023 Compared with $0.2 million in Full-Year 2022 Q4 and Full-Year Adjusted EPS* of $1.25 and $4.31 in 2023 Compared with $1.17 and $3.10 in 2022 Introducing 2024 Full-Year Adjusted EPS* Guidance Range of $4.85-$5.15 CHARLOTTE, N.C., Feb. 22, 2024 (GLOBE NEWSWIRE ...

Financial Data and Key Metrics Changes - Total company revenues increased by 21.1% year-on-year, with adjusted EPS growing 31% to $1.06 [10][32] - Adjusted operating income grew approximately 57% year-on-year, with a margin expansion of 390 basis points [10][32] - Segment income grew by $28.2 million, or 44.5%, to $91.6 million, with segment margin increasing by 330 basis points [13] Business Line Data and Key Metrics Changes - HVAC segment revenues grew 27% year-on-year, with organic growth of 10.6% driven by cooling products [13] - Detection & Measurement segment revenues grew 11.8% year-on-year, with organic growth of 10.4% [33] - Project businesses showed strength, with segment income increasing by 9.9% [14] Market Data and Key Metrics Changes - Strong demand for cooling products across various end markets, including data centers and semiconductor plants [18] - Heating demand remained solid, with a normalization of heating backlog from last year's elevated levels [18] - Detection & Measurement run rate demand remained steady, with solid project order environments [18] Company Strategy and Development Direction - The company is focusing on growth in HVAC and Detection & Measurement segments, moving away from legacy power-related businesses [15][40] - Continued investment in digital and sustainability initiatives, with new software platforms enhancing customer value [30][31] - Active M&A pipeline to support growth opportunities [40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the current market conditions and demand visibility for 2024, with a strong backlog and operational momentum [40] - Anticipation of continued benefits from federal spending and infrastructure funding [21][76] - No tangible signs of weakness in the market, with steady performance across run rate businesses [70] Other Important Information - Finalized an agreement with Mitsubishi to settle claims related to South African projects, eliminating future legal spending of $15 million to $20 million annually [16][35] - Updated full-year guidance for adjusted EPS to a range of $4.22 to $4.32, reflecting year-on-year growth of approximately 38% [37] Q&A Session Summary Question: Can you provide more color on order rates in early Q4? - Management feels positive about order rates and demand visibility into 2024, with a strong backlog expected [44][46] Question: Is there any conservatism in the fourth-quarter guidance? - Some conservatism is built into the guidance, with a portion of the improvement in Q3 attributed to pull-forward demand from Q4 [50] Question: Are there any pockets of weakness in the market? - No tangible signs of weakness were reported, with steady performance across run rate businesses [70] Question: How is the integration of TAMCO and ASPEQ tracking? - Both acquisitions are performing well, with TAMCO integrating smoothly and ASPEQ showing good progress despite a more complex integration [66] Question: What impact do you expect from government funding next year? - Anticipated benefits from government funding are expected to flow into various businesses next year, particularly in transportation and HVAC [76]

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-6948 SPX TECHNOLOGIES, INC. (Exact Name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) (I.R.S. Employer Identification No.) 6325 Ardr ...

Eugene Lowe Well, why don't I start on pricing power. I think, what we said, if you look at our portfolio of businesses, we do believe we have pricing power in our HVAC and our Detection & Measurement. The businesses that we did not feel we had pricing power we divested in our really the transformer business, some of the old legacy businesses. Having said that, we are in competitive markets. And where we sit today, we think is a balanced position. We don't think our prices are too high and coming down. We t ...

| --- | --- | --- | --- | |-----------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | SPX Technologies | | | | | Q2 2023 | | | | | | | | | | Earnings Presentation | | | | | August 2, 2023 | | | | These risks, uncertainties and other factors include the following: cyclical changes and specific industry events in the company's markets; changes in anticipated capital investment and maintenance expenditures by customers; availability, limitations or cost increases of raw material ...

Company Participants Conference Call Participants Operator I would like now to hand the conference over to Paul Clegg, VP of Investor Relations and Communications. Thank you, operator, and good afternoon, everyone. Thanks for joining us. With me on the call today are Eugene Lowe, our President and Chief Executive Officer; and Mark Carano, our Chief Financial Officer. Our comments today will largely focus on adjusted financial results and comparisons will be to the results of continued operations only. You c ...

SPX Technologies, Inc. (NYSE:SPXC) Q4 2022 Earnings Conference Call February 23, 2023 4:45 PM ET Company Participants Paul Clegg - Investor Relations Gene Lowe - President and Chief Executive Officer Mark Carano - Chief Financial Officer Mike Reilly - Chief Accounting Officer Conference Call Participants Damian Karas - UBS Bryan Blair - Oppenheimer Steve Ferazani - Sidoti Damian Karas - UBS Operator Good day and thank you for standing by. Welcome to the Q4 2022 SPX Technologies Earnings Conference Call. At ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------|-------|-------|-------|-------|-------|-------|-------------------------------------|-------|-------|-------|-------| | | | Q1 | | | Q2 | | Q3 | | Q4 | | 2021 | | HVAC segment income | | | | | | | $ 23.0 $ 26.6 $ 23.6 $ 34.5 $ 107.7 | | | | | | Detection & Measurement segment income | | | | | | | 24.0 18.1 18.0 32.8 92.9 | | | | | | Consolidated segment income | | | | | | | $ 47.0 $ 44.7 ...