Financial Data and Key Metrics Changes - In Q1 2024, the company reported a revenue growth of 16.4% year-on-year and adjusted EBITDA growth of 47% with a margin expansion of 410 basis points [3][9] - Adjusted EPS increased by 34% to $1.25, while segment income grew by $20.7 million or 43.4% [9][10] - The company ended Q1 with cash of $106 million and total debt of $855 million, resulting in a leverage ratio of 2x [13][14] Business Line Data and Key Metrics Changes - In the HVAC segment, revenues grew by 20.2% year-on-year, with acquisitions contributing 22.2% to this growth [31] - Detection & Measurement segment revenues increased by 9.9% year-on-year, driven by organic sales growth and a modest FX tailwind [11][12] - Segment backlog at quarter-end was $462 million for HVAC and $207 million for Detection & Measurement, reflecting a 20% organic increase for HVAC but a 16% organic decline for Detection & Measurement [11][108] Market Data and Key Metrics Changes - The company continues to experience robust demand across key markets, particularly in HVAC for cooling products in data centers, semiconductor plants, and industrial facilities [18] - Detection & Measurement is seeing flattish global demand with regional variations, while project orders remain healthy [18] Company Strategy and Development Direction - The company is focused on leveraging its business system to drive value through growth investments, strategic M&A, and continuous improvement initiatives [4][5] - The new framework targets average EBITDA growth of over 15% annually at margins exceeding 20% [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the updated full-year guidance, which implies a 30% growth in adjusted EBITDA [26] - The company anticipates a sequential revenue increase in HVAC for Q2 due to the full quarter impact of the Ingénia acquisition and increased cooling production capacity [15][16] Other Important Information - The company raised its full-year guidance for adjusted EPS to a range of $5.15 to $5.40, reflecting strong Q1 results and a robust demand outlook [14] - The company expects HVAC revenue to be in the range of $1.36 billion to $1.4 billion, an increase of $30 million at the midpoint from prior guidance [15] Q&A Session Summary Question: What is driving the increase in HVAC margins? - Management indicated that the increase in HVAC margins is primarily driven by higher revenue drop-through at attractive gross margins, with acquisitions integrating well and expected to contribute higher margins than previously anticipated [41][35] Question: How did orders trend through Q1 and into early Q2 for Detection & Measurement? - Management noted that orders were less than 1 in D&M, with expectations for flat revenue and profit contributions for the year, primarily due to the impact of a large project delivered last year [38][73] Question: What is the outlook for the locators and inspection platform? - Management expects the locators and inspection platform to be flattish this year, with meaningful growth in the U.S. but slower performance in Europe and Asia [100] Question: How is the backlog looking for Detection & Measurement? - The backlog for Detection & Measurement was reported at $207 million, with management feeling good about the project activity and pipeline for 2024 and beyond [108][110]

Long-term debt MAY 2, 2024 1 Reconciliations of non-GAAP guidance measures to US GAAP financial measures are not practicable and accordingly are not included in the Appendix to this presentation. 20 | Major product lines (1) Adjustment represents the removal of certain acquisition and strategic/transformation related costs ($2.4). (2) Adjustment represents the removal of (i) integration costs of $1.7 and (ii) an inventory step-up charge related to the Ingénia acquisition of $0.9 within the HVAC reportable s ...

Financial Performance - Q1 2024 revenue was $465.2 million, up 16.4% from $399.8 million in Q1 2023[3] - Q1 2024 net income increased to $49.0 million, compared to $42.8 million in Q1 2023, reflecting a year-on-year growth of 5.0%[3] - Adjusted EPS for Q1 2024 was $1.25, a 34.4% increase from $0.93 in Q1 2023[4] - Adjusted EBITDA for Q1 2024 was $92.0 million, representing a 46.7% increase from $62.7 million in Q1 2023[4] - Operating income rose to $64.6 million, representing a 29.7% increase compared to $49.8 million in the prior year[30] - Net income for the period was $49.0 million, compared to $42.8 million in the previous year, reflecting a growth of 14.5%[32] - Basic income per share from continuing operations increased to $1.07, up from $0.86 year-over-year[26] - The company reported an adjusted EBITDA of $92.0 million for the three months ended March 30, 2024, which is 19.8% of revenues, compared to $62.7 million or 15.7% of revenues in the prior year[44] - SPX Technologies' earnings per share from continuing operations increased to $1.25 for the three months ended March 30, 2024, up from $0.93 in the same period last year[39] Segment Performance - The HVAC segment reported revenue of $302.4 million, a 20.2% increase, driven by acquisitions and a favorable product mix[6] - Detection & Measurement segment revenue grew by 9.9% to $162.8 million, with a 9.6% increase in organic revenue[9] - HVAC segment income margin improved to 22.6% in Q1 2024, up from 19.0% in Q1 2023[7] - Net revenue growth in the HVAC segment was 20.2%, while the Detection & Measurement segment saw a growth of 9.9%[36] - The HVAC reportable segment generated revenues of $302.4 million, a 20.2% increase from $251.6 million in the prior year[30] - The Detection & Measurement reportable segment saw revenues of $162.8 million, a 9.9% increase from $148.2 million year-over-year[30] Guidance and Projections - Full-year 2024 adjusted EPS guidance raised to a range of $5.15 to $5.40, implying approximately 23% year-on-year growth[2] - Full-year 2024 revenue guidance increased to $1.965-$2.025 billion, up from the previous range of $1.93-$2.00 billion[12] Balance Sheet and Cash Flow - Total outstanding debt as of March 30, 2024, was $854.4 million, with total cash of $105.5 million[11] - Total current assets increased to $779.6 million, up from $709.6 million at the end of December 2023[28] - Total liabilities rose to $1,562.1 million, compared to $1,245.1 million at the end of December 2023[28] - Cash and equivalents at the end of the period were $105.5 million, down from $212.7 million at the end of the previous year[32] - The company reported a total stockholders' equity of $1,237.5 million, an increase from $1,194.6 million at the end of December 2023[28] - The company had a beginning cash balance of $104.9 million and an ending cash balance of $105.5 million, reflecting a net increase of $0.6 million during the quarter[34] - Total debt increased from $854.4 million at the end of December 2023 to $622.2 million by March 30, 2024, primarily due to borrowings under senior credit facilities[34] Other Financial Metrics - Acquisition-related costs for the three months ended March 30, 2024, amounted to $5.0 million, compared to $2.1 million in the same period last year[38] - The adjusted operating income for the same period was $84.4 million, which is 18.1% of revenues, compared to $58.3 million or 14.6% of revenues a year ago[38] - Organic revenue growth in the HVAC segment declined by 1.9%, while the Detection & Measurement segment experienced a growth of 9.6%[36]

Financial Data and Key Metrics Changes - Total company revenues increased by 9.3% year-on-year, driven by acquisitions, while organic revenue declined modestly [5][72] - Segment income grew by $12.3 million or 13.6% to $102.8 million, with segment margin increasing by 80 basis points [5][72] - Adjusted EPS guidance for 2024 is set at $4.85 to $5.15, reflecting a 16% growth at the midpoint over 2023 results [8][67] Business Line Data and Key Metrics Changes - In the Detection & Measurement segment, revenues increased by 1.2% year-on-year, with flat organic sales and a modest FX tailwind [6][80] - HVAC segment revenue is anticipated to be in the range of $1.325 billion to $1.375 billion, reflecting an increase of approximately 20% at the midpoint [92] - The APAC segment saw revenues grow by 14% year-on-year, with acquisitions contributing 15.7% to this growth [76] Market Data and Key Metrics Changes - Organic revenue in the heating segment declined by 2%, driven by lower sales associated with unseasonably warm weather [64] - The backlog for the HVAC segment remained healthy at $306 million, up approximately 13% organically compared to the prior year [77] - Detection & Measurement segment revenue is expected to be in the range of $605 million to $630 million, with the midpoint almost flat with the prior year [80] Company Strategy and Development Direction - The company is focused on inorganic growth initiatives, having completed three significant acquisitions in the past year [14][66] - The acquisition of Ingenia is expected to enhance the company's capabilities in engineered air movement and broaden growth opportunities [69][88] - The company aims to achieve adjusted EBITDA growth of 25% and adjusted EPS growth of 16% in 2024, positioning itself to meet 2025 targets a year early [67][91] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth opportunities, citing a strong strategy and capable team [11] - The company anticipates a significant reduction in contact project sales in the Detection & Measurement segment, following the completion of a large project order [9] - Management noted that while the run rate business is flat, there is no downward pressure currently observed [17][86] Other Important Information - The company ended Q4 with cash of $105 million and total debt of $558 million, with a leverage ratio declining to 1.3 times [60] - Full year adjusted free cash flow was $231 million, approximately 115% of adjusted net income [79] - The company launched an advanced solution for precision location and mapping of underground utilities, enhancing its Location and Inspection platform [63] Q&A Session Summary Question: Comments on D&M results and run rate progression - Management acknowledged that D&M results were lower than anticipated due to a mix issue and weakening run rate, but noted no current downward pressure [12][16] Question: Insights on Ingenia acquisition and growth prospects - Management highlighted Ingenia's strong reputation and technological advantages, expecting it to contribute positively to revenue and margins [31][32] Question: Working capital expectations for 2024 - Management indicated that working capital is approaching normalized levels, with expectations for cash inflow from working capital in 2024 [56][79] Question: HVAC margin outlook and operational improvements - Management expressed confidence in HVAC margins for 2024, citing strong demand and operational improvements [34][110] Question: Impact of weather on heating sales - Management noted that warm weather has affected heating sales, but emphasized resilience in the US market compared to Europe [104][133]

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 ...