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SPX(SPXC) - 2024 Q4 - Annual Results
SPXCSPX(SPXC)2025-02-25 21:08

Financial Performance - Q4 2024 GAAP EPS was 1.19,up781.19, up 78% from 0.67 in Q4 2023; Full-Year GAAP EPS was 4.29,up384.29, up 38% from 3.10 in 2023[2] - Adjusted EPS for Q4 2024 was 1.51,a20.81.51, a 20.8% increase from 1.25 in Q4 2023; Full-Year adjusted EPS was 5.58,up29.55.58, up 29.5% from 4.31 in 2023[6][8] - Net income for the twelve months ended December 31, 2024, was 200.5million,comparedto200.5 million, compared to 89.9 million in 2023, reflecting a significant growth[33] - Basic income per share from continuing operations for the year was 4.37,upfrom4.37, up from 3.18 in 2023, indicating a 37.5% increase[33] - Net income for the three months ended December 31, 2024, increased to 57.1million,up81.357.1 million, up 81.3% from 31.5 million in the same period of 2023[37] Revenue Growth - Q4 2024 revenue reached 533.7million,a13.7533.7 million, a 13.7% increase from 469.4 million in Q4 2023; Full-Year revenue was 1,983.9million,up13.91,983.9 million, up 13.9% from 1,741.2 million in 2023[4][7] - Full-year revenues reached 1,983.9million,representinga14.01,983.9 million, representing a 14.0% increase compared to 1,741.2 million in 2023[33] - Consolidated revenues for the twelve months ended December 31, 2024, reached 1,983.9million,a13.91,983.9 million, a 13.9% increase from 1,741.2 million in 2023[39] - For the twelve months ended December 31, 2024, SPX Technologies reported a net revenue growth of 21.6% in the HVAC segment and a 0% growth in the Detection & Measurement segment[43] Segment Performance - HVAC segment revenue for Q4 2024 was 370.5million,an18.6370.5 million, an 18.6% increase from 312.5 million in Q4 2023, driven by a 12.8% organic revenue increase[10] - Detection & Measurement segment revenue for Q4 2024 was 163.2million,a4.0163.2 million, a 4.0% increase from 156.9 million in Q4 2023, with a 4.2% organic revenue increase[14] - Detection & Measurement reportable segment income increased by 27.0% to 37.6millionforthethreemonthsendedDecember31,2024,comparedto37.6 million for the three months ended December 31, 2024, compared to 29.6 million in the same period of 2023[39] - Organic revenue growth for the HVAC segment was 9.7% and for the Detection & Measurement segment was a decline of 0.2% for the twelve months ended December 31, 2024[43] Operating Income - Adjusted operating income for Q4 2024 was 110.0million,comparedto110.0 million, compared to 85.2 million in Q4 2023, reflecting a 29.1% increase; Full-Year adjusted operating income was 394.7million,up36.7394.7 million, up 36.7% from 288.7 million in 2023[5][7] - Operating income for the three months ended December 31, 2024, was 90.2million,a42.990.2 million, a 42.9% increase from 63.1 million in the prior year[33] - Consolidated operating income for the twelve months ended December 31, 2024, was 308.3million,reflectingan86.4308.3 million, reflecting an 86.4% increase from 221.9 million in the previous year[39] Cash and Debt Management - Total outstanding debt as of December 31, 2024, was 614.7million,withtotalcashof614.7 million, with total cash of 161.4 million; net operating cash generated for the full year was 313.1million[18]−Cashandequivalentsincreasedto313.1 million[18] - Cash and equivalents increased to 156.9 million from 99.4millionyear−over−year,showinga58.099.4 million year-over-year, showing a 58.0% growth[35] - Long-term debt rose to 577.0 million from 523.1million,indicatinga10.3523.1 million, indicating a 10.3% increase[35] - Total cash and equivalents at the end of the period increased to 161.4 million as of December 31, 2024, compared to 104.9millionattheendof2023[37]−Thecompanyreportedanetcashfromoperatingactivitiesof104.9 million at the end of 2023[37] - The company reported a net cash from operating activities of 285.9 million for the twelve months ended December 31, 2024, up from 208.5millionintheprioryear[37]FutureOutlook−Thecompanyanticipates2025adjustedEPSintherangeof208.5 million in the prior year[37] Future Outlook - The company anticipates 2025 adjusted EPS in the range of 6.00 to 6.25,indicatingcontinuedgrowthexpectations[19]−For2025,SPXtargetsconsolidatedrevenueofapproximately6.25, indicating continued growth expectations[19] - For 2025, SPX targets consolidated revenue of approximately 2.13 to 2.19billion,withadjustedEBITDAexpectedtobebetween2.19 billion, with adjusted EBITDA expected to be between 460 to 490million[19]−Thecompanyanticipatescontinuedgrowthdrivenbymarketexpansionandnewproductdevelopmentinitiatives[28]AcquisitionsandInvestments−ThecompanycompletedacquisitionsofIngeˊniaandKranzeTechnologySolutions,enhancingitspositioninHVACandCommunicationTechnologies[3]−Thecompanyincurredacquisition−relatedcostsof490 million[19] - The company anticipates continued growth driven by market expansion and new product development initiatives[28] Acquisitions and Investments - The company completed acquisitions of Ingénia and Kranze Technology Solutions, enhancing its position in HVAC and Communication Technologies[3] - The company incurred acquisition-related costs of 13.5 million for the twelve months ended December 31, 2024[45] - The company incurred capital expenditures of 38.0millionforthetwelvemonthsendedDecember31,2024,comparedto38.0 million for the twelve months ended December 31, 2024, compared to 23.9 million in the previous year[37] Miscellaneous - Special charges, net for the three months ended December 31, 2024, amounted to 2.7million,comparedto2.7 million, compared to 0.8 million in the same period of 2023[39] - The company experienced a foreign currency exchange rate impact of 2.0milliononcashforthetwelvemonthsendedDecember31,2024[41]−Thecompanyreportedagainonthesaleofabuildingamountingto2.0 million on cash for the twelve months ended December 31, 2024[41] - The company reported a gain on the sale of a building amounting to 3.3 million for the twelve months ended December 31, 2024[57]