SPX(SPXC)2025-02-25 22:47Financial Performance - HVAC reportable segment revenues were 1,122.3 million in 2023 and 619.2 million in 2024, slightly increasing from 547.1 million in 2022, with a backlog of 343.1 million in 2024, compared to 237.4 million in 2022[38] Backlog and Revenue Recognition - The backlog for the HVAC segment was 306.1 million in 2023, representing an increase of 42.5%[30] - Approximately 88% of the HVAC segment's backlog as of December 31, 2024, is expected to be recognized as revenue during 2025[30] - The segment's backlog was $220.9 million as of December 31, 2024, with approximately 58% expected to be recognized as revenue in 2025[31] Acquisitions and Strategic Growth - The company completed the acquisition of T.A. Morrison & Co. Inc. on April 3, 2023, enhancing its HVAC reportable segment[20] - The acquisition of ASPEQ Heating Group on June 2, 2023, further strengthened the company's position in the HVAC market[21] - The company acquired Ingénia Technologies Inc. on February 7, 2024, specializing in custom air handling units for various end markets[22] - The company acquired KTS in January 2025, Ingénia in 2024, and TAMCO and ASPEQ in 2023, indicating ongoing strategic acquisitions[34] Innovation and Patents - The company holds 227 domestic and 402 foreign patents, with 24 patents issued in 2024, reflecting a strong focus on innovation[42] - The company emphasizes research and development to improve existing products and develop new ones, aligning with market needs[40] - The company emphasizes research and development to improve existing products and develop new ones, coordinating resources across divisional engineering teams[40] Global Presence and Workforce - The company has operations in over 15 countries and approximately 4,300 employees, indicating a strong global presence[25] - Approximately 4,300 employees were reported as of December 31, 2024, with 3,300 based in the United States[51] Labor Relations and Employee Engagement - The company has experienced satisfactory labor relations, although it remains subject to potential union campaigns and labor disputes[52] - In 2024, the company trained 275 leaders through the "Frontline Leaders Program" and 92 leaders completed the "Amplified Leadership" midlevel program[54] - The updated Global Employee Survey achieved over 90% employee participation, informing action plans focused on employee priorities[55] Financial Management - The company has maintained sufficient working capital levels to support customer requirements, particularly in inventory management[57] Seasonal Trends - Historically, the company's businesses tend to be stronger in the second half of the year, indicating seasonal fluctuations[58]