SPX(US:SPXC)2025-02-25 21:08Financial Performance - Q4 2024 GAAP EPS was $1.19, up 78% from $0.67 in Q4 2023; Full-Year GAAP EPS was $4.29, up 38% from $3.10 in 2023[2] - Adjusted EPS for Q4 2024 was $1.51, a 20.8% increase from $1.25 in Q4 2023; Full-Year adjusted EPS was $5.58, up 29.5% from $4.31 in 2023[6][8] - Net income for the twelve months ended December 31, 2024, was $200.5 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, up from $3.18 in 2023, indicating a 37.5% increase[33] - Net income for the three months ended December 31, 2024, increased to $57.1 million, up 81.3% from $31.5 million in the same period of 2023[37] Revenue Growth - Q4 2024 revenue reached $533.7 million, a 13.7% increase from $469.4 million in Q4 2023; Full-Year revenue was $1,983.9 million, up 13.9% from $1,741.2 million in 2023[4][7] - Full-year revenues reached $1,983.9 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 $1,983.9 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 $370.5 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 $163.2 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 $37.6 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 $110.0 million, compared to $85.2 million in Q4 2023, reflecting a 29.1% increase; Full-Year adjusted operating income was $394.7 million, up 36.7% from $288.7 million in 2023[5][7] - Operating income for the three months ended December 31, 2024, was $90.2 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 $308.3 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 $614.7 million, with total cash of $161.4 million; net operating cash generated for the full year was $313.1 million[18] - Cash and equivalents increased to $156.9 million from $99.4 million year-over-year, showing a 58.0% growth[35] - Long-term debt rose to $577.0 million from $523.1 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 $104.9 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 $208.5 million in the prior year[37] Future Outlook - The company anticipates 2025 adjusted EPS in the range of $6.00 to $6.25, indicating continued growth expectations[19] - For 2025, SPX targets consolidated revenue of approximately $2.13 to $2.19 billion, with adjusted EBITDA expected to be between $460 to $490 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 $38.0 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 $2.7 million, compared to $0.8 million in the same period of 2023[39] - The company experienced a foreign currency exchange rate impact of $2.0 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]