SPX(US:SPXC)2025-05-01 20:11Financial Performance - Revenue for Q1 2025 was $482.6 million, an increase of 3.7% compared to Q1 2024, with organic growth contributing 0.4%[4] - GAAP income from continuing operations rose to $51.7 million, reflecting a 5.1% increase year-over-year[4] - Adjusted EBITDA for Q1 2025 was $102.6 million, up 11.5% from $92.0 million in Q1 2024, with an adjusted EBITDA margin of 21.3%[4][3] - The company anticipates adjusted EBITDA for 2025 to be in the range of $470 to $495 million, reflecting a year-on-year increase of approximately 15% at the midpoint[4] - Operating income rose to $66.6 million, reflecting a 3.1% increase compared to $64.6 million in the prior year[29] - Net income for the period was $51.2 million, compared to $49.0 million, representing a 4.5% year-over-year growth[31] - Basic income per share from continuing operations increased to $1.11, up from $1.07, while diluted income per share rose to $1.09 from $1.05[25] - The adjusted operating income for the same period was $94.9 million, representing 19.7% of revenues, compared to $84.4 million and 18.1% of revenues for the three months ended March 30, 2024[37] - SPX Technologies' diluted earnings per share from continuing operations increased to $1.38 for the three months ended March 29, 2025, compared to $1.25 for the same period in 2024[38] Revenue Segments - The HVAC segment reported revenue of $323.0 million, a 6.8% increase, driven by 4.4% organic growth and 2.9% inorganic growth from acquisitions[6] - The Detection & Measurement segment experienced a revenue decline to $159.6 million, down 2.0%, primarily due to a 6.9% organic decrease[8] - The HVAC reportable segment generated revenues of $323.0 million, a 6.8% increase from $302.4 million[29] - The Detection & Measurement segment reported revenues of $159.6 million, a decrease of 2.0% from $162.8 million[29] - For the three months ended March 29, 2025, SPX Technologies reported a consolidated net revenue growth of 3.7%, with a 6.8% increase in Detection & Measurement and a 2.0% decline in HVAC Measurement[35] Guidance and Projections - The company raised its full-year 2025 revenue guidance to a range of $2.20 to $2.26 billion, representing an approximate 12% year-on-year increase at the midpoint[4] - Adjusted EPS for 2025 is projected to be between $6.10 and $6.40, indicating a year-on-year increase of approximately 12% at the midpoint[4] Debt and Cash Position - Total debt increased to $960.3 million from $614.7 million in Q4 2024, while total cash rose to $182.2 million[12] - Total liabilities increased to $1,694.1 million, up from $1,330.1 million, primarily due to increased long-term debt[27] - Cash and equivalents at the end of the period were $177.8 million, compared to $156.9 million at the end of December 2024[27] - SPX Technologies' ending cash and equivalents increased to $182.2 million from $161.4 million at the beginning of the period, with net borrowings under other financing arrangements totaling $0.5 million[33] - Total debt increased to $960.3 million as of March 29, 2025, from $614.7 million at the end of 2024, primarily due to borrowings under senior credit facilities[33] Acquisitions and Integration - The company completed the acquisition of Sigma & Omega, enhancing its HVAC product offerings with complementary vertical stack heat pumps[2] - The company incurred acquisition and integration-related costs of $8.6 million for the three months ended March 29, 2025, compared to $5.0 million for the same period in 2024[37] - Goodwill increased significantly to $950.0 million, up from $834.5 million, indicating recent acquisitions[27] Other Financial Metrics - Total current assets increased to $906.8 million, a rise of 15.6% from $784.3 million at the end of December 2024[27] - Cash used in discontinued operations was $0.5 million for the three months ended March 29, 2025[33] - The company experienced a foreign currency exchange rate impact that resulted in a cash increase of $2.6 million during the period[33]