SPX(US:SPXC)2025-10-30 20:15Revenue and Income Growth - Revenue for Q3 2025 was $592.8 million, representing a 22.6% increase year-over-year[4] - GAAP income from continuing operations increased to $63.1 million, up 24.0% compared to Q3 2024[4] - Adjusted EBITDA for Q3 2025 reached $136.1 million, a 30.9% increase year-over-year[4] - The company anticipates full-year 2025 revenue in the range of $2.225 to $2.275 billion, representing a ~13% year-on-year increase at the midpoint[4] - Adjusted EPS for 2025 is projected to be in the range of $6.65 to $6.80, up ~21% year-on-year at the midpoint[4] - Operating income for the three months ended September 27, 2025, was $97.1 million, representing a 23.0% increase compared to $78.9 million in the prior year[24] - Net income for the three months ended September 27, 2025, rose to $62.7 million, a 24.9% increase from $50.2 million in the same quarter of 2024[24] - Basic income per share from continuing operations was $1.31 for the three months ended September 27, 2025, compared to $1.10 for the same period in 2024, reflecting a 19.1% increase[24] Segment Performance - HVAC segment revenue was $387.4 million, up 15.5% year-over-year, with organic growth of 9.0%[5] - Detection & Measurement segment revenue increased to $205.4 million, a 38.4% growth, driven by 26.5% organic growth[7] - HVAC reportable segment revenues increased by 15.5% to $387.4 million for the three months ended September 27, 2025, compared to $335.3 million for the same period in 2024[28] - Detection & Measurement reportable segment revenues rose by 38.4% to $205.4 million for the three months ended September 27, 2025, compared to $148.4 million for the same period in 2024[28] - The income as a percentage of revenues for the HVAC segment improved by 50 basis points to 24.4% for the three months ended September 27, 2025[28] - The Detection & Measurement segment's income as a percentage of revenues increased by 240 basis points to 25.2% for the three months ended September 27, 2025[28] Financial Position and Cash Flow - Total debt decreased to $501.6 million from $614.7 million in Q4 2024, while total cash increased to $231.4 million[9] - Total current assets increased to $1,064.4 million as of September 27, 2025, up from $784.3 million at December 31, 2024, marking a 35.7% growth[26] - Goodwill increased to $1,036.0 million as of September 27, 2025, compared to $834.5 million at December 31, 2024, indicating a 24.2% rise[26] - Total stockholders' equity reached $2,148.3 million as of September 27, 2025, up from $1,384.4 million at December 31, 2024, representing a 55.5% increase[26] - Long-term debt decreased to $499.8 million as of September 27, 2025, down from $577.0 million at December 31, 2024, a reduction of 13.4%[26] - Cash from continuing operations for the nine months ended September 27, 2025, was $139.8 million, a decrease from $146.4 million in the prior year[30] - Total cash and equivalents at the end of the period was $231.4 million, up from $129.4 million at the end of September 28, 2024[31] - Business acquisitions resulted in a net cash outflow of $445.3 million for the nine months ended September 27, 2025[33] - The company reported a net cash used in investing activities of $499.2 million for the nine months ended September 27, 2025[33] - The company experienced a net change in cash and equivalents of $70.0 million for the nine months ended September 27, 2025[33] Adjusted Metrics and Costs - Adjusted operating income for the nine months ended September 27, 2025, was $344.9 million, representing 21.2% of revenues, compared to $284.7 million or 19.6% of revenues for the same period in 2024[37] - Free cash flow from continuing operations for the three months ended September 27, 2025, was $96.4 million, compared to $69.1 million in the same period last year[47] - Adjusted free cash flow from continuing operations for the nine months ended September 27, 2025, was $164.2 million, compared to $132.3 million in the same period last year[49] - The company incurred acquisition-related costs of $7.7 million and $21.0 million during the three and nine months ended September 27, 2025, respectively[28] - The amortization of acquired intangible assets for the three months ended September 27, 2025, was $24.6 million, compared to $16.6 million in the same period of 2024[28] - Acquisition and integration-related costs for the three months ended September 27, 2025, amounted to $8.1 million, up from $2.0 million in the same period last year[43] - The company reported a long-term incentive compensation expense of $0.7 million for the three months ended September 27, 2025, compared to no such expense in the previous year[43] - The income tax provision for the nine months ended September 27, 2025, was $42.0 million, compared to $32.2 million in the previous year[45] M&A and Strategic Initiatives - The company continues to see a robust pipeline of attractive M&A opportunities and is progressing on key organic initiatives, including the launch of the Olympus Max product[1]