SPX(US:SPXC)2022-02-25 22:32Revenue Performance - HVAC reportable segment revenues were $752.1 million in 2021, up from $740.8 million in 2020, and $738.7 million in 2019[29] - Detection and Measurement reportable segment revenues increased to $467.4 million in 2021 from $387.3 million in 2020 and $384.9 million in 2019[30] - Sales outside the United States reached $228.0 million in 2021, compared to $192.4 million in 2020 and $150.9 million in 2019[36] Backlog and Revenue Recognition - As of December 31, 2021, HVAC segment backlog was $226.9 million, with approximately 97% expected to be recognized as revenue in 2022[29] - Detection and Measurement segment backlog was $153.6 million as of December 31, 2021, with about 71% expected to be recognized as revenue in 2022[30] - Approximately 97% of the HVAC segment's backlog and 71% of the Detection and Measurement segment's backlog are expected to be recognized as revenue during 2022[29][30] Acquisitions and Divestitures - The company completed the acquisition of Cincinnati Fan on December 15, 2021, enhancing its HVAC segment[23] - The divestiture of SPX Transformer Solutions was completed on October 1, 2021, and is reported as a discontinued operation[22] - The company completed the acquisition of Sabik Marine on February 1, 2019, which is now part of its Detection and Measurement segment[18] - The company acquired Sealite and ECS in 2021, expanding its Detection and Measurement capabilities[21] Workforce and Operations - The company has operations in over 15 countries, employing approximately 3,100 people globally[24] - Approximately 3,100 employees were reported as of December 31, 2021, with around 2,400 based in the United States[49] - The company has focused on enhancing its Diversity, Equity & Inclusion programs, including training over 500 employees to create an inclusive environment[53] - The company has implemented a talent management framework known as RiSE to strengthen and engage its workforce[52] - The company has experienced satisfactory labor relations, although it remains subject to potential union campaigns and labor disputes[49] Financial Management and Strategy - The company has maintained sufficient working capital levels to support customer requirements, particularly in inventory management[55] - The company has successfully offset increases in raw material costs in recent years, despite facing price fluctuations in key materials like petroleum and steel[42] - The company has a diverse supplier base and is not significantly dependent on any single supplier, ensuring competitive pricing for raw materials[43] Research and Development - The company emphasizes research and development to improve existing products and develop new solutions for customers[38] - The company intends to expand its detection and measurement product portfolio through innovative hardware and software solutions[26] - The company owns 163 domestic and 265 foreign patents, including 34 patents issued in 2021, which are crucial for its product and manufacturing methods[40] Future Outlook - The company anticipates stronger business performance in the second half of the year, reflecting historical seasonal trends[56]