SPX(US:SPXC)2024-05-02 20:10Financial Performance - Q1 2024 revenue was $465.2 million, up 16.4% from $399.8 million in Q1 2023[3] - Q1 2024 net income increased to $49.0 million, compared to $42.8 million in Q1 2023, reflecting a year-on-year growth of 5.0%[3] - Adjusted EPS for Q1 2024 was $1.25, a 34.4% increase from $0.93 in Q1 2023[4] - Adjusted EBITDA for Q1 2024 was $92.0 million, representing a 46.7% increase from $62.7 million in Q1 2023[4] - Operating income rose to $64.6 million, representing a 29.7% increase compared to $49.8 million in the prior year[30] - Net income for the period was $49.0 million, compared to $42.8 million in the previous year, reflecting a growth of 14.5%[32] - Basic income per share from continuing operations increased to $1.07, up from $0.86 year-over-year[26] - The company reported an adjusted EBITDA of $92.0 million for the three months ended March 30, 2024, which is 19.8% of revenues, compared to $62.7 million or 15.7% of revenues in the prior year[44] - SPX Technologies' earnings per share from continuing operations increased to $1.25 for the three months ended March 30, 2024, up from $0.93 in the same period last year[39] Segment Performance - The HVAC segment reported revenue of $302.4 million, a 20.2% increase, driven by acquisitions and a favorable product mix[6] - Detection & Measurement segment revenue grew by 9.9% to $162.8 million, with a 9.6% increase in organic revenue[9] - HVAC segment income margin improved to 22.6% in Q1 2024, up from 19.0% in Q1 2023[7] - Net revenue growth in the HVAC segment was 20.2%, while the Detection & Measurement segment saw a growth of 9.9%[36] - The HVAC reportable segment generated revenues of $302.4 million, a 20.2% increase from $251.6 million in the prior year[30] - The Detection & Measurement reportable segment saw revenues of $162.8 million, a 9.9% increase from $148.2 million year-over-year[30] Guidance and Projections - Full-year 2024 adjusted EPS guidance raised to a range of $5.15 to $5.40, implying approximately 23% year-on-year growth[2] - Full-year 2024 revenue guidance increased to $1.965-$2.025 billion, up from the previous range of $1.93-$2.00 billion[12] Balance Sheet and Cash Flow - Total outstanding debt as of March 30, 2024, was $854.4 million, with total cash of $105.5 million[11] - Total current assets increased to $779.6 million, up from $709.6 million at the end of December 2023[28] - Total liabilities rose to $1,562.1 million, compared to $1,245.1 million at the end of December 2023[28] - Cash and equivalents at the end of the period were $105.5 million, down from $212.7 million at the end of the previous year[32] - The company reported a total stockholders' equity of $1,237.5 million, an increase from $1,194.6 million at the end of December 2023[28] - The company had a beginning cash balance of $104.9 million and an ending cash balance of $105.5 million, reflecting a net increase of $0.6 million during the quarter[34] - Total debt increased from $854.4 million at the end of December 2023 to $622.2 million by March 30, 2024, primarily due to borrowings under senior credit facilities[34] Other Financial Metrics - Acquisition-related costs for the three months ended March 30, 2024, amounted to $5.0 million, compared to $2.1 million in the same period last year[38] - The adjusted operating income for the same period was $84.4 million, which is 18.1% of revenues, compared to $58.3 million or 14.6% of revenues a year ago[38] - Organic revenue growth in the HVAC segment declined by 1.9%, while the Detection & Measurement segment experienced a growth of 9.6%[36]