SPX Reports Fourth Quarter and Full-Year 2024 Results

Core Insights - SPX Technologies, Inc. reported significant growth in both Q4 and full-year 2024 financial results, with GAAP EPS increasing by 78% in Q4 and 38% for the full year compared to 2023 [1][6] - The company introduced guidance for 2025, projecting adjusted EPS in the range of $6.00 to$6.25, indicating continued confidence in growth [1][20] Financial Performance - Q4 2024 revenue reached $533.7 million, up from$469.4 million in Q4 2023, marking an increase of 13.7% [3][10] - Full-year 2024 revenue was $1,983.9 million, compared to$1,741.2 million in 2023, reflecting a growth of 13.9% [6][10] - Adjusted EPS for Q4 2024 was $1.51, a 20.8$1.25 in Q4 2023, while full-year adjusted EPS was $5.58, up 29.5$4.31 in 2023 [5][9] Segment Performance - The HVAC segment saw Q4 2024 revenue of $370.5 million, an 18.6$312.5 million in Q4 2023, driven by higher volumes of cooling products [11][12] - Detection & Measurement segment revenue for Q4 2024 was $163.2 million, a 4.0$156.9 million in Q4 2023, with organic revenue growth of 4.2% [15][16] Operational Highlights - SPX Technologies achieved an Adjusted EBITDA growth of 36% and Adjusted EPS growth of 29% for the full year 2024, nearing the top end of the guidance range [2] - The company made strategic acquisitions, including Ingénia in the HVAC segment and Kranze Technology Solutions in the Detection & Measurement segment, enhancing its market position [2] Cash Flow and Debt - As of December 31, 2024, SPX had total outstanding debt of $614.7 million and total cash of$161.4 million, with net operating cash from continuing operations of $166.7 million for Q4 2024 [19] - Capital expenditures for continuing operations were$9.8 million in Q4 2024 and $38.0 million for the full year [19] Future Outlook - The company anticipates healthy demand in key markets and expects another year of double-digit growth in Adjusted EBITDA and Adjusted EPS for 2025 [2][20]