Q1 2025 Performance Highlights - SPX Technologies achieved revenue growth of 3.7% in Q1 2025[13] - Adjusted EBITDA grew by 11.5%, with a 150 bps margin expansion[19] - Adjusted EPS for Q1 2025 reached $1.38[28] Segment Performance - HVAC revenue increased by 6.8% year-over-year, driven by organic growth and the Ingénia acquisition[38] - Detection & Measurement revenue decreased by 2.0%, but segment income increased due to favorable sales mix and project execution[44] Financial Position and Guidance - SPX Technologies is raising its 2025 guidance, projecting adjusted EBITDA in the range of $470 million to $495 million, implying a 15% growth at the midpoint[9,52] - Full-year revenue guidance is now $2.20 billion to $2.26 billion[52] - The company anticipates leverage below the low end of its 1.5x-2.5x target range by year-end[50] Strategic Initiatives - The acquisition of Sigma & Omega expands the value of HVAC solutions, particularly in the multi-story market, where hot water and cooling systems are typically 2X the value of cooling towers and boilers combined[9,24]

Core Insights - SPX Technologies, Inc. reported strong first-quarter results for 2025, with revenue of $482.6 million, representing a 3.7% increase compared to Q1 2024 [2][3] - The company raised its full-year 2025 guidance for Adjusted EBITDA to a range of $470 to $495 million, indicating a ~15% year-on-year increase at the midpoint [1][3] - The acquisition of Sigma & Omega is expected to enhance SPX's HVAC segment, providing opportunities for growth through combined channels [1] Financial Performance - Revenue for Q1 2025 was $482.6 million, up from $465.2 million in Q1 2024 [2] - Operating income increased to $66.6 million, a rise of 3.1% from $64.6 million in the previous year [2][3] - GAAP EPS rose to $1.10, reflecting a 4.8% increase year-on-year [2][3] - Adjusted EBITDA for Q1 2025 was $102.6 million, up 11.5% from $92.0 million in Q1 2024 [2][3] Segment Performance - The HVAC segment reported revenue of $323.0 million, a 6.8% increase from $302.4 million in Q1 2024, with an organic growth of 4.4% [5][28] - Detection & Measurement segment revenue decreased by 2.0% to $159.6 million, with an organic decline of 6.9% [7][28] - Segment income for HVAC was $73.9 million, with a margin of 22.9%, while Detection & Measurement segment income was $36.6 million, with a margin of 22.9% [5][28] Guidance and Outlook - SPX anticipates full-year 2025 revenue in the range of $2.20 to $2.26 billion, reflecting a ~12% year-on-year increase at the midpoint [3][11] - Adjusted EPS guidance for 2025 is set between $6.10 and $6.40, indicating a ~12% increase year-on-year [3][11] - The company expects continued healthy demand in core markets and solid execution across its businesses [1][3] Liquidity and Financial Position - Total debt increased to $960.3 million as of Q1 2025, up from $614.7 million at the end of Q4 2024 [10][34] - Total cash on hand was $182.2 million, compared to $161.4 million at the end of the previous quarter [10][34] - Net cash used in continuing operations was $(10.4) million for Q1 2025, down from $10.7 million in Q1 2024 [30]

Core Viewpoint - AAON, Inc. reported strong first-quarter results for 2025, with significant year-over-year growth in net sales and backlog, driven primarily by BASX-branded products and improvements in operational efficiency despite some supply chain challenges [2][3][6]. Financial Performance - Net sales increased by 22.9% to $322.1 million compared to $262.1 million in Q1 2024, with BASX-branded products seeing a remarkable growth of 374.8% [2][5]. - Gross profit margin for the quarter was 26.8%, down from 35.2% in Q1 2024, attributed to lower production volumes at the AAON Oklahoma segment [3][5]. - Earnings per diluted share decreased by 23.9% to $0.35 from $0.46 in the same quarter last year [4][5]. Backlog and Orders - Total backlog reached a record $1.0 billion, up 83.9% year-over-year, with AAON-branded equipment backlog increasing by 44.9% [2][6]. - Bookings for BASX-branded equipment were strong, driven by demand for air-side and liquid cooling data center equipment [2][6]. Operational Insights - The company is experiencing improvements in production rates as supply chain issues related to the new R454B refrigerant components begin to resolve [2][6]. - Operational efficiencies are being enhanced at the Longview, Texas and Redmond, Oregon facilities, contributing positively to margins [2][3][6]. Cash and Investments - As of March 31, 2025, the company had cash and cash equivalents of $2.4 million and a revolving credit facility balance of $178.0 million [6]. - The company plans to invest $220.0 million in 2025 for the new Memphis plant and improvements in existing facilities [6]. Shareholder Returns - The company increased its dividend by 25.0% to $0.10 per quarter, reflecting confidence in future growth [6]. - During the quarter, the company repurchased 371,139 shares for $30.0 million at an average price of $80.81 per share [6].

Group 1 - Carrier Global Corporation has been named a finalist in the Digital Supply Chain category of the 2025 Manufacturing Leadership Awards [1] - The company is utilizing digital technologies to digitize its supply chain and inventory management, particularly in its HVAC business unit, to address post-pandemic inventory challenges [2] - The implementation of digital tools like LeanDNA has provided Carrier with real-time visibility and actionable insights, leading to reduced shortages and optimized inventory levels [2][3] Group 2 - Carrier's collaboration with LeanDNA has transformed its inventory management processes, enhancing operational excellence and customer value [3] - The partnership has demonstrated rapid, measurable results in optimizing inventory and driving efficiency within Carrier's HVAC business [3] - Both Carrier and LeanDNA will be recognized at the Manufacturing Leadership Awards Gala on June 18, 2025 [4] Group 3 - Carrier is committed to digital innovation and aims to build a more resilient, efficient, and customer-centric supply chain [3] - LeanDNA is a leading intelligent supply chain execution platform that helps manufacturers improve on-time delivery and working capital levels through enhanced visibility and collaboration [6]

Core Insights - The market for remote management solutions in heating networks and Building Management Systems (BMS) is experiencing strong growth due to energy transition, urbanization, decarbonization, and rising energy costs [2][4][8] - LACROIX is well-positioned to capitalize on this growth with its IIoT solutions and has seen significant sales acceleration in its HVAC segment, which recorded a CAGR of 10% from 2021 to 2024 [4][6] - The BACS decree mandates the automation of commercial buildings starting January 1, 2025, but only 15% of buildings were equipped by 2024, indicating a significant market opportunity [3] Industry Overview - The number of district heating networks in France has doubled over the past decade, exceeding 1,000 networks in 2023, with over 50,000 substations [2] - The HVAC segment is a critical part of LACROIX's Environment activity, which integrates technological synergies to enhance service offerings [5][8] Company Positioning - LACROIX's end-to-end solutions and recognized service model make it a trusted partner for major operators like ENGIE Solutions and DALKIA [6] - The company aims for international development as a strategic pillar of its 2027 roadmap, leveraging its subsidiaries in Italy and Spain [7][8] - LACROIX's revenue reached €636 million in 2024, and it is ranked among the top 50 worldwide and top 10 European EMS [10]

Core Viewpoint - Carrier Global (CARR) is expected to report a decline in both earnings and revenues for the first quarter of 2025, with earnings estimated at 57 cents per share, reflecting an 8.06% year-over-year decrease, and revenues projected at $5.11 billion, indicating a 17.4% decline [1]. Group 1: Earnings and Revenue Estimates - The Zacks Consensus Estimate for first-quarter earnings is 57 cents per share, unchanged over the past 30 days, suggesting a year-over-year decline of 8.06% [1]. - The Zacks Consensus Estimate for revenues is pegged at $5.11 billion, indicating a 17.4% year-over-year decline [1]. Group 2: Recent Performance Trends - Carrier Global has consistently surpassed the Zacks Consensus Estimate in the past four quarters, with an average surprise of 8.68% [2]. - The HVAC segment is expected to contribute to top-line growth, driven by strong demand for heating and cooling systems in residential and commercial applications [3]. Group 3: Segment Performance Insights - The Zacks Consensus Estimate for first-quarter 2025 HVAC revenues is $4.32 billion, indicating a decline of 4.87% year-over-year [4]. - Residential HVAC orders in North America increased approximately 10-15% year-over-year in Q4 2024, with global commercial HVAC orders also up 10%, trends likely to continue in Q1 [4]. - The aftermarket segment has shown consistent double-digit growth, expected to continue in the upcoming quarter [5]. Group 4: Market Opportunities and Challenges - The data center market is anticipated to grow significantly due to increased heat generation from AI chips, with Carrier Global aiming to capitalize on this growth [6]. - The integration of Viessmann Climate Solutions is expected to enhance Carrier's capabilities in heat pump technology and sustainable solutions [6]. - Weakness in Europe and China, along with softness in commercial refrigeration, is expected to negatively impact Carrier's performance in the upcoming quarter [7]. Group 5: Earnings Prediction Model - Carrier Global has an Earnings ESP of +0.63% and a Zacks Rank of 3, indicating a moderate chance of an earnings beat [8].

Economic Impact - U.S. stock markets are experiencing extreme volatility due to the "Liberation Day" tariffs imposed by the Trump administration, with a baseline tariff of 10% on all imports and rates as high as 145% for certain countries like China [1] - Economists express concerns about the tariffs' impact on U.S. economic growth and inflation, with fears of a near-term recession [2] - Ongoing negotiations between the U.S. and other countries, including China, have not yielded positive results [3] Company Analysis PG&E Corp. (PCG) - Engaged in the sale and delivery of electricity and natural gas in California, with a capital expenditure plan of $63 billion for infrastructure from 2024 to 2028 [8][9] - Expected revenue and earnings growth rates of 7.4% and 10.3% for the current year, with a Zacks Consensus Estimate for earnings improving by 0.7% in the last 60 days [10] - Average short-term price target indicates a potential increase of 17.5% from the last closing price of $17.39, with a maximum upside of 32.6% [11] Comfort Systems USA Inc. (FIX) - A national provider of HVAC services, with expected revenue and earnings growth rates of 7.4% and 22.4% for the current year [12][14] - The Zacks Consensus Estimate for earnings has improved by 6% in the last 60 days, with an average short-term price target suggesting a 42.7% increase from the last closing price of $376.21 [14] DXP Enterprises Inc. (DXPE) - A distributor providing innovative solutions to industrial customers, with expected revenue and earnings growth rates of 0.1% and 17.1% for the current year [15][16] - The Zacks Consensus Estimate for earnings has improved by 22.5% in the last 30 days, with an average short-term price target indicating a 17.4% increase from the last closing price of $85 [17] The Progressive Corp. (PGR) - Gaining from higher premiums and a strong product portfolio, with expected revenue and earnings growth rates of 16.5% and 11.7% for the current year [18][19] - The Zacks Consensus Estimate for earnings has improved by 0.8% over the last seven days, with an average short-term price target suggesting a 12.6% increase from the last closing price of $265.19 [20] GE Aerospace - Witnessing strength due to robust demand for commercial engines and rising defense budgets, with expected revenue and earnings growth rates of -6.8% and 17.8% for the current year [22][24] - Received orders for over 4,600 engines in the second half of 2024, with an average short-term price target indicating a 17.2% increase from the last closing price of $197.41 [25]

In the morning of June 10th, management will give a formal presentation on the company from 9am EDT to 12pm EDT. The presentation will include but not be limited to topics such as an overview of the company and industry, disruptive market trends like decarbonization and government regulations, growth strategies, data center market opportunities, capital deployment and capacity expansion plans, and management's long-term outlook. The presentation will also provide investors with plenty of time to have questi ...

The essential investments will expand customer service and training capabilities and enhance distribution infrastructure. DALLAS, April 17, 2025 /PRNewswire/ -- Lennox (NYSE: LII), a leader in the HVAC industry, is making significant investments in its distribution network and customer service and training capabilities in the Dallas—Fort Worth area. This initiative includes expanding training facilities and distribution infrastructure, reinforcing its commitment to customers and growth acceleration. Len ...

Core Viewpoint - SPX Technologies, Inc. has completed the acquisition of Sigma Heating and Cooling and Omega Heat Pump for approximately $144 million (CAD 200 million), aligning with its typical acquisition multiple of 8x-12x Adjusted EBITDA [1][3]. Company Overview - Sigma & Omega, founded in 1997, is a Toronto-based manufacturer specializing in hydronic heating and cooling equipment, with expected annual revenues of approximately $65 million in 2025 and a workforce of around 220 employees [2][3]. Strategic Integration - Sigma & Omega will be integrated into SPX's hydronics business, enhancing its HVAC segment alongside Weil-McLain and Patterson-Kelley. The majority of Sigma & Omega's sales are from Canadian customers, but SPX aims to expand its U.S. customer base through increased domestic production [3][4]. Synergies and Growth Potential - The acquisition is expected to create significant synergies with SPX's existing HVAC businesses, leveraging Sigma & Omega's differentiated product offerings, such as vertical stack water-sourced heat pumps and fan coils, to enhance customer value and production efficiency [4][5]. Future Guidance - SPX Technologies plans to update its full-year 2025 guidance to reflect the impact of Sigma & Omega on May 1, 2025, coinciding with the Q1 2025 results announcement [3].