SPX Technologies is one of 315 individual stocks in the Business Services sector. Collectively, these companies sit at #5 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups. For Seagate, the consensus EPS estimate for the current year has increased 32.3% over the past three months. The stock currently has a Zacks Rank #2 (Buy). Investors interested in the Business Services secto ...

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise. SPX Technologies (SPXC) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the ac ...

Call Access: To access the call by phone, please use the following link to receive dial-in details https://register.vevent.com/register/BI897f7ff93cf54486873d06ecf7d4508e. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A replay of the webcast will also be available for a limited time at www.spx.com. In conjunction with this announcement, SPX Technologies' President and Chief Executive Officer Gene Lowe and SPX Technologies' Vice ...

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Gene Lowe Thanks Paul. Good afternoon, everyone, and thank you for joining us. On the call today, weÂ'll provide you with an update on our consolidated and segment results for the first quarter of 2024. WeÂ're also increasing our guidance for the full year. We had a strong start to the year. In Q1, our company continued to execute well and drove substantial growth in all of our key profit measures, with significant year-on-year increases in margin. We continue to experience robust demand across key markets. ...

Long-term debt MAY 2, 2024 1 Reconciliations of non-GAAP guidance measures to US GAAP financial measures are not practicable and accordingly are not included in the Appendix to this presentation. 20 | Major product lines (1) Adjustment represents the removal of certain acquisition and strategic/transformation related costs ($2.4). (2) Adjustment represents the removal of (i) integration costs of $1.7 and (ii) an inventory step-up charge related to the Ingénia acquisition of $0.9 within the HVAC reportable s ...

Financial 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]

Financial Data and Key Metrics Changes - Total company revenues increased by 9.3% year-on-year, driven by acquisitions, while organic revenue declined modestly [5][72] - Segment income grew by $12.3 million or 13.6% to $102.8 million, with segment margin increasing by 80 basis points [5][72] - Adjusted EPS guidance for 2024 is set at $4.85 to $5.15, reflecting a 16% growth at the midpoint over 2023 results [8][67] Business Line Data and Key Metrics Changes - In the Detection & Measurement segment, revenues increased by 1.2% year-on-year, with flat organic sales and a modest FX tailwind [6][80] - HVAC segment revenue is anticipated to be in the range of $1.325 billion to $1.375 billion, reflecting an increase of approximately 20% at the midpoint [92] - The APAC segment saw revenues grow by 14% year-on-year, with acquisitions contributing 15.7% to this growth [76] Market Data and Key Metrics Changes - Organic revenue in the heating segment declined by 2%, driven by lower sales associated with unseasonably warm weather [64] - The backlog for the HVAC segment remained healthy at $306 million, up approximately 13% organically compared to the prior year [77] - Detection & Measurement segment revenue is expected to be in the range of $605 million to $630 million, with the midpoint almost flat with the prior year [80] Company Strategy and Development Direction - The company is focused on inorganic growth initiatives, having completed three significant acquisitions in the past year [14][66] - The acquisition of Ingenia is expected to enhance the company's capabilities in engineered air movement and broaden growth opportunities [69][88] - The company aims to achieve adjusted EBITDA growth of 25% and adjusted EPS growth of 16% in 2024, positioning itself to meet 2025 targets a year early [67][91] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth opportunities, citing a strong strategy and capable team [11] - The company anticipates a significant reduction in contact project sales in the Detection & Measurement segment, following the completion of a large project order [9] - Management noted that while the run rate business is flat, there is no downward pressure currently observed [17][86] Other Important Information - The company ended Q4 with cash of $105 million and total debt of $558 million, with a leverage ratio declining to 1.3 times [60] - Full year adjusted free cash flow was $231 million, approximately 115% of adjusted net income [79] - The company launched an advanced solution for precision location and mapping of underground utilities, enhancing its Location and Inspection platform [63] Q&A Session Summary Question: Comments on D&M results and run rate progression - Management acknowledged that D&M results were lower than anticipated due to a mix issue and weakening run rate, but noted no current downward pressure [12][16] Question: Insights on Ingenia acquisition and growth prospects - Management highlighted Ingenia's strong reputation and technological advantages, expecting it to contribute positively to revenue and margins [31][32] Question: Working capital expectations for 2024 - Management indicated that working capital is approaching normalized levels, with expectations for cash inflow from working capital in 2024 [56][79] Question: HVAC margin outlook and operational improvements - Management expressed confidence in HVAC margins for 2024, citing strong demand and operational improvements [34][110] Question: Impact of weather on heating sales - Management noted that warm weather has affected heating sales, but emphasized resilience in the US market compared to Europe [104][133]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number: 1-6948 SPX Technologies, Inc. (Exact name of registrant as specified in its charter) Delaware 88-3567996 (State or other jurisdiction of ...

Strong Execution on Value Creation Roadmap ($ millions) Adjusted Operating Income / Margin* FY 2023 ❑ Strong margin performance *Adjusted results are non-GAAP financial measures. Reconciliations from US GAAP financial measures are available in the Appendix of the presentation. February 22, 2024 5 February 22, 2024 6 Comprehensive Engineered Air Movement Solutions Extending Positioning in Attractive Engineered Air Movement Space Note: Adjusted results are non-GAAP financial measures. Reconciliations from US ...