SPX Technologies Reports Strong Q3 2024 Results

SPX Corporation ( (SPXC) ) has realeased its Q3 earnings. Here is a breakdown of the information SPX Corporation presented to its investors.

SPX Technologies, Inc., a global supplier of engineered products and technologies, operates prominently in the HVAC and detection and measurement markets, and is based in Charlotte, North Carolina.

SPX Technologies reported strong financial results for the third quarter of 2024, with significant revenue growth and margin expansion across its HVAC and Detection & Measurement segments. The company’s efforts in sustainability and efficiency initiatives have been highlighted as key contributors to its performance.

In the third quarter, SPX Technologies achieved a revenue of $483.7 million, a notable increase from $448.7 million in the same period of 2023. Operating income rose to $78.9 million from $57.7 million year-over-year, with net income reaching $50.2 million, a substantial improvement from a loss of $20.4 million in the previous year. The HVAC segment saw a 15.9% increase in revenue, driven by strong demand and improved production capacity, while the Detection & Measurement segment reported a slight decline, attributed to lower project volumes in the communications technologies business.

The company’s adjusted EBITDA for the quarter was $104.0 million, up from $81.9 million in the previous year, demonstrating a robust 27% increase. SPX Technologies remains focused on executing operational improvements and expanding its innovative climate-conscious solutions, which are expected to support continued growth.

Looking ahead, SPX Technologies is on track to meet its full-year 2024 guidance, projecting adjusted EBITDA growth of approximately 35% and adjusted EPS growth of around 28%. The company remains optimistic about sustaining its momentum and capitalizing on market opportunities in the HVAC and Detection & Measurement segments.