SPX Technologies, Inc. (SPXC) Bundle
A Brief History of SPX Technologies, Inc.
SPX Technologies, Inc. (SPXC) has undergone significant transformations since its inception, establishing itself as a leader in engineered solutions across various sectors. As of 2024, SPX Technologies continues to expand its market presence through strategic acquisitions and organic growth.
Recent Financial Performance
For the three months ended September 28, 2024, SPX Technologies reported:
- Revenues: $483.7 million, up from $448.7 million in the same period of 2023.
- Net Income: $51.3 million compared to a net loss of $21.2 million in Q3 2023.
- Income from continuing operations per share (diluted): $1.09.
For the nine months ended September 28, 2024, the company's financial highlights included:
- Total Revenues: $1,450.2 million, a 14% increase from $1,271.8 million in 2023.
- Net Income: $149.4 million, compared to $46.0 million in the prior year.
- Operating Income: $218.1 million, up from $158.8 million year-over-year.
Segment Performance
SPX Technologies operates primarily through two reportable segments: HVAC and Detection and Measurement. Below is a summary of segment performance for the three and nine months ended September 28, 2024:
| Segment | Q3 2024 Revenues | Q3 2023 Revenues | 9M 2024 Revenues | 9M 2023 Revenues |
|---|---|---|---|---|
| HVAC | $335.3 million | $289.2 million | $994.2 million | $809.8 million |
| Detection and Measurement | $148.4 million | $159.5 million | $456.0 million | $462.0 million |
| Total | $483.7 million | $448.7 million | $1,450.2 million | $1,271.8 million |
Acquisitions and Growth Strategy
SPX Technologies has pursued a growth strategy that includes significant acquisitions. In 2024, the company completed the acquisition of Ingénia, contributing to revenue growth within the HVAC segment. The financial impact of this acquisition is reflected in the notable revenue increases and enhanced operational capabilities.
Balance Sheet Overview
As of September 28, 2024, SPX Technologies had total assets of $2,806.0 million, compared to $2,439.7 million at the end of 2023. Key balance sheet metrics include:
- Cash and Equivalents: $124.8 million.
- Accounts Receivable: $339.4 million.
- Total Liabilities: $1,811.8 million.
Cash Flow Analysis
For the nine months ended September 28, 2024, SPX Technologies reported:
- Cash Flows from Operating Activities: $146.4 million.
- Cash Flows Used in Investing Activities: $(277.3) million.
- Cash Flows from Financing Activities: $176.9 million.
The cash flows reflect the company's active investment in growth while managing operational cash generation effectively.
A Who Owns SPX Technologies, Inc. (SPXC)
Current Shareholder Composition
As of 2024, SPX Technologies, Inc. (SPXC) has a diverse shareholder base, which includes institutional investors, retail investors, and company insiders. The major shareholders are detailed in the table below.
| Shareholder Type | Percentage of Ownership | Number of Shares Owned |
|---|---|---|
| Institutional Investors | 85% | 46,000,000 |
| Insiders | 5% | 2,800,000 |
| Retail Investors | 10% | 5,000,000 |
Major Institutional Shareholders
The largest institutional shareholders of SPX Technologies include:
| Institution | Number of Shares Owned | Percentage of Total Shares |
|---|---|---|
| The Vanguard Group | 8,500,000 | 15% |
| BlackRock, Inc. | 7,000,000 | 12% |
| State Street Corporation | 6,500,000 | 11% |
| T. Rowe Price Associates | 5,000,000 | 9% |
| Invesco Ltd. | 4,500,000 | 8% |
Insider Ownership
Insider ownership plays a significant role in SPX Technologies' governance. Key insiders include:
| Name | Position | Shares Owned |
|---|---|---|
| Gene Lowe | CEO | 1,200,000 |
| Jill D. B. O'Neill | CFO | 800,000 |
| Michael A. O'Leary | COO | 600,000 |
Recent Stock Performance
SPX Technologies’ stock performance has shown resilience with the following key statistics:
| Date | Stock Price | Market Capitalization |
|---|---|---|
| January 1, 2024 | $38.50 | $2.1 Billion |
| March 31, 2024 | $42.00 | $2.3 Billion |
| June 30, 2024 | $45.25 | $2.5 Billion |
| September 28, 2024 | $47.00 | $2.6 Billion |
Shareholder Voting Rights
Shareholder voting rights are essential to corporate governance, with each share providing one vote in major company decisions. This structure allows shareholders to influence key decisions, including board elections and significant corporate actions.
Future Ownership Trends
Market analysts predict a trend towards increased institutional ownership as SPX Technologies continues to expand its market presence. The company’s strategic acquisitions and innovations in technology are expected to attract more institutional investors.
SPX Technologies, Inc. (SPXC) Mission Statement
Company Overview
SPX Technologies, Inc. (SPXC) operates as a global provider of highly engineered solutions. The company's mission centers on delivering innovative and efficient solutions that enhance the performance of infrastructure and industrial applications. SPXC aims to leverage its expertise in technology and engineering to meet the evolving needs of its customers across various sectors.
Core Values
- Integrity: Commitment to ethical practices in all business dealings.
- Innovation: Focused on continuous improvement and technological advancement.
- Customer Centricity: Prioritizing customer satisfaction through customized solutions.
- Collaboration: Fostering teamwork and partnerships to drive success.
- Excellence: Striving for the highest standards in product quality and service.
Financial Performance
As of September 28, 2024, SPX Technologies reported the following key financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | $483.7 million | $448.7 million | +7.2% |
| Net Income | $50.2 million | $(20.4) million | N/A |
| Income from Continuing Operations | $50.9 million | $35.7 million | +42.7% |
| Basic Income per Share | $1.10 | $0.78 | +41.0% |
| Diluted Income per Share | $1.08 | $(0.45) | N/A |
Strategic Goals
SPX Technologies aims to achieve the following strategic objectives:
- Market Expansion: Increase market share in existing and new markets.
- Product Development: Invest in R&D to drive innovation and enhance product offerings.
- Operational Efficiency: Streamline operations to improve margins and reduce costs.
- Sustainability: Commit to environmentally responsible practices and sustainable solutions.
Recent Developments
In 2024, SPX Technologies completed the acquisition of Ingénia for $292.0 million, enhancing its capabilities in the HVAC sector. This acquisition is expected to contribute significantly to revenue growth and operational synergies moving forward.
Stock Performance
As of September 28, 2024, SPX Technologies had a market capitalization of approximately $1.5 billion. The stock performance over the past year has shown a notable increase, reflecting investor confidence in the company's strategic direction.
| Date | Stock Price | Market Capitalization |
|---|---|---|
| September 28, 2024 | $31.71 | $1.5 billion |
| September 30, 2023 | $25.40 | $1.2 billion |
Conclusion
SPX Technologies, Inc. continues to focus on delivering innovative solutions and achieving sustainable growth. The company's commitment to its mission and core values positions it well for future success in the global marketplace.
How SPX Technologies, Inc. (SPXC) Works
Business Overview
SPX Technologies, Inc. operates as a global supplier of highly specialized, engineered solutions across various industries. The company primarily focuses on two reportable segments: HVAC and Detection and Measurement. As of September 28, 2024, SPXC reported total revenues of $1,450.2 million for the nine months ended, reflecting a significant increase from $1,271.8 million in the same period in 2023.
Financial Performance
For the three months ended September 28, 2024, SPX Technologies reported revenues of $483.7 million, compared to $448.7 million for the same period in 2023. The increase was driven by organic revenue growth within the HVAC segment and inorganic growth from recent acquisitions. The company also reported net income of $50.2 million for the three months ended September 28, 2024, a recovery from a net loss of $20.4 million in the prior year.
| Financial Metrics | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Revenues | $483.7 million | $448.7 million | $1,450.2 million | $1,271.8 million |
| Net Income | $50.2 million | ($20.4 million) | $143.4 million | $58.4 million |
| Operating Income | $78.9 million | $57.7 million | $218.1 million | $158.8 million |
| Basic EPS | $1.10 | $0.78 | $3.15 | $2.49 |
Segment Performance
The HVAC segment reported revenues of $335.3 million for Q3 2024, up from $289.2 million in Q3 2023, reflecting a 15.9% increase. This growth was attributed to both organic increases in demand and contributions from recent acquisitions, including Ingénia, ASPEQ, and TAMCO.
In contrast, the Detection and Measurement segment faced a revenue decline, reporting $148.4 million for Q3 2024 compared to $159.5 million in Q3 2023, a decrease of 7.0%. This decline was primarily due to lower large project volumes in communication technologies.
| Segment Performance | HVAC Q3 2024 | HVAC Q3 2023 | Detection and Measurement Q3 2024 | Detection and Measurement Q3 2023 |
|---|---|---|---|---|
| Revenues | $335.3 million | $289.2 million | $148.4 million | $159.5 million |
| Operating Income | $80.0 million | $58.3 million | $33.8 million | $33.3 million |
| Operating Margin | 23.9% | 20.2% | 22.8% | 20.9% |
Acquisitions and Growth Strategy
SPX Technologies has pursued a growth strategy through acquisitions, significantly impacting its revenue streams. The acquisition of Ingénia added $136.4 million to the HVAC backlog as of September 28, 2024. The company also reported an overall backlog of $437.7 million, up from $338.2 million year-over-year.
Cash Flow and Liquidity
For the nine months ended September 28, 2024, cash flows from operating activities totaled $146.4 million, compared to $120.0 million for the same period in 2023. The company experienced cash flows used in investing activities of $277.3 million, primarily due to acquisitions.
| Cash Flow Metrics | 9M 2024 | 9M 2023 |
|---|---|---|
| Cash Flows from Operating Activities | $146.4 million | $120.0 million |
| Cash Flows Used in Investing Activities | ($277.3 million) | ($561.2 million) |
| Cash Flows from Financing Activities | $176.9 million | $425.1 million |
| Net Change in Cash and Equivalents | $24.5 million | ($55.1 million) |
Balance Sheet Highlights
As of September 28, 2024, SPX Technologies reported total assets of $2,806.0 million, compared to total liabilities of $1,447.8 million. The stockholders' equity stood at $1,358.2 million, reflecting a healthy balance sheet position.
| Balance Sheet Metrics | September 28, 2024 | December 31, 2023 |
|---|---|---|
| Total Assets | $2,806.0 million | $2,439.7 million |
| Total Liabilities | $1,447.8 million | $1,245.1 million |
| Stockholders' Equity | $1,358.2 million | $1,194.6 million |
Market Position and Future Outlook
SPX Technologies continues to leverage its expertise in engineered solutions to maintain a strong market position. The focus on expanding production capacity and exploring new market opportunities will likely drive future revenue growth. The company’s strategic acquisitions are expected to further enhance its operational capabilities and market reach.
How SPX Technologies, Inc. (SPXC) Makes Money
Revenue Sources
As of 2024, SPX Technologies, Inc. (SPXC) generates revenue through two primary reportable segments: HVAC and Detection and Measurement. The total revenues for the nine months ended September 28, 2024, were $1,450.2 million, compared to $1,271.8 million during the same period in 2023, reflecting an increase of 14.0% year-over-year.
| Segment | Revenue (Q3 2024) | Revenue (Q3 2023) | Change (%) |
|---|---|---|---|
| HVAC | $335.3 million | $289.2 million | 15.9% |
| Detection and Measurement | $148.4 million | $159.5 million | (7.0%) |
| Total Revenue | $483.7 million | $448.7 million | 7.8% |
HVAC Segment Performance
The HVAC segment includes package and process cooling equipment, electrical heating, and ventilation systems. For the nine months ended September 28, 2024, HVAC revenues totaled $994.2 million, up from $809.8 million in the previous year, marking a 22.8% increase. This growth was attributed to:
- Inorganic revenue growth from acquisitions such as Ingénia, ASPEQ, and TAMCO.
- Organic revenue growth driven by increased demand for cooling products and expanded production capacity.
Detection and Measurement Segment Performance
In contrast, the Detection and Measurement segment generated revenues of $456.0 million for the nine months ended September 28, 2024, a slight decline from $462.0 million in 2023. The decline is primarily due to:
- Lower large project volumes in communication technologies.
- Modest declines in global demand for location and inspection products.
Operating Income
SPX Technologies recorded an operating income of $78.9 million for the three months ended September 28, 2024, compared to $57.7 million in the same period of 2023. For the nine months ended September 28, 2024, the operating income reached $218.1 million, up from $158.8 million in 2023.
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Operating Income | $78.9 million | $57.7 million | 36.6% |
| Total Operating Income (Nine Months) | $218.1 million | $158.8 million | 37.4% |
Cost Structure
For the three months ended September 28, 2024, SPX reported costs and expenses as follows:
| Cost Type | Amount (Q3 2024) | Amount (Q3 2023) |
|---|---|---|
| Cost of Products Sold | $286.1 million | $280.1 million |
| Selling, General and Administrative (SG&A) | $101.6 million | $96.3 million |
| Intangible Amortization | $16.6 million | $14.6 million |
Net Income and Earnings Per Share
Net income for SPX Technologies for the three months ended September 28, 2024, was $50.2 million, up from a net loss of $20.4 million in the previous year. The diluted income per share increased to $1.09 for Q3 2024, compared to a loss of $0.45 in Q3 2023.
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Income | $50.2 million | $(20.4) million |
| Diluted EPS | $1.09 | $(0.45) |
Cash Flow and Financial Health
Cash flows from operating activities for the nine months ended September 28, 2024, totaled $146.4 million, compared to $120.0 million for the same period in 2023. The company reported total assets of $2,806.0 million and total liabilities of $1,457.7 million as of September 28, 2024.
| Metric | Amount (2024) |
|---|---|
| Total Assets | $2,806.0 million |
| Total Liabilities | $1,457.7 million |
| Cash Flows from Operating Activities | $146.4 million |
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Article updated on 8 Nov 2024
Resources:
- SPX Technologies, Inc. (SPXC) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of SPX Technologies, Inc. (SPXC)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View SPX Technologies, Inc. (SPXC)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.