SPX Technologies (NYSE:SPXC) Releases Earnings Results, Beats Estimates By $0.17 EPS

SPX Technologies (NYSE:SPXC) announced its quarterly earnings results on Thursday. The company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.17, Briefing.com reports. SPX Technologies had a net margin of 5.53% and a return on equity of 19.56%. The firm had revenue of $501.30 million during the quarter, compared to analysts’ expectations of $492.08 million. During the same period in the previous year, the company earned $1.06 earnings per share. SPX Technologies’s quarterly revenue was up 18.4% compared to the same quarter last year. SPX Technologies updated its FY24 guidance to $5.45-5.60 EPS and its FY 2024 guidance to 5.450-5.600 EPS.

SPX Technologies Stock Performance

Shares of SPXC stock traded down $5.32 during mid-day trading on Monday, hitting $139.33. The stock had a trading volume of 182,784 shares, compared to its average volume of 256,631. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.12 and a quick ratio of 0.70. The firm has a market cap of $6.44 billion, a PE ratio of 70.56, a PEG ratio of 1.48 and a beta of 1.20. SPX Technologies has a fifty-two week low of $76.61 and a fifty-two week high of $164.91. The company’s 50-day simple moving average is $143.28 and its 200-day simple moving average is $127.22.

Analyst Ratings Changes

SPXC has been the topic of several research analyst reports. William Blair reaffirmed an “outperform” rating on shares of SPX Technologies in a research report on Friday, May 3rd. Oppenheimer downgraded shares of SPX Technologies from an “outperform” rating to a “market perform” rating in a research report on Thursday, July 18th. UBS Group raised their price objective on shares of SPX Technologies from $126.00 to $142.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. Finally, StockNews.com cut shares of SPX Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 11th.

Insider Buying and Selling

In related news, insider J Randall Data sold 39,412 shares of the stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $143.89, for a total transaction of $5,670,992.68. Following the transaction, the insider now directly owns 52,657 shares in the company, valued at $7,576,815.73. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 3.53% of the stock is owned by insiders.

SPX Technologies Company Profile

SPX Technologies, Inc supplies infrastructure equipment serving the heating, ventilation, and cooling (HVAC); and detection and measurement markets worldwide. The company operates in two segments, HVAC and Detection and Measurement. The HVAC segment engineers, designs, manufactures, installs, and services package and process cooling products and engineered air movement solutions for the HVAC industrial and power generation markets, as well as boilers, heating, and ventilation products for the residential and commercial markets.