SPX Technologies (NYSE:SPXC) Issues FY 2024 Earnings Guidance

SPX Technologies (NYSE:SPXC) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 5.450-5.600 for the period, compared to the consensus EPS estimate of 5.350. The company issued revenue guidance of $2.0 billion-$2.0 billion, compared to the consensus revenue estimate of $2.0 billion. SPX Technologies also updated its FY24 guidance to $5.45-5.60 EPS.

SPX Technologies Stock Up 0.9 %

Shares of SPXC stock opened at $144.65 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.70 and a current ratio of 1.12. The firm’s 50-day moving average is $143.28 and its 200-day moving average is $127.01. The stock has a market cap of $6.69 billion, a price-to-earnings ratio of 70.56, a PEG ratio of 1.48 and a beta of 1.20. SPX Technologies has a 52-week low of $76.61 and a 52-week high of $164.91.

SPX Technologies (NYSE:SPXC) last issued its earnings results on Thursday, August 1st. The company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.16. The company had revenue of $501.30 million for the quarter, compared to analysts’ expectations of $492.08 million. SPX Technologies had a net margin of 5.53% and a return on equity of 19.56%. SPX Technologies’s quarterly revenue was up 18.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.06 EPS. Sell-side analysts predict that SPX Technologies will post 5.37 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on SPXC shares. UBS Group upped their target price on shares of SPX Technologies from $126.00 to $142.00 and gave the company a neutral rating in a report on Wednesday, May 8th. Oppenheimer cut shares of SPX Technologies from an outperform rating to a market perform rating in a report on Thursday, July 18th. William Blair reissued an outperform rating on shares of SPX Technologies in a report on Friday, May 3rd. 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 at SPX Technologies

In other SPX Technologies news, insider J Randall Data sold 39,412 shares of the stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $143.89, for a total transaction of $5,670,992.68. Following the transaction, the insider now owns 52,657 shares in the company, valued at approximately $7,576,815.73. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 3.53% of the company’s stock.

About SPX Technologies

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.