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

SPX Technologies (NYSE:SPXC) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of 5.150-5.400 for the period, compared to the consensus estimate of 4.980. The company issued revenue guidance of $2.0 billion-$2.0 billion, compared to the consensus revenue estimate of $2.0 billion.

SPX Technologies Trading Up 3.0 %

Shares of NYSE SPXC traded up $3.98 during mid-day trading on Monday, hitting $134.92. The company’s stock had a trading volume of 56,808 shares, compared to its average volume of 234,734. 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 stock has a market cap of $6.24 billion, a price-to-earnings ratio of 63.87, a price-to-earnings-growth ratio of 1.35 and a beta of 1.24. The company’s fifty day simple moving average is $118.99 and its 200-day simple moving average is $103.28. SPX Technologies has a one year low of $70.84 and a one year high of $135.91.

SPX Technologies (NYSE:SPXC) last released its earnings results on Thursday, May 2nd. The company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.19. The firm had revenue of $465.20 million for the quarter, compared to analyst estimates of $454.05 million. SPX Technologies had a return on equity of 18.18% and a net margin of 5.32%. The company’s quarterly revenue was up 16.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.93 earnings per share. On average, sell-side analysts anticipate that SPX Technologies will post 5.38 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SPXC has been the topic of several recent analyst reports. UBS Group lifted their price objective on SPX Technologies from $90.00 to $126.00 and gave the company a neutral rating in a report on Wednesday, March 27th. StockNews.com upgraded shares of SPX Technologies from a hold rating to a buy rating in a report on Friday. Finally, Oppenheimer raised their price objective on shares of SPX Technologies from $134.00 to $140.00 and gave the stock an outperform rating in a report on Friday.

Insider Activity

In related news, CEO Eugene Joseph Lowe III sold 35,000 shares of the firm’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $115.34, for a total value of $4,036,900.00. Following the completion of the sale, the chief executive officer now directly owns 667,045 shares in the company, valued at approximately $76,936,970.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider John William Swann III sold 32,325 shares of the business’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $117.61, for a total value of $3,801,743.25. Following the completion of the sale, the insider now owns 82,884 shares of the company’s stock, valued at $9,747,987.24. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Eugene Joseph Lowe III sold 35,000 shares of the stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $115.34, for a total transaction of $4,036,900.00. Following the transaction, the chief executive officer now owns 667,045 shares in the company, valued at approximately $76,936,970.30. The disclosure for this sale can be found here. Insiders sold a total of 94,373 shares of company stock valued at $10,962,146 in the last quarter. Company insiders own 3.53% of the company’s stock.

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.