SPX Technologies (NYSE:SPXC) Releases FY24 Earnings Guidance

SPX Technologies (NYSE:SPXC) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $5.45-5.60 for the period, compared to the consensus estimate of $5.35. The company issued revenue guidance of $1.97-2.02 billion, compared to the consensus revenue estimate of $1.99 billion. SPX Technologies also updated its FY 2024 guidance to 5.450-5.600 EPS.

SPX Technologies Price Performance

Shares of NYSE:SPXC traded up $1.36 during trading on Friday, reaching $144.65. The stock had a trading volume of 555,986 shares, compared to its average volume of 327,813. 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 business has a fifty day moving average price of $143.28 and a 200-day moving average price of $127.01. The stock has a market cap of $6.69 billion, a PE ratio of 70.56, a PEG ratio of 1.48 and a beta of 1.20. SPX Technologies has a 1-year low of $76.61 and a 1-year high of $164.91.

SPX Technologies (NYSE:SPXC) last released its quarterly earnings data on Thursday, August 1st. The company reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.16. The company had revenue of $501.30 million for the quarter, compared to analyst estimates of $492.08 million. SPX Technologies had a return on equity of 19.56% and a net margin of 5.53%. The firm’s revenue for the quarter was up 18.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.06 earnings per share. On average, equities analysts forecast that SPX Technologies will post 5.37 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SPXC. UBS Group upped their price target on SPX Technologies from $126.00 to $142.00 and gave the stock a neutral rating in a report on Wednesday, May 8th. William Blair reaffirmed an outperform rating on shares of SPX Technologies in a research report on Friday, May 3rd. Oppenheimer cut SPX Technologies from an outperform rating to a market perform rating in a research report on Thursday, July 18th. Finally, StockNews.com cut SPX Technologies from a buy rating to a hold rating in a research report on Saturday, May 11th.

Insider Activity

In related news, insider J Randall Data sold 39,412 shares of SPX Technologies stock in a transaction on 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 completion of the transaction, the insider now directly owns 52,657 shares of the company’s stock, valued at $7,576,815.73. The sale was disclosed in a legal filing 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.