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

SPX Technologies (NYSE:SPXC) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided EPS guidance of 5.150-5.400 for the period, compared to the consensus EPS 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 Stock Up 0.1 %

SPXC stock opened at $121.95 on Friday. The firm has a market cap of $5.64 billion, a PE ratio of 63.52, a PEG ratio of 1.34 and a beta of 1.24. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.08 and a current ratio of 1.77. The firm’s 50 day moving average price is $118.55 and its 200-day moving average price is $102.62. SPX Technologies has a one year low of $61.09 and a one year high of $124.86.

SPX Technologies (NYSE:SPXC) last posted its quarterly earnings data on Thursday, February 22nd. The company reported $1.25 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.25. SPX Technologies had a return on equity of 17.30% and a net margin of 5.16%. The business had revenue of $469.40 million for the quarter, compared to analyst estimates of $481.98 million. During the same quarter in the prior year, the company earned $1.17 earnings per share. The company’s revenue was up 9.3% on a year-over-year basis. On average, equities research analysts anticipate that SPX Technologies will post 5.05 EPS for the current year.

Analyst Ratings Changes

Several equities analysts recently commented on SPXC shares. Oppenheimer reissued an outperform rating and issued a $134.00 target price (up previously from $124.00) on shares of SPX Technologies in a report on Thursday, March 28th. StockNews.com lowered SPX Technologies from a buy rating to a hold rating in a report on Friday, March 15th. Finally, UBS Group raised their price objective on shares of SPX Technologies from $90.00 to $126.00 and gave the company a neutral rating in a research report on Wednesday, March 27th.

Insider Activity at SPX Technologies

In other news, CEO Eugene Joseph Lowe III sold 27,048 shares of SPX Technologies stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $115.48, for a total transaction of $3,123,503.04. Following the completion of the sale, the chief executive officer now directly owns 597,936 shares in the company, valued at approximately $69,049,649.28. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO Eugene Joseph Lowe III sold 27,048 shares of SPX Technologies stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $115.48, for a total transaction of $3,123,503.04. Following the completion of the transaction, the chief executive officer now directly owns 597,936 shares in the company, valued at approximately $69,049,649.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John William Swann III sold 32,325 shares of SPX Technologies stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $117.61, for a total value of $3,801,743.25. Following the transaction, the insider now owns 82,884 shares of the company’s stock, valued at $9,747,987.24. The disclosure for this sale can be found here. Insiders sold a total of 94,373 shares of company stock worth $10,962,146 over the last 90 days. Company 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.