SPX Technologies (NYSE:SPXC) Releases Quarterly Earnings Results, Beats Estimates By $0.19 EPS

SPX Technologies (NYSE:SPXC) issued its quarterly earnings results on Thursday. The company reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.19, Briefing.com reports. SPX Technologies had a net margin of 5.32% and a return on equity of 18.44%. The company had revenue of $465.20 million during the quarter, compared to analysts’ expectations of $454.05 million. During the same period last year, the company posted $0.93 EPS. SPX Technologies’s revenue was up 16.4% on a year-over-year basis. SPX Technologies updated its FY24 guidance to $5.15-5.40 EPS.

SPX Technologies Price Performance

NYSE SPXC traded up $8.99 on Friday, reaching $130.94. The company had a trading volume of 626,305 shares, compared to its average volume of 247,577. The firm’s 50 day moving average price is $118.99 and its 200 day moving average price is $103.12. SPX Technologies has a 12 month low of $61.09 and a 12 month high of $132.79. The stock has a market capitalization of $6.06 billion, a PE ratio of 63.87, a price-to-earnings-growth ratio of 1.44 and a beta of 1.24. The company has a quick ratio of 1.08, a current ratio of 1.77 and a debt-to-equity ratio of 0.44.

Wall Street Analysts Forecast Growth

SPXC has been the topic of several analyst reports. StockNews.com upgraded shares of SPX Technologies from a “hold” rating to a “buy” rating in a research note on Friday. Oppenheimer upped their price target on SPX Technologies from $134.00 to $140.00 and gave the company an “outperform” rating in a report on Friday. Finally, UBS Group lifted their price objective on SPX Technologies from $90.00 to $126.00 and gave the stock a “neutral” rating in a 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 stock was sold at an average price of $115.48, for a total value of $3,123,503.04. Following the completion of the transaction, the chief executive officer now owns 597,936 shares in the company, valued at approximately $69,049,649.28. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Eugene Joseph Lowe III sold 27,048 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $115.48, for a total value of $3,123,503.04. Following the sale, the chief executive officer now directly owns 597,936 shares in the company, valued at $69,049,649.28. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider John William Swann III sold 32,325 shares of the business’s stock in a transaction on 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 transaction, the insider now owns 82,884 shares of the company’s stock, valued at approximately $9,747,987.24. The disclosure for this sale can be found here. Over the last three months, insiders sold 94,373 shares of company stock valued at $10,962,146. 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.