SPX Technologies (NYSE:SPXC) Issues FY24 Earnings Guidance

SPX Technologies (NYSE:SPXC) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $5.15-5.40 for the period, compared to the consensus EPS estimate of $4.98. The company issued revenue guidance of $1.965-2.025 billion, compared to the consensus revenue estimate of $1.97 billion.

SPX Technologies Price Performance

Shares of NYSE SPXC traded up $8.99 during trading on Friday, hitting $130.94. 626,305 shares of the company were exchanged, compared to its average volume of 247,577. The company has a market cap of $6.06 billion, a price-to-earnings ratio of 63.87, a PEG ratio of 1.44 and a beta of 1.24. SPX Technologies has a 1 year low of $61.09 and a 1 year high of $132.79. The firm’s fifty day moving average price is $118.99 and its 200 day moving average price is $103.28. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.77 and a quick ratio of 1.08.

SPX Technologies (NYSE:SPXC) last issued its earnings results on Thursday, May 2nd. The company reported $1.25 EPS for the quarter, topping the consensus estimate of $1.06 by $0.19. The company had revenue of $465.20 million for the quarter, compared to analyst estimates of $454.05 million. SPX Technologies had a net margin of 5.32% and a return on equity of 18.44%. The business’s revenue was up 16.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.93 EPS. On average, sell-side analysts expect that SPX Technologies will post 5.38 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently issued reports on SPXC. Oppenheimer lifted their price target on SPX Technologies from $134.00 to $140.00 and gave the stock an outperform rating in a research note on Friday. UBS Group lifted their price target on SPX Technologies from $90.00 to $126.00 and gave the stock a neutral rating in a research note on Wednesday, March 27th. Finally, StockNews.com raised SPX Technologies from a hold rating to a buy rating in a research note on Friday.

Insider Activity at SPX Technologies

In related news, CEO Eugene Joseph Lowe III sold 35,000 shares of the business’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 transaction, the chief executive officer now owns 667,045 shares of the company’s stock, valued at approximately $76,936,970.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Eugene Joseph Lowe III sold 35,000 shares of the business’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 transaction, the chief executive officer now owns 667,045 shares of the company’s stock, valued at approximately $76,936,970.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $3,801,743.25. Following the completion of the transaction, the insider now directly 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. In the last quarter, insiders sold 94,373 shares of company stock valued at $10,962,146. 3.53% of the stock is owned by insiders.

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.