Company Overview

SPX Technologies, Inc. is a diversified, global supplier of highly engineered products and technologies, holding leadership positions in the HVAC and detection and measurement markets. Based in Charlotte, North Carolina, SPX has more than 4,100 employees in 15 countries and is listed on the New York Stock Exchange under the ticker symbol "SPXC".

The company operates across two primary business segments that serve critical infrastructure and industrial markets globally. With SPX Technologies' market cap as of April 11, 2025, at $6.19 billion, the company has established itself as a significant player in the industrial technology sector.

Business Segments

HVAC Segment

The HVAC segment, which generates the majority of the company's revenue, designs, manufactures, installs, and services cooling products, as well as heating and ventilation products. This segment engineers, designs, manufactures, installs, and services cooling products and engineered air movement and handling solutions for the HVAC industrial, commercial, data center, and power generation markets, as well as heating and ventilation products for the residential, industrial, and commercial markets.

It offers its cooling products under the Marley, Recold, SGS, Cincinnati Fan, TAMCO, and Ingénia names; and heating products under the Berko, Qmark, Fahrenheat, Leading Edge, Patterson-Kelley, Weil-McLain, Williamson-Thermoflo, INDEECO, Heatrex, AccuTherm, Brasch, Spectrum, BannerDay PipeHeating, and Solar Products brands.

Detection and Measurement Segment

The detection and measurement technologies segment designs, manufactures, and installs underground pipe and cable locators and inspection equipment, bus-fare collection systems, and other related products. This segment encompasses communication technologies, transportation solutions, and aids to navigation systems that serve critical infrastructure needs worldwide.

Financial Performance

Full Year 2024 Results

In 2024, SPX Technologies's revenue was $1.98 billion, an increase of 13.94% compared to the previous year's $1.74 billion. Earnings were $200.50 million, an increase of 123.03%.

Gene Lowe, President and CEO, remarked, "I am very pleased with our full-year 2024 results, including Adjusted EBITDA growth of 36% and Adjusted EPS growth of 29%, which was near the top end of our guidance range."

Key 2024 financial highlights include:

• Q4 GAAP EPS: $1.19 (up 78% YoY)

• Full-Year GAAP EPS: $4.29 (up 38% YoY)

• Full-Year GAAP Net Income: $200.5 million (up 123%)

• HVAC Segment Performance: 18.6% revenue growth and record margins.

Quarterly Performance Trends

SPX Technologies reported revenue of $483.7 million in Q3 2024, compared to $448.7 million in Q3 2023. SPXC's HVAC segment revenue grew 15.9% to $335.3 million, with segment income margin increasing 370 basis points to 23.9%.

The company demonstrated strong operational execution throughout 2024. SPX Technologies reported Q3 2024 GAAP EPS of $1.08 and Adjusted EPS of $1.39.

Strategic Growth Initiatives

SPX Technologies has been actively pursuing strategic acquisitions to strengthen its market position. The company made significant progress on key initiatives, including digital and continuous improvement, and further expanded its position in Engineered Air Movement within its HVAC segment with the acquisition of Ingénia.

The company completed strategic acquisitions, including Ingénia and Kranze Technology Solutions (KTS), positioning itself for continued growth. The strategic acquisition of KTS enhances SPX's position in Communication Technologies, complementing its existing tactical datalinks, communications intelligence, and RF countermeasure offerings.

2025 Outlook and Guidance

Looking ahead, SPX introduced its 2025 guidance with projected revenue of $2.13-$2.19 billion and adjusted EPS guidance of $6.00-$6.25. For 2025, at the midpoint of the guidance range, the company anticipates another year of double-digit growth in Adjusted EBITDA and Adjusted EPS.

Mr. Lowe further commented, "Looking ahead, we see healthy demand in key markets and favorable execution trends in our businesses, positioning us well to achieve another year of solid growth."

Operational Excellence and Sustainability

The company continues to focus on operational improvements and sustainability initiatives. SPX Technologies has made significant progress on its sustainability initiatives, including reducing carbon intensity levels ahead of schedule and introducing numerous innovative climate-conscious solutions.

The company has also further advanced its continuous improvement initiative, which is driving increased production throughput and efficiency.

Global Presence and Market Position

Geographically, the company has operations in the United States, Canada, China, the United Kingdom, and other regions. This global footprint enables SPX Technologies to serve diverse markets and capitalize on international growth opportunities across its core business segments.

The company's leadership position in both the HVAC and detection and measurement markets, combined with its diversified geographic presence and strong operational performance, positions it well for continued growth in the industrial technology sector.