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 earnings per share (EPS) guidance of 5.150-5.400 for the period, compared to the consensus 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 Price Performance

NYSE:SPXC traded up $3.33 during mid-day trading on Monday, reaching $134.27. 114,762 shares of the company were exchanged, compared to its average volume of 235,710. The company has a quick ratio of 0.70, a current ratio of 1.12 and a debt-to-equity ratio of 0.42. The stock has a market cap of $6.21 billion, a PE ratio of 63.87, a PEG ratio of 1.35 and a beta of 1.24. The company has a fifty day moving average of $118.99 and a 200 day moving average of $103.28. SPX Technologies has a 12 month low of $70.84 and a 12 month high of $135.91.

SPX Technologies (NYSE:SPXC) last posted its earnings results on Thursday, May 2nd. The company reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.19. The firm had revenue of $465.20 million during the quarter, compared to analysts’ expectations of $454.05 million. SPX Technologies had a net margin of 5.32% and a return on equity of 18.18%. The business’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.93 earnings per share. On average, research analysts anticipate that SPX Technologies will post 5.38 EPS for the current fiscal year.

Analysts Set New Price Targets

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

Insider Activity at SPX Technologies

In related news, 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 sale, the insider now owns 82,884 shares of the company’s stock, valued at approximately $9,747,987.24. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other SPX Technologies news, insider John William Swann III sold 32,325 shares of the company’s stock in a transaction on 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 sale, the insider now directly owns 82,884 shares of the company’s stock, valued at $9,747,987.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Eugene Joseph Lowe III sold 27,048 shares of the firm’s 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 owns 597,936 shares in the company, valued at $69,049,649.28. The disclosure for this sale can be found here. Over the last three months, insiders have sold 94,373 shares of company stock worth $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.