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 Stock Performance

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

SPX Technologies (NYSE:SPXC) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.19. 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 analyst estimates of $454.05 million. During the same period last year, the firm posted $0.93 EPS. SPX Technologies’s revenue for the quarter was up 16.4% compared to the same quarter last year. As a group, research analysts predict that SPX Technologies will post 5.38 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Insider Activity

In related news, insider John William Swann III sold 32,325 shares of SPX Technologies 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 sale, the insider now owns 82,884 shares of the company’s stock, valued at approximately $9,747,987.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider John William Swann III sold 32,325 shares of SPX Technologies 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 sale, the insider now owns 82,884 shares of the company’s stock, valued at approximately $9,747,987.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Eugene Joseph Lowe III sold 27,048 shares of SPX Technologies stock in a transaction 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 disclosure for this sale can be found here. Insiders sold a total of 94,373 shares of company stock valued at $10,962,146 in the last three months. 3.53% of the stock is currently owned by corporate 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.