SPX Technologies (NYSE:SPXC) Releases FY24 Earnings Guidance

SPX Technologies (NYSE:SPXC) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $5.15-5.40 for the period, compared to the consensus 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.

Wall Street Analysts Forecast Growth

SPXC has been the subject of several analyst reports. StockNews.com raised SPX Technologies from a hold rating to a buy rating in a report on Friday. Oppenheimer increased their price objective on SPX Technologies from $134.00 to $140.00 and gave the stock an outperform rating in a research note on Friday. Finally, UBS Group increased their price objective on SPX Technologies from $90.00 to $126.00 and gave the stock a neutral rating in a research note on Wednesday, March 27th.

SPX Technologies Stock Up 7.4 %

SPX Technologies stock traded up $8.99 during mid-day trading on Friday, hitting $130.94. The company’s stock had a trading volume of 626,305 shares, compared to its average volume of 247,577. The firm’s 50 day moving average is $118.99 and its 200 day moving average is $103.28. The company has a market cap 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 debt-to-equity ratio of 0.44, a current ratio of 1.77 and a quick ratio of 1.08. SPX Technologies has a 52-week low of $61.09 and a 52-week high of $132.79.

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

Insiders Place Their Bets

In other SPX Technologies news, insider John William Swann III sold 32,325 shares of the 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 transaction, 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 document filed with the Securities & Exchange Commission, which is available at this link. In other news, insider John William Swann III sold 32,325 shares of the company’s stock in a transaction dated Wednesday, March 20th. The stock was 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 in the company, valued at approximately $9,747,987.24. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Eugene Joseph Lowe III sold 35,000 shares of the company’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $115.34, for a total value of $4,036,900.00. Following the sale, the chief executive officer now owns 667,045 shares of the company’s stock, valued at approximately $76,936,970.30. The disclosure for this sale can be found here. Insiders sold 94,373 shares of company stock valued at $10,962,146 over the last ninety days. Corporate 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.