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 $5.45-5.60 for the period, compared to the consensus EPS estimate of $5.35. The company issued revenue guidance of $1.97-2.02 billion, compared to the consensus revenue estimate of $1.99 billion. SPX Technologies also updated its FY 2024 guidance to 5.450-5.600 EPS.

SPX Technologies Stock Up 0.9 %

Shares of SPXC stock traded up $1.36 during trading hours on Friday, reaching $144.65. The company had a trading volume of 555,986 shares, compared to its average volume of 327,813. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.70 and a current ratio of 1.12. SPX Technologies has a twelve month low of $76.61 and a twelve month high of $164.91. The company has a market capitalization of $6.69 billion, a P/E ratio of 70.56, a price-to-earnings-growth ratio of 1.48 and a beta of 1.20. The stock’s fifty day simple moving average is $143.28 and its 200 day simple moving average is $127.01.

SPX Technologies (NYSE:SPXC) last issued its quarterly earnings data on Thursday, August 1st. The company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.16. SPX Technologies had a return on equity of 19.56% and a net margin of 5.53%. The firm had revenue of $501.30 million during the quarter, compared to analyst estimates of $492.08 million. During the same quarter last year, the firm earned $1.06 EPS. SPX Technologies’s quarterly revenue was up 18.4% on a year-over-year basis. As a group, sell-side analysts expect that SPX Technologies will post 5.37 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Oppenheimer lowered SPX Technologies from an outperform rating to a market perform rating in a research report on Thursday, July 18th. William Blair reaffirmed an outperform rating on shares of SPX Technologies in a research report on Friday, May 3rd. StockNews.com lowered SPX Technologies from a buy rating to a hold rating in a research report on Saturday, May 11th. Finally, UBS Group boosted their target price on SPX Technologies from $126.00 to $142.00 and gave the company a neutral rating in a research note on Wednesday, May 8th.

Insider Transactions at SPX Technologies

In related news, insider J Randall Data sold 39,412 shares of the stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $143.89, for a total transaction of $5,670,992.68. Following the sale, the insider now directly owns 52,657 shares in the company, valued at approximately $7,576,815.73. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 3.53% of the stock is currently 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.