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Apr 03, 2021
SPX Q1 2021 Earnings Report
SPX reported solid first quarter results with strong revenue and earnings growth in HVAC and Detection & Measurement segments. The company updated its full-year guidance for the Sealite acquisition, anticipating adjusted EPS in the range of $3.06-$3.26.
Key Takeaways
SPX Corporation reported first-quarter revenue of $398.5 million and operating income of $31.7 million. GAAP EPS was $0.60, and adjusted EPS was $0.68. The company is updating its full-year 2021 Adjusted EPS guidance to a range of $3.06-$3.26 due to the acquisition of Sealite.
HVAC and Detection & Measurement segments delivered strong revenue and earnings growth.
Significant organic and inorganic contributions were observed.
Substantial cash flow was generated, and the balance sheet was improved.
Full-year 2021 Adjusted EPS is anticipated in a range of $3.06-$3.26, reflecting approximately 13% year-on-year earnings growth at the midpoint.
SPX
SPX
SPX Revenue by Segment
Revenue by Segment
HVAC Revenue
CapyFin.comDetection & Measurement Revenue
CapyFin.com Forward Guidance
SPX is updating its 2021 guidance for the acquisition of Sealite Pty and related entities. SPX now anticipates Adjusted earnings per share in a range of $3.06 to $3.26, and continues to anticipate 2021 adjusted revenue of approximately $1.6 billion, and adjusted operating income margin of 11-12%.
Positive Outlook
- HVAC growth of mid-to-high single digits %.
- HVAC modest increase in segment income margin.
- Detection & Measurement growth of high teens-to-low 20s % including 2020 and 2021 acquisitions impact.
- Engineered Solutions growth of low-single digits %.
- Total SPX Adjusted Growth of mid-to-high single digits %.
Challenges Ahead
- Detection & Measurement modest decrease in segment income margin.
- Engineered Solutions approximately flat to a modest decrease in segment income margin.
Revenue & Expenses
Visualization of income flow from segment revenue to net income