SPX Q1 2023 Earnings Report
Key Takeaways
SPX Technologies reported a strong first quarter in 2023, with significant organic revenue growth in both its HVAC and Detection & Measurement segments. The company's performance was driven by strong demand and execution in HVAC. Based on these results, SPX Technologies is updating its full-year 2023 Adjusted EPS guidance to a range of $3.80 to $3.95.
Revenue increased to $399.8 million compared to $307.1 million in Q1 2022.
Operating income rose to $49.8 million from $11.4 million in the same period last year.
GAAP EPS was reported at $0.84, up from $0.28 in Q1 2022.
Adjusted EPS* increased to $0.93, compared to $0.40 in the first quarter of 2022.
SPX
SPX
SPX Revenue by Segment
Forward Guidance
SPX Technologies is updating full-year 2023 guidance, now targeting consolidated revenue of approximately $1.61-$1.65 billion, an adjusted operating income margin of approximately 14.50%-15.25%, and adjusted earnings per share in a range of $3.80-$3.95.
Positive Outlook
- Consolidated revenue of approximately $1.61-$1.65 billion.
- Adjusted operating income margin of approximately 14.50%-15.25%.
- Adjusted earnings per share in a range of $3.80-$3.95.
- HVAC segment revenue between $1,035-$1,055 million.
- Detection & Measurement revenue between $570-$590 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income