SPX Q2 2023 Earnings Report

SPX Technologies reported strong Q2 2023 results driven by overall demand and execution.

Key Takeaways

SPX Technologies reported Q2 2023 results with revenue of $423.3 million and GAAP EPS of $0.82. Adjusted EPS was $1.06. The company is raising its full-year 2023 Adjusted EPS guidance to a range of $4.15-$4.30.

Revenue for the second quarter of 2023 was $423.3 million, compared to $354.0 million in the second quarter of 2022.

Operating income was $51.3 million, compared to $27.2 million in the second quarter of 2022.

Diluted income per share from continuing operations was $0.82, compared to $0.41 in the second quarter of 2022.

Adjusted earnings per share was $1.06, compared to $0.71 in the second quarter of 2022.

Total Revenue

$423M

Previous year: $354M

+19.6%

EPS

$1.06

Previous year: $0.71

+49.3%

HVAC Organic Revenue Growth

15%

Detection/Measurement Organic Revenue Growth

14%

Gross Profit

$164M

Previous year: $118M

+39.2%

Cash and Equivalents

$95.6M

Previous year: $190M

-49.6%

Total Assets

$2.5B

Previous year: $2.49B

+0.5%

SPX

SPX Revenue by Segment

Forward Guidance

SPX is updating full-year 2023 guidance, and is now targeting consolidated revenue of approximately $1.72-$1.75 billion, an adjusted operating income margin of approximately 16.00%-16.25%, and adjusted earnings per share in a range of $4.15-$4.30.

Positive Outlook

Consolidated revenue of approximately $1.72-$1.75 billion.
Adjusted operating income margin of approximately 16.00%-16.25%.
Adjusted earnings per share in a range of $4.15-$4.30.
HVAC revenue of $1,125-$1,145 million with ~20% segment income margin.
Detection & Measurement revenue of $590-$605 million with ~20% segment income margin.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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