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Jun 29, 2024
SPX Q2 2024 Earnings Report
SPX Technologies reported strong Q2 2024 results with substantial growth in key profit measures and significant margin expansion.
Key Takeaways
SPX Technologies reported strong Q2 2024 results, with revenue of $501.3 million and operating income of $74.6 million. Net income increased by 22.8% to $44.2 million, and adjusted EPS reached $1.42. The company raised its full-year adjusted EPS guidance to a range of $5.45 to $5.60.
Revenue increased to $501.3 million, up from $423.3 million in Q2 2023.
Operating income rose to $74.6 million, compared to $51.3 million in the same quarter last year.
Net income grew by 22.8% to $44.2 million.
Adjusted EPS was $1.42, an increase from $1.06 in Q2 2023.
Revenue by Segment
Forward Guidance
SPX is updating full-year 2024 guidance, and is now targeting consolidated revenue of approximately $1.97-$2.02 billion, adjusted EBITDA of $410-$430 million, and adjusted earnings per share in a range of $5.45-$5.60.
Positive Outlook
- Consolidated revenue targeted at approximately $1.97-$2.02 billion.
- Adjusted EBITDA targeted at $410-$430 million.
- Adjusted earnings per share in a range of $5.45-$5.60.
- HVAC segment revenue between $1,365-$1,405 million.
- Detection & Measurement segment revenue between $605-$615 million.
Challenges Ahead
- Full-year guidance excludes changes in the number of shares outstanding
- Full-year guidance excludes impacts from future acquisitions, dispositions and related transaction costs
- Full-year guidance excludes restructuring costs
- Full-year guidance excludes incremental impacts of tariffs and trade tensions on market demand and costs
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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