SPX Q2 2024 Earnings Report
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.
SPX
SPX
SPX 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
- Full-year guidance excludes the impact of foreign exchange rate changes
Revenue & Expenses
Visualization of income flow from segment revenue to net income