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Dec 31, 2022
SPX Q4 2022 Earnings Report
SPX Technologies reported mixed Q4 2022 results with a GAAP loss per share but a significant increase in adjusted EPS, driven by strong organic growth in HVAC and Detection & Measurement segments.
Key Takeaways
SPX Technologies reported a revenue increase to $429.3 million for Q4 2022, up from $350.0 million in Q4 2021. However, the company experienced an operating loss of $24.9 million, primarily due to a loss related to the divestiture of the asbestos portfolio. Adjusted EPS was $1.17, compared to $0.88 in the prior year.
Revenue increased by 22.7% year-over-year, reaching $429.3 million.
Adjusted earnings per share increased to $1.17 from $0.88 in the prior year.
HVAC segment revenue increased by 29.5%, driven by organic growth and the acquisition of Cincinnati Fan.
Detection & Measurement segment revenue increased by 12.2%, driven by organic growth and the acquisition of International Tower Lighting (ITL).
SPX
SPX
SPX Revenue by Segment
Revenue by Segment
HVAC Revenue
CapyFin.comDetection & Measurement Revenue
CapyFin.com Forward Guidance
SPX is targeting consolidated revenue of approximately $1.50 to $1.54 billion, an adjusted operating income margin of approximately 13.0% to 14.0%, and adjusted earnings per share in a range of $3.30 to $3.55 for 2023.
Positive Outlook
- Targeting consolidated revenue of approximately $1.50 to $1.54 billion.
- Adjusted operating income margin* of approximately 13.0% to 14.0%.
- Adjusted earnings per share* in a range of $3.30 to $3.55.
- HVAC revenue between $935-$955 million.
- Detection & Measurement revenue between $565-$585 million.
Challenges Ahead
- Mixed macro indicators
- Potential non-cash income or expense items associated with changes in market interest rates
- Potential non-cash income or expense items associated with actuarial or other data related to pension and postretirement plans
- Impacts from future acquisitions
- Impacts from future dispositions
Revenue & Expenses
Visualization of income flow from segment revenue to net income