SPX Technologies (NYSE:SPXC) Releases Quarterly Earnings Results, Beats Estimates By $0.19 EPS

SPX Technologies (NYSE:SPXC) issued its earnings results on Thursday. The company reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.19, Briefing.com reports. SPX Technologies had a net margin of 5.32% and a return on equity of 18.44%. The company had revenue of $465.20 million for the quarter, compared to analysts’ expectations of $454.05 million. During the same period in the prior year, the firm earned $0.93 EPS. SPX Technologies’s quarterly revenue was up 16.4% compared to the same quarter last year. SPX Technologies updated its FY24 guidance to $5.15-5.40 EPS.

SPX Technologies Price Performance

Shares of SPXC stock traded up $8.99 during trading on Friday, hitting $130.94. The company had a trading volume of 626,305 shares, compared to its average volume of 247,577. The stock’s 50-day moving average price is $118.55 and its 200 day moving average price is $102.62. SPX Technologies has a one year low of $61.09 and a one year high of $132.79. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.08 and a current ratio of 1.77. The firm has a market capitalization of $6.06 billion, a P/E ratio of 63.87, a price-to-earnings-growth ratio of 1.34 and a beta of 1.24.

Insiders Place Their Bets

In other news, insider John William Swann III sold 32,325 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $117.61, for a total transaction of $3,801,743.25. Following the sale, the insider now directly owns 82,884 shares of the company’s stock, valued at approximately $9,747,987.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Eugene Joseph Lowe III sold 27,048 shares of the business’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $115.48, for a total transaction of $3,123,503.04. Following the completion of the transaction, the chief executive officer now owns 597,936 shares of the company’s stock, valued at approximately $69,049,649.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider John William Swann III sold 32,325 shares of SPX Technologies stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $117.61, for a total value of $3,801,743.25. Following the completion of the transaction, the insider now owns 82,884 shares in the company, valued at approximately $9,747,987.24. The disclosure for this sale can be found here. Insiders have sold a total of 94,373 shares of company stock worth $10,962,146 in the last 90 days. Company insiders own 3.53% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on SPXC shares. Oppenheimer upped their target price on SPX Technologies from $134.00 to $140.00 and gave the company an “outperform” rating in a research report on Friday. StockNews.com raised SPX Technologies from a “hold” rating to a “buy” rating in a report on Friday. Finally, UBS Group increased their price objective on SPX Technologies from $90.00 to $126.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 27th.

SPX Technologies Company Profile

SPX Technologies, Inc supplies infrastructure equipment serving the heating, ventilation, and cooling (HVAC); and detection and measurement markets worldwide. The company operates in two segments, HVAC and Detection and Measurement. The HVAC segment engineers, designs, manufactures, installs, and services package and process cooling products and engineered air movement solutions for the HVAC industrial and power generation markets, as well as boilers, heating, and ventilation products for the residential and commercial markets.