SPX Technologies Inc (SPXC) Reports Q3 2023 Earnings: Revenue and Operating Income Surge
SPX Technologies Inc (NYSE:SPXC) reported Q3 2023 revenue of $448.7 million, up from $370.5 million in Q3 2022.
Operating income for Q3 2023 stood at $57.7 million, a significant increase from $37.3 million in the same period last year.
The company's adjusted EPS for Q3 2023 was $1.06, up from $0.81 in Q3 2022.
SPX Technologies Inc (NYSE:SPXC) raised its full-year 2023 adjusted EPS guidance to a range of $4.22 to $4.32.
SPX Technologies Inc (NYSE:SPXC) announced its Q3 2023 earnings on November 2, 2023. The company reported a significant increase in revenue and operating income compared to the same period last year. The company's strong performance has led to an upward revision of its full-year 2023 adjusted EPS guidance.
Financial Highlights
For Q3 2023, SPX Technologies Inc (NYSE:SPXC) reported revenue of $448.7 million and operating income of $57.7 million. This compares favorably with revenue of $370.5 million and operating income of $37.3 million in Q3 2022. The company's adjusted operating income for Q3 2023 was $75.8 million, up from $48.3 million in the same period last year.
SPX Technologies Inc (NYSE:SPXC) also reported an adjusted EPS of $1.06 for Q3 2023, a significant increase from $0.81 in Q3 2022. The company's strong performance has led to an upward revision of its full-year 2023 adjusted EPS guidance, which now stands at a range of $4.22 to $4.32.
Segment Performance
The HVAC segment reported revenue of $289.2 million for Q3 2023, a 27.0% increase from Q3 2022. The Detection & Measurement segment reported revenue of $159.5 million for Q3 2023, an 11.8% increase from the same period last year.
The HVAC segment's income for Q3 2023 was $58.3 million, a significant increase from $33.1 million in Q3 2022. The Detection & Measurement segment's income for Q3 2023 was $33.3 million, up from $30.3 million in the same period last year.
Financial Position
As of September 30, 2023, SPX Technologies Inc (NYSE:SPXC) had total outstanding debt of $673.9 million and total cash of $102.0 million. The company's net operating cash flow from continuing operations for Q3 2023 totaled $45.4 million.
2023 Guidance Update
SPX Technologies Inc (NYSE:SPXC) has updated its full-year 2023 guidance. The company is now targeting consolidated revenue of approximately $1.74-$1.77 billion, an adjusted operating income margin of approximately 16.3%, and adjusted earnings per share in a range of $4.22-$4.32.
The company's strong performance in Q3 2023 and its positive outlook for the remainder of the year have led to this upward revision of its full-year 2023 guidance.
Explore the complete 8-K earnings release (here) from SPX Technologies Inc for further details.
This article first appeared on GuruFocus.
