From GlobeNewswire: 2025-02-25 16:05:00

SPX Technologies, Inc. reported Q4 and Full Year 2024 GAAP EPS of $1.19 and $4.29, up 78% and 38% from 2023, respectively. Full-Year 2024 GAAP Net Income was $200.5 million, up 123% from 2023. Adjusted EPS for Q4 and Full Year 2024 were $1.51 and $5.58, up 21% and 29% from 2023. The company also introduced a 2025 Full-Year Adjusted EPS Guidance Range of $6.00-$6.25.

The company’s President and CEO, Gene Lowe, expressed satisfaction with the strong Q4 performance, including record margin and profitability in the HVAC segment. He highlighted significant progress made on key initiatives and recent acquisitions that expanded the company’s position in Engineered Air Movement and Communication Technologies.

Revenue for Q4 2024 was $533.7 million, up from $469.4 million in Q4 2023. Operating income in Q4 2024 was $90.2 million, compared to $63.1 million in Q4 2023. Diluted income per share from continuing operations in Q4 2024 was $1.19, compared to $0.67 in Q4 2023.

For the full year 2024, the company reported revenue of $1,983.9 million and operating income of $308.3 million, compared to revenue of $1,741.2 million and operating income of $221.9 million in 2023. Diluted income per share from continuing operations in 2024 was $4.29, compared to $3.10 in 2023. Adjusted EPS for 2024 was $5.58, compared to $4.31 in 2023.

The HVAC segment saw revenue of $370.5 million in Q4 2024, up 18.6% from Q4 2023. Segment income was $91.8 million, with a margin of 24.8%. For the full year 2024, HVAC segment revenue was $1,364.7 million, up 21.6% from 2023, with segment income of $323.9 million.

In the Detection & Measurement segment, revenue for Q4 2024 was $163.2 million, up 4.0% from Q4 2023. Segment income was $37.6 million, with a margin of 23.0%. For the full year 2024, revenue was $619.2 million, essentially flat to 2023, with segment income of $136.7 million.

As of December 31, 2024, SPX had total outstanding debt of $614.7 million and total cash of $161.4 million. The company generated net operating cash from continuing operations of $313.1 million for the full year 2024. Capital expenditures for the year were $38.0 million.

For the full year 2025, SPX is targeting consolidated revenue of approximately $2.13 to $2.19 billion, adjusted EBITDA of approximately $460 to $490 million, and adjusted earnings per share in a range of $6.00 to $6.25. Segment and company performance expectations were also provided.

SPX plans to file its annual report on Form 10-K for 2024 with the SEC on or before March 1, 2025. The company will host a conference call to discuss Q4 results on the same day. Investors can access the call via the company’s website. The company also plans to conduct virtual meetings with investors in the coming months.



Read more at GlobeNewswire:: SPX Reports Fourth Quarter and Full-Year 2024 Results