2023-05-05 16:30:34 ET
SPX Technologies ( NYSE: SPXC ) +20.1% Friday to its highest close in four months after powering past estimates for Q1 adjusted earnings and revenues while also raising guidance for the full year.
Q1 operating income more than quadrupled to $49.8M, or $0.84/share, from $11.4M, or $0.28/share, in the year-earlier quarter, and revenues jumped 30% Y/Y to $399.8M, including a 30% boost in HVAC segment sales to $251.6M.
SPX Tech ( SPXC ) cited "increased sales of both cooling and heating products resulting from price increases across the majority of our product lines and volume increases resulting from improved plant throughput and more stable labor and supply chain environments."
The company raised guidance for FY 2023 adjusted earnings and revenues, now seeing adjusted EPS of $3.80-$3.95, well above previous guidance of $3.30-$3.55 and the analyst consensus estimate $3.49.
SPX ( SPX ) also sees revenues of $1.61B-$1.65B, above its previous outlook for $1.5B-$1.54B as well as $1.53B consensus, including HVAC sales of $1.04B-$1.06B, raised from previous guidance of $935M-$955M.
More on SPX Technologies:
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SPX Technologies up 20% after routing Q1 expectations