SPX Technologies beats Q1 expectations; raises full-year adjusted EPS guidance to $5.15-$5.40

SPX Technologies, Inc.

2024-Q1 EPS reported $1.05 revenue$465,200,000

Q1 GAAP EPS $1.05, adjusted EPS $1.25, revenue $465.2M (+16.4% YoY).
HVAC segment rev $302.4M (+20.2%), income margin 22.6% (+360 bps); Detection & Measurement rev $162.8M (+9.9%), margin 19.3% (+130 bps).
Adjusted EBITDA $92.0M, up 46.7% YoY; operating cash flow $10.7M; capex $9.9M.
Full-year guidance raised: revenue $1.965-$2.025B, adjusted EBITDA $390-$420M, adjusted EPS $5.15-$5.40 (from $4.85-$5.15).
Acquisitions (Ingénia, ASPEQ, TAMCO) contributed 22.2% to HVAC growth; organic HVAC declined 1.9% due to warm weather.

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