SPX Technologies, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
February 22, 2024 at 04:12 pm EST
Share
SPX Technologies, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported sales was USD 469.4 million compared to USD 429.3 million a year ago. Net income was USD 31.5 million compared to net loss of USD 27.3 million a year ago. Basic earnings per share from continuing operations was USD 0.69 compared to basic loss per share from continuing operations of USD 0.55 a year ago. Diluted earnings per share from continuing operations was USD 0.67 compared to diluted loss per share from continuing operations of USD 0.55 a year ago. Basic earnings per share was USD 0.69 compared to basic loss per share of USD 0.6 a year ago. Diluted earnings per share was USD 0.67 compared to diluted loss per share of USD 0.6 a year ago.
For the full year, sales was USD 1,741.2 million compared to USD 1,460.9 million a year ago. Net income was USD 89.9 million compared to USD 0.2 million a year ago. Basic earnings per share from continuing operations was USD 3.18 compared to USD 0.44 a year ago. Diluted earnings per share from continuing operations was USD 3.1 compared to USD 0.43 a year ago. Basic earnings per share was USD 1.97. Diluted earnings per share was USD 1.93.
SPX Technologies, Inc. is a diversified, global supplier of engineered products and technologies in the heating, ventilation, and air conditioning (HVAC) and detection and measurement markets. HVAC solutions offered by its businesses include package and process cooling equipment, residential and commercial boilers, comfort heating and ventilation products, and engineered air movement solutions. Its segments include HVAC, which 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 heating and ventilation products for the residential, industrial, and commercial markets, and Detection and Measurement segment that engineers, designs, manufactures, services, and installs underground pipe and cable locators, inspection and rehabilitation equipment, robotic systems, transportation systems, communication technologies, and obstruction lighting.