The following is a summary of the SPX Technologies, Inc. (SPXC) Q1 2024 Earnings Call Transcript:
Financial Performance:
SPX Technologies reported Q1 2024 profits with key measures growth and substantial year-on-year increases in margin.
Q1 revenue grew by 16.4% and adjusted EBITDA by 47% YoY, with a margin expansion of 410 basis points.
Adjusted EPS grew 34% to $1.25, with total company revenue increasing 16.4% YoY.
Organic revenue grew 2.3%, driven by the Detection & Measurement segment, while acquisitions drove a 14% increase.
Full year 2024 guidance for adjusted EPS was raised to $5.15 to $5.40, reflecting Year over Year growth at the new midpoint.
Business Progress:
In Q1, company saw progress in key initiatives such as broadening the range of HVAC segment solutions, and advancing digital initiatives in the Detection & Measurement segment.
High demand for the company's cooling products was noted, with strong anticipation for organic revenue increase in HVAC in 2024.
Despite volume declines in Detection & Measurement due to lower project activity, the company expects around 10% organic growth in HVAC, driven primarily by volume.
The company remains positive on future business progress with new products, such as the GPS-integrated locator and an HD robotic solution, expected to perform better as economies recover.
More details: SPX Technologies IR
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