By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > Markets > Stocks > SPX Corp. shares dip on earnings and revenue miss
Stocks

SPX Corp. shares dip on earnings and revenue miss

News Room
Last updated: 2024/03/05 at 6:15 PM
By News Room
Share
4 Min Read
SHARE

© Reuters.

CHARLOTTE, N.C. – SPX Technologies, Inc. (NYSE:SPXC), a diversified global supplier of highly engineered products, reported a slight miss in its fourth-quarter earnings and revenue, falling short of Wall Street expectations.

The company posted adjusted earnings per share (EPS) of $1.25, which was $0.01 below the analyst estimate of $1.26. Revenue for the quarter was reported at $469.4 million, missing the consensus estimate of $482.01 million.

Despite the earnings and revenue miss, SPX Corp (NYSE:). provided optimistic guidance for the fiscal year 2024, projecting an adjusted EPS range of $4.85 to $5.15, which is above the consensus estimate of $4.69. The company also expects revenue to reach between $1.93 billion and $2 billion, surpassing the consensus forecast of $1.889 billion.

The stock experienced a modest decline of 1.24% following the earnings release, indicating a somewhat negative investor reaction to the quarterly performance. The earnings miss and revenue shortfall drove the stock movement, reflecting concerns over the company’s ability to meet market expectations.

President and CEO Gene Lowe commented on the results, expressing satisfaction with the company’s full-year performance, including significant growth in adjusted EBITDA and adjusted EPS. Lowe highlighted the strong fourth-quarter performance of the HVAC segment, attributing it to record margin and profitability driven by robust customer demand and solid operational execution.

SPX Corp.’s fourth-quarter revenue marked a 9.3% increase from the same period last year, while full-year revenue saw a 19.2% rise from the previous year. The company also noted several strategic acquisitions in the HVAC segment, which have strengthened its market position.

Looking ahead, SPX Corp. anticipates continued demand strength in key markets and solid execution trends, positioning the company for another year of strong revenue and earnings growth. The midpoint of the company’s 2024 adjusted EPS guidance reflects approximately 16% growth, while the adjusted EBITDA guidance midpoint indicates around 25% growth.

Investors will be closely monitoring SPX Corp.’s performance as it navigates the upcoming fiscal year, with the company’s optimistic guidance setting expectations for continued growth and profitability.

InvestingPro Insights

As SPX Technologies, Inc. (NYSE:SPXC) navigates the aftermath of its fourth-quarter earnings report, investors are weighing the company’s performance against its market valuation and financial health. With a keen eye on the future, SPX has demonstrated a track record of consistent dividend payments, having maintained them for 32 consecutive years—an indicator of stability and shareholder commitment. Moreover, the company has raised its dividend for 7 consecutive years, underscoring its confidence in sustained profitability and cash flow generation. These InvestingPro Tips highlight SPX’s solid financial practices and could be a beacon for investors seeking reliable income streams.

Looking at the company’s stock performance, recent data shows that SPX Corp. has delivered a 1-year price total return of 27.46%, reflecting a strong market confidence over the past year. The price on the previous close stood at 4981.8 USD, which may be of interest to investors considering entry points or assessing market trends. Additionally, the company has seen a 6-month price total return of 15.94%, indicating robust mid-term performance.

For investors seeking more comprehensive analysis and additional InvestingPro Tips, there are 11 more tips available that delve deeper into SPX Corp.’s financial metrics and market position. To access these insights and enhance your investment strategy, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Read the full article here

News Room March 5, 2024 March 5, 2024
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
UK to urge Trump administration to implement zero-tariff steel accord

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

South Korea elects a president as EU rules on Bulgarian euro entry

Hello and welcome to the working week.It’s decision time on a number…

Pro-EU candidate takes narrow lead in Polish presidential election, exit poll says

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

‘Loyalty above all’: conservatives wrestle with the law of Trump

When Donald Trump described Leonard Leo, his top judicial confidant, as a…

Scientists accuse New Zealand and Ireland of trying to cover up livestock emissions

Stay informed with free updatesSimply sign up to the Climate change myFT…

- Advertisement -
Ad imageAd image

You Might Also Like

Stocks

Playa Hotels & Resorts (NASDAQ:PLYA) Delivers Strong Q4 Numbers By Stock Story

By News Room
Stocks

ON24 (NYSE:ONTF) Posts Better-Than-Expected Sales In Q4 By Stock Story

By News Room
Stocks

Evolent Health shares leap on Q4 earnings beat and upbeat guidance By Investing.com

By News Room
Stocks

Chuy’s (NASDAQ:CHUY) Reports Q4 In Line With Expectations But Stock Drops

By News Room
Stocks

Red River Bancshares raises dividend to $0.09 per share

By News Room
Stocks

Ecolab appoints Microsoft executive to board

By News Room
Stocks

Semilux secures $50 million equity deal with White Lion Capital

By News Room
Stocks

US government debt trajectory to push long-term yields higher, says PIMCO

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?