Q1 2024 SPX Technologies Inc Earnings Call Transcript
Key Points
- SPX Technologies Inc (SPXC) reported a strong Q1 with a 16.4% increase in revenue and a 47% increase in adjusted EBITDA year-on-year.
- The company raised its full-year 2024 guidance, reflecting a 30% growth in adjusted EBITDA and a 23% increase in adjusted EPS.
- Acquisitions are integrating well, contributing to revenue growth and margin expansion, and providing cross-selling opportunities.
- SPX Technologies Inc (SPXC) is seeing robust demand across key markets, supporting a positive outlook for future performance.
- The company continues to drive efficiencies and innovation across its operations, enhancing its competitive position and operational momentum.
- On an organic basis, HVAC segment revenues declined by 1.9%, driven by lower sales of Hydronic equipment due to unseasonably warm weather.
- The Detection & Measurement segment experienced a 16% decrease in backlog organically from the prior year period, due to the delivery of a large contract project.
- The company's location and inspection platform is expected to perform flatly this year, mainly due to slower economic activities in Europe and Asia.
- There are ongoing challenges in filling the revenue gap left by the delivery of a large project last year in the Detection & Measurement segment.
- While there is strong demand in the HVAC segment, the organic growth forecast is modest, particularly in the hydronics and electric heat categories.
Good day, and thank you for standing by, and welcome to the Q1 2024 SPX Technologies earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Paul Clegg, Vice President of Investor Relations. Please go ahead.
Thank you, operator, and good afternoon, everyone. Thanks for joining us with me on the call today are Gene Lowe, our President and Chief Executive Officer; and Mark Carano, our Chief Financial Officer. The press release containing our first quarter results was issued today after market close. You can also find the release in our earnings slide presentation as well as a link to a live webcast of this call in the Investor Relations section of our website at spx.com. I encourage you to review our disclosure and discussion of GAAP results in the press release and to follow along with the slide presentation.
During our prepared remarks. The replay
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