SPX Technologies, Inc. reported significant financial growth in its latest 10-Q filing for the three and nine months ended September 28, 2024. Revenues reached $483.7 million for the third quarter, a 7.8% increase from $448.7 million in the same period of 2023. For the nine-month period, revenues totaled $1,450.2 million, reflecting a 14.0% increase compared to $1,271.8 million in the prior year. The growth was primarily driven by organic expansion in the HVAC segment and contributions from recent acquisitions, including Ingénia, ASPEQ, and TAMCO.
Operating income also saw a notable rise, reaching $78.9 million for the third quarter, up from $57.7 million year-over-year. For the nine months, operating income increased to $218.1 million from $158.8 million. This improvement was attributed to higher segment income, reduced corporate expenses, and lower integration costs.
Net income for the third quarter was $50.2 million, a significant turnaround from a net loss of $(20.4) million in the same quarter of 2023. For the nine months, net income rose to $143.4 million from $58.4 million. Basic income per share for the third quarter was $1.08, compared to a loss of $(0.45) per share in the prior year.
The company’s total assets increased to $2,806.0 million as of September 28, 2024, up from $2,439.7 million at the end of 2023. Current assets also rose to $827.6 million, with cash and equivalents increasing to $124.8 million. However, long-term debt rose to $665.2 million, up from $523.1 million at the end of 2023, reflecting financing for acquisitions.
SPX Technologies completed several acquisitions, including TAMCO for $125.5 million in April 2023, ASPEQ for $421.5 million in June 2023, and Ingénia for $292.0 million in February 2024. The results of these acquisitions are included in the HVAC reportable segment, which reported revenues of $335.3 million for the third quarter, a 15.9% increase from the previous year.
The company also faced challenges in its Detection and Measurement segment, which reported a revenue decline of 7.0% for the third quarter. This decline was attributed to lower large project volumes and reduced global demand for certain products.
SPX Technologies continues to monitor its operational performance amid ongoing geopolitical conflicts, which have not significantly impacted results but have led to increased demand in certain product lines. The company remains focused on integrating its recent acquisitions and optimizing its operational efficiencies.
About SPX Technologies, Inc.
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