SPX Reports First Quarter 2026 Results

CHARLOTTE, N.C., April 30, 2026 (GLOBE NEWSWIRE) -- SPX Technologies, Inc. (NYSE:SPXC) (“SPX”, the “Company”, “we” or “our”) today reported results for the first quarter ended March 28, 2026.

First Quarter Highlights (amounts presented for continuing operations; all comparisons against the first quarter of 2025, unless otherwise noted)

• Revenue of $566.8 million, up 17.4%, including 7.4% organically
• GAAP income from continuing operations of $64.4 million, up 24.6%
• GAAP EPS of $1.27, up 15.5%
• Adjusted EPS* of $1.69, up 22.5%
• Adjusted EBITDA* of $126.1 million, up 22.9%
  

Raising 2026 Guidance (all comparisons against the full year 2025, unless otherwise noted)

• Revenue range of $2.575 to $2.645 billion, up ~15% year-on-year at the midpoint (prior range: $2.535 to $2.605 billion).
• Adjusted EBITDA* range of $600 to $625 million, up ~21% year-on-year at the midpoint (prior range: $590 to $620 million).
• Adjusted EPS* range of $7.75 to $8.15, up ~18% year-on-year at the midpoint (prior range: $7.60 to $8.00).
  

Gene Lowe, President and CEO, remarked, “We had a strong start to the year with growth in income from continuing operations and Adjusted EBITDA* in excess of 20%. We continue to see healthy demand across our key end markets and realize strong contributions from recent acquisitions. To reflect our strong first quarter performance and outlook for the remainder of the year, we are raising our full year guidance to reflect Adjusted EBITDA* growth of 21% at the midpoint.”

Mr. Lowe continued, “We continue to make meaningful progress on our investments in production capacity expansions that position us for sustained long-term growth in attractive end markets, including supporting the strong demand for our data center solutions. We are optimistic about the strength of customer demand and our operational momentum, and we remain well-positioned to navigate a changing tariff environment. With a solid demand backdrop and a robust pipeline of attractive acquisition opportunities, I remain highly confident in our ability to continue driving value for years to come.”

First Quarter Financial Comparisons:

* Non-GAAP financial measure. See attached schedules for reconciliation of historical non-GAAP measures to the most comparable GAAP financial measure. A reconciliation of non-GAAP guidance measures is not practicable and, accordingly, is not provided.

Segment Overview:

HVAC

First Quarter 2026
The revenue increase was primarily driven by:

• an inorganic increase from the acquisitions of Sigma & Omega, Thermolec, and Crawford United; and
• an organic increase from higher volumes of cooling products primarily associated with increased data center demand and higher throughput resulting from increased capacity, as well as higher volumes of heating products.

The segment income increase was primarily attributable to the revenue growth mentioned above. The decrease in segment income margin was due primarily to incremental start-up costs and related inefficiencies associated with our capacity expansion initiatives, partially offset by leverage on fixed costs, particularly within SG&A expenses, driven by the higher volumes mentioned above.

Detection & Measurement

First Quarter 2026
The revenue increase was primarily driven by:

• an inorganic increase from the acquisition of KTS; and
• an organic increase due primarily to higher volumes within our transportation systems business.

The increases in segment income and segment income margin were primarily due to the revenue growth mentioned above and a more favorable product mix, inclusive of higher software-as-a-service revenue within our transportation systems business which has higher-than-typical margins.

Liquidity and Financial Position:

2026 Guidance:
For the full year 2026, SPX now anticipates segment and company performance as follows:

Form 10-Q: The Company expects to file its quarterly report on Form 10-Q for the quarter ended March 28, 2026 with the Securities and Exchange Commission by May 7, 2026. This press release should be read in conjunction with that filing, which will be available on the Company's website at www.spx.com, in the Investor Relations section.

Conference Call: SPX will host a conference call at 4:45 p.m. (ET) today to discuss first quarter results. The call will be simultaneously webcast via the Company's website at www.spx.com and the slide presentation will be available in the News section of the site.

Call Access Process: To access the call by phone, please use the following link to receive dial-in details https://register-conf.media-server.com/register/BIef121671c101469a90902aef0b845262. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A replay of the webcast will also be available for a limited time at www.spx.com. 

Upcoming Investor Events: Company management plans to conduct virtual and in-person meetings with investors over the coming months, including at the Oppenheimer Industrials Conference on May 6th, BofA Securities Industrials, Transportation & Airlines Conference on May 13th, Wolfe Research Conference on May 19th, B. Riley Securities’ Annual Investor Conference on May 21st, William Blair Growth Stock Conference on June 2nd, Wells Fargo Industrials & Materials Conference on June 9th and Truist Securities Industrials and Services Conference on June 16th.

About SPX Technologies, Inc: SPX Technologies, Inc. is a diversified, global supplier of highly engineered products and technologies, holding leadership positions in the HVAC and detection and measurement markets. Based in Charlotte, North Carolina, SPX Technologies, Inc. has operations in over 16 countries. SPX Technologies, Inc. is listed on the New York Stock Exchange under the ticker symbol “SPXC.” For more information, please visit www.spx.com. 

Non-GAAP Presentation: This press release contains certain non-GAAP financial measures, including consolidated segment income and margin, adjusted operating income, adjusted income from continuing operations before income taxes, adjusted earnings per share from continuing operations (or, adjusted EPS), EBITDA, adjusted EBITDA, free cash flow from continuing operations and adjusted free cash flow from continuing operations (or, adjusted free cash flow). These non-GAAP financial measures do not provide investors with an accurate measure of, and should not be used as a substitute for, the comparable financial measures as determined in accordance with accounting principles generally accepted in the United States (“GAAP”). The Company believes these non-GAAP financial measures, when read in conjunction with the comparable GAAP financial measures, give investors a useful tool to assess and understand the Company’s overall financial performance, because they exclude items of income or expense that the Company believes are not reflective of its ongoing operating performance, allowing for a better period-to-period comparison of operations of the Company. Additionally, the Company’s management uses these non-GAAP financial measures as measures of the Company’s performance. The Company acknowledges that there are many items that impact a company’s reported results and the adjustments reflected in these non-GAAP measures are not intended to present all items that may have impacted these results. In addition, these non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies.

Refer to the tables included in this press release for the components of each of the non-GAAP financial measures, and for the reconciliations of historical non-GAAP financial measures to their respective comparable GAAP measures. Our non-GAAP financial guidance excludes items, which would be included in our GAAP financial measures, that we do not consider indicative of our on-going performance; and are calculated in a manner consistent with the presentation of the similarly titled historical non-GAAP measures presented in this press release. These items include, but are not limited to, intangible asset amortization expense, acquisition and integration-related costs, costs associated with dispositions, and potential non-cash income or expense items associated with changes in market interest rates and actuarial or other data related to our pension and postretirement plans, as the ultimate aggregate amounts associated with these items are out of our control and/or cannot be reasonably predicted. Accordingly, a reconciliation of our non-GAAP financial guidance to the most comparable GAAP financial measures is not practicable. Full-year guidance excludes impacts from future acquisitions, dispositions and related transaction costs, incremental impacts of tariffs and trade tensions on market demand and costs subsequent to the date of this release, the impact of foreign exchange rate changes subsequent to March 28, 2026, and environmental and litigation charges.

Forward-looking Statements: Certain statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. Please read these results in conjunction with the Company’s documents filed with the Securities and Exchange Commission, including the Company’s most recent annual report on Form 10-K. These filings identify important risk factors and other uncertainties that could cause actual results to differ from those contained in the forward-looking statements, including the following: cyclical changes and specific industry events in our markets; changes in anticipated capital investment and maintenance expenditures by customers; changes in economic conditions in relevant global and North American markets, including as a result of geopolitical conflicts, including the armed conflicts in the Middle East and related impacts on shipping in that region, the imposition, or threat of imposition of tariffs, including any new or increased tariffs announced by the U.S. government and any retaliatory tariffs announced in response thereto, and other trade barriers or international trade tensions; availability, limitations or cost increases of raw materials and/or commodities, including as a result of geopolitical conflicts or new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties, that cannot be recovered in product pricing; the impact of competition on profit margins and our ability to maintain or increase market share; risks with respect to our contracts with the U.S. government, including the government’s ability to terminate contracts prior to completion or failure to appropriate amounts necessary to fund such contracts; inadequate performance by third-party suppliers and subcontractors for outsourced products, components and services and other supply-chain risks; the uncertainty of claims resolution with respect to environmental and other contingent liabilities; the impact of climate change and any legal or regulatory actions taken in response thereto; cyber-security risks; risks with respect to the protection of intellectual property, including with respect to our digitalization initiatives; the impact of overruns, inflation and the incurrence of delays with respect to long-term fixed-price contracts; defects or errors in current or planned products; the impact of pandemics and governmental and other actions taken in response; domestic economic, political, legal, accounting and business developments adversely affecting our business, including regulatory changes; uncertainties with respect to our ability to complete expansions to or the reconfiguration of our manufacturing footprint within the time periods and at costs we anticipate and whether we will realize the anticipated benefits of these activities; uncertainties with respect to our ability to identify acceptable acquisition targets; uncertainties surrounding timing and successful completion of acquisition transactions, including with respect to integrating acquisitions and achieving cost savings, synergistic sales or other benefits from acquisitions; the impact of retained liabilities of disposed businesses; potential labor disputes; and extreme weather conditions and natural and other disasters.

Actual results may differ materially from these statements. The words “guidance,” “believe,” “expect,” “anticipate,” “project” and similar expressions identify forward-looking statements. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.

Statements in this press release speak only as of the date of this press release, and SPX Technologies, Inc. disclaims any responsibility to update or revise such statements, except as required by law.

Investor and Media Contact:
Johann Rawlinson, VP, Investor Relations
Phone: 980-228-6028
E-mail: spx.investor@spx.com 

Source: SPX Technologies, Inc.