SPX Technologies, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 02, 2023 at 04:05 pm EDT
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SPX Technologies, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 448.7 million compared to USD 370.5 million a year ago. Net loss was USD 20.4 million compared to net income of USD 3.1 million a year ago. Basic earnings per share from continuing operations was USD 0.78 compared to USD 0.28 a year ago. Diluted earnings per share from continuing operations was USD 0.76 compared to USD 0.27 a year ago. Basic loss per share was USD 0.45 compared to basic earnings per share of USD 0.07 a year ago. Diluted loss per share was USD 0.44 compared to diluted earnings per share of USD 0.07 a year ago.
For the nine months, sales was USD 1,271.8 million compared to USD 1,031.6 million a year ago. Net income was USD 58.4 million compared to USD 27.5 million a year ago. Basic earnings per share from continuing operations was USD 2.49 compared to USD 0.98 a year ago. Diluted earnings per share from continuing operations was USD 2.43 compared to USD 0.96 a year ago. Basic earnings per share was USD 1.28 compared to USD 0.6 a year ago. Diluted earnings per share was USD 1.25 compared to USD 0.59 a year ago.
SPX Technologies, Inc. is a diversified, global supplier of engineered products and technologies in the heating, ventilation, and air conditioning (HVAC) and detection and measurement markets. HVAC solutions offered by its businesses include package and process cooling equipment, residential and commercial boilers, comfort heating and ventilation products, and engineered air movement solutions. Its segments include HVAC, which engineers, designs, manufactures, installs and services package and process cooling products and engineered air movement solutions for the HVAC industrial and power generation markets, as well as heating and ventilation products for the residential, industrial, and commercial markets, and Detection and Measurement segment that engineers, designs, manufactures, services, and installs underground pipe and cable locators, inspection and rehabilitation equipment, robotic systems, transportation systems, communication technologies, and obstruction lighting.