Q1 2026 SPX Technologies Inc Earnings Call Transcript
Key Points
- SPX Technologies Inc (SPXC) reported a strong start to 2026 with a 23% year-over-year growth in adjusted EBITDA and a 22% increase in adjusted EPS.
- The company raised its full-year guidance due to strong Q1 performance and a positive outlook for the remainder of the year.
- Revenue grew by 17.4%, driven by recent acquisitions and organic growth in both segments.
- The HVAC segment saw a 22% revenue increase year-over-year, with strong demand in data centers, healthcare, and pharma.
- SPX Technologies Inc (SPXC) has a robust M&A pipeline and significant capacity to pursue accretive growth opportunities, with a leverage ratio of 0.9x.
- The impact of recent changes to the Section 232 tariffs is expected to affect HVAC earnings in the second quarter.
- Start-up costs associated with capacity expansions led to a 40 basis point decrease in HVAC segment margin.
- The Detection & Measurement segment's backlog was down modestly year-over-year.
- The company faces challenges in commercial real estate and hotel markets, which remain at relatively low levels.
- There is some softness in the battery and semiconductor markets, which were previously strong.
Good day, ladies and gentlemen, and thank you for standing by. Welcome to the First Quarter 2026 SPX Technologies Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.
At this time, I would like to turn the conference over to Mr. Mark Carano. Sir, please begin.
Thank you, operator, and good afternoon, everyone. Thanks for joining us. With me on the call today is Gene Lowe, our President and Chief Executive Officer. I'm also excited to be joined by our new Head of Investor Relations, (inaudible). He has joined us from the Hertz Corporation, Research as Head of Investor Relations for the last 5 years.
A press release containing our first quarter results was issued today after market close. You can find the release and 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.
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