SPX Technologies, Inc. reported a significant increase in financial performance for the fiscal year ending December 31, 2024, with total revenues reaching $1,983.9 million, a 13.9% increase from $1,741.2 million in 2023. The company's operating income also rose to $308.3 million, compared to $221.9 million in the previous year. This growth was primarily driven by acquisitions, including Ingénia Technologies, ASPEQ Heating Group, and T.A. Morrison & Co., which contributed to the HVAC reportable segment's revenue growth. The Detection and Measurement segment saw a slight increase in revenue, primarily due to foreign currency translation benefits, despite a minor organic revenue decline.
The company experienced notable changes in its operational structure, including several strategic acquisitions aimed at enhancing its market position. In 2024, SPX completed the acquisition of Ingénia Technologies for approximately $292 million, which specializes in custom air handling units. This acquisition, along with previous ones, has allowed SPX to expand its product offerings and customer base, particularly in the HVAC and detection and measurement markets. The company also divested its asbestos liabilities through the Asbestos Portfolio Sale in November 2022, which has since removed significant contingent liabilities from its balance sheet.
SPX's operational metrics indicate a strong market presence, with approximately 4,300 employees and operations in over 15 countries. The HVAC segment reported revenues of $1,364.7 million, a 21.6% increase from 2023, while the Detection and Measurement segment generated $619.2 million in revenue, remaining relatively stable compared to the previous year. The backlog for the HVAC segment increased to $436.8 million, with 88% expected to be recognized as revenue in 2025, reflecting strong demand for cooling products and engineered solutions.
The company’s financial outlook remains positive, with management anticipating continued growth driven by innovation and strategic acquisitions. SPX has also increased its revolving credit commitments to $1 billion, providing additional liquidity for future acquisitions and operational needs. The company expects to maintain its focus on scalable growth businesses in the HVAC and detection and measurement markets, leveraging its strong brand portfolio and commitment to customer needs to capture a larger market share.
In summary, SPX Technologies, Inc. has demonstrated robust financial performance and strategic growth through acquisitions and operational enhancements, positioning itself for continued success in its core markets. The company remains focused on leveraging its strengths to navigate market challenges and capitalize on emerging opportunities.
About SPX Technologies, Inc.
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