SPX Technologies, Inc. reported a significant increase in financial performance for the second quarter of 2025, with revenues reaching $552.4 million, up 10.2% from $501.3 million in the same period last year. For the first half of 2025, revenues totaled $1,035.0 million, a 7.1% increase compared to $966.5 million in the first half of 2024. The company attributed this growth primarily to acquisitions, including Kranze Technology Solutions (KTS) and Sigma Heating and Cooling, which contributed to inorganic revenue growth, alongside organic growth in the Detection and Measurement segment.
Operating income for the second quarter was $86.6 million, compared to $74.6 million in the prior year, while the first half saw operating income of $153.2 million, up from $139.2 million. Net income for the second quarter was $52.2 million, or $1.10 per diluted share, compared to $44.2 million, or $0.94 per diluted share, in the same quarter of 2024. For the first half, net income was $103.4 million, or $2.19 per diluted share, compared to $93.2 million, or $1.99 per diluted share, in the previous year.
SPX Technologies has made several strategic acquisitions in recent months, including KTS, which specializes in digital interoperability for the defense industry, and Sigma & Omega, known for engineered hydronic heating and cooling equipment. The company completed these acquisitions in January and April 2025, respectively, and they are expected to enhance SPX's capabilities in their respective markets. The acquisition of Ingénia Technologies, completed in February 2024, also continues to contribute positively to the HVAC segment.
Operationally, SPX Technologies reported a backlog of $539.5 million in the HVAC segment and $365.4 million in the Detection and Measurement segment as of June 28, 2025, indicating strong future revenue potential. The company’s employee headcount has increased due to these acquisitions, reflecting its growth strategy. However, cash flows from operating activities decreased to $33.0 million for the first half of 2025, down from $69.4 million in the same period last year, primarily due to increased working capital needs and acquisition-related costs.
Looking ahead, SPX Technologies remains optimistic about its growth trajectory, driven by its recent acquisitions and ongoing demand for its products. The company is focused on integrating its new acquisitions effectively while managing costs and enhancing operational efficiencies. Despite challenges such as fluctuating market conditions and potential impacts from geopolitical events, SPX Technologies is well-positioned to leverage its diverse portfolio and strong balance sheet to navigate these uncertainties.
About SPX Technologies, Inc.
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