SPX Technologies, Inc. reported a significant increase in financial performance for the three months ended March 28, 2026, with revenues reaching $566.8 million, up 17.4% from $482.6 million in the same period last year. The company’s operating income also rose to $87.7 million, compared to $66.6 million in the prior year, reflecting a 31.6% increase. Net income for the quarter was $59.9 million, or $1.20 per share, compared to $51.2 million, or $1.10 per share, in the previous year. The growth in revenue was attributed to both organic growth and contributions from recent acquisitions, including Sigma & Omega, Thermolec, and Crawford.
In terms of operational metrics, SPX Technologies saw a notable increase in its HVAC reportable segment, which generated $394.0 million in revenues, a 22.0% increase from $323.0 million in the prior year. The Detection and Measurement segment also experienced growth, with revenues of $172.8 million, an 8.3% increase from $159.6 million. The company’s backlog increased significantly, reaching $755.3 million in the HVAC segment, up from $451.3 million a year earlier, indicating strong future demand.
Strategically, SPX Technologies has been active in expanding its portfolio through acquisitions. The company completed the acquisition of Thermolec Ltd. for $140.2 million and Crawford United Corporation for $299.4 million in early 2026. These acquisitions are expected to enhance SPX's capabilities in the HVAC market. Additionally, the company sold its non-core businesses for $60.0 million, resulting in a loss of $5.7 million recorded in the financial statements. The divestiture aligns with SPX's focus on core operations and strategic growth areas.
The company’s balance sheet reflects a total asset increase to $3.88 billion as of March 28, 2026, compared to $3.60 billion at the end of 2025. However, cash and equivalents decreased significantly to $156.5 million from $364.0 million, primarily due to cash used in acquisitions. Total liabilities also rose, with long-term debt increasing to $643.7 million from $496.7 million, reflecting the financing of recent acquisitions. SPX Technologies reported compliance with all covenants of its senior credit facilities, maintaining a strong liquidity position with $1.35 billion available under its revolving credit facility.
Looking ahead, SPX Technologies anticipates continued growth driven by its recent acquisitions and organic revenue increases. The company expects to leverage its expanded product offerings and increased market share to enhance profitability. However, management remains cautious about potential impacts from geopolitical tensions, tariffs, and supply chain challenges that could affect future operations. The company is committed to monitoring these risks while focusing on strategic initiatives to drive long-term growth.
About SPX Technologies, Inc.
SPX Technologies, Inc. is a global provider of infrastructure equipment serving the HVAC and detection and measurement markets. It offers engineered products including cooling systems, air movement solutions, and navigation aids, primarily to industrial, commercial, and utility customers worldwide. The company focuses on innovation, strategic acquisitions, and operational efficiency to maintain competitive advantages in diverse, cyclical markets.
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