SPX Technologies, Inc. (NYSE:SPXC) (“the Company”, “we”, or, “our”)
announced that it has completed the acquisition of ASPEQ Heating
Group (“ASPEQ”) including certain tax attributes for $418 million
in cash, subject to closing adjustments. ASPEQ, a leading provider
of electrical heating solutions to customers in industrial and
commercial markets, is now a part of SPX Technologies’ HVAC Heating
platform.
To reflect this transaction the Company has
increased its 2023 full-year guidance for adjusted earnings per
share* of $3.90 to $4.05 from a prior range of $3.80 to $3.95. The
increase in guidance reflects a partial year of ownership of ASPEQ
and the impact of financing costs associated with the transaction.
At the midpoint, updated adjusted EPS* guidance represents a
year-on-year increase of approximately 28%. Management expects
ASPEQ to have annual revenue of approximately $120 million, and
higher-than-company-average sales growth and margins.
“We are excited to welcome the ASPEQ team to the
SPX Technologies family,” said Gene Lowe, President and CEO of SPX
Technologies. “This transaction more than doubles SPX Technologies’
position in electrical heating and expands our value-creation
opportunities in highly complementary and attractive industrial and
commercial end markets. We see significant long-term growth
potential for our combined businesses, as well as nearer-term
benefits from favorable secular trends such as electrification,
decarbonization, and reshoring.”
Dave Smith, ASPEQ’s President and CEO, said, “We
are delighted to be joining SPX Technologies’ electrical heating
team. Bringing together SPX Technologies’ marketing and channel
infrastructure and business system with ASPEQ’s technology, and
strong product development and application expertise creates
numerous opportunities for employees, customers, and shareholders.
I personally look forward to working with the SPX Technologies team
to build an even stronger, more valuable platform.”
2023 Guidance Update:
SPX Technologies is updating full-year 2023
guidance to reflect the acquisition of ASPEQ. The Company is now
targeting consolidated revenue of approximately $1.68 to $1.72
billion ($1.61 to $1.65 billion prior), an adjusted operating
income margin* of approximately 15.00% to 15.75% (14.50% to 15.25%
prior), and adjusted earnings per share* in a range of $3.90 to
$4.05 ($3.80 to $3.95 prior).
Segment and company performance is expected to
be as follows:
|
Revenue |
Segment Income Margin % |
HVAC |
$1,110-$1,130 million($1,035-$1,055 million prior) |
18.00%-19.00%(17.25%-18.25% prior) |
Detection & Measurement |
$570-$590 million(unchanged) |
20.50%-21.50%(unchanged) |
Total SPX |
$1.68-$1.72 billion($1.61-$1.65 billion prior) |
18.75%-19.75%(18.50%-19.50% prior) |
* Adjusted results including consolidated
segment income margins are non-GAAP financial measures.
Reconciliations of guidance measures to US GAAP financial measures
are not predictable and accordingly are not provided in this
release.
Conference Call: SPX
Technologies will host a conference call at 4:30 p.m.
(EDT) today, June 5th, 2023. to discuss the closing of the
ASPEQ acquisition and updated guidance. The call will be
simultaneously webcast via the Company's website
at www.spx.com and the slide presentation will be
available in the Investor Relations section of the site.
Call Access: To access the
call by phone, please go to this
link https://register.vevent.com/register/BI188c148618314cfd9e20cfed4316bfce
and you will be provided with dial-in details. To avoid delays, we
encourage participants to dial into the conference call fifteen
minutes ahead of the scheduled start time. A replay of the webcast
will also be available for a limited time at www.spx.com.
About SPX Technologies: SPX
Technologies is a supplier of highly engineered products and
technologies, holding leadership positions in the HVAC and
detection and measurement markets. Based in Charlotte, North
Carolina, SPX Technologies has more than 3,300 employees in 15
countries. SPX Technologies is listed on the New York Stock
Exchange under the ticker symbol “SPXC.” For more information,
please visit www.spx.com.
About ASPEQ: Headquartered in
St. Louis, Missouri, ASPEQ is a leading provider of
custom-configured electric heating and thermal management products
to the industrial, commercial, military, marine, and transportation
markets. Products are marketed under well-known brands, such as
INDEECO, Heatrex, AccuTherm, Brasch, Spectrum, BannerDay
PipeHeating, and Solar Products. For more information, please visit
www.aspeqheating.com.
Forward-looking Statements:
Certain statements in this press release are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and are subject to the
safe harbor created thereby. Please read these results in
conjunction with the Company’s documents filed with the Securities
and Exchange Commission, including the Company’s most recent annual
report on Form 10-K. These filings identify important risk factors
and other uncertainties that could cause actual results to differ
from those contained in the forward-looking statements, including
the following: cyclical changes and specific industry events in the
Company’s markets; changes in anticipated capital investment and
maintenance expenditures by customers; availability, limitations or
cost increases of raw materials and/or commodities that cannot be
recovered in product pricing; the impact of competition on profit
margins and the Company’s ability to maintain or increase market
share; inadequate performance by third-party suppliers and
subcontractors for outsourced products, components and services and
other supply-chain risks; the uncertainty of claims resolution with
respect to the large power projects in South Africa, as well as
claims with respect to, environmental and other contingent
liabilities; the impact of climate change and any legal or
regulatory actions taken in response there to; cyber-security
risks; risks with respect to the protection of intellectual
property, including with respect to the Company’s digitalization
initiatives; the impact of overruns, inflation and the incurrence
of delays with respect to long-term fixed-price contracts; defects
or errors in current or planned products; the impact of the
COVID-19 pandemic and governmental and other actions taken in
response; domestic economic, political, legal, accounting and
business developments adversely affecting the Company’s business,
including regulatory changes; changes in worldwide economic
conditions; uncertainties with respect to the Company’s ability to
identify acceptable acquisition targets; uncertainties surrounding
timing and successful completion of any announced acquisition or
disposition transactions, including with respect to integrating
acquisitions and achieving cost savings or other benefits from
acquisitions; the impact of retained liabilities of disposed
businesses; potential labor disputes; and extreme weather
conditions and natural and other disasters.
Actual results may differ materially from these
statements. The words “guidance,” “believe,” “expect,”
“anticipate,” “project” and similar expressions identify
forward-looking statements. Although the Company believes that the
expectations reflected in its forward-looking statements are
reasonable, it can give no assurance that such expectations will
prove to be correct.
Statements in this press release speak only as
of the date of this press release, and SPX Technologies disclaims
any responsibility to update or revise such statements.
Non-GAAP Financial Information:
This press release contains certain non-GAAP financial measures,
including total segment income margin, adjusted operating income
margin and adjusted income from continuing operations, adjusted
earnings per share, each as anticipated for the full year 2023.
These forward-looking non-GAAP measures are presented on a basis
consistent with the similarly titled historical non-GAAP measures
included in the Company’s earnings press release issued on May 4,
2023, which included reconciliations of each of such historical
non-GAAP measures to the comparable financial measures as
determined in accordance with accounting principles generally
accepted in the United States (“GAAP”). The non-GAAP financial
guidance included in this press release excludes items, which would
be included in the Company’s GAAP financial measures, that the
Company does not consider indicative of its on-going performance.
These items include, but are not limited to, acquisition costs,
costs associated with dispositions, and potential non-cash income
or expense items associated with changes in market interest rates
and actuarial or other data related to the Company’s pension and
postretirement plans, as the ultimate aggregate amounts associated
with these items are out of its control and/or cannot be reasonably
predicted. Accordingly, a reconciliation of the non-GAAP financial
guidance to the most comparable GAAP financial measures is not
practicable. Full-year guidance excludes changes in the number of
shares outstanding; impacts from future acquisitions, dispositions
and related transaction costs, restructuring costs, incremental
impacts of tariffs and trade tensions on market demand and costs
subsequent to the end of the first quarter, the impact of foreign
exchange rate changes subsequent to the end of the first quarter,
and environmental and litigation charges.
Investor and Media Contacts:
Paul Clegg, VP, Investor Relations and
CommunicationsPhone: 980-474-3806E-mail: spx.investor@spx.com
Garrett Roelofs, Assistant Manager, Investor
RelationsPhone: 980-474-3806E-mail: spx.investor@spx.com
SOURCE SPX Technologies, Inc.
SPX Technologies (NYSE:SPXC)
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