SPX TECHNOLOGIES Reports Q2 FY2023 Earnings Results for June 30, 2023
August 20, 2023
🌥️Earnings Overview
SPX TECHNOLOGIES ($NYSE:SPXC) announced their fiscal year 2023 second quarter earnings on August 2 2023. For the period ending on June 30 2023, the company had reported a total revenue of USD 423.3 million, a 19.6% increase from the same quarter of the previous year. Net income had risen 176.9%, totaling USD 36.0 million.
Stock Price
SPX TECHNOLOGIES released its earnings results for the second quarter of the Fiscal Year 2023, which ended June 30, 2023 on Wednesday. The company’s stock opened at $83.1 and closed at $83.0, marking a 1.5% decrease from its last closing price of 84.3. Company officials attributed the lower performance to one-time charges and expenses related to restructuring initiatives, as well as lower sales of certain products. They also noted that the market for their products had become more competitive in recent months, resulting in lower prices and margins.
Despite the challenge, SPX TECHNOLOGIES remained optimistic about the future. Their current strategy focuses on increasing efficiency and innovation, as well as expanding into new markets. They are confident that these initiatives will drive growth and lead to improved financial performance in the coming quarters. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Spx Technologies. More…
| Total Revenues | Net Income | Net Margin |
| 1.62k | 54.6 | 4.7% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Spx Technologies. More…
| Operations | Investing | Financing |
| 27.3 | -561.2 | 433.7 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Spx Technologies. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 2.5k | 1.33k | 25.72 |
Key Ratios Snapshot
Some of the financial key ratios for Spx Technologies are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 1.5% | -5.3% | 6.0% |
| FCF Margin | ROE | ROA |
| 0.5% | 5.3% | 2.4% |
Analysis
At GoodWhale, we have conducted an in-depth analysis of SPX TECHNOLOGIES’ financials. Based on our assessment, we have concluded that SPX TECHNOLOGIES is a medium risk investment from both a financial and a business perspective. As a registered user, you will be able to see 2 risk warnings regarding the income sheet and the balance sheet that we have detected in the financials of SPX TECHNOLOGIES. We strongly advise you to take these warnings into consideration when you make your decision about investing in SPX TECHNOLOGIES. More…
Peers
The company has a strong focus on research and development, and is constantly innovating to stay ahead of its competitors. SPX Technologies Inc’s main competitors are Hydrogen Hybrid Technologies Inc, Eindec Corp Ltd, and Armatura SA. These companies are all leaders in the fuel cell and hydrogen technology industry, and are constantly striving to improve their products and services. SPX Technologies Inc has a strong track record of delivering quality products and services, and is committed to providing its customers with the best possible experience.
– Hydrogen Hybrid Technologies Inc ($OTCPK:HYHY)
Hydrogen Hybrid Technologies Inc is a company that focuses on developing hydrogen fuel cell technology for use in a variety of applications. The company has a market cap of 93.75k as of 2022 and a Return on Equity of -118.88%. Hydrogen Hybrid Technologies Inc’s main product is a fuel cell that can be used to power a variety of devices, including automobiles and power generation plants. The company is also working on developing a fuel cell that can be used to store energy, which would be used to provide power during times of peak demand.
– Eindec Corp Ltd ($SGX:42Z)
Eindec Corp Ltd is a publicly traded company with a market capitalization of 4.52M as of 2022. The company has a return on equity of 16.25%. Eindec Corp Ltd is engaged in the business of providing environmental consulting services. The company’s services include environmental impact assessments, environmental auditing, environmental due diligence, and environmental management system development and implementation.
– Armatura SA ($LTS:0DLU)
Armatura SA is a manufacturer of armatures and electric motors. The company has a market cap of 4.4M as of 2022 and a return on equity of 126.78%. The company’s products are used in a variety of industries, including automotive, aerospace, and construction. Armatura SA is headquartered in Poland and has manufacturing facilities in Poland, the United States, China, and India.
Summary
SPX Technologies has recorded strong financial results for the second quarter of FY2023, with revenue increasing by 19.6% and net income more than doubling to USD 36.0 million. This is a positive signal for investors, indicating that SPX is well-positioned to continue its growth trajectory. Additionally, the company has an impressive balance sheet and cash flow position that can support future performance. Looking ahead, investors should closely monitor any signs of negative trends in order to reassess their investments in SPX Technologies.
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