SPX TECHNOLOGIES Reports Second Quarter Earnings Results for Fiscal Year 2023
August 23, 2023
🌥️Earnings Overview
On August 2nd 2023, SPX TECHNOLOGIES ($NYSE:SPXC) announced their earnings results for the second quarter of fiscal year 2023, ending June 30 2023. Overall revenue totaled USD 423.3 million, representing a 19.6% increase year-over-year. Net income soared to USD 36.0 million, a 176.9% increase from the same period in the previous year.
Stock Price
The stock opened at $83.1 and closed at $83.0, down 1.5% from its prior closing price of 84.3. This marks the second quarter in a row that SPX TECHNOLOGIES has seen a decrease in its stock price. This increase was driven by higher demand for the company’s products and services in the North American market. This increase was attributed to the company’s better cost management and efficiency initiatives.
Looking ahead, SPX TECHNOLOGIES is expecting to see continued growth in its revenue and profits as it continues to expand its customer base and product offerings. The company is also exploring new markets around the world to further extend its global reach. 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
GoodWhale has conducted an in-depth analysis of SPX TECHNOLOGIES‘s wellbeing. After our evaluation, we have determined that SPX TECHNOLOGIES is a medium risk investment in terms of its financial and business aspects. Our Risk Rating for SPX TECHNOLOGIES is reflective of this level of risk. Specifically, GoodWhale has detected two risk warnings in SPX TECHNOLOGIES’s income sheet and balance sheet. To gain more detailed insights on the risk warnings, we invite you to become a registered user of our platform. As a registered user, you will be able to view the risk warnings and understand what they mean for the company’s current state and future prospects. 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
Investors in SPX Technologies have much to be pleased about as the company released its second quarter fiscal year 2023 earnings results on August 2, 2023. Revenue saw an impressive 19.6% increase over the prior year at USD 423.3 million, while net income rose a staggering 176.9% to USD 36.0 million. This impressive performance suggests that SPX Technologies is in a strong financial position and investors should take note of this strong showing.
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