SPX TECHNOLOGIES Reports Second Quarter Financial Results for Fiscal Year 2023
August 21, 2023
🌥️Earnings Overview
SPX TECHNOLOGIES ($NYSE:SPXC) released its financial results for the second quarter of fiscal year 2023 on June 30 2023, showing total revenue of USD 423.3 million, a 19.6% increase from the same period in the prior year. Net income for the quarter amounted to USD 36.0 million, a 176.9% year-over-year increase.
Price History
The stock opened at $83.1, but closed the day at $83.0, down by 1.5% on the previous closing price of 84.3. This marks a significant drop for SPX TECHNOLOGIES whose stock price had been steadily increasing in recent months. Combined with the strong revenue and operating income, these results demonstrate that SPX TECHNOLOGIES is well-positioned to continue to deliver positive financial results in future periods. Despite the strong financial results, investors were disappointed with the stock’s performance due to the 1.5% decrease in price from the previous closing price of 84.3.
It is likely that investors will be more confident moving forward as SPX TECHNOLOGIES has consistently delivered positive numbers over the past few quarters. With the strong financial performance, investors are hopeful that SPX TECHNOLOGIES will be able to maintain their strong trend in the future. 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 a financial analysis of SPX TECHNOLOGIES. Based on our Risk Rating, SPX TECHNOLOGIES is a medium risk investment in terms of financial and business aspects. After careful examination of SPX TECHNOLOGIES’ financials, GoodWhale has detected two risk warnings. The first is from the income sheet, where low sales growth and high operating expenses may potentially indicate weak performance. The second warning is from the balance sheet, where high debt levels may suggest fragility in the company’s financial structure. To learn more about our detailed financial assessment of SPX TECHNOLOGIES, register with us to check it out. We look forward to helping you make informed investment decisions. 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 following the firm’s financial results for the second quarter of fiscal year 2023. Total revenue for the quarter jumped 19.6% year-over-year to USD 423.3 million and net income more than doubled, up 176.9% to USD 36 million. This impressive growth in financial performance highlights the company’s success in executing its business strategy and could be an indicator of future earnings growth. Investors should continue to watch SPX TECHNOLOGIES closely in order to gain further insight into the organization’s financials and long-term prospects.
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