$SPXC
SPX Technologies, Inc.

2024 Q4 Form 10-Q Financial Statement

#000008820524000059 Filed on October 31, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $483.7M
YoY Change 14.27%
Cost Of Revenue $286.1M
YoY Change 10.17%
Gross Profit $197.6M
YoY Change 20.78%
Gross Profit Margin 40.85%
Selling, General & Admin $101.6M
YoY Change 0.79%
% of Gross Profit 51.42%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $101.6M
YoY Change 0.79%
Operating Profit $78.90M
YoY Change 53.8%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$1.400M
YoY Change
Pretax Income $66.00M
YoY Change 43.17%
Income Tax $15.10M
% Of Pretax Income 22.88%
Net Earnings $50.20M
YoY Change 39.44%
Net Earnings / Revenue 10.38%
Basic Earnings Per Share $1.08
Diluted Earnings Per Share $1.06
COMMON SHARES
Basic Shares Outstanding 46.36M shares 46.30M shares
Diluted Shares Outstanding 47.27M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $124.8M
Short-Term Investments
Other Short-Term Assets $29.00M
YoY Change -15.45%
Inventory $297.7M
Prepaid Expenses
Receivables $339.4M
Other Receivables
Total Short-Term Assets $827.6M
YoY Change 11.99%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill $854.3M
YoY Change 25.65%
Intangibles $730.7M
YoY Change 3.56%
Long-Term Investments
YoY Change
Other Assets $158.3M
YoY Change -18.86%
Total Long-Term Assets $1.978B
YoY Change 12.24%
TOTAL ASSETS
Total Short-Term Assets $827.6M
Total Long-Term Assets $1.978B
Total Assets $2.806B
YoY Change 12.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $139.4M
YoY Change 6.41%
Accrued Expenses $160.6M
YoY Change 22.41%
Deferred Revenue $60.80M
YoY Change -14.37%
Short-Term Debt $48.40M
YoY Change -63.33%
Long-Term Debt Due $24.20M
YoY Change 130.48%
Total Short-Term Liabilities $446.3M
YoY Change -8.84%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities $215.0M
YoY Change 5.96%
Total Long-Term Liabilities $1.002B
YoY Change 19.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $446.3M
Total Long-Term Liabilities $1.002B
Total Liabilities $1.448B
YoY Change 8.94%
SHAREHOLDERS EQUITY
Retained Earnings $181.7M
YoY Change 568.01%
Common Stock $1.368B
YoY Change 1.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.358B
YoY Change
Total Liabilities & Shareholders Equity $2.806B
YoY Change 12.17%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income $50.20M
YoY Change 39.44%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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dei Document Quarterly Report
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dei Document Period End Date
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dei Entity File Number
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dei Entity Registrant Name
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SPX TECHNOLOGIES, INC.
dei Entity Incorporation State Country Code
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dei Entity Tax Identification Number
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CY2024Q3 us-gaap Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List
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CY2023Q4 us-gaap Operating Lease Liability Current Statement Of Financial Position Extensible List
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us-gaap Interest Expense Nonoperating
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CY2023Q3 us-gaap Earnings Per Share Diluted
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CY2023Q4 us-gaap Land
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us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
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CY2023Q3 us-gaap Stockholders Equity
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us-gaap Net Income Loss
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spxc Special Charges
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spxc Special Charges
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us-gaap Equity Securities Fv Ni Gain Loss
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Payments To Acquire Productive Assets
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us-gaap Payments To Acquire Productive Assets
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us-gaap Net Cash Provided By Used In Investing Activities
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spxc Borrowings Under Senior Credit Facilities
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spxc Repayments Under Senior Credit Facilities
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spxc Repayments Under Trade Receivables Agreement
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spxc Payment Proceeds Tax Withholding Share Based Payment Arrangement
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Use Of Estimates
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<div style="margin-bottom:10pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Preparing financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from these estimates. The unaudited information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements contained in </span></div>our Annual Report on Form 10-K for the year ended December 31, 2023 (“our 2023 Annual Report on Form 10-K”). Interim results are not necessarily indicative of full year results.
us-gaap Fiscal Period
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<div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">We establish actual interim closing dates using a fiscal calendar, which requires our businesses to close their books on the Saturday closest to the end of the first calendar quarter, with the second and third quarters being 91 days in length. Our fourth quarter ends on December 31. The interim closing dates for the first, second and third quarters of 2024 are March 30, June 29, and September 28, compared to the respective April 1, July 1, and September 30 dates of 2023. We had one less day in the first quarter of 2024, and will have two more days in the fourth quarter of 2024 than in the respective 2023 periods. It is not practicable to estimate the impact of the one less day on our consolidated operating results for the nine months ended September 28, 2024, when compared to the consolidated operating results for the respective 2023 period.</span></div>
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CY2024Q3 us-gaap Operating Lease Liability
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us-gaap Number Of Reportable Segments
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spxc Restructuring And Integration Reserves Period Expense
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spxc Restructuring And Integration Reserves Settled With Cash
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CY2023Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2024Q3 us-gaap Inventory Raw Materials And Purchased Parts Net Of Reserves
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CY2024Q3 us-gaap Inventory Net
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CY2023Q4 us-gaap Inventory Net
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CY2023Q4 us-gaap Goodwill Gross
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us-gaap Goodwill Acquired During Period
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spxc Gross Goodwill Related To Foreign Currency Translation And Other
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CY2024Q3 us-gaap Goodwill Gross
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14100000 usd
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
11600000 usd
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us-gaap Product Warranty Accrual Payments
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us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
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CY2023Q3 us-gaap Product Warranty Accrual
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CY2024Q3 us-gaap Product Warranty Accrual Classified Current
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CY2023Q3 us-gaap Product Warranty Accrual Classified Current
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CY2023Q3 us-gaap Product Warranty Accrual Noncurrent
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us-gaap Proceeds From Issuance Of Debt
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CY2023Q4 us-gaap Short Term Borrowings
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CY2024Q3 us-gaap Long Term Debt Current
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CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations
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CY2024Q3 us-gaap Long Term Debt And Capital Lease Obligations
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2024Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2024Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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700000 usd
CY2023Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
600000 usd
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1900000 usd
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1700000 usd
CY2024Q3 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
CY2024Q3 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
17800000 usd
CY2024Q3 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
2300000 usd
CY2024Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
15500000 usd
us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
6300000 usd
us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
7000000.0 usd
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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CY2023Q3 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
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CY2023Q3 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
2500000 usd
CY2023Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
500000 usd
us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
7300000 usd
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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CY2024Q3 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
37200000 usd
CY2023Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
37900000 usd
CY2024Q3 us-gaap Unrecognized Tax Benefits
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2600000 usd
CY2024Q3 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
1300000 usd
CY2024Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
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0 usd
CY2024Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
15100000 usd
CY2024Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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66000000.0 usd
CY2024Q3 us-gaap Effective Income Tax Rate Continuing Operations
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CY2023Q3 us-gaap Income Tax Expense Benefit
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12400000 usd
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
48100000 usd
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
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0.258
CY2024Q3 us-gaap Income Tax Reconciliation Tax Credits
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700000 usd
CY2023Q3 spxc Effective Income Tax Rate Reconciliation Tax Expense Benefit Foreign Tax Withholding Amount
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800000 usd
us-gaap Income Tax Expense Benefit
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32200000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Income Tax Expense Benefit
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
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us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
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us-gaap Income Tax Reconciliation Tax Credits
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us-gaap Unrecognized Tax Benefits Period Increase Decrease
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us-gaap Unrecognized Tax Benefits Period Increase Decrease
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us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2024Q3 us-gaap Equity Securities Fv Ni Realized Gain
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4200000 usd
CY2023Q3 us-gaap Equity Securities Fv Ni Realized Gain
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us-gaap Equity Securities Fv Ni Realized Gain
EquitySecuritiesFvNiRealizedGain
3600000 usd
CY2024Q3 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
35200000 usd
CY2023Q4 us-gaap Equity Securities Fv Ni
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39400000 usd
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
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