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Did SPX Technologies beat or miss consensus estimates last quarter?

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What were the key takeaways from SPX Technologies’s earnings call?

What factors drove the changes in SPX Technologies's revenue and profit?

- **Revenue and Profit Growth**: Q3 revenue +23% YoY, adjusted EPS +32% to $1.84, with EBITDA exceeding $500M (20% YoY growth). 
- **Capital Strength**: $1B+ liquidity from equity offering and credit facility expansion, no EPS dilution. 
- **Strategic Initiatives**: Olympus Max cooling solution targeting $50M bookings, U.S. production expansions for TAMCO and Ingénia. 
- **M&A Focus**: Pipeline in HVAC and D&M, disciplined at 11x-12x EBITDA multiples. 
- **2026 Outlook**: 40% of backlog scheduled for delivery, D&M margin guidance raised to 23.25%-23.75%.

**【CEO Summary Section】**
- **Strong Q3 Performance**: Adjusted EPS grew 32% to $1.84, with EBITDA exceeding $500 million at the midpoint of the updated range, implying 20% YoY growth. 
- **Capital Raise and Liquidity**: Completed a $575M equity offering and expanded revolving credit facility to $1.5B, adding over $1B in liquidity with no EPS dilution. 
- **Growth Initiatives**: Launched Olympus Max, a data center cooling solution targeting $50M in 2025 bookings, and progressing on U.S. production expansions for TAMCO and Ingénia. 
- **Market Outlook**: Confident in HVAC and Detection & Measurement (D&M) growth, with D&M segment margin guidance raised to 23.25%-23.75%.

**【CFO Financial Commentary】**
- **Revenue and Profit Growth**: Total revenue up 23% YoY, driven by organic growth and acquisitions. Adjusted EBITDA increased 31% YoY, with 150bps margin expansion. 
- **Segment Performance**: HVAC revenue +15.5% YoY, D&M +38.4% YoY (26.5% organic). D&M segment income grew 53% YoY, benefiting from KTS acquisition and operating leverage. 
- **Balance Sheet Strength**: Ended Q3 with $232M cash and $502M debt, leverage ratio of 0.5x. Q3 free cash flow $91M, with Q4 expected to be the highest cash flow quarter. 
- **Guidance Update**: Full year adjusted EPS raised to $6.65-$6.80 (midpoint +21% YoY), reflecting strong Q3 and Q4 forecast.

**【Q&A Key Highlights】**
- **2026 Visibility**: Backlog positions at 40% for 2026, with HVAC targeting mid-single-digit market growth and D&M steady run-rate demand. Olympus Max on track for $50M bookings. 
- **M&A Pipeline**: Robust pipeline in HVAC (engineered air movement, electric heat) and D&M, with focus on 11x-12x EBITDA multiples. 
- **Capacity Expansion**: TAMCO Tennessee facility to begin production late Q1 2026; Ingénia U.S. facility under finalization, targeting $300M run rate by Q4 2027. 
- **Nuclear Market**: Strong position in cooling towers for existing nuclear plants, potential for incremental power generation through upgrades.

SPX Technologies, Inc. (SPXC) Q3 2025 Earnings Call Transcript

Revenue

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Financing Services Revenue

Other Revenue

Cost of Revenue

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Cost of Financing Services

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Gross Profit

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Operating Expenses

Selling, General and Administrative Expenses

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SPXC

SPXC fundamentals

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