Infrastructure equipment supplier SPX Technologies (NYSE: SPXC) will be reporting earnings this Thursday afternoon. Here’s what investors should know.
SPX Technologies beat analysts’ revenue expectations by 0.8% last quarter, reporting revenues of $552.4 million, up 10.2% year on year. It was a very strong quarter for the company, with an impressive beat of analysts’ EBITDA estimates and a solid beat of analysts’ adjusted operating income estimates.
Is SPX Technologies a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, analysts are expecting SPX Technologies’s revenue to grow 19.9% year on year to $579.8 million, improving from the 7.8% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.62 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. SPX Technologies has missed Wall Street’s revenue estimates twice over the last two years.
Looking at SPX Technologies’s peers in the gas and liquid handling segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Flowserve delivered year-on-year revenue growth of 3.6%, missing analysts’ expectations by 2.7%, and Gorman-Rupp reported revenues up 2.8%, falling short of estimates by 1%. Gorman-Rupp traded down 5.6% following the results.
Read our full analysis of Flowserve’s results here and Gorman-Rupp’s results here.
There has been positive sentiment among investors in the gas and liquid handling segment, with share prices up 3.1% on average over the last month. SPX Technologies is up 7% during the same time and is heading into earnings with an average analyst price target of $206.15 (compared to the current share price of $197.07).
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