SPX Corporation demonstrates impressive Q3 performance despite challenges

SPX Corporation presented strong results in the third quarter of 2024, highlighted by a 7.8% increase in revenue compared to the previous year. Notably, there was a strong performance in the Heating, Ventilation, and Air Conditioning (HVAC) segment, where revenues rose by an impressive 15.9%. These gains were driven by both organic growth and acquisitions, such as the acquisition of Ingenia. A crucial factor for this success is SPX’s commitment to sustainable solutions, which led to a drastic 30% reduction in carbon intensity—well ahead of the planned schedule. These efforts underscore SPX's ambition to align environmental concerns with economic performance. In the Detection and Measurement (D&M) segment, revenue declined due to the phasing out of a major project; however, project activities stabilized with a favorable project mix. Overall, SPX benefited from the expansion of business processes and capital investments that sustainably improved both margins and capacities. Financially, SPX remains solidly positioned with a cash balance of $129 million and debt of $738 million. The company plans to further reduce its debt ratio by the year-end to support future growth opportunities and has doubled its credit facility to back this endeavor. Another positive aspect is the outlook for the year 2025, whereby the company expects to build on a solid order backlog. The organic growth strategy is supported by targeted acquisitions to further enhance shareholder value.