SPX Technologies reported first‑quarter 2026 results that beat expectations, with adjusted earnings per share of $1.69 versus consensus $1.55 and revenue of $566.8 million versus consensus $558.55 million. The earnings beat reflects robust demand in the HVAC and Detection & Measurement segments and disciplined cost management that preserved margins despite higher raw‑material costs.
Adjusted EBITDA rose 23% year‑over‑year to $126.1 million, representing 22.2% of revenue compared with 21.3% in Q1 2025. The margin expansion was driven by a higher mix of high‑margin HVAC contracts and the successful integration of recent acquisitions, which offset modest cost increases in the period.
The company lifted its full‑year 2026 adjusted EBITDA guidance to a 21% growth rate at the midpoint, with a new range of $600 million to $625 million versus the prior $590 million to $620 million. Revenue guidance was also increased to $2.575 billion–$2.645 billion from $2.535 billion–$2.605 billion, reflecting confidence in continued demand for data‑center cooling and HVAC solutions.
Gene Lowe, president and CEO, said the company “continues to see healthy demand across our key end markets and realize strong contributions from recent acquisitions.” He added that the guidance lift reflects “operational momentum and a solid demand backdrop, while we remain well‑positioned to navigate a changing tariff environment.”
Segment performance was a key driver of the results: HVAC revenue grew 22% year‑over‑year, and Detection & Measurement revenue grew 8.3% year‑over‑year. The data‑center cooling segment, highlighted by the Olympus MAX tower, contributed to the revenue beat and underpins the guidance upgrade.
Prior‑period context shows the company’s adjusted EPS grew from $1.38 in Q1 2025 to $1.69 in Q1 2026, a 22% year‑over‑year increase, while GAAP EPS rose from $1.10 to $1.27. Revenue grew 17.4% year‑over‑year to $566.8 million, driven by strong demand in core segments and the integration of recent acquisitions. These gains support the company’s confidence in sustaining momentum through 2026.
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