SPX Technologies (SPXC) Q2 FY2024 earnings: revenue $501 million, up 18.4% on the year

SPX Technologies, Inc. (SPXC) reported revenue of $501 million for Q2 FY2024, the quarter ended 29 June 2024, up 18.4% on the same quarter a year earlier. Net income was $44 million, up 22.8% on the year, and diluted earnings per share $0.94. The figures are the company's own, from the 10-Q it filed with the SEC on 2 August 2024.

Revenue$501 millionup 18.4%

Net income$44 millionup 22.8%

Diluted EPS$0.94

QuarterQ2 FY2024ended 29 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	501	465	n/a	n/a
Cost of revenue	300	282	n/a	n/a
Gross profit	201	183	n/a	n/a
Gross margin	40.1%	39.3%	n/a
Selling, general and administrative	101	103	n/a	n/a
Operating income	74.6	64.6	n/a	n/a
Operating margin	14.9%	13.9%	n/a
Interest expense	12.8	9.8	n/a	n/a
Pre-tax income	60.4	51.1	n/a	n/a
Income tax	15.2	1.9	n/a	n/a
Effective tax rate	25.2%	3.7%	n/a
Net income	44.2	49.0	n/a	n/a
Net margin	8.8%	10.5%	n/a
Diluted EPS	$0.94	$1.05	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	57.5	10.5	n/a	n/a
Capital expenditure	10.4	9.9	n/a	n/a
Free cash flow	47.1	0.6	n/a	n/a
Free cash flow margin	9.4%	0.1%	n/a
Cash from investing	32.4	-304	n/a	n/a
Cash from financing	-62.2	293	n/a	n/a
Depreciation and amortisation	23.4	21.0	n/a	n/a
Share-based compensation	3.7	3.3	n/a	n/a
Diluted shares, weighted	47m	47m	n/a	n/a
Shares outstanding at period end	46m	46m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	1,284	1,238	n/a	n/a
Debt	790	854	n/a	n/a
Operating lease liabilities	39.4	n/a	n/a	n/a
Other liabilities	670	708	n/a	n/a
Total liabilities and equity	2,783	2,800	n/a	n/a
Goodwill	845	844	n/a	n/a
Intangible assets	743	761	n/a	n/a
Cash and equivalents	128	100	n/a	n/a
Receivables	326	318	n/a	n/a
Inventory	293	295	n/a	n/a
Other assets	449	481	n/a	n/a
Total assets	2,783	2,800	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	449	469	465	501	484	534	483	552	593	637	567	679
Cost of revenue	280	282	282	300	286	316	287	324	353	384	336	406
Gross profit	169	188	183	201	198	218	196	229	240	253	231	273
Gross margin	38%	40%	39%	40%	41%	41%	41%	41%	40%	40%	41%	40%
SG&A	96.3	104	103	101	102	109	110	117	118	133	119	130
Operating income	57.7	63.1	64.6	74.6	78.9	90.2	66.6	86.6	97.1	100	87.7	115
Operating margin	13%	13%	14%	15%	16%	17%	14%	16%	16%	16%	15%	17%
Interest expense	10.2	9.2	9.8	12.8	12.1	11.0	12.3	15.6	12.0	8.2	8.4	8.8
Pre-tax income	48.1	41.7	51.1	60.4	66.0	77.9	57.9	69.9	81.5	105	77.4	102
Tax rate	26%	24%	4%	25%	23%	27%	11%	25%	23%	25%	17%	22%
Net income	-20.4	31.5	49.0	44.2	50.2	57.1	51.2	52.2	62.7	77.9	59.9	78.4
Net margin	-5%	7%	11%	9%	10%	11%	11%	9%	11%	12%	11%	12%
Diluted EPS	-$0.44	$0.67	$1.05	$0.94	$1.06	$1.20	$1.09	$1.10	$1.28	$1.54	$1.19	$1.55
Operating cash flow	14.4	126	10.5	57.5	51.4	166	-10.9	42.5	106	195	30.6	89.6
Capital expenditure	7.8	7.4	9.9	10.4	7.9	9.8	5.5	7.7	10.4	68.5	18.5	21.1
Free cash flow	6.6	119	0.6	47.1	43.5	157	-16.4	34.8	96.1	127	12.1	68.5
Buybacks	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Shares outstanding	46m	46m	46m	46m	46m	46m	47m	47m	50m	50m	50m	50m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 29 June 2024, filed 2 August 2024, accession 0000088205-24-000050: the filing on EDGAR. All of SPX Technologies, Inc.'s filings: EDGAR company page.

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