SPX Corp. (SPXC) Tops Q1 EPS by 2c, Revenues Beat; Raises FY21 EPS Mid-Point Guidance Above Consensus

SPX Corp. (NYSE: SPXC) reported Q1 EPS of $0.68, $0.02 better than the analyst estimate of $0.66. Revenue for the quarter came in at $398.5 million versus the consensus estimate of $390.28 million.

Gene Lowe, President and CEO, remarked, “I am pleased with our solid first quarter results. Our HVAC and Detection & Measurement segments delivered strong revenue and earnings growth, with significant organic and inorganic contributions. We also generated substantial cash flow and continued to improve our already strong balance sheet and available capital.”

“During the quarter, we continued to execute on our value creation framework with the acquisition of Sealite Pty and related entities – our second acquisition in our Aids to Navigation platform (AtoN), which is within our Detection & Measurement segment. Over the last three years we have transformed our AtoN platform from a largely domestic obstruction lighting business into the global leader for highly engineered end-to-end AtoN solutions with significantly higher growth potential.”

Mr. Lowe continued, “We are updating our guidance for the acquisition of Sealite, and now anticipate full-year 2021 Adjusted EPS in a range of $3.06-$3.26, or approximately 13% year-on-year earnings growth at the midpoint. Looking ahead, we remain well-positioned to capitalize on both organic and strategic inorganic opportunities and will continue to invest in our continuous improvement and digital initiatives.”

GUIDANCE:

SPX Corp. sees FY2021 EPS of $3.06-$3.26, versus the consensus of $3.15.

SPX is updating its 2021 guidance for the acquisition of Sealite Pty and related entities. SPX now anticipates Adjusted earnings per share* in a range of $3.06 to $3.26, or a $0.06 increase from prior guidance of $3.00 to $3.20. The company continued to anticipate 2021 adjusted revenue of approximately $1.6 billion, and adjusted operating income margin* of 11-12%.

For earnings history and earnings-related data on SPX Corp. (SPXC) click here.

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