On July 31, SPX Technologies rose 6.81% in after-hours trading, trading at $213.75/share, with turnover of $1.378 million.
The stock surged after the company reported Q2 results that significantly exceeded expectations while raising its data center revenue outlook. Adjusted EPS came in at $2.02, beating the consensus estimate of $1.85 by 9.19% and representing a 22.42% year-over-year increase from $1.65. Revenue of $679 million topped the $640 million estimate by approximately 6.08%. Additionally, the company announced it is raising its estimated annual data center revenue capability at full production to approximately $1.1 billion, reflecting continued breakthroughs in the segment.
The results also incorporate the impact of the recently completed $429.6 million acquisition of Canadian HVAC manufacturer Neptronic on July 23, which generates approximately $75 million in annual revenue and has been integrated into SPX's HVAC segment. Updated full-year guidance reflecting the acquisition was issued alongside the earnings release. The stock had previously fallen 7.08% ahead of earnings due to M&A integration uncertainty before recovering 6.45% intraday on July 31 in anticipation of the results.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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