Spx Technologies, Inc. 10-Q Filing

Ticker: SPXC · Form: 10-Q · Filed: May 3, 2024 · CIK: 88205

Spx Technologies, Inc. 10-Q Filing Summary
FieldDetail
CompanySpx Technologies, Inc. (SPXC)
Form Type10-Q
Filed DateMay 3, 2024
Pages16
Reading Time19 min
Key Dollar Amounts$0.01
Sentimentneutral

Sentiment: neutral

FAQ

What type of filing is this?

This is a 10-Q filing submitted by Spx Technologies, Inc. (ticker: SPXC) to the SEC on May 3, 2024.

What are the key financial figures in this filing?

Key dollar amounts include: $0.01 (ich registered Common Stock, par value $0.01 SPXC New York Stock Exchange Indicate).

How long is this filing?

Spx Technologies, Inc.'s 10-Q filing is 16 pages with approximately 4,697 words. Estimated reading time is 19 minutes.

Where can I view the full 10-Q filing?

The complete filing is available on SEC EDGAR. You can also read the AI-decoded analysis with risk assessment and key highlights on ReadTheFiling.

Filing Stats: 4,697 words · 19 min read · ~16 pages · Grade level 8.8 · Accepted 2024-05-02 17:42:46

Key Financial Figures

  • $0.01 — ich registered Common Stock, par value $0.01 SPXC New York Stock Exchange Indicate

Filing Documents

– Financial Statements

Item 1 – Financial Statements Condensed Consolidated Statements of Operations and Comprehensive Income 3 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Stockholders' Equity 5 Condensed Consolidated Statements of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 7

– Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations 28

– Quantitative and Qualitative Disclosures About Market Risk

Item 3 – Quantitative and Qualitative Disclosures About Market Risk 37

– Controls and Procedures

Item 4 – Controls and Procedures 37 PART 2 – OTHER INFORMATION

– Legal Proceedings

Item 1 – Legal Proceedings 38

– Risk Factors

Item 1A – Risk Factors 38

- Other Information

Item 5 - Other Information 38

– Exhibits

Item 6 – Exhibits 39

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements SPX TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited; in millions, except per share amounts) Three months ended March 30, 2024 April 1, 2023 Revenues $ 465.2 $ 399.8 Costs and expenses: Cost of products sold 282.3 249.9 Selling, general and administrative 102.9 93.8 Intangible amortization 14.8 6.3 Special charges, net 0.6 — Operating income 64.6 49.8 Other income (expense), net ( 4.0 ) 2.5 Interest expense ( 9.8 ) ( 2.4 ) Interest income 0.3 0.5 Income from continuing operations before income taxes 51.1 50.4 Income tax provision ( 1.9 ) ( 11.3 ) Income from continuing operations 49.2 39.1 Income (loss) from discontinued operations, net of tax — — Gain (loss) on disposition of discontinued operations, net of tax ( 0.2 ) 3.7 Income (loss) from discontinued operations, net of tax ( 0.2 ) 3.7 Net income $ 49.0 $ 42.8 Basic income per share of common stock: Income from continuing operations $ 1.07 $ 0.86 Income from discontinued operations — 0.08 Net income per share $ 1.07 $ 0.94 Weighted-average number of common shares outstanding — basic 45.828 45.382 Diluted income per share of common stock: Income from continuing operations $ 1.05 $ 0.84 Income from discontinued operations — 0.08 Net income per share $ 1.05 $ 0.92 Weighted-average number of common shares outstanding — diluted 46.683 46.402 Comprehensive income $ 38.8 $ 44.6 The accompanying notes are an integral part of these statements. 3 SPX TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited; in millions, except share data) March 30, 2024 December 31, 2023 ASSETS Current assets: Cash and equivalents $ 100.5 $ 99.4 Accounts receivable, net 317.6 279.8 Contract assets 32.0 16.6 Inventories, net 295.1 276.7 Other current assets 34.4 37.1 Total current assets 779.6 709.6 Property, plant and equipment: Land 23.2 17.9 Buildi

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