SPX Corp
F:SPW
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SPX Corp
SPX Corp, now known as SPX Technologies, makes specialized equipment for buildings and infrastructure. Its main products include heating and cooling systems for commercial and industrial sites, plus tools that help workers locate underground pipes and cables or inspect and test critical systems. The company sells to contractors, distributors, utilities, industrial customers, and other businesses that need this equipment to build, maintain, or repair facilities. The company makes money by selling equipment, replacement parts, and service support. A large part of its business is tied to projects and maintenance spending, so customers often come back for upgrades, repairs, and aftermarket parts after the first sale. That gives SPX a mix of upfront equipment revenue and recurring follow-on business. What sets SPX apart is that it sits in niche parts of the industrial supply chain rather than selling broad, everyday products. Its equipment is usually specified for a particular building system or utility job, so customers care about reliability, technical fit, and long service life. That makes SPX more of a specialized supplier than a general industrial manufacturer.
SPX Corp, now known as SPX Technologies, makes specialized equipment for buildings and infrastructure. Its main products include heating and cooling systems for commercial and industrial sites, plus tools that help workers locate underground pipes and cables or inspect and test critical systems. The company sells to contractors, distributors, utilities, industrial customers, and other businesses that need this equipment to build, maintain, or repair facilities.
The company makes money by selling equipment, replacement parts, and service support. A large part of its business is tied to projects and maintenance spending, so customers often come back for upgrades, repairs, and aftermarket parts after the first sale. That gives SPX a mix of upfront equipment revenue and recurring follow-on business.
What sets SPX apart is that it sits in niche parts of the industrial supply chain rather than selling broad, everyday products. Its equipment is usually specified for a particular building system or utility job, so customers care about reliability, technical fit, and long service life. That makes SPX more of a specialized supplier than a general industrial manufacturer.
Strong quarter: SPX said Q1 adjusted EBITDA rose 23% and adjusted EPS rose 22%, supported by acquisitions and organic growth in both businesses.
Guidance up: Full-year adjusted EPS guidance was raised by $0.15 to a midpoint of $7.95, mainly on stronger Q1 results and added data center volume, partly offset by new Section 232 tariff costs.
Data centers: Management said data center demand is very strong and accelerating, with growth expectations raised from about 50% to 70% this year and meaningful runway into 2027 and 2028.
Margins mixed: HVAC margin was pressured by start-up costs tied to capacity expansions, while Detection & Measurement posted a sharp margin increase from higher volume and software mix.
Tariffs manageable: The company expects a $0.05 to $0.10 EPS hit from tariff changes, mostly in Q2, but said it does not expect any impact on 2027 earnings.
