SPX Corp

SPX Technologies reported second-quarter revenues of $679 million, up 22.9% year over year and beating analysts' expectations by 5.8%, making it the best performer among the 11 gas and liquid handling stocks tracked. The company also achieved the highest full-year guidance raise among its peers, and its stock has risen 12.2% since reporting to trade at $223.54. Parker-Hannifin posted revenues of $5.76 billion, up 9.8% year over year and exceeding estimates by 3.3%, with full-year EPS guidance also beating expectations. Graco was the slowest performer, with revenues of $590.6 million, up 3.3% year over year but missing estimates by 3%. Flowserve reported revenues of $1.17 billion, down 1.6% year over year but topping estimates by 0.9%, while IDEX posted revenues of $920.6 million, up 6.4% year over year and beating estimates by 1.7%.

SPX Technologies shares rallied on Friday after the HVAC supplier raised its full-year sales and profit forecast, citing booming demand for AI-driven data center temperature management solutions. Revenue jumped 23% year over year to $679 million in the fiscal second quarter, while adjusted earnings per share increased 22% to $2.02. The $430 million acquisition of Neptronic expanded its thermal management portfolio, and management now sees potential for $1.1 billion in total data center equipment sales at full production, up from a prior projection of $750 million. For the full year, SPX expects revenue to grow roughly 21% to $2.7 billion and adjusted earnings per share to rise about 24% to $8.40.

SPX Technologies shares jumped 13.7% after the infrastructure equipment supplier reported second-quarter results that beat Wall Street expectations and raised its full-year guidance. Revenue reached $679 million, up 22.9% year over year and ahead of analyst estimates, while adjusted earnings per share came in at $2.02, topping consensus forecasts by 9.3%. The company cited strong organic revenue growth of 16.9% and lifted its full-year revenue guidance to a midpoint of $2.74 billion and its adjusted EPS forecast to $8.40. The improved outlook signaled management's confidence in continued strong demand for its HVAC and Detection & Measurement products.

Several stocks made big midday moves following earnings reports and other developments. IES Holdings surged over 30% after beating quarterly expectations and approving a two-for-one stock split, while GoDaddy tumbled 20% on disappointing guidance and a cash flow miss. Newell Brands rose 11% after lifting its full-year earnings outlook above consensus, and SPX Technologies rallied 14% on strong results and raised guidance. Veracyte fell 24% despite beating estimates and raising revenue guidance, and Replimune Group soared over 94% after an FDA panel backed its skin cancer drug trial. Jersey Mike's gained 6% on its second day of trading after a weak debut. Chevron added 1.6% on better-than-expected earnings, while ExxonMobil slipped 2% on a profit miss. Moderna dipped 1% despite a top- and bottom-line beat. Amazon jumped 15% on strong revenue and cloud growth, but Apple dropped more than 9% even with higher iPhone sales. Coinbase slid over 12% after a wider-than-expected loss, Reddit sank 22% on search traffic concerns, and Novo Nordisk fell 9% after a drug trial failed to meet its main goal.

SPX Technologies raised its full-year 2026 adjusted earnings per share guidance midpoint to $8.40, up $0.45 from the prior midpoint, and increased its expected total data center capacity at full production to $1.1 billion from a previous expectation of $750 million. The company reported second-quarter adjusted EPS of $2.02, a 22% year-over-year increase, on total revenue growth of 23% with 17% organic growth. The guidance raise reflects additional data center volume, stronger performance in the Detection & Measurement segment, and modest accretion from the recently announced acquisition of Neptronic, which expands the HVAC segment's controls and systems intelligence. Management noted that the updated guidance implies 27% adjusted EBITDA growth for the year, while full production capacity for data centers remains targeted for the second half of 2028 with a bias toward an earlier ramp. The company also announced that Detection & Measurement segment leader John Swann will retire at year-end, with Eric Kaled named as his successor.

SPX Technologies has completed the acquisition of Neptronic for a total cash consideration of CA$605 million, approximately US$430 million. The transaction implies an EBITDA multiple modestly above the upper end of SPX's recently transacted range of 8 to 12 times. Neptronic, based in Montreal, Canada, designs and manufactures engineered HVAC solutions including intelligent controls, electric duct heaters, humidifiers, actuators, and valves, serving data centers, healthcare, and education markets with about 300 employees and annual revenues of approximately US$75 million. The acquisition expands SPX's HVAC segment, adding differentiated controls and thermal management products that can be leveraged across its global platform and sales channels. SPX plans to provide updated 2026 guidance incorporating Neptronic on July 30, 2026, when it reports second-quarter results.

SPX Technologies has seen its stock rise 26.1% over the past year, matching the Zacks Building Products - Air Conditioner and Heating industry's 27% gain while outperforming the Construction sector and the S&P 500. Management raised full-year guidance after a stronger-than-expected first quarter of 2026, citing robust execution and sustained demand, and increased its 2026 data center growth outlook from approximately 50% to 70% as demand for cooling systems accelerates. Consolidated segment income rose 22% year over year to $135 million, with segment margin expanding 100 basis points to 23.9%, supported by higher volumes and a favorable product mix. The company maintains a healthy balance sheet with about $158 million in cash and a leverage ratio of roughly 0.9x, providing flexibility for further acquisitions and capacity expansion. SPX Technologies trades at a forward 12-month P/E ratio of 25.77, below the industry average, and carries a Zacks Rank of 2, or Buy.

Truist raised its price target on SPX Technologies to $295 from $261 while maintaining a Buy rating. The adjustment came as part of a second-quarter preview for the machinery, infrastructure services, and multi-industry group, with the firm citing strong demand trends supported by secular growth tailwinds in power, data center, aerospace and defense, and infrastructure. Separately, SPX Technologies announced a leadership transition in its Detection & Measurement segment, with Eric Kaled set to succeed John Swann as segment leader on August 31, 2026, following Swann's planned retirement in January 2027.

SPX Technologies has returned about 21.5% since the start of the calendar year, outperforming the average 17% gain of the 88-stock Construction group. The company holds a Zacks Rank of #2 (Buy), and the Zacks Consensus Estimate for its full-year earnings has moved 2.4% higher over the past 90 days. Within the more specific Building Products - Air Conditioner and Heating industry, a 7-stock group that has gained an average of 46.9% year-to-date, SPX Technologies is slightly underperforming. Another Construction stock, Simpson Manufacturing, has returned 24% year-to-date and also carries a Zacks Rank of #2 (Buy), with its consensus EPS estimate rising 2.2% over the past three months.

SPX Technologies announced a planned leadership transition in its Detection & Measurement segment, with Eric Kaled set to succeed John Swann as segment leader effective August 31, 2026. Swann, who joined the company in 2004 and most recently led the D&M segment, plans to retire in January 2027 and will remain with SPX through the end of the year to support strategic initiatives and ensure a smooth handoff. Kaled has been with SPX since 2019, strengthening the Transportation and Communications Technologies platforms through contract wins and advanced customer solutions. CEO Gene Lowe expressed confidence in Kaled and the D&M leadership team, noting the segment is well positioned to continue its momentum.

SPX Technologies is emerging as a clearer data center cooling play as its HVAC backlog swells to $755 million, up 38% organically, driven primarily by data center demand. The company is investing more than $100 million to expand HVAC manufacturing capacity, and first-quarter HVAC segment revenue rose 22% year over year. SPX expects data center sales to increase about 50% in 2026, making cooling one of the clearer growth engines inside its HVAC portfolio. On April 29, 2026, SPX Cooling Tech launched the Marley OlympusMAX Fluid Cooler, a modular dry and adiabatic cooling platform designed for hyperscale data centers and high-density applications.