$SPXC

SPX Technologies, Inc.

CIK:0000088205|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2026	Jun. 28, 2025	Jun. 27, 2026	Jun. 28, 2025
Income Statement [Abstract]
Revenues	$ 679.0	$ 552.4	$ 1,245.8	$ 1,035.0
Costs and expenses:
Cost of products sold	406.2	323.5	742.4	610.2
Selling, general and administrative	129.9	117.2	249.3	226.7
Selling, general and administrative — intangible amortization	26.3	24.6	49.6	44.3
Special charges, net	1.6	0.0	1.8	0.1
Other operating expense, net	0.0	0.5	0.0	0.5
Operating income	115.0	86.6	202.7	153.2
Other income (expense), net	(5.1)	(2.1)	(8.1)	0.6
Interest expense	(8.8)	(15.6)	(17.2)	(27.9)
Interest income	1.1	1.0	2.2	1.9
Income from continuing operations before income taxes	102.2	69.9	179.6	127.8
Income tax provision	(22.9)	(17.4)	(35.9)	(23.6)
Income from continuing operations	79.3	52.5	143.7	104.2
Income from discontinued operations, net of tax	0.0	0.0	1.6	0.0
Loss on disposition of discontinued operations, net of tax	(0.9)	(0.3)	(7.0)	(0.8)
Loss from discontinued operations, net of tax	(0.9)	(0.3)	(5.4)	(0.8)
Net income	$ 78.4	$ 52.2	$ 138.3	$ 103.4
Basic income per share of common stock:
Income from continuing operations (in dollars per share)	$ 1.58	$ 1.12	$ 2.88	$ 2.24
Loss from discontinued operations (in dollars per share)	(0.01)	0	(0.11)	(0.02)
Net income per share (in dollars per share)	$ 1.57	$ 1.12	$ 2.77	$ 2.22
Weighted-average number of common shares outstanding — basic (in shares)	50,070	46,716	49,999	46,586
Diluted income per share of common stock:
Income from continuing operations (in dollars per share)	$ 1.56	$ 1.10	$ 2.84	$ 2.21
Loss from discontinued operations, net of tax (in dollars per share)	(0.01)	0	(0.11)	(0.02)
Net income per share (in dollars per share)	$ 1.55	$ 1.10	$ 2.73	$ 2.19
Weighted-average number of common shares outstanding — diluted (in shares)	50,675	47,396	50,597	47,255
Comprehensive income	$ 56.2	$ 82.6	$ 109.8	$ 143.6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 27, 2026	Jun. 28, 2025
Cash flows from (used in) operating activities:
Net income	$ 138.3	$ 103.4
Less: Loss from discontinued operations, net of tax	(5.4)	(0.8)
Income from continuing operations	143.7	104.2
Adjustments to reconcile income from continuing operations to net cash from operating activities:
Special charges, net	1.8	0.1
Gain on change in value of equity security	0.0	(4.5)
Amortization of compensation expense related to acquisition (Refer to Note 3)	6.3	10.9
Deferred and other income taxes	0.0	(2.3)
Depreciation and amortization	67.8	59.5
Pension and other employee benefits	10.2	8.7
Long-term incentive compensation	8.0	7.6
Other, net, including allowance for doubtful accounts	(0.2)	0.1
Changes in operating assets and liabilities, net of effects from acquisitions and divestitures:
Accounts receivable and other assets	(70.4)	(63.1)
Contribution related to employee retention agreements from acquisition (Refer to Note 3)	0.0	(46.5)
Inventories	(66.5)	(16.2)
Accounts payable, accrued expenses and other	19.9	(24.6)
Cash spending on restructuring actions	(0.4)	(0.9)
Net cash from continuing operations	120.2	33.0
Net cash used in discontinued operations	0.0	(1.4)
Net cash from operating activities	120.2	31.6
Cash flows from (used in) investing activities:
Proceeds related to company-owned life insurance policies, net	3.3	3.1
Business acquisitions, net of cash acquired	(439.6)	(447.7)
Capital expenditures	(39.6)	(13.2)
Net cash used in continuing operations	(475.9)	(457.8)
Net cash from discontinued operations	59.2	0.0
Net cash used in investing activities	(416.7)	(457.8)
Cash flows from (used in) financing activities:
Borrowings under senior credit facilities	214.9	478.0
Repayments under senior credit facilities	(174.9)	(104.8)
Borrowings under trade receivables arrangement	282.0	179.0
Repayments under trade receivables arrangement	(209.0)	(148.0)
Net borrowings (repayments) under other financing arrangements	(0.1)	0.2
Minimum withholdings paid on behalf of employees for net share settlements, net of proceeds from the exercise of employee stock options	(14.6)	(9.1)
Net cash from continuing operations	98.3	395.3
Net cash from (used in) discontinued operations	0.0	0.0
Net cash from financing activities	98.3	395.3
Change in cash and equivalents due to changes in foreign currency exchange rates	0.4	6.4
Net change in cash and equivalents	(197.8)	(24.5)
Consolidated cash and equivalents, beginning of period	366.0	161.4
Consolidated cash and equivalents, end of period	$ 168.2	$ 136.9

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 27, 2026	Dec. 31, 2025
Current assets:
Cash and equivalents	$ 166.4	$ 364.0
Accounts receivable, net	442.4	357.2
Contract assets	78.1	65.0
Inventories, net	374.0	302.2
Other current assets	41.5	55.3
Total current assets	1,102.4	1,143.7
Property, plant and equipment:
Land	26.8	26.9
Buildings and leasehold improvements	174.4	167.9
Machinery and equipment	378.1	338.1
Property, plant and equipment, gross	579.3	532.9
Accumulated depreciation	(254.5)	(242.1)
Property, plant and equipment, net	324.8	290.8
Goodwill	1,234.3	1,043.4
Intangibles, net	1,015.3	868.2
Other assets	254.1	250.2
Deferred income taxes	2.6	2.2
Assets of DBT and Heat Transfer (includes cash and equivalents of $1.8 and $2.0 at June 27, 2026 and December 31, 2025, respectively) (Note 3)	5.8	6.1
TOTAL ASSETS	3,939.3	3,604.6
Current liabilities:
Accounts payable	194.6	145.2
Contract liabilities	128.2	115.8
Accrued expenses	183.4	185.2
Income taxes payable	13.7	10.0
Short-term debt	74.3	1.4
Current maturities of long-term debt	9.9	3.5
Total current liabilities	604.1	461.1
Long-term debt	530.5	496.7
Deferred and other income taxes	198.4	149.7
Other long-term liabilities	243.7	245.5
Liabilities of DBT and Heat Transfer (Note 3)	14.2	14.1
Total long-term liabilities	986.8	906.0
Commitments and contingent liabilities (Note 15)
Stockholders' Equity:
Common stock (57,688,145 and 50,080,345 issued and outstanding at June 27, 2026, respectively, and 57,570,062 and 49,866,896 issued and outstanding at December 31, 2025, respectively)	0.6	0.6
Paid-in capital	1,933.8	1,938.2
Retained earnings	621.1	482.8
Accumulated other comprehensive income	232.0	260.5
Common stock in treasury (7,607,800 and 7,703,166 shares at June 27, 2026 and December 31, 2025, respectively)	(439.1)	(444.6)
Total stockholders' equity	2,348.4	2,237.5
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 3,939.3	$ 3,604.6