SPX Technologies Stock Rallies on Strong Q2 Results, Neptronic Acquisition, and Raised AI-Fueled Data Center Sales Outlook
SPX Technologies (NYSE: SPXC) shares rallied on Friday after the company reported strong fiscal second-quarter results and raised its full-year financial targets. The heating, ventilation, and air conditioning (HVAC) products supplier's Q2 revenue jumped 23% year-over-year to $679 million, with adjusted earnings per share increasing 22% to $2.02. The company also highlighted its AI-fueled expansion prospects, raising its potential data center equipment sales projection to $1.1 billion from a prior $750 million, bolstered by the $430 million acquisition of Neptronic. Management now expects full-year revenue to grow approximately 21% to $2.7 billion and adjusted EPS to increase about 24% to $8.40.
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