SPX Technologies Inc. Accelerates Growth with Robust First‑Quarter Results and New Cooling Innovation
SPX Technologies Inc. (NYSE: SPXC) announced its first‑quarter 2026 financial performance on April 30, 2026, delivering a compelling mix of revenue growth, profitability improvement, and strategic guidance upgrades. The company’s announcement, coupled with a fresh product launch and an analyst‑upgraded price target, paints a picture of a firm well‑positioned to capitalize on demand in its core markets of heating, ventilation, air conditioning (HVAC), and data‑center cooling.
Strong First‑Quarter Results
- Revenue: $566.8 million, an +17.4 % increase year‑on‑year, driven by solid sales across the company’s engineered product lines.
- GAAP Income from Continuing Operations: $64.4 million, up +24.6 %.
- GAAP EPS: $1.27, a +15.5 % rise.
- Adjusted EPS: $1.69, up +22.5 %.
- Adjusted EBITDA: $126.1 million, growing +22.9 %.
Gene Lowe, President and CEO, highlighted that the first quarter “had a strong start to the year with growth in income from continuing operations and Adjusted EBITDA in excess of 20%.” He underscored the continued strength of demand across the company’s key end markets and the positive impact of recent acquisitions.
Updated Full‑Year Guidance
In response to the robust quarterly performance, SPX raised its 2026 outlook:
| Metric | 2025 Full‑Year | Updated 2026 Range | YoY Change (midpoint) |
|---|---|---|---|
| Revenue | $2.535‑$2.605 billion | $2.575‑$2.645 billion | +15 % |
| Adjusted EBITDA | $590‑$620 million | $600‑$625 million | +21 % |
| Adjusted EPS | $7.60‑$8.00 | $7.75‑$8.15 | +18 % |
The company attributes its upward revision to sustained demand, contributions from acquisitions, and progress on production‑capacity expansions that will underpin long‑term growth, particularly in the data‑center sector.
New Product Launch: Marley® OlympusMAX™ Fluid Cooler
On April 29, 2026, SPX Cooling Tech, LLC unveiled the Marley® OlympusMAX™ Fluid Cooler, a cutting‑edge solution designed for high‑density cooling applications in data centers, industrial plants, and other mission‑critical facilities.
Key features include:
- Dual‑mode operation: available in both adiabatic and dry configurations.
- Bolt‑on adiabatic module: can be installed during manufacturing, in‑field, or after the system is operational, providing flexibility for changing site demands.
- Patent‑pending recirculating adiabatic design: reduces blowdown and water discharge while enhancing system efficiency.
- Scalable performance: engineered to meet evolving data‑center density requirements without compromising reliability.
Dustan Atkinson, Director of Product Management, emphasized the product’s ability to balance performance, energy use, water consumption, and operational flexibility—attributes that align with the growing demand for efficient, adaptable cooling solutions in critical facilities.
Analyst Reaction
Truist, a leading financial services firm, raised its price target for SPX Technologies to $251 from $244 on April 29. The upgrade reflects confidence in the company’s upward‑revised guidance, its continued execution in high‑growth end markets, and the market potential of its new product portfolio.
Contextual Snapshot
- Market Capitalization: $10.86 billion
- Price‑to‑Earnings Ratio: 42.77, indicating a valuation that incorporates expectations of continued earnings expansion.
- 52‑Week High/Low: $246.68 / $142.11, showing recent volatility but a clear upward trajectory as the company delivers on its growth narrative.
SPX Technologies’ performance in Q1 2026, combined with strategic guidance updates and product innovation, positions the company favorably within the industrial machinery sector, especially as demand for efficient HVAC and data‑center cooling solutions accelerates.
