SPX Technologies Stock Surges on Strong Q2 Results and Acquisition of Neptronic
Shares of SPX Technologies surged by 10.2% after the company reported strong fiscal second-quarter results, driven in part by its recent acquisition of Neptronic. Revenue rose 23% year-over-year to $679 million, with adjusted EBITDA increasing 20% to $152 million and earnings per share rising 22%. The acquisition has bolstered SPX's position in the thermal management solutions market for AI data centers. The company now expects total data center equipment sales of up to $1.1 billion at full production, an increase from its previous projection of $750 million. CEO Gene Lowe highlighted expanded HVAC product offerings and increased manufacturing capacity as key factors supporting growing demand. SPX also raised its full-year revenue and adjusted earnings per share guidance by 21% and 24%, respectively. The stock's strong performance reflects investor confidence in the company’s strategic moves to capitalize on AI-driven data center growth, with management citing continued strength across multiple business segments.
Tickers: $SPXC
Topics: acquisition AI expansion data centers HVAC