SPX Technologies, Inc. (NYSE: SPXC) reported strong financial results for the fourth quarter and full year 2024, with significant growth in earnings per share (EPS), net income, and revenue.

For Q4 2024, GAAP EPS rose to $1.19 from $0.67 in Q4 2023, while full-year GAAP EPS increased to $4.29 from $3.10, reflecting a 38% year-over-year growth. GAAP net income for 2024 more than doubled, reaching $200.5 million compared to $89.9 million in 2023.

Revenue for the fourth quarter was $533.7 million, up 13.7% from $469.4 million in Q4 2023. Full-year revenue increased by 13.9%, reaching $1.98 billion. Adjusted EPS rose to $1.51 for Q4 and $5.58 for the full year, marking increases of 21% and 29%, respectively.

The company highlighted strong performances in its HVAC segment, which saw revenue grow by 18.6% in Q4 and 21.6% for the full year, driven by increased demand for cooling products and acquisitions such as Ingénia. The Detection & Measurement segment also contributed positively, with Q4 revenue increasing 4.0%.

For 2025, SPX expects continued growth, projecting revenue between $2.13 billion and $2.19 billion, adjusted EBITDA between $460 million and $490 million, and adjusted EPS between $6.00 and $6.25.

SPX ended 2024 with $161.4 million in cash and $614.7 million in total debt. The company remains focused on operational improvements and strategic acquisitions, positioning itself for further expansion in key markets.