--- title: "SPX Technologies | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 566.8 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/284954263.md" datetime: "2026-05-02T03:44:16.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284954263.md) - [en](https://longbridge.com/en/news/284954263.md) - [zh-HK](https://longbridge.com/zh-HK/news/284954263.md) --- # SPX Technologies | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 566.8 M Revenue: As of FY2026 Q1, the actual value is USD 566.8 M, beating the estimate of USD 557.63 M. EPS: As of FY2026 Q1, the actual value is USD 1.19, missing the estimate of USD 1.2744. EBIT: As of FY2026 Q1, the actual value is USD 95 M. ### Overall Financial Performance SPX Technologies reported a gross profit of $230.6 million (40.7% of revenues) in Q1 2026, an increase from $195.9 million (40.6% of revenues) in Q1 2025 . Selling, general and administrative (SG&A) expense rose to $119.4 million (21.1% of revenues) in Q1 2026 from $109.5 million (22.7% of revenues) in Q1 2025, with intangible amortization within SG&A increasing to $23.3 million from $19.7 million year-over-year . Operating income for continuing operations was $87.7 million in Q1 2026, up from $66.6 million in Q1 2025 . Income from continuing operations before income taxes increased to $77.4 million from $57.9 million, while the income tax provision was - $13.0 million in Q1 2026, compared to - $6.2 million in Q1 2025 . Income from continuing operations grew to $64.4 million from $51.7 million, and net income for the period was $59.9 million, up from $51.2 million . Comprehensive income was $53.6 million in Q1 2026, a decrease from $61.0 million in Q1 2025 . ### HVAC Reportable Segment - **Revenues**: $394.0 million for Q1 2026, a 22.0% increase from $323.0 million in the prior year, driven by acquisitions (11.5%), organic growth (9.6%), and foreign currency effects (0.9%) . Organic growth was primarily due to higher volumes of cooling products, particularly for data centers, and heating products . - **Cost of Products Sold**: $246.6 million in Q1 2026, compared to $199.6 million in Q1 2025 . - **Selling, General and Administrative Expense**: $58.8 million in Q1 2026, compared to $49.5 million in Q1 2025 . - **Segment Income**: $88.6 million (22.5% of revenues) in Q1 2026, up from $73.9 million (22.9% of revenues) in Q1 2025 . The margin decline was mainly due to incremental start-up costs and inefficiencies from capacity expansion initiatives . - **Capital Expenditures**: $16.3 million in Q1 2026, compared to $4.7 million in Q1 2025, including $10.8 million related to capacity expansions . - **Depreciation and Amortization**: $21.9 million in Q1 2026, up from $16.9 million in Q1 2025 . - **Backlog**: $755.3 million as of March 28, 2026, compared to $451.3 million as of March 29, 2025, with contributions from Crawford, Thermolec, and Sigma & Omega acquisitions totaling $73.1 million, $2.2 million, and $55.0 million, respectively . ### Detection and Measurement Reportable Segment - **Revenues**: $172.8 million for Q1 2026, an 8.3% increase from $159.6 million in the prior year, attributed to acquisitions (3.9%), organic growth (3.0%), and foreign currency effects (1.4%) . Organic growth was mainly from higher volumes in the transportation systems business . - **Cost of Products Sold**: $88.2 million in Q1 2026, compared to $86.8 million in Q1 2025 . - **Selling, General and Administrative Expense**: $37.9 million in Q1 2026, compared to $36.2 million in Q1 2025 . - **Segment Income**: $46.7 million (27.0% of revenues) in Q1 2026, up from $36.6 million (22.9% of revenues) in Q1 2025 . The increase in income and margin was due to revenue growth and a more favorable product mix, including higher software-as-a-service revenue . - **Capital Expenditures**: $2.0 million in Q1 2026, compared to $0.8 million in Q1 2025 . - **Depreciation and Amortization**: $9.6 million in Q1 2026, up from $9.5 million in Q1 2025 . - **Backlog**: $333.0 million as of March 28, 2026, compared to $345.5 million as of March 29, 2025 . ### Cash Flow - **Net Cash from Operating Activities (Continuing Operations)**: $29.8 million in Q1 2026, compared to - $10.4 million in Q1 2025, primarily due to higher income from continuing operations and the absence of escrow payments made in Q1 2025, partially offset by growth-related working capital increases . - **Net Cash Used in Investing Activities (Continuing Operations)**: - $455.0 million in Q1 2026, compared to - $306.6 million in Q1 2025, including - $439.6 million for the Thermolec and Crawford acquisitions and - $18.5 million in capital expenditures . - **Net Cash from Financing Activities**: $157.6 million in Q1 2026, compared to $335.7 million in Q1 2025, including $150.0 million in net borrowings under credit facilities and $22.0 million under trade receivables financing . - **Net Change in Cash and Equivalents**: - $207.7 million in Q1 2026, compared to $20.8 million in Q1 2025 . ### Acquisitions and Divestitures SPX Technologies acquired Thermolec Ltd. for $140.2 million cash, which recognized revenues of $7.4 million and net income of $0.7 million in Q1 2026 . Crawford United Corporation was acquired for $299.4 million cash, contributing $13.1 million in revenues and a net loss of - $0.4 million in Q1 2026 . Non-core businesses from Crawford United were divested for $60.0 million cash, resulting in a - $5.7 million loss on disposition . ### Other Key Metrics - **Goodwill**: Totaled $1,245.4 million as of March 28, 2026, an increase from $1,043.4 million as of December 31, 2025, primarily due to the Thermolec ($75.2 million) and Crawford ($129.7 million) acquisitions . - **Intangible Assets, Net**: Totaled $1,051.1 million as of March 28, 2026, up from $868.2 million as of December 31, 2025 . Estimated annual amortization expense for intangible assets is approximately $105.0 million for 2026 and $92.0 million for 2027 . - **Contract Balances**: Net contract balance was $337.6 million as of March 28, 2026, compared to $292.5 million as of December 31, 2025 . - **Performance Obligations**: As of March 28, 2026, the aggregate amount allocated to remaining performance obligations was $238.4 million, with 65% expected to be recognized over the next 12 months and 78% over the next 24 months . - **Debt and Liquidity**: Total debt was $674.0 million as of March 28, 2026, up from $501.6 million as of December 31, 2025, largely due to borrowings for the Crawford acquisition . SPX Technologies had $1,347.3 million of available borrowing capacity under its revolving credit facility as of March 28, 2026 . ### Outlook and Strategy SPX Technologies plans to manage geopolitical conflicts and tariffs using its diverse businesses and strong balance sheet . The company expects continued market growth for acquired businesses and aims for increased volumes through commercial synergies and operational efficiencies . The estimated annual amortization expense for intangible assets is projected to be approximately $105.0 million for 2026, $92.0 million for 2027, and $87.0 million for the three years thereafter . ### Related Stocks - [SPXC.US](https://longbridge.com/en/quote/SPXC.US.md) ## Related News & Research - [The Home Depot Announces First Quarter Fiscal 2026 Results; Reaffirms Fiscal 2026 Guidance | HD Stock News](https://longbridge.com/en/news/286890512.md) - [ONWARD Medical to Announce First Quarter 2026 Results on May 26, 2026 | ONWRY Stock News](https://longbridge.com/en/news/286858298.md) - [GDEV announces results for the first quarter of 2026 | GDEV Stock News](https://longbridge.com/en/news/286909689.md) - [OS Therapies to Announce First Quarter 2026 Financials on Monday, May 18, 2026 | OSTX Stock News](https://longbridge.com/en/news/286607728.md) - [Correction: NextNRG to Host First Quarter 2026 Financial Results Conference Call on May 18, 2026 at 9:00 a.m. ET | NXXT Stock News](https://longbridge.com/en/news/286673001.md)