SPX Technologies raises 2026 revenue forecast, lowers EBITDA outlook

SPX Technologies Inc. (SPXC) said on Oct. 29 that third-quarter adjusted earnings were $2.21 per share, above the $2.17 consensus estimate compiled by Finnhub. Revenue of $714.5 million was below the $724.05 million estimate.

The company said in an 8-K filing that the results cover the quarter ended Sept. 26, 2026. Adjusted EPS rose from $1.84 a year earlier, and revenue rose 20.5% from $592.8 million.

The company also changed its 2026 guidance. It raised its revenue forecast and lowered its adjusted EBITDA range and the top of its adjusted EPS range.

Here's how the company did:

• Adjusted EPS: $2.21 vs. $1.84 a year earlier, against a $2.17 estimate according to Finnhub
• GAAP EPS from continuing operations: $1.62 vs. $1.29 a year earlier
• Revenue: $714.5 million vs. $592.8 million a year earlier, against a $724.05 million estimate according to Finnhub
• Adjusted EBITDA: $165.7 million vs. $136.1 million a year earlier

Organic revenue grew 11.8%, according to the filing's organic revenue table, and acquisitions added 8.5%. CEO Gene Lowe said, “We delivered another strong quarter, highlighted by robust revenue and earnings growth.” He added that the results reflect the consistent execution of the company's teams.

Segment results

HVAC revenue rose 35.5% to $525.0 million from $387.4 million a year earlier. Segment income rose to $120.8 million from $94.4 million, while segment margin fell to 23.0% from 24.4%.

The company said the margin decline reflected higher growth-related costs, largely labor and supply chain inefficiencies, and higher input costs. Its HVAC inorganic growth came from the acquisitions of Thermolec, Crawford, Neptronic and FIS Water.

Detection and Measurement revenue fell 7.7% to $189.5 million from $205.4 million. Segment income rose to $52.6 million from $51.7 million, and segment margin rose to 27.8% from 25.2%.

The company attributed the revenue decline to lower project volumes in its communications technologies business. It credited the margin gain to a more favorable product mix and segment synergy initiatives.

2026 guidance

The company now expects 2026 revenue of $2.745 billion to $2.805 billion. That compares with the $2.705 billion to $2.765 billion range it gave on July 30.

It lowered its adjusted EBITDA range to $625 million to $645 million, from $630 million to $660 million. Its adjusted EPS range is now $8.20 to $8.50, down from $8.20 to $8.60.

Lowe said, “Our updated guidance implies approximately 25% Adjusted EBITDA growth at the midpoint for 2026, reflecting the momentum in our business and our confidence in the opportunities ahead.”

Acquisitions and debt

Business acquisitions used $847.0 million of cash in the quarter, net of cash acquired, and $1,286.6 million over the first nine months. Lowe said the company recently expanded its cooling platform through the acquisition of FIS Water.

Total debt was $1,334.7 million at Sept. 26, up from $501.6 million at Dec. 31, 2025. Total cash was $120.8 million, compared with $366.0 million at year-end 2025.

The company expects to file its quarterly report on Form 10-Q for the period by Nov. 5, 2026. It said it would hold a conference call on Oct. 29 at 4:45 p.m. ET.