Stock Story -
Industrial conglomerate SPX Technologies (NYSE:SPXC) will be announcing earnings results tomorrow after market hours. Here's what to look for.
SPX Technologies beat analysts' revenue expectations by 4.6% last quarter, reporting revenues of $465.2 million, up 16.4% year on year. It was a strong quarter for the company, with an impressive beat of analysts' earnings estimates and a solid beat of analysts' organic revenue estimates.
Is SPX Technologies a buy or sell going into earnings? Find out by reading the original article on StockStory, it's free.
This quarter, analysts are expecting SPX Technologies's revenue to grow 15.9% year on year to $490.7 million, slowing from the 19.6% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.25 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. SPX Technologies has only missed Wall Street's revenue estimates once over the last two years, exceeding top-line expectations by 6% on average.
Looking at SPX Technologies's peers in the industrial machinery segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Flowserve (NYSE:FLS) delivered year-on-year revenue growth of 7.1%, beating analysts' expectations by 2.4%, and Flowserve traded down 3.2% following the results.
Read the full analysis of Flowserve's and Desktop Metal's results on StockStory.
There has been positive sentiment among investors in the industrial machinery segment, with share prices up 9.4% on average over the last month. SPX Technologies is up 2.6% during the same time and is heading into earnings with an average analyst price target of $153.3 (compared to the current share price of $145.28).
![What To Expect From SPX Technologies's (SPXC) Q2 Earnings](https://d68-invdn-com.investing.com/content/pic9fd3356eab6c26eb7fc787d70e85bcf6.jpeg)