Stock Track | SPX Technologies Plummets 5.15% After Missing EPS Expectations in Full-Year 2024 Results
SPX Technologies (SPXC) experienced a 5.15% plummet in its stock price during the intraday trading session on Thursday. The drop followed the company's release of its full-year 2024 earnings results, which showed mixed performance.
While SPX Technologies reported a 14% year-over-year increase in revenue to $1.98 billion, its earnings per share (EPS) missed analyst expectations by 2.8%. The company reported an EPS of $4.37, falling short of analyst forecasts.
Despite the miss on EPS, SPX Technologies demonstrated operational improvements, with its profit margin rising from 8.3% in 2023 to 10% in 2024, driven by higher revenue. The company's net income also increased by 40% year-over-year to $201.8 million.
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