SPX (SPXC) Q1 2026 Earnings Call Transcript

SPX Technologies reported a strong Q1 with revenue of $539M (+17.4% y/y) and adjusted EPS of $1.69 (+22%), driving a 23% increase in adjusted EBITDA and 90 bps of margin expansion. Management raised full-year adjusted EPS guidance (midpoint $7.95, +$0.15), while flagging a modest $0.05–$0.10 tariff-related headwind concentrated in Q2. Data center demand is a key driver: management lifted its data-center growth assumption to ~70% for 2026 and sees data-center revenue rising from about $200M to roughly $350M this year, with capacity expansions supporting up to $550M of incremental data-center revenue over time. Cash of $158M, debt of $674M (0.9x leverage) and recent accretive M&A support further growth. Overall market impact is positive: better-than-expected results, raised guidance and large data-center exposure underpin a bullish outlook, though near-term tariff and start-up cost pressures are noted.