What Happened?

Shares of infrastructure equipment supplier SPX Technologies (NYSE: SPXC) fell 7.9% in the morning session after it reported mixed fourth-quarter results, where declining margins and a miss on organic revenue growth overshadowed headline beats on revenue and profit. 

While the infrastructure equipment supplier posted a 19.4% year-over-year increase in sales to $637.3 million and higher profit per share, a closer look at the numbers revealed areas of concern for investors. The company's operating margin fell to 15.7% from 16.9% in the same quarter of the previous year. Additionally, its organic revenue growth, a key indicator of core business performance, missed expectations. Despite the company issuing strong guidance for the upcoming year, these underlying weaknesses appeared to outweigh the positive headline figures, leading to the stock's decline.

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What Is The Market Telling Us

SPX Technologies’s shares are not very volatile and have only had 6 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.

The biggest move we wrote about over the last year was 12 months ago when the stock gained 14.5% on the news that the company reported strong fourth-quarter results, with revenue rising 14% year-on-year, fueled by continued strength in its HVAC segment​. SPXC's full-year 2025 guidance for revenue and adjusted EBITDA also came in above analysts' expectations​. Overall, the quarter highlighted key positives.

SPX Technologies is up 10.7% since the beginning of the year, and at $225.06 per share, it is trading close to its 52-week high of $243.04 from February 2026. Investors who bought $1,000 worth of SPX Technologies’s shares 5 years ago would now be looking at an investment worth $3,980.

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