On July 31, SPX Technologies surged 14.9% in regular trading, reaching $229.35 per share with turnover of $84.83 million. The rally was driven by stronger-than-expected second quarter results and an upward revision to full-year guidance.

The company reported Q2 adjusted earnings of $2.02 per diluted share, beating the consensus estimate of $1.85 by 9.19% and representing a 22.42% year-over-year increase from $1.65. Revenue came in at $679.0 million, surpassing the $640.2 million estimate by 6.08% and up from $552.4 million a year ago. Full-year adjusted EPS guidance was raised to $8.20-$8.60, above the FactSet consensus of $8.04, with revenue expected between $2.71 billion and $2.77 billion versus the $2.62 billion estimate. Additionally, the company raised its fully operational annual data center revenue capacity estimate to approximately $1.1 billion.

The updated guidance incorporates the impact of SPX's $429.6 million acquisition of Canadian HVAC manufacturer Neptronic, completed on July 23. B. Riley subsequently raised its price target to $285 from $280, maintaining a Buy rating.

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