SPX Technologies, Inc.

Good day and thank you for standing by. Welcome to the Q1 2024 SPX Technologies Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Paul Clegg, Vice President of Investor Relations. Please go ahead.

Thank you, operator, and good afternoon, everyone. Thanks for joining us. With me on the call today are Gene Lowe, our President and Chief Executive Officer, and Mark Carano, our Chief Financial Officer. The press release containing our first quarter results was issued today after market closed. You can also find the release in our earnings slide presentation, as well as a link to a live webcast of this call in the investor relations section of our website at spx.com. I encourage you to review our disclosure and discussion of GAAP results in the press release and to follow along with the slide presentation during our prepared remarks. A replay of the webcast will be available on our website until May 9th. As a reminder, portions of our presentation and comments forward-looking and subject to safe harbor provisions, please also note the risk factors and our most recent SEC filings. Our comments today will largely focus on adjusted financial results. Comparisons will be to the results of continuing operations only. You can find detailed reconciliations of historical adjusted figures from their respective gap measures in the appendix to today's presentation. Our adjusted earnings per share exclude primarily acquisition-related costs non-service pension items, mark-to-market changes, amortization expense, and in Q1, the favorable tax effect of stock-based compensation awards that were exercised during the quarter. Finally, we will be meeting with investors at various events during the second quarter, including at the Oppenheimer Annual Industrial Growth Conference on May 8th, which will be virtual, the UBS Reshoring and Infrastructure Conference on June 4th in New York, and at the William Blair Annual Growth Stock Conference in Chicago on June 6th. And with that, I'll turn the call over to Gene.

Thanks, Paul. Good afternoon, everyone, and thank you for joining us. On the call today, we'll provide you with an update on our consolidated and segment results for the first quarter of 2024. We're also increasing our guidance for the full year. We had a strong start to the year. Q1, our company continued to execute well and drove substantial growth in all of our key profit measures, with significant year-on-year increases in margin. We continue to experience robust demand across key markets. Our acquisitions are performing well, and our production facilities are operating at high levels of efficiency. Today, we are raising our full-year 2024 guidance. Our new midpoint reflects year-on-year growth of 30% adjusted EBITDA, and 23% in adjusted EPS. Turning to our high-level results. For the first quarter, we grew revenue by 16.4% and adjusted EBITDA by 47% year-on-year with 410 basis points of margin expansion. Last month at our Investor Day, we shared a new framework for the continuation of our value creation journey. We intend to further build on our strong foundation of niche-engineered and tech-enabled products, strong positions, moats, and sustainable solutions. We'll also continue to leverage our business system to drive value through growth investments and initiatives as well as through strategic M&A. Our new framework targets average EBITDA growth of 15% plus annually at margins of more than 20%. Now I'll update you on the progress of some of the key initiatives during the quarter. In Q1, we continue to drive continuous improvement and efficiencies across our businesses, advancing on several fronts. In our HVAC segment, our initiatives are helping to expand our addressable markets by broadening our range of application-specific solutions for various price points. This includes a successful value engineering project It helps create a more flexible fluid cooler solution with reduced material costs. Integration of our recent acquisitions has also gone well and driving value. We are creating numerous opportunities for cross-selling, including broadening the sales channels for our market-leading duct heating products. Our acquisitions are also benefiting from SPX's supply chain management tools, which are helping to reduce lead times and further improve our competitive position. In detection and measurement, we continue to advance our digital initiatives. During Q1, we gained further traction on cross-segment software and IoT for Internet of Things development and resource sharing. Looking ahead, we see significantly more room to continue driving value through our business system, including through continued investments in automation and R&D. And now, I'll turn the call over to Mark review our financial results.