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Standex International Corporation (NYSE: SXI) is a diversified global manufacturing company, leading in five segments: Electronics, Engraving, Scientific, Engineering Technologies, and Specialty Solutions. Based in the United States, the company operates across various international markets including Europe, Canada, Japan, Singapore, Mexico, and more.
The Electronics segment, contributing 42% of total sales, focuses on manufacturing and selling electronic components for applications across multiple end-user markets. This segment shows strong growth in industrial automation, power management, renewable energy technologies, and electric vehicle-related applications.
The Engraving segment is a market leader in developing and providing innovative solutions in surface texturing and enhancing product aesthetics. Recently, this segment has seen substantial demand in Europe and Asia, particularly in automotive and consumer goods sectors.
The Scientific segment delivers high-performance products and services for research and academic markets. Despite a slight dip in demand for COVID vaccine storage units, it continues to grow in other areas, supported by lower freight costs and efficiency improvements.
The Engineering Technologies segment designs and manufactures precision components and assemblies for aviation, space, and defense industries. This segment's strength lies in its robust backlog and new platform development projects, ensuring long-term growth.
The Specialty Solutions segment includes businesses like Hydraulics, which faced a recent downturn but is recovering through operational improvements and increased aftermarket focus.
Financial Performance: Standex recently announced a record fiscal year for 2023, with 7.8% organic growth in Q4, despite some challenges like foreign exchange impacts and a business unit divestiture. The company achieved record gross margins and a consistent operating margin above 15%. Key segments contributed to this performance, especially through strategic pricing, productivity initiatives, and reduced freight costs.
Strategic Moves and Outlook: Standex is strategically positioned to pursue growth through both organic and inorganic opportunities. The recent acquisition of Minntronix expands its reach in fast-growing markets such as 5G and smart grid technologies. Another acquisition, Sanyu Switch Co., Ltd., is expected to enhance the company's relay product line and global footprint. Moving forward, Standex anticipates continued growth with a targeted sales increase in fiscal year 2024 and maintaining strong margins.
The company's leadership regularly engages with investors, providing transparent and detailed financial results and future outlooks. They remain cautiously optimistic about improving market conditions in China and Europe and are committed to achieving long-term financial targets by fiscal 2028.
For more detailed insights, visit their official website.
Standex International Corporation (NYSE: SXI) has declared a quarterly cash dividend of $0.28 per share, payable on May 25, 2023, to shareholders of record on May 10, 2023. This marks the company's 235th consecutive quarterly cash dividend, demonstrating its long-standing commitment to returning value to shareholders since going public in November 1964. Standex operates in five segments: Electronics, Engraving, Scientific, Engineering Technologies, and Specialty Solutions across various global locations, including the U.S., Europe, and Asia.
Standex International Corporation (NYSE:SXI) has successfully completed the sale of its Procon Pumps business to Investindustrial. This sale was executed within the expected timeline and valuation, reflecting the company's strategy to focus on core operations. The CEO expressed confidence that this divestment serves the interests of shareholders and ensures Procon's continued success under its new ownership by CEME Group. Investment banking advisory was provided by Seale & Associates, with legal support from TCF Law Group. Investindustrial, established in 1990, manages over €12 billion in capital and supports mid-market companies globally.
Standex International Corporation (SXI) reported strong financial results for the second quarter of fiscal 2023, achieving a GAAP operating margin of 14.8% and record adjusted operating margin of 15.2%, marking a 160 bps increase year-on-year. The company posted 5.5% organic revenue growth, with three business segments exceeding 10% growth. Fast growth market sales surged 35% year-on-year to approximately $19 million, projected to increase 40% in FY 2023. Standex generated $24 million in free cash flow and announced a divestiture of the Procon business unit for about $75 million.
Net income from continuing operations rose 33.6% to $20.1 million. Despite challenges, the company maintained optimistic growth forecasts, aiming for a high-single-digit compounded annual growth rate by FY 2028.
Standex International Corporation (NYSE:SXI) announced the divestiture of its Procon Pumps business to Investindustrial for an enterprise value of $75 million. The transaction, expected to close in February 2023, enables Standex to focus on larger business opportunities and accelerate growth. In fiscal year 2022, Procon generated net revenues of $33.7 million. The proceeds from this sale will be allocated to organic and inorganic growth initiatives and shareholder returns. CEO David Dunbar expressed confidence in Investindustrial's ability to advance Procon’s strategic potential.
Standex International Corporation (NYSE: SXI) will announce its second quarter fiscal 2023 financial results on February 2, 2023, after market close. A live conference call is scheduled for 8:30 a.m. ET on February 3, 2023, featuring insights from President & CEO David Dunbar and CFO Ademir Sarcevic. The event will cover the Company's financial performance, business highlights, and future outlook. Investors can access the webcast via Standex’s website, with a replay available post-presentation.
Standex International Corporation (NYSE: SXI) has declared a quarterly cash dividend of $0.28 per share, payable on February 24, 2023, to shareholders of record as of February 9, 2023. This announcement marks the 234th consecutive quarterly cash dividend paid by the company, which has consistently paid dividends since becoming public in November 1964. With operations spanning across multiple countries including the U.S., Europe, and Asia, Standex continues to demonstrate its commitment to returning value to its shareholders.
Standex International Corporation (NYSE: SXI) announced that its President & CEO, David Dunbar, will present at the CJS Securities' 2023 New Ideas Virtual Conference on January 11, 2023. Interested investors can access the presentation via the Events and Presentations section of the Standex website. Standex operates globally across five business segments, including Electronics and Specialty Solutions, with a presence in multiple countries including the US, Europe, and Japan.
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