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STANDEX REPORTS FISCAL FIRST QUARTER 2025 FINANCIAL RESULTS

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Standex International (NYSE: SXI) reported fiscal Q1 2025 results with sales declining 7.7% to $170.5M. Despite revenue decline, the company achieved record gross margin of 41.1%, up 240 bps sequentially. The company announced acquisition of Amran/Narayan Group, its largest acquisition ever, expected to be immediately accretive to revenue growth, margins, and EPS. Adjusted operating margin remained stable at 15.9%, while adjusted EPS decreased 1.7% to $1.71. The company maintains a strong balance sheet with net cash position of $15.6M and expects market conditions to improve in second half of fiscal 2025.

Standex International (NYSE: SXI) ha riportato i risultati del primo trimestre fiscale 2025, con un calo delle vendite del 7,7% a $170,5 milioni. Nonostante la diminuzione delle entrate, l'azienda ha raggiunto un margine lordo record del 41,1%, in aumento di 240 punti base rispetto al trimestre precedente. La società ha annunciato l'acquisizione del Gruppo Amran/Narayan, la sua più grande acquisizione di sempre, che si prevede porterà benefici immediati alla crescita dei ricavi, ai margini e all'EPS. Il margine operativo rettificato è rimasto stabile al 15,9%, mentre l'EPS rettificato è diminuito dell'1,7% a $1,71. L'azienda mantiene un forte bilancio con una posizione di cassa netta di $15,6 milioni e si aspetta un miglioramento delle condizioni di mercato nella seconda metà del 2025 fiscale.

Standex International (NYSE: SXI) informó los resultados del primer trimestre fiscal 2025, con una disminución de las ventas del 7,7% a $170,5 millones. A pesar de la caída de ingresos, la compañía logró un margen bruto récord del 41,1%, un aumento de 240 puntos básicos secuencialmente. La compañía anunció la adquisición del Grupo Amran/Narayan, su mayor adquisición hasta la fecha, que se espera que sea inmediatamente favorable para el crecimiento de ingresos, márgenes y EPS. El margen operativo ajustado se mantuvo estable en el 15,9%, mientras que el EPS ajustado disminuyó un 1,7% a $1,71. La empresa mantiene un sólido balance con una posición de efectivo neto de $15,6 millones y espera que las condiciones del mercado mejoren en la segunda mitad del fiscal 2025.

스탠덱스 인터내셔널 (NYSE: SXI)는 2025 회계연도 1분기 실적을 보고했습니다. 매출은 7.7% 감소하여 1억 7,050만 달러에 이릅니다. 수익 감소에도 불구하고 회사는 41.1%기록적인 총 이익률을 달성했으며, 이는 연속적으로 240bp 상승한 수치입니다. 회사는 아므란/나라얀 그룹을 인수한다고 발표했으며, 이는 역대 최대 인수로 즉각적으로 매출 성장, 이익률 및 EPS에 긍정적으로 작용할 것으로 예상됩니다. 조정된 운영 마진은 15.9%로 안정적으로 유지되었으며, 조정된 EPS는 1.7% 감소하여 $1.71에 달했습니다. 회사는 1,560만 달러의 순 현금 포지션을 유지하고 있으며, 2025 회계연도 하반기 시장 조건이 개선될 것으로 예상하고 있습니다.

Standex International (NYSE: SXI) a annoncé les résultats du premier trimestre fiscal 2025, avec une baisse des ventes de 7,7% à 170,5 millions USD. Malgré cette baisse des revenus, l'entreprise a atteint un marge brute record de 41,1%, en hausse de 240 points de base par rapport au trimestre précédent. La société a annoncé l'acquisition du Groupe Amran/Narayan, sa plus grande acquisition à ce jour, qui devrait immédiatement contribuer à la croissance des revenus, aux marges et au BPA. La marge opérationnelle ajustée est restée stable à 15,9%, tandis que le BPA ajusté a diminué de 1,7% à 1,71 USD. L'entreprise maintient un bilan solide avec une position de trésorerie nette de 15,6 millions USD et s'attend à une amélioration des conditions du marché dans la seconde moitié de l’exercice 2025.

Standex International (NYSE: SXI) hat die Ergebnisse des ersten Quartals des Geschäftsjahres 2025 veröffentlicht, wobei die Verkäufe um 7,7% auf 170,5 Millionen USD sanken. Trotz des Rückgangs der Einnahmen erzielte das Unternehmen einen Rekord-Bruttogewinn von 41,1%, was einem Anstieg von 240 Basispunkten im Vergleich zum Vorquartal entspricht. Das Unternehmen gab die Übernahme der Amran/Narayan-Gruppe bekannt, die größte Akquisition der Unternehmensgeschichte, die voraussichtlich sofort positiv zum Umsatzwachstum, den Margen und dem EPS beitragen wird. Die bereinigte operative Marge blieb mit 15,9% stabil, während das bereinigte EPS um 1,7% auf 1,71 USD fiel. Das Unternehmen hält eine starke Bilanz mit einer Netto-Cash-Position von 15,6 Millionen USD und erwartet, dass sich die Marktbedingungen in der zweiten Hälfte des Geschäftsjahres 2025 verbessern werden.

Positive
  • Record gross margin of 41.1%, up 240 bps sequentially and 160 bps YoY
  • Strategic acquisition of Amran/Narayan Group expected to be immediately accretive
  • Strong balance sheet with $164.6M cash and net cash position of $15.6M
  • Increased quarterly dividend by 6.7% to $0.32 per share
Negative
  • Sales declined 7.7% to $170.5M
  • GAAP Operating Income decreased 10.5% to $24.1M
  • Free Cash Flow declined 10.3% to $10.8M
  • Electronics segment backlog decreased 30% year-on-year

Insights

This earnings report reveals mixed results with some concerning trends but also strategic positioning for future growth. The 7.7% revenue decline is notable, though partially offset by acquisitions. The standout positive is the record gross margin of 41.1%, showing strong operational efficiency despite lower sales.

The Amran/Narayan Group acquisition is particularly significant as the largest in company history, strategically positioning Standex in the high-growth electrical grid market. The company's strong balance sheet with net cash position of $15.6M and healthy free cash flow of $10.8M supports this expansion while maintaining financial flexibility.

Key metrics to watch include the 30% year-over-year decline in Electronics segment backlog and the 18.2% revenue drop in Engraving, though management expects stabilization in Q2 and strengthening in H2 FY25.

The market positioning strategy shows promise despite current headwinds. The focus on fast-growth markets (EVs, defense, space) demonstrates forward-thinking segment targeting, though these markets' flat year-over-year performance needs monitoring. The Amran/Narayan acquisition provides immediate access to the expanding electrical grid infrastructure market, particularly relevant given global grid modernization trends and data center growth.

The new product pipeline, with three launches this quarter and over a dozen planned for FY25, indicates strong innovation focus. The 0.96 book-to-bill ratio in Electronics, while below 1.0, shows sequential order improvement, suggesting potential stabilization.

  • Sales Declined 7.7% with Contributions from Acquisitions Partially Offsetting Organic Decline
  • Record GAAP and Adjusted Gross Margin of 41.1%; Up 240 bps Sequentially and 160 bps YOY
  • GAAP Operating Margin of 14.1%; Adjusted Operating Margin of 15.9%
  • Acquired Amran Instrument Transformers & Narayan Powertech Pvt., Ltd., Largest Acquisition in Company's History; Significantly Expands Presence in Fast-Growing, High-Margin Electrical Grid End Market; Expected to be Immediately Accretive to Revenue Growth, Margins, and EPS

SALEM, N.H., Oct. 29, 2024 /PRNewswire/ -- Standex International Corporation (NYSE: SXI) today reported financial results for the first quarter of fiscal year 2025 ended September 30, 2024.

 Summary Financial Results - Total






($M except EPS and Dividends)

1Q25

1Q24

4Q24

 Y/Y

Q/Q

Net Sales

$170.5

$184.8

$180.2

-7.7 %

-5.4 %

Operating Income – GAAP

$24.1

$26.9

$27.1

-10.5 %

-11.2 %

Operating Income – Adjusted

$27.0

$29.4

$28.7

-8.0 %

-6.0 %

Operating Margin % - GAAP

14.1 %

14.6 %

15.1 %

- 50 bps

- 100 bps

Operating Margin % - Adjusted

15.9 %

15.9 %

16.0 %

0 bps

- 10 bps

Net Income from Continuing Ops – GAAP

$18.2

$18.9

$19.7

-3.7 %

-7.6 %

Net Income from Continuing Ops – Adjusted

$20.3

$20.8

$20.9

-2.3 %

-2.6 %







EBITDA

$31.2

$33.2

$33.9

-5.9 %

-7.9 %

EBITDA margin

18.3 %

17.9 %

18.8 %

+ 40 bps

- 50 bps

Adjusted EBITDA

$34.1

$35.6

$35.5

-4.2 %

-3.8 %

Adjusted EBITDA margin

20.0 %

19.3 %

19.7 %

+ 70 bps

+ 30 bps







Diluted EPS – GAAP

$1.53

$1.58

$1.66

-3.2 %

-7.8 %

Diluted EPS – Adjusted

$1.71

$1.74

$1.76

-1.7 %

-2.8 %

Dividends per Share

$0.30

$0.28

$0.30

7.1 %

0.0 %







Free Cash Flow

$10.8

$12.1

$22.2

-10.3 %

-51.3 %

Net Debt to EBITDA

-0.1x

0.2x

0.0x

NM

NM

First Quarter Fiscal 2025 Results 

Commenting on the quarter's results, President and Chief Executive Officer David Dunbar said, "Following record profit and cash generation in fiscal year 2024, we delivered another solid operational performance in the fiscal first quarter with record gross margin. Sales from fast growth markets in electric vehicles, defense applications, and commercialization of space improved year-on-year, respectively, but were offset primarily by demand conditions affecting the soft trim business in our Engraving segment. In the fiscal first quarter, we achieved record gross margin of 41.1% and maintained adjusted operating margin near 16.0%, while continuing to support our growth initiatives. We remain optimistic about leading market indicators across most of our businesses."

"We also announced the acquisitions of Amran Instrument Transformers and Narayan Powertech Pvt., Ltd. ("Amran/Narayan Group"), leading US and India based manufacturers of low to medium voltage transformers. This acquisition significantly expands our presence in the fast-growing, high-margin electrical grid end market, which will benefit from infrastructure upgrades, capacity expansion and data center demand. We anticipate this acquisition to be immediately accretive to revenue growth, EBITDA margin, operating margin, earnings per share and free cash flow. We are excited about our combined resources potential to accelerate growth in the electrical grid market."  

"We remain confident about the secular trends in our defined fast growth end markets and for the added potential in the electrical grid market with the acquisition of the Amran/Narayan Group. In fiscal year 2024, our fast growth market sales grew 13% year-on-year to $94 million. In the fiscal first quarter 2025, sales from fast growth markets were relatively flat year-on-year, but we anticipate sequential and year-on-year improvement in the fiscal second quarter."

"In fiscal year 2025, based on recent order rates and customer interaction, we continue to expect our end markets to stabilize in the second quarter and strengthen in the second half. In the fiscal first quarter, we launched three new products and remain on track to release over a dozen new products in fiscal year 2025."

"Overall, we remain in a strong position for continued improvements in financial performance as market conditions improve. In terms of our balance sheet, we are confident in our ability to pay down debt and expect to reduce our net leverage ratio below 1.0x within the first 24 months from the closing of the Amran/Narayan Group."

Outlook

In the fiscal second quarter 2025, on a sequential basis, the Company expects moderately to significantly higher revenue, driven by the impact of the recent Amran/Narayan Group acquisition, more favorable project timing in Engraving, and improving overall demand in Electronics and Specialty. On a sequential basis, the Company expects slightly to moderately higher adjusted operating margin, benefiting from higher sales partially offset by increased investments in selling, marketing, and R&D. The Company also expects the Amran/Narayan Group acquisition to be slightly accretive to adjusted earnings per share in the fiscal second quarter 2025.

First Quarter Segment Operating Performance

Electronics (46% of sales; 48% of segment operating income)


1Q25

1Q24

% Change

Electronics ($M)




Revenue

77.7

81.7

-4.8 %

GAAP Operating Income

17.0

16.3

4.2 %

GAAP Operating Margin %

21.9

20.0


Adjusted Operating Income*

17.0

16.6

2.3 %

Adjusted Operating Margin %*

21.9

20.4


* Excludes purchase accounting expenses of $0.3M associated with Minntronix in Q1 FY24

Revenue decreased approximately $4.0 million or 4.8% year-on-year reflecting an 8.5% benefit from recent acquisitions and a 0.3% benefit from foreign currency, more than offset by an organic decline of 13.7%. The organic decline was due to continued softness in general industrial end markets in Europe, along with the effects of delays and prior overstocking related to certain large customer accounts. Adjusted operating income increased approximately $0.4 million or 2.3% year-on-year due to the contributions from recent acquisitions, productivity initiatives and product mix, partially offset by lower volume.

Electronics segment backlog realizable in under one year of approximately $93 million decreased 30% year-on-year. The segment had a book to bill ratio of 0.96 in the fiscal first quarter, with orders increasing 15% sequentially to approximately $75 million, the highest orders quarter in over a year.

In fiscal second quarter 2025, on a sequential basis, the Company expects significantly higher revenue, primarily driven by the recent Amran/Narayan Group acquisition and higher sales into fast growth end markets, and slightly to moderately higher adjusted operating margin, as the recent acquisition and pricing and productivity initiatives are partially offset by higher investments in selling, marketing, and R&D.

Engraving (20% of sales; 17% of segment operating income)


1Q25

1Q24

% Change

Engraving ($M)




Revenue

33.4

40.8

-18.2 %

Operating Income

5.8

7.6

-23.3 %

Operating Margin %

17.5

18.6


Revenue decreased approximately $7.4 million or 18.2% year-on-year reflecting a 17.5% organic decline, primarily due to delays in new platform rollouts in North America and delays and general market softness in Europe, and a foreign currency impact of 0.7%. Operating income decreased approximately $1.8 million or 23.3% year-on-year due to the slower demand in North America and Europe. Operating deleverage was partially offset from the realization of previously announced productivity initiatives and restructuring actions.

In fiscal second quarter 2025, on a sequential basis, the Company expects moderately higher revenue and slightly higher operating margin due to more favorable project timing in Asia and Europe and productivity initiatives.  

Scientific (10% of sales; 14% of segment operating income)


1Q25

1Q24

% Change

Scientific ($M)




Revenue

17.7

18.2

-2.7 %

Operating Income

4.7

4.9

-3.7 %

Operating Margin %

26.8

27.1


Revenue decreased approximately $0.5 million or 2.7% year-on-year reflecting lower demand from retail pharmacies, partially offset by higher volume from new product sales. Operating income decreased approximately $0.2 million or 3.7% year-on-year as the impact of lower volume and higher freight costs were partially offset by productivity actions.

In fiscal second quarter 2025, on a sequential basis, the Company expects similar revenue and slightly lower operating margin due to R&D investments and higher freight costs.

Engineering Technologies (12% of sales; 11% of segment operating income)


1Q25

1Q24

% Change

Engineering Technologies ($M)




Revenue

20.5

18.2

12.7 %

Operating Income

4.0

3.0

32.9 %

Operating Margin %

19.5

16.6


Revenue increased approximately $2.3 million or 12.7% year-on-year primarily driven by more favorable project timing in the space end market which helped to drive growth in new product development and new applications. Operating income increased approximately $1.0 million or 32.9% year-on-year reflecting leverage on higher sales and pricing and productivity initiatives.

In fiscal second quarter 2025, on a sequential basis, the Company expects similar to slightly higher revenue due to new products and new applications and slightly lower operating margin due to product mix.

Specialty Solutions (12% of sales; 10% of segment operating income)


1Q25

1Q24

% Change

Specialty Solutions ($M)




Revenue

21.1

25.9

-18.3 %

Operating Income

3.5

5.6

-36.8 %

Operating Margin %

16.8

21.7


Specialty Solutions revenue decreased approximately $4.7 million or 18.3% year-on-year, reflecting softness in the general market conditions in the Display Merchandising business and in the Hydraulics business. Operating income decreased approximately $2.1 million or 36.8% year-on-year due to lower volume.

In fiscal second quarter 2025, on a sequential basis, the Company expects slightly higher revenue and operating margin.

Capital Allocation

  • Share Repurchase: During the fiscal first quarter 2025, the Company repurchased approximately 24,810 shares for $4.4 million. There was $28.9 million remaining on the Company's current share repurchase authorization at the end of the fiscal first quarter 2025.
  • Capital Expenditures: In fiscal first quarter 2025, Standex's capital expenditures were $6.7 million compared to $4.3 million in the fiscal first quarter of 2024. The Company expects fiscal year 2025 capital expenditures between $35 million and $40 million. Capital expenditures were $20.3 million in fiscal 2024.
  • Dividend: On October 24, 2024, the Company declared a quarterly cash dividend of $0.32 per share, an approximately 6.7% year-on-year increase. The dividend is payable November 22, 2024, to shareholders of record on November 8, 2024.

Balance Sheet and Cash Flow Highlights

  • Net Debt: Standex had net (cash) debt of ($15.6) million on September 30, 2024, compared to $16.4 million at the end of fiscal first quarter 2024. Net (cash) debt for the first quarter of 2025 consisted primarily of long-term debt of $149.0 million and cash and equivalents of $164.6 million.
  • Cash Flow: Net cash provided by continuing operating activities for the three months ended September 30, 2024, was $17.5 million compared to $16.4 million in the prior year's quarter. Free cash flow after capital expenditures was $10.8 million compared to free cash flow after capital expenditures of $12.1 million in the fiscal first quarter of 2024. 

Conference Call Details

Standex will host a conference call for investors today, October 29, 2024, at 10:00 a.m. ET. On the call, David Dunbar, President, and CEO, and Ademir Sarcevic, CFO, will review the Company's financial results and business and operating highlights. Investors interested in listening to the webcast and viewing the slide presentation should log on to the "Investors" section of Standex's website under the subheading, "Events and Presentations," located at www.standex.com

A replay of the webcast will also be available on the Company's website shortly after the conclusion of the presentation online through October 29, 2025. To listen to the teleconference playback, please dial in the U.S. (888) 660-6345 or (646) 517-4150 internationally; the passcode is 60631#. The audio playback via phone will be available through November 5, 2024. The webcast replay can be accessed in the "Investor Relations" section of the Company's website, located at www.standex.com

Use of Non-GAAP Financial Measures

In addition to the financial measures prepared in accordance with generally accepted accounting principles ("GAAP"), the Company uses certain non-GAAP financial measures, including non-GAAP adjusted income from operations, non-GAAP adjusted net income from continuing operations, free operating cash flow, EBITDA (earnings before interest, taxes, depreciation and amortization) adjusted EBITDA, adjusted EBITDA to net debt, and adjusted earnings per share. The attached financial tables reconcile non-GAAP measures used in this press release to the most directly comparable GAAP measures. The Company believes that the use of non-GAAP measures which include the impact of restructuring charges, purchase accounting, insurance recoveries, discrete tax events, gain or loss on sale of a business unit, acquisition costs, and litigation costs help investors to obtain a better understanding of our operating results and prospects, consistent with how management measures and forecasts the Company's performance, especially when comparing such results to previous periods.  An understanding of the impact in a particular quarter of specific restructuring costs, acquisition expenses, or other gains and losses, on net income (absolute as well as on a per-share basis), operating income or EBITDA can give management and investors additional insight into core financial performance, especially when compared to quarters in which such items had a greater or lesser effect, or no effect.  Non-GAAP measures should be considered in addition to, and not as a replacement for, the corresponding GAAP measures, and may not be comparable to similarly titled measures reported by other companies.

About Standex

Standex International Corporation is a multi-industry manufacturer in five broad business segments: Electronics, Engraving, Scientific, Engineering Technologies, and Specialty Solutions with operations in the United States, Europe, Canada, Japan, Singapore, Mexico, Turkey, India, and China. For additional information, visit the Company's website at http://standex.com/.

Forward-Looking Statements

Statements contained in this Press Release that are not based on historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terminology such as "should," "could," "may," "will," "expect," "believe," "estimate," "anticipate," "intend," "continue," or similar terms or variations of those terms or the negative of those terms. There are many factors that affect the Company's business and the results of its operations and that may cause the actual results of operations in future periods to differ materially from those currently expected or anticipated. These factors include, but are not limited to: the impact of pandemics and other global crises or catastrophic events on employees, our supply chain, and the demand for our products and services around the world; materially adverse or unanticipated legal judgments, fines, penalties or settlements; conditions in the financial and banking markets, including fluctuations in exchange rates and the inability to repatriate foreign cash; domestic and international economic conditions, including the impact, length and degree of economic downturns on the customers and markets we serve and more specifically conditions in the automotive, construction, aerospace, defense, transportation, food service equipment, consumer appliance, energy, oil and gas and general industrial markets; lower-cost competition; the relative mix of products which impact margins and operating efficiencies in certain of our businesses; the impact of higher raw material and component costs, particularly steel, certain materials used in electronics parts, petroleum based products, and refrigeration components; the impact of higher transportation and logistics costs, especially with respect to transportation of goods from Asia; the impact of inflation on the costs of providing our products and services; an inability to realize the expected cost savings from restructuring activities including effective completion of plant consolidations, cost reduction efforts including procurement savings and productivity enhancements, capital management improvements, strategic capital expenditures, and the implementation of lean enterprise manufacturing techniques; the potential for losses associated with the exit from or divestiture of businesses that are no longer strategic or no longer meet our growth and return expectations; the inability to achieve the savings expected from global sourcing of raw materials and diversification efforts in emerging markets; the impact on cost structure and on economic conditions as a result of actual and threatened increases in trade tariffs; the inability to attain expected benefits from acquisitions and the inability to effectively consummate and integrate such acquisitions and achieve synergies envisioned by the Company; increased costs from acquisitions to improve and coordinate managerial, operational, financial, and administrative systems, including internal controls over financial reporting and  compliance with the Sarbanes-Oxley Act of 2002, and other costs related to such systems in connection with acquired businesses; market acceptance of our products; our ability to design, introduce and sell new products and related product components; the ability to redesign certain of our products to continue meeting evolving regulatory requirements; the impact of delays initiated by our customers; our ability to increase manufacturing production to meet demand including as a result of labor shortages; the impact on our operations of any successful cybersecurity attacks; and potential changes to future pension funding requirements. For a more comprehensive discussion of these and other factors, see the "Risk Factors" section of the Company's most recent annual report on Form 10-K filed with the SEC and available on the Company's website. In addition, any forward-looking statements represent management's estimates only as of the day made and should not be relied upon as representing management's estimates as of any subsequent date. While the Company may elect to update forward-looking statements at some point in the future, the Company and management specifically disclaim any obligation to do so, even if management's estimates change.

Standex International Corporation

Consolidated Statement of Operations




(unaudited)
















Three Months Ended





September 30,


(In thousands, except per share data)



2024



2023










Net sales


$

170,464



184,774


Cost of sales



100,391



112,139


Gross profit



70,073



72,635










Selling, general and administrative expenses



43,048



43,585


(Gain) loss on sale of business



-



(274)


Restructuring costs



1,086



1,906


Acquisition related costs



1,840



501










Income from operations



24,099



26,917










Interest expense



977



1,276


Other non-operating (income) expense, net



(28)



846


Total



949



2,122










Income from continuing operations before income taxes



23,150



24,795


Provision for income taxes



4,962



5,903


Net income from continuing operations



18,188



18,892










Income (loss) from discontinued operations, net of tax



9



(78)










Net income


$

18,197


$

18,814










Basic earnings per share:








Income (loss) from continuing operations


$

1.54


$

1.61


Income (loss) from discontinued operations



-



(0.01)


Total


$

1.54


$

1.60










Diluted earnings per share:








Income (loss) from continuing operations


$

1.53


$

1.58


Income (loss) from discontinued operations



-



-


Total


$

1.53


$

1.58










Average Shares Outstanding








   Basic



11,787



11,742


   Diluted



11,904



11,933


 

Standex International Corporation

Condensed Consolidated Balance Sheets

(unaudited)











September 30,



June 30,

(In thousands)



2024



2024








ASSETS







Current assets:







  Cash and cash equivalents


$

164,584



154,203

  Accounts receivable, net



118,697



121,365

  Inventories



90,121



87,106

  Prepaid expenses and other current assets



73,745



67,421

    Total current assets



447,147



430,095








Property, plant, equipment, net



138,373



134,963

Intangible assets, net



78,957



78,673

Goodwill



292,180



281,283

Deferred tax asset



19,303



17,450

Operating lease right-of-use asset



36,128



37,078

Other non-current assets



25,794



25,515

    Total non-current assets



590,735



574,962








Total assets


$

1,037,882


$

1,005,057








LIABILITIES AND STOCKHOLDERS' EQUITY













Current liabilities:







  Accounts payable


$

66,505



63,364

  Accrued liabilities



52,885



56,698

  Income taxes payable



6,607



7,503

    Total current liabilities



125,997



127,565








Long-term debt



148,985



148,876

Operating lease long-term liabilities



29,722



30,725

Accrued pension and other non-current liabilities


75,157



76,388

    Total non-current liabilities



253,864



255,989








Stockholders' equity:







  Common stock



41,976



41,976

  Additional paid-in capital



108,383



106,193

  Retained earnings



1,100,924



1,086,277

  Accumulated other comprehensive loss



(160,939)



(182,956)

  Treasury shares



(432,323)



(429,987)

     Total stockholders' equity



658,021



621,503








Total liabilities and stockholders' equity


$

1,037,882


$

1,005,057

 

Standex International Corporation and Subsidiaries





Statements of Consolidated Cash Flows





(unaudited)








Three Months Ended




September 30,

(In thousands)



2024



2023








Cash Flows from Operating Activities







Net income


$

18,197



18,814

Income (loss) from discontinued operations



9



(78)

Income from continuing operations



18,188



18,892








Adjustments to reconcile net income to net cash provided by operating activities:





Depreciation and amortization



7,061



7,082

Stock-based compensation



2,568



2,193

Non-cash portion of restructuring charge



(143)



397

(Gain) loss on sale of business



-



(274)

Contributions to defined benefit plans



(3,379)



(49)

Net changes in operating assets and liabilities



(6,748)



(11,834)

Net cash provided by operating activities - continuing operations



17,547



16,407

Net cash provided by (used in) operating activities - discontinued operations



26



(227)

Net cash provided by (used in) operating activities



17,573



16,180

Cash Flows from Investing Activities







    Expenditures for property, plant and equipment



(6,725)



(4,338)

    Expenditures for acquisitions, net of cash acquired



-



(29,229)

    Proceeds from the sale of business



-



274

    Other investing activities



411



-

Net cash provided by (used in) investing activities



(6,314)



(33,293)

Cash Flows from Financing Activities







    Payments of debt



-



(25,000)

    Activity under share-based payment plans



1,637



768

    Purchase of treasury stock



(4,382)



(22,158)

    Cash dividends paid



(3,528)



(3,288)

Net cash provided by (used in) financing activities



(6,273)



(49,678)








Effect of exchange rate changes on cash



5,395



(2,085)








Net changes in cash and cash equivalents



10,381



(68,876)

Cash and cash equivalents at beginning of year



154,203



195,706

Cash and cash equivalents at end of period


$

164,584


$

126,830

 

Standex International Corporation

Selected Segment Data

(unaudited)












Three Months Ended





September 30,


(In thousands)



2024



2023


Net Sales








Electronics


$

77,733


$

81,688


Engraving



33,363



40,794


Scientific



17,693



18,193


Engineering Technologies



20,530



18,220


Specialty Solutions



21,145



25,879


Total


$

170,464


$

184,774










Income from operations








Electronics


$

17,027


$

16,334


Engraving



5,824



7,595


Scientific



4,749



4,930


Engineering Technologies



4,010



3,017


Specialty Solutions



3,548



5,617


Restructuring



(1,086)



(1,906)


Gain (loss) on sale of business



-



274


Acquisition related costs



(1,840)



(501)


Corporate



(8,133)



(8,443)


Total


$

24,099


$

26,917


 

Standex International Corporation

Reconciliation of GAAP to Non-GAAP Financial Measures

(unaudited)
















Three Months Ended








September 30,




(In thousands, except percentages)



2024



2023


%
Change


Adjusted income from operations and adjusted net income from continuing operations:










Net Sales


$

170,464


$

184,774


-7.7 %


Income from operations, as reported


$

24,099


$

26,917


-10.5 %



Income from operations margin



14.1 %



14.6 %




Adjustments:











Restructuring charges



1,086



1,906





Acquisition-related costs



1,840



501





(Gain) loss on sale of business



-



(274)





Purchase accounting expenses



-



340




Adjusted income from operations


$

27,025


$

29,390


-8.0 %



Adjusted income from operations margin



15.9 %



15.9 %





Interest and other income (expense), net



(949)



(2,122)





Provision for income taxes



(4,962)



(5,903)





Discrete and other tax items



(72)



100





Tax impact of above adjustments



(702)



(654)




Net income from continuing operations, as adjusted


$

20,340


$

20,811


-2.3 %













EBITDA and Adjusted EBITDA:










Net income (loss) from continuing operations, as reported


$

18,188


$

18,892


-3.7 %



Net income from continuing operations margin



10.7 %



10.2 %




Add back:











Provision for income taxes



4,962



5,903





Interest expense



977



1,276





Depreciation and amortization



7,061



7,082




EBITDA


$

31,188


$

33,153


-5.9 %



EBITDA Margin



18.3 %



17.9 %




Adjustments:











Restructuring charges



1,086



1,906





Acquisition-related costs



1,840



501





(Gain) loss on sale of business



-



(274)





Purchase accounting expenses



-



340




Adjusted EBITDA


$

34,114


$

35,626


-4.2 %



Adjusted EBITDA Margin



20.0 %



19.3 %















Free operating cash flow:










Net cash provided by operating activities - continuing operations, as reported


$

17,547


$

16,407




Less: Capital expenditures



(6,725)



(4,338)




Free cash flow from continuing operations


$

10,822


$

12,069




 

Standex International Corporation

Reconciliation of GAAP to Non-GAAP Financial Measures

(unaudited)
















Three Months Ended




Adjusted earnings per share from continuing operations



September 30,






2024



2023


%
Change













Diluted earnings per share from continuing operations, as reported


$

1.53


$

1.58


-3.2 %













Adjustments:











Restructuring charges



0.07



0.12





Acquisition-related costs



0.12



0.03





(Gain) loss on sale of business



-



(0.02)





Discrete tax items



(0.01)



0.01





Purchase accounting expenses



-



0.02




Diluted earnings per share from continuing operations, as adjusted


$

1.71


$

1.74


-1.7 %













 

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SOURCE Standex International Corporation

FAQ

What was Standex's (SXI) revenue performance in Q1 2025?

Standex reported Q1 2025 revenue of $170.5M, representing a 7.7% decline compared to the same period last year.

What is the significance of Standex's (SXI) Amran/Narayan Group acquisition?

The Amran/Narayan Group acquisition is the largest in company history, expanding presence in the electrical grid market and expected to be immediately accretive to revenue growth, margins, and EPS.

What was Standex's (SXI) gross margin in Q1 2025?

Standex achieved a record gross margin of 41.1% in Q1 2025, up 240 basis points sequentially and 160 basis points year-over-year.

Standex International Corporation

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