STANDEX REPORTS FISCAL FIRST QUARTER 2025 FINANCIAL RESULTS
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%의 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.
- 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
- Sales declined 7.7% to $170.5M
- GAAP Operating Income decreased 10.5% to $24.1M
- Free Cash Flow declined 10.3% to $10.8M
- Electronics segment backlog decreased 30% year-on-year
Insights
This earnings report reveals mixed results with some concerning trends but also strategic positioning for future growth. The
The Amran/Narayan Group acquisition is particularly significant as the largest in company history, strategically positioning Standex in the high-growth electrical grid market. The company's strong balance sheet with net cash position of
Key metrics to watch include the
The market positioning strategy shows promise despite current headwinds. The focus on fast-growth markets (EVs, defense, space) demonstrates forward-thinking segment targeting, though these markets' flat year-over-year performance needs monitoring. The Amran/Narayan acquisition provides immediate access to the expanding electrical grid infrastructure market, particularly relevant given global grid modernization trends and data center growth.
The new product pipeline, with three launches this quarter and over a dozen planned for FY25, indicates strong innovation focus. The
- Sales Declined
7.7% with Contributions from Acquisitions Partially Offsetting Organic Decline - Record GAAP and Adjusted Gross Margin of
41.1% ; Up 240 bps Sequentially and 160 bps YOY - GAAP Operating Margin of
14.1% ; Adjusted Operating Margin of15.9% - Acquired Amran Instrument Transformers & Narayan Powertech Pvt., Ltd., Largest Acquisition in Company's History; Significantly Expands Presence in Fast-Growing, High-Margin Electrical Grid End Market; Expected to be Immediately Accretive to Revenue Growth, Margins, and EPS
Summary Financial Results - Total | |||||
($M except EPS and Dividends) | 1Q25 | 1Q24 | 4Q24 | Y/Y | Q/Q |
Net Sales | -7.7 % | -5.4 % | |||
Operating Income – GAAP | -10.5 % | -11.2 % | |||
Operating Income – Adjusted | -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 | -3.7 % | -7.6 % | |||
Net Income from Continuing Ops – Adjusted | -2.3 % | -2.6 % | |||
EBITDA | -5.9 % | -7.9 % | |||
EBITDA margin | 18.3 % | 17.9 % | 18.8 % | + 40 bps | - 50 bps |
Adjusted EBITDA | -4.2 % | -3.8 % | |||
Adjusted EBITDA margin | 20.0 % | 19.3 % | 19.7 % | + 70 bps | + 30 bps |
Diluted EPS – GAAP | -3.2 % | -7.8 % | |||
Diluted EPS – Adjusted | -1.7 % | -2.8 % | |||
Dividends per Share | 7.1 % | 0.0 % | |||
Free Cash Flow | -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
"We also announced the acquisitions of Amran Instrument Transformers and Narayan Powertech Pvt., Ltd. ("Amran/Narayan Group"), leading US and
"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
"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;
1Q25 | 1Q24 | % Change | |
Electronics ($M) | |||
Revenue | 77.7 | 81.7 | -4.8 % |
GAAP Operating Income | 17.0 | 16.3 | 4.2 % |
GAAP Operating Margin % | 21.9 | 20.0 | |
Adjusted Operating Income* | 17.0 | 16.6 | 2.3 % |
Adjusted Operating Margin %* | 21.9 | 20.4 |
* Excludes purchase accounting expenses of |
Revenue decreased approximately
Electronics segment backlog realizable in under one year of approximately
In fiscal second quarter 2025, on a sequential basis, the Company expects significantly higher revenue, primarily driven by the recent Amran/Narayan Group acquisition and higher sales into fast growth end markets, and slightly to moderately higher adjusted operating margin, as the recent acquisition and pricing and productivity initiatives are partially offset by higher investments in selling, marketing, and R&D.
Engraving (
1Q25 | 1Q24 | % Change | |
Engraving ($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
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
Scientific (
1Q25 | 1Q24 | % Change | |
Scientific ($M) | |||
Revenue | 17.7 | 18.2 | -2.7 % |
Operating Income | 4.7 | 4.9 | -3.7 % |
Operating Margin % | 26.8 | 27.1 |
Revenue decreased approximately
In fiscal second quarter 2025, on a sequential basis, the Company expects similar revenue and slightly lower operating margin due to R&D investments and higher freight costs.
Engineering Technologies (
1Q25 | 1Q24 | % Change | |
Engineering Technologies ($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
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 (
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
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 $28.9 million - Capital Expenditures: In fiscal first quarter 2025, Standex's capital expenditures were
$6.7 million $4.3 million $35 million $40 million $20.3 million - Dividend: On October 24, 2024, the Company declared a quarterly cash dividend of
$0.32 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
( on September 30, 2024, compared to$15.6) million $16.4 million $149.0 million $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 $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
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
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
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 | % | |||||||
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 | % | ||||||||
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
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