STANDEX REPORTS FISCAL SECOND QUARTER 2022 FINANCIAL RESULTS

Rhea-AI Summary

Standex International Corporation (NYSE:SXI) reported a strong second quarter for fiscal year 2022, achieving net sales of $185.7 million, an increase of 18.8% year-over-year. Adjusted operating income rose 41.7% to $25.2 million, with an adjusted operating margin of 13.6%, up 220 bps year-over-year. The company generated free cash flow of $18.9 million, reflecting an 11.6% year-over-year increase. Looking forward, Standex anticipates revenue growth driven by its Specialty Solutions and Electronics segments.

Positive

• Net sales increased by 18.8% year-over-year to $185.7 million.
• Adjusted operating income rose by 41.7% to $25.2 million.
• Adjusted operating margin improved to 13.6%, up 220 bps year-over-year.
• Free cash flow increased by 11.6% year-over-year to $18.9 million.
• Order backlog increased 53% compared to the same quarter last year.

Negative

• Operating income decreased by 4.6% compared to the previous quarter.
• EBITDA margin decreased by 50 bps from the previous quarter.
• Some segments, like Scientific, are expected to see lower revenue due to record sales in the prior quarter.

SALEM, N.H., Feb. 3, 2022 /PRNewswire/ -- Standex International Corporation (NYSE:SXI) today reported financial results for the second quarter of fiscal year 2022 ending December 31, 2021.

Summary Financial Results - Total Standex
($M except EPS and Dividends)	2Q22	2Q21	1Q22	Y/Y	Q/Q
Net Sales	$185.7	$156.3	$175.6	18.8%	5.8%
Operating Income - GAAP	$21.8	$16.7	$22.8	30.1%	-4.6%
Operating Income - Adjusted	$25.2	$17.8	$23.5	41.7%	7.5%
Operating Margin - GAAP	11.7%	10.7%	13.0%	+100 bps	-130 bps
Operating Margin - Adjusted	13.6%	11.4%	13.4%	+220 bps	+20 bps
Net Income from Continuing Ops - GAAP	$15.0	$12.0	$15.8	25.2%	-5.0%
Net Income from Continuing Ops - Adjusted	$17.6	$12.9	$16.3	37.2%	8.1%
EBITDA	$29.0	$25.1	$30.5	15.3%	-5.1%
EBITDA margin	15.6%	16.1%	17.4%	-50 bps	-180 bps
Adjusted EBITDA	$32.5	$26.2	$31.2	23.8%	4.1%
Adjusted EBITDA margin	17.5%	16.8%	17.8%	+70 bps	-30 bps
Diluted EPS - GAAP	$1.24	$0.98	$1.30	26.5%	-4.6%
Diluted EPS - Adjusted	$1.45	$1.05	$1.34	38.1%	8.2%
Dividends per share	$0.26	$0.24	$0.24	8.3%	8.3%
Free Cash Flow	$18.9	$17.0	$8.1	11.6%	134.5%
Net Debt to EBITDA	0.4x	0.9x	0.6x	-54.8%	-27.6%

Second Quarter Fiscal 2022 Results 

Commenting on the quarter's results, President and Chief Executive Officer David Dunbar said, "We are very pleased with our strong second quarter performance, which was above our expectations with record quarterly sales in both the Electronics and Scientific segments, as we delivered significant organic growth and strong consolidated adjusted operating margin in the quarter.  We continue to see the benefit of our ongoing productivity and efficiency initiatives which also results in further strengthening of our financial flexibility. We are excited about the new business opportunities in front of us and are very well-positioned to further execute on our growth strategy given our healthy order trends, consistent cash flow generation and portfolio of high-quality businesses.  

Order trends in our end markets remain favorable with broad-based demand growth and market share gains, particularly in high growth markets. Total company backlog realizable in under one year increased approximately 11% sequentially and 53% compared to fiscal second quarter 2021 with strength particularly at the Electronics, Specialty Solutions, and Scientific segments. We are also progressing our work on a solar power project with a global energy company and expect to move to a pilot plant phase by calendar year-end. As a result, we are well positioned to exceed our prior long-term revenue outlook of mid-single digit organic growth.   

"Despite the challenging operating environment, our approach globally remains highly collaborative and well-coordinated, as we continue to drive cost management through manufacturing and supply chain productivity initiatives together with price realization actions.  Consolidated adjusted operating margin of 13.6% in fiscal second quarter 2022 represented a 220 basis points increase year-over-year and 20 basis points improvement sequentially.  In addition, the Electronics segment remains on track to substantially complete our reed switch production and material substitution project by the end of fiscal 2022. 

"Our financial profile also further strengthened in the second quarter, positioning us well to invest in a very active pipeline of organic and inorganic growth opportunities. The Company had approximately $281 million in available liquidity and a net debt to adjusted EBITDA ratio of approximately 0.42x at the end of the fiscal second quarter 2022. We also generated free operating cash flow of approximately $18.9 million in the quarter, an 11.6% increase year-over-year, reflecting improvement in working capital metrics.

"In the second half of fiscal 2022, we expect to continue to build on current momentum and deliver improved results both year-over-year and compared to first half of fiscal 2022. Our business portfolio is increasingly aligned with sustainable global growth trends across a diverse group of end markets including electric vehicles, renewable energy, space commercialization and smart grid. In addition, we are also further leveraging our market positions and deep technical and applications expertise through highly targeted investment in research and development, expanding our base of innovative solutions and compelling customer value propositions," concluded Dunbar.

Outlook

In fiscal third quarter 2022, the Company expects revenue to be similar to slightly higher and operating margin to be slightly higher on a sequential basis and significantly higher compared to fiscal third quarter 2021.

Compared to fiscal second quarter 2022, the Company expects that the Specialty Solutions and Electronics segments will be the primary drivers of revenue increase.   This growth is expected to be balanced by a moderate revenue decrease at the Scientific segment due to anticipated lower demand following record sales in the second quarter. Revenue at Engineering Technologies is expected to be sequentially similar to slightly higher with Engraving revenue similar to fiscal second quarter 2022 sales.

Second Quarter Segment Operating Performance

Electronics (41% of sales; 51% of segment operating income)

	2Q22	2Q21	% Change
Electronics ($M)
Revenue	$76.6	$60.2	27.4%
Operating Income	17.2	10.0	72.2%
Operating Margin	22.4%	16.6%

Revenue increased approximately $16.4 million or 27.4% year-over-year reflecting a 27.9% organic growth rate partially offset by an approximate 0.5% impact from foreign exchange.  Organic revenue growth was due to continued broad-based end market strength including increased demand for relays in renewable energy and electric vehicle applications as well as the impact of pricing actions. 

Operating income increased approximately $7.2 million or 72.2% year-over-year which reflected operating leverage associated with revenue growth, pricing, and productivity actions. 

In fiscal third quarter 2022, the Company expects a slight sequential increase in revenue and operating margin reflecting continued positive end market demand trends and associated operating leverage.  Year-over-year, the Company expects revenue and operating margin to increase significantly compared to fiscal third quarter 2021.

Engraving (20% of sales; 15% of segment operating income)

	2Q22	2Q21	% Change
Engraving ($M)
Revenue	$36.6	$38.0	-3.4%
Operating Income	5.2	6.5	-20.0%
Operating Margin	14.2%	17.1%

Revenue and operating income both decreased year-over-year approximately $1.3 million or 3.4% and 20.0% respectively, reflecting the timing of projects and geographic mix.   In fiscal third quarter 2022, the Company expects sales and operating margin to be sequentially similar due to a decrease in project work in Asia, associated with the Chinese New Year, offset by contribution from projects in Europe and growth in soft trim sales. 

Scientific (13% of sales; 16% of segment operating income)

	2Q22	2Q21	% Change
Scientific ($M)
Revenue	$24.6	$17.9	37.7%
Operating Income	5.5	4.2	29.7%
Operating Margin	22.3%	23.7%

Revenue increased approximately $6.7 million or 37.7% year-over-year reflecting positive trends in pharmaceutical, clinical laboratories, and academic institution end markets complemented by ongoing strong demand for COVID-19 vaccine storage.  Operating income increased approximately $1.3 million or 29.7% year-over-year, reflecting the volume increase and pricing initiatives balanced with investments to support future growth opportunities and higher freight costs. 

In fiscal third quarter 2022, the Company expects a moderate decrease in revenue and operating margin compared to fiscal second quarter 2022 reflecting lower volume.  Fiscal second quarter 2022 represented the highest quarterly sales in the Scientific segment's history.  

Engineering Technologies (10% of sales; 7% of segment operating income)

	2Q22	2Q21	% Change
Engineering Technologies ($M)
Revenue	$18.1	$17.5	3.4%
Operating Income	2.3	1.4	69.8%
Operating Margin	12.8%	7.8%

Revenue increased $0.6 million or 3.4% year-over-year reflecting continued recovery in commercial aviation demand and growth in power generation end markets offset by the absence of the recently divested Enginetics business.  Enginetics contributed approximately $2.3 million in revenue to fiscal second quarter 2021.

Operating income increased approximately $0.9 million or 69.8% primarily reflecting recovery in commercial aviation end markets and the absence of the divested Enginetics business.

In fiscal third quarter 2022, the Company expects revenue to be sequentially similar to slightly higher with a slight to moderate increase in operating margin.  This outlook reflects growth in space and medical end markets and the impact of productivity initiatives.

Specialty Solutions (16% of sales; 11% of segment operating income)

	2Q22	2Q21	% Change
Specialty Solutions ($M)
Revenue	$29.7	$22.8	30.4%
Operating Income	3.7	3.2	16.4%
Operating Margin	12.6%	14.1%

On a year-over-year basis, Specialty Solutions revenue increased approximately $6.9 million or 30.4% and operating income increased $0.5 million or 16.4%.  Fiscal second quarter 2022 results reflected positive trends in food service, specialty retail, and refuse end markets.  These results were balanced with material inflation and increased freight costs which the Company is seeking to recover through pricing actions.

In fiscal third quarter 2022, the Company expects a slight to moderate increase in revenue and operating margin compared to fiscal second quarter 2022 reflecting execution on a solid backlog position.  

Capital Allocation

• Capital Expenditures: In fiscal second quarter 2022, Standex's capital expenditures were $4.7 million compared to $5.3 million in the fiscal second quarter of 2021.  Investments were focused on maintenance, safety, and the Company's highest priority growth initiatives.  The Company expects fiscal year 2022 capital expenditures between $25 million and $30 million.

• Dividends:  On January 27, 2022, the Company declared a quarterly cash dividend of $0.26 per share, an approximately 8.3% year-over-year increase.  The dividend is payable on February 25, 2022, to shareholders of record on February 11, 2022. 

Balance Sheet and Cash Flow Highlights

• Net Debt: Standex had net debt of $52.5 million at December 31, 2021 compared to $63.1 million at the end of fiscal 2021 and $90.9 million at the end of fiscal second quarter 2021.  Net debt for the first quarter of 2022 consisted primarily of long-term debt of approximately $200 million and cash and equivalents of $147 million of which approximately $100 million was held by foreign subsidiaries. The Company's net debt to adjusted EBITDA leverage ratio was approximately 0.42x at the end of the fiscal second quarter 2022. 

• Cash Flow:  Net cash provided by continuing operating activities for the three months ended December 31, 2021 was $23.6 million compared to net cash provided by continuing operating activities of $22.3 million in the prior year. The Company generated free cash flow after capital expenditures of $18.9 million compared to free cash flow after capital expenditures of $17.0 million in the fiscal second quarter of 2021. 

Conference Call Details

Standex will host a conference call for investors tomorrow, February 4, 2022, at 8:30 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 February 4, 2023. To listen to the teleconference playback, please dial (877)-344-7529 in the U.S. or (412)- 317-0088 internationally; the passcode is 5716190.  The audio playback via phone will be available through February 11, 2022. 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 including the impact of restructuring charges, purchase accounting, insurance recoveries, discrete tax events, loss on sale of a business unit, and acquisition 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, Brazil, Turkey, South Africa, 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 such as the current coronavirus 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; 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; and potential changes to future pension funding requirements. 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						Six Months Ended
			December 31,						December 31,
(In thousands, except per share data)			2021			2020			2021			2020
Net sales		$	185,709		$	156,283		$	361,319		$	307,569
Cost of sales			116,937			98,267			226,310			194,816
Gross profit			68,772			58,016			135,009			112,753
Selling, general and administrative expenses			43,531			40,199			86,283			79,069
Restructuring costs			843			509			1,283			1,996
Acquisition related costs			925			570			1,142			596
Other operating (income) expense, net			1,700			-			1,700			-
Income from operations			21,773			16,738			44,601			31,092
Interest expense			1,526			1,601			3,246			3,086
Other non-operating (income) expense, net			288			(60)			311			(231)
Total			1,814			1,541			3,557			2,855
Income from continuing operations before income taxes			19,959			15,197			41,044			28,237
Provision for income taxes			4,929			3,189			10,193			5,885
Net income from continuing operations			15,030			12,008			30,851			22,352
Income (loss) from discontinued operations, net of tax			(46)			(631)			(49)			(1,258)
Net income		$	14,984		$	11,377		$	30,802		$	21,094
Basic earnings per share:
Income (loss) from continuing operations		$	1.25		$	0.98		$	2.56		$	1.83
Income (loss) from discontinued operations			-			(0.05)			-			(0.10)
Total		$	1.25		$	0.93		$	2.56		$	1.73
Diluted earnings per share:
Income (loss) from continuing operations		$	1.24		$	0.98		$	2.54		$	1.82
Income (loss) from discontinued operations			-			(0.05)			-			(0.10)
Total		$	1.24		$	0.93		$	2.54		$	1.72
Average Shares Outstanding
Basic			12,033			12,195			12,028			12,213
Diluted			12,138			12,270			12,144			12,277

 

Standex International Corporation
Condensed Consolidated Balance Sheets
(unaudited)
			December 31,			June 30,
(In thousands)			2021			2021
ASSETS
Current assets:
Cash and cash equivalents		$	147,155		$	136,367
Accounts receivable, net			107,107			109,883
Inventories			102,223			91,862
Prepaid expenses and other current assets			28,869			23,504
Income taxes receivable			12,025			12,750
Total current assets			397,379			374,366
Property, plant, equipment, net			129,242			133,373
Intangible assets, net			92,852			98,929
Goodwill			273,760			278,054
Deferred tax asset			7,851			9,566
Operating lease right-of-use asset			37,819			37,276
Other non-current assets			31,667			30,659
Total non-current assets			573,191			587,857
Total assets		$	970,570		$	962,223
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	75,254		$	74,756
Accrued liabilities			53,941			61,717
Income taxes payable			8,815			7,236
Total current liabilities			138,010			143,709
Long-term debt			199,660			199,490
Operating lease long-term liabilities			30,114			29,041
Accrued pension and other non-current liabilities			79,336			83,558
Total non-current liabilities			309,110			312,089
Stockholders' equity:
Common stock			41,976			41,976
Additional paid-in capital			84,560			80,788
Retained earnings			877,158			852,489
Accumulated other comprehensive loss			(120,010)			(116,140)
Treasury shares			(360,234)			(352,688)
Total stockholders' equity			523,450			506,425
Total liabilities and stockholders' equity		$	970,570		$	962,223

 

Standex International Corporation and Subsidiaries
Statements of Consolidated Cash Flows
(unaudited)
				Six Months Ended
				December 31,
(In thousands)				2021			2020
Cash Flows from Operating Activities
Net income		$		30,802		$	21,094
Income (loss) from discontinued operations				(49)			(1,258)
Income from continuing operations				30,851			22,352
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization				15,222			16,521
Stock-based compensation				4,625			4,288
Non-cash portion of restructuring charge				337			(492)
Contributions to defined benefit plans				(104)			(4,880)
Net changes in operating assets and liabilities				(14,232)			(6,281)
Net cash provided by operating activities - continuing operations				36,699			31,508
Net cash provided by (used in) operating activities - discontinued operations				(364)			2,254
Net cash provided by (used in) operating activities				36,335			33,762
Cash Flows from Investing Activities
Expenditures for property, plant and equipment				(9,721)			(10,145)
Expenditures for acquisitions, net of cash acquired				-			(27,398)
Other investing activities				1,646			275
Net cash (used in) investing activities				(8,075)			(37,268)
Cash Flows from Financing Activities
Contingent consideration payment				(1,167)			-
Activity under share-based payment plans				1,147			971
Purchase of treasury stock				(9,546)			(7,593)
Cash dividends paid				(6,019)			(5,624)
Net cash provided by (used in) financing activities				(15,585)			(12,246)
Effect of exchange rate changes on cash				(1,887)			6,053
Net changes in cash and cash equivalents				10,788			(9,699)
Cash and cash equivalents at beginning of year				136,367			118,809
Cash and cash equivalents at end of period		$		147,155		$	109,110

 

Standex International Corporation
Selected Segment Data
(unaudited)
			Three Months Ended						Six Months Ended
			December 31,						December 31,
(In thousands)			2021			2020			2021			2020
Net Sales
Electronics		$	76,626		$	60,156		$	152,462		$	115,427
Engraving			36,644			37,950			71,814			74,351
Scientific			24,636			17,893			46,165			34,556
Engineering Technologies			18,095			17,507			35,668			35,140
Specialty Solutions			29,708			22,777			55,210			48,095
Total		$	185,709		$	156,283		$	361,319		$	307,569
Income from operations
Electronics		$	17,157		$	9,962		$	35,430		$	18,497
Engraving			5,204			6,501			10,078			12,374
Scientific			5,490			4,234			9,998			8,310
Engineering Technologies			2,314			1,363			3,213			1,831
Specialty Solutions			3,738			3,211			6,553			7,117
Restructuring			(843)			(509)			(1,283)			(1,996)
Acquisition related costs			(925)			(570)			(1,142)			(596)
Corporate			(8,662)			(7,454)			(16,546)			(14,445)
Other operating income (expense), net			(1,700)			-			(1,700)			-
Total		$	21,773		$	16,738		$	44,601		$	31,092

 

Standex International Corporation
Reconciliation of GAAP to Non-GAAP Financial Measures
(unaudited)
				Three Months Ended								Six Months Ended
				December 31,								December 31,
(In thousands, except percentages)				2021			2020		% Change			2021			2020		% Change
Adjusted income from operations and adjusted net income from continuing operations:
Net Sales			$	185,709		$	156,283		18.8%		$	361,319		$	307,569		17.5%
Income from operations, as reported			$	21,773		$	16,738		30.1%		$	44,601		$	31,092		43.4%
	Income from operations margin			11.7%			10.7%					12.3%			10.1%
Adjustments:
	Restructuring charges			843			509					1,283			1,996
	Acquisition-related costs			925			570					1,142			596
	Litigation charge			1,700			-					1,700			-
	Purchase accounting expenses			-			-					-			592
Adjusted income from operations			$	25,241		$	17,817		41.7%		$	48,726		$	34,276		42.2%
	Adjusted income from operations margin			13.6%			11.4%					13.5%			11.1%
	Interest and other income (expense), net			(1,814)			(1,541)					(3,557)			(2,855)
	Provision for income taxes			(4,929)			(3,189)					(10,193)			(5,885)
	Discrete and other tax items			-			-					-			(196)
	Tax impact of above adjustments			(857)			(226)					(1,021)			(662)
Net income from continuing operations, as adjusted			$	17,641		$	12,862		37.2%		$	33,955		$	24,678		37.6%
EBITDA and Adjusted EBITDA:
Net income (loss) from continuing operations, as reported			$	15,030		$	12,008		25.2%		$	30,851		$	22,352
	Net income from continuing operations margin			8.1%			7.7%					8.5%			7.3%
Add back:
	Provision for income taxes			4,929			3,189					10,193			5,885
	Interest expense			1,526			1,601					3,246			3,086
	Depreciation and amortization			7,497			8,328					15,222			16,521
EBITDA			$	28,982		$	25,126		15.3%		$	59,512		$	47,844		24.4%
	EBITDA Margin			15.6%			16.1%					16.5%			15.6%
Adjustments:
	Restructuring charges			843			509					1,283			1,996
	Acquisition-related costs			925			570					1,142			596
	Litigation charge			1,700			-					1,700			-
	Purchase accounting expenses			-			-					-			592
Adjusted EBITDA			$	32,450		$	26,205		23.8%		$	63,637		$	51,028		24.7%
	Adjusted EBITDA Margin			17.5%			16.8%					17.6%			16.6%
Free cash flow:
Net cash provided by operating activities - continuing operations, as reported			$	23,613		$	22,276				$	36,699		$	31,508
Less: Capital expenditures				(4,699)			(5,325)					(9,721)			(10,145)
Free operating cash flow			$	18,914		$	16,951				$	26,978		$	21,363

 

Standex International Corporation
Reconciliation of GAAP to Non-GAAP Financial Measures
(unaudited)
				Three Months Ended								Six Months Ended
Adjusted earnings per share from continuing operations				December 31,								December 31,
				2021			2020		% Change			2021			2020		% Change
Diluted earnings per share from continuing operations, as reported			$	1.24		$	0.98		26.5%		$	2.54		$	1.82		39.6%
Adjustments:
	Restructuring charges			0.05			0.03					0.09			0.13
	Acquisition-related costs			0.06			0.04					0.07			0.04
	Litigation charge			0.10			-					0.10			-
	Discrete tax items			-			-					-			(0.02)
	Purchase accounting expenses			-			-					-			0.04
Diluted earnings per share from continuing operations, as adjusted			$	1.45		$	1.05		38.1%		$	2.80		$	2.01		39.3%

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/standex-reports-fiscal-second-quarter-2022-financial-results-301475306.html

SOURCE Standex International Corporation

FAQ

What were Standex's earnings for the second quarter of fiscal year 2022?

Standex reported net sales of $185.7 million and adjusted operating income of $25.2 million for the second quarter of fiscal year 2022.

How did Standex perform compared to the same quarter last year?

Standex's net sales increased by 18.8% and adjusted operating income increased by 41.7% year-over-year.

What is the outlook for Standex's revenue in the third quarter of fiscal year 2022?

Standex expects revenue to be similar to slightly higher in the third quarter, with the Specialty Solutions and Electronics segments driving growth.

What was the dividend declared by Standex in January 2022?

Standex declared a quarterly cash dividend of $0.26 per share, an 8.3% increase year-over-year.

What are the key segments driving growth for Standex?

The Electronics and Specialty Solutions segments are the primary drivers of revenue growth for Standex.