STANDEX REPORTS FISCAL THIRD QUARTER 2022 FINANCIAL RESULTS
Standex International reported strong Q3 fiscal 2022 results with net sales of $189.3 million, marking a 9.9% increase year-over-year. GAAP operating income surged by 333.1% to $24.5 million with an operating margin of 12.9%, up 960 basis points from the previous year. The company announced a new $100 million share repurchase authorization and achieved significant earnings growth, reflected in an adjusted diluted EPS of $1.54. Despite challenges from COVID-19 lockdowns in China, Standex reported a backlog of $267 million.
- Net sales increased by 9.9% year-over-year to $189.3 million.
- GAAP operating income rose by 333.1% to $24.5 million.
- New $100 million share repurchase authorization announced.
- Adjusted diluted EPS increased by 29.4% to $1.54.
- Expected revenue decline of $7 million to $9 million due to COVID-19 lockdown in China.
- Order Strength, Share Gains, and Productivity Initiatives Contributed to Solid Financial Performance
- Increased GAAP Operating Margin By 960 Basis Points and Adjusted Operating Margin By 160 Basis Points Year-Over-Year. Continued strong execution in challenging inflationary and supply chain environment
- Implementing Additional
$2 Million of Annualized Cost Saving Actions at the Engraving Segment - Announced New
$100 Million Share Repurchase Authorization Supported by Strong Balance Sheet and Liquidity Position - Recent Sensor Solutions Acquisition Already Realizing Sales Synergies
SALEM, N.H., May 5, 2022 /PRNewswire/ -- Standex International Corporation (NYSE: SXI) today reported financial results for the third quarter of fiscal year 2022 ending March 31, 2022.
Summary Financial Results - Total Standex | |||||||||
($M except EPS and Dividends) | 3Q22 | 3Q21 | 2Q22 | Y/Y | Q/Q | ||||
Net Sales | |||||||||
Operating Income - GAAP | |||||||||
Operating Income - Adjusted | |||||||||
Operating Margin - GAAP | +960 bps | +120 bps | |||||||
Operating Margin - Adjusted | +160 bps | +20 bps | |||||||
Net Income from Continuing Ops - GAAP | |||||||||
Net Income from Continuing Ops - Adjusted | |||||||||
EBITDA | |||||||||
EBITDA margin | +860 bps | +90 bps | |||||||
Adjusted EBITDA | |||||||||
Adjusted EBITDA margin | +50 bps | -10 bps | |||||||
Diluted EPS - GAAP | |||||||||
Diluted EPS - Adjusted | |||||||||
Dividends per share | |||||||||
Free Cash Flow | - | - | |||||||
Net Debt to EBITDA | 0.5x | 0.8x | 0.4x | - |
Third Quarter Fiscal 2022 Results
Commenting on the quarter's results, President and Chief Executive Officer David Dunbar said, "Our momentum continues with very solid financial performance including record Electronics segment sales and consolidated adjusted operating margin. In addition to solid execution on our growth strategy, ongoing price realization and productivity initiatives contributed to our earnings strength in the quarter. The consistent improvement in our financial results reflects the benefits of Standex's repositioned portfolio, increasingly aligned with sustainable global trends as we expand our range and penetration of innovative solutions.
"We continue to aggressively pursue new market opportunities, gaining further traction for applications in sectors with healthy growth prospects. Total company backlog realizable in under one year of approximately
"Despite the challenging operating environment, consolidated adjusted operating margin of
Outlook
In fiscal fourth quarter 2022, the Company expects a slight sequential decrease in revenue and operating margin, but an increase year-over-year. End market trends particularly in sectors such as electric vehicles, renewable energy, commercialization of space and defense remain strong, while food service equipment and commercial aviation continue to recover. However, the Company currently estimates the impact of the COVID-19 lockdown in China will defer sales of
As Standex enters fiscal 2023, the Company is well-positioned to grow as market trends remain strong, accelerated by an expanding new business opportunity funnel in fast growing end markets. The Company expects further margin improvement supported by continued effective management of inflationary trends, process improvements from additional operational excellence actions and ongoing G&A productivity initiatives.
Third Quarter Segment Operating Performance
Electronics (42% of sales;
3Q22 | 3Q21 | % Change | |
Electronics ($M) | |||
Revenue | |||
GAAP Operating Income | 19.2 | 12.4 | |
GAAP Operating Margin | |||
Adjusted Operating Income* | 19.2 | 12.4 | |
Adjusted Operating Margin* |
*Excludes less than |
Revenue increased approximately
Organic revenue growth was due to continued broad-based end market strength including increased demand for relays in renewable energy and electric vehicle applications and the impact of pricing actions. Adjusted operating income increased approximately
In fiscal fourth quarter 2022, on a sequential basis, the Company expects a moderate decrease in revenue and operating margin primarily due to the impact of the COVID-19 lockdown in China partially offset by continued strong demand across key end markets.
Engraving (
3Q22 | 3Q21 | % Change | |
Engraving ($M) | |||
Revenue | |||
Operating Income | 5.7 | 4.5 | |
Operating Margin |
Revenue increased approximately
In fiscal fourth quarter 2022, the Company expects a slight sequential decrease in revenue and operating margin due to the timing of projects and geographic mix. In addition, the Company is implementing new cost savings and margin improvement actions targeting
Scientific (
3Q22 | 3Q21 | % Change | |
Scientific ($M) | |||
Revenue | - | ||
Operating Income | 4.2 | 5.8 | - |
Operating Margin |
As expected, revenue decreased approximately
In fiscal fourth quarter 2022, on a sequential basis, the Company expects revenue to be similar and operating margin to decrease slightly due to product mix.
Engineering Technologies (
3Q22 | 3Q21 | % Change | |
Engineering Technologies ($M) | |||
Revenue | |||
Operating Income | 2.3 | 1.2 | |
Operating Margin |
Revenue increased approximately
In fiscal fourth 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 end market strength in commercial space and read out of productivity initiatives.
Specialty Solutions (
3Q22 | 3Q21 | % Change | |
Specialty Solutions ($M) | |||
Revenue | |||
Operating Income | 3.6 | 4.3 | - |
Operating Margin |
Specialty Solutions revenue increased approximately
In fiscal fourth quarter 2022, the Company expects a slight sequential increase in revenue reflecting increased production levels at our Hydraulics business unit and solid demand in our display merchandising business. The Company expects a moderate improvement in operating margin compared to fiscal third quarter 2022 due to increased demand and productivity initiatives.
Capital Allocation
- Share Repurchase: During the fiscal third quarter, the Company repurchased approximately 112,000 shares for
$11.9 million . On May 5, 2022, Standex announced that its Board of Directors had authorized a new share repurchase program of up to$100 million following the completion of the$0.6 million remaining under the current share repurchase authorization at the end of the fiscal third quarter. - Capital Expenditures: In fiscal third quarter 2022, Standex's capital expenditures were
$3.4 million compared to$5.4 million in the fiscal third 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 approximately$25 million . - Dividend: On April 27, 2022, the Company declared a quarterly cash dividend of
$0.26 per share, an approximately8.3% year-over-year increase. The dividend is payable on May 25, 2022, to shareholders of record on May 11, 2022.
Balance Sheet and Cash Flow Highlights
- Net Debt: Standex had net debt of
$65.8 million on March 31, 2022, compared to$63.1 million at the end of fiscal 2021 and$82.1 million at the end of fiscal third quarter 2021. Net debt for the third quarter of 2022 consisted primarily of long-term debt of approximately$200 million and cash and equivalents of$133.9 million of which approximately$100.6 million held by foreign subsidiaries.
Standex repatriated approximately$4.5 million in fiscal third quarter 2022 and$20.4 million in fiscal 2022. The company expects to repatriate between$30 million and$35 million in fiscal 2022. - Cash Flow: Net cash provided by continuing operating activities for the three months ended March 31, 2022, was
$11.9 million compared to net cash provided by continuing operating activities of$17 .8 million in the prior year's quarter. The Company generated free cash flow after capital expenditures of$8.5 million compared to free cash flow after capital expenditures of$12.4 million in the fiscal third quarter of 2021.
Conference Call Details
Standex will host a conference call for investors tomorrow, May 6, 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 May 6, 2023. To listen to the teleconference playback, please dial (877)-344-7529 in the U.S. or (412)-317-0088 internationally; the passcode is 6143696. The audio playback via phone will be available through May 13, 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.
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 | Nine Months Ended | |||||||||||
March 31, | March 31, | |||||||||||
(In thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | ||||||||
Net sales | $ | 189,281 | $ | 172,216 | $ | 550,600 | $ | 479,797 | ||||
Cost of sales | 120,900 | 109,516 | 347,210 | 304,344 | ||||||||
Gross profit | 68,381 | 62,700 | 203,390 | 175,453 | ||||||||
Selling, general and administrative expenses | 42,306 | 41,689 | 128,589 | 120,758 | ||||||||
Loss on sale of business | - | 14,624 | - | 14,624 | ||||||||
Restructuring costs | 1,186 | 482 | 2,469 | 2,478 | ||||||||
Acquisition related costs | 419 | 255 | 1,561 | 850 | ||||||||
Other operating (income) expense, net | - | - | 1,700 | - | ||||||||
Income from operations | 24,470 | 5,650 | 69,071 | 36,743 | ||||||||
Interest expense | 1,238 | 1,317 | 4,484 | 4,403 | ||||||||
Other non-operating (income) expense, net | 340 | 306 | 651 | 73 | ||||||||
Total | 1,578 | 1,623 | 5,135 | 4,476 | ||||||||
Income from continuing operations before income taxes | 22,892 | 4,027 | 63,936 | 32,267 | ||||||||
Provision for income taxes | 5,484 | 2,269 | 15,677 | 8,155 | ||||||||
Net income from continuing operations | 17,408 | 1,758 | 48,259 | 24,112 | ||||||||
Income (loss) from discontinued operations, net of tax | (86) | (331) | (135) | (1,588) | ||||||||
Net income | $ | 17,322 | $ | 1,427 | $ | 48,124 | $ | 22,524 | ||||
Basic earnings per share: | ||||||||||||
Income (loss) from continuing operations | $ | 1.45 | $ | 0.14 | $ | 4.02 | $ | 1.98 | ||||
Income (loss) from discontinued operations | (0.01) | (0.03) | (0.01) | (0.13) | ||||||||
Total | $ | 1.44 | $ | 0.11 | $ | 4.01 | $ | 1.85 | ||||
Diluted earnings per share: | ||||||||||||
Income (loss) from continuing operations | $ | 1.44 | $ | 0.14 | $ | 3.98 | $ | 1.97 | ||||
Income (loss) from discontinued operations | (0.01) | (0.03) | (0.01) | (0.13) | ||||||||
Total | $ | 1.43 | $ | 0.11 | $ | 3.97 | $ | 1.84 | ||||
Average Shares Outstanding | ||||||||||||
Basic | 11,982 | 12,136 | 12,009 | 12,185 | ||||||||
Diluted | 12,089 | 12,253 | 12,121 | 12,267 | ||||||||
Standex International Corporation | ||||||
Condensed Consolidated Balance Sheets | ||||||
(unaudited) | ||||||
March 31, | June 30, | |||||
(In thousands) | 2022 | 2021 | ||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 133,902 | $ | 136,367 | ||
Accounts receivable, net | 115,428 | 109,883 | ||||
Inventories | 103,930 | 91,862 | ||||
Prepaid expenses and other current assets | 41,800 | 23,504 | ||||
Income taxes receivable | 15,584 | 12,750 | ||||
Total current assets | 410,644 | 374,366 | ||||
Property, plant, equipment, net | 128,181 | 133,373 | ||||
Intangible assets, net | 91,545 | 98,929 | ||||
Goodwill | 275,127 | 278,054 | ||||
Deferred tax asset | 5,369 | 9,566 | ||||
Operating lease right-of-use asset | 35,558 | 37,276 | ||||
Other non-current assets | 27,144 | 30,659 | ||||
Total non-current assets | 562,924 | 587,857 | ||||
Total assets | $ | 973,568 | $ | 962,223 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Accounts payable | $ | 75,275 | $ | 74,756 | ||
Accrued liabilities | 57,185 | 61,717 | ||||
Income taxes payable | 9,279 | 7,236 | ||||
Total current liabilities | 141,739 | 143,709 | ||||
Long-term debt | 199,745 | 199,490 | ||||
Operating lease long-term liabilities | 28,683 | 29,041 | ||||
Accrued pension and other non-current liabilities | 75,781 | 83,558 | ||||
Total non-current liabilities | 304,209 | 312,089 | ||||
Stockholders' equity: | ||||||
Common stock | 41,976 | 41,976 | ||||
Additional paid-in capital | 88,197 | 80,788 | ||||
Retained earnings | 891,303 | 852,489 | ||||
Accumulated other comprehensive loss | (121,870) | (116,140) | ||||
Treasury shares | (371,986) | (352,688) | ||||
Total stockholders' equity | 527,620 | 506,425 | ||||
Total liabilities and stockholders' equity | $ | 973,568 | $ | 962,223 | ||
Standex International Corporation and Subsidiaries | |||||||
Statements of Consolidated Cash Flows | |||||||
(unaudited) | |||||||
Nine Months Ended | |||||||
March 31, | |||||||
(In thousands) | 2022 | 2021 | |||||
Cash Flows from Operating Activities | |||||||
Net income | $ | 48,124 | $ | 22,524 | |||
Income (loss) from discontinued operations | (135) | (1,588) | |||||
Income from continuing operations | 48,259 | 24,112 | |||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||
Depreciation and amortization | 22,411 | 24,843 | |||||
Stock-based compensation | 8,213 | 5,658 | |||||
Non-cash portion of restructuring charge | 595 | (538) | |||||
Loss on sale of business | - | 14,624 | |||||
Contributions to defined benefit plans | (157) | (7,962) | |||||
Net changes in operating assets and liabilities | (30,693) | (11,399) | |||||
Net cash provided by operating activities - continuing operations | 48,628 | 49,338 | |||||
Net cash provided by (used in) operating activities - discontinued operations | (375) | 2,225 | |||||
Net cash provided by (used in) operating activities | 48,253 | 51,563 | |||||
Cash Flows from Investing Activities | |||||||
Expenditures for property, plant and equipment | (13,138) | (15,612) | |||||
Expenditures for acquisitions, net of cash acquired | (9,902) | (27,406) | |||||
Proceeds from sale of business | - | 11,678 | |||||
Other investing activities | 5,718 | (1,449) | |||||
Net cash (used in) investing activities | (17,322) | (32,789) | |||||
Cash Flows from Financing Activities | |||||||
Contingent consideration payment | (1,167) | - | |||||
Activity under share-based payment plans | 1,318 | 1,117 | |||||
Purchase of treasury stock | (21,420) | (16,205) | |||||
Cash dividends paid | (9,148) | (8,547) | |||||
Net cash provided by (used in) financing activities | (30,417) | (23,635) | |||||
Effect of exchange rate changes on cash | (2,979) | 4,092 | |||||
Net changes in cash and cash equivalents | (2,465) | (769) | |||||
Cash and cash equivalents at beginning of year | 136,367 | 118,809 | |||||
Cash and cash equivalents at end of period | $ | 133,902 | $ | 118,040 | |||
Standex International Corporation | ||||||||||||
Selected Segment Data | ||||||||||||
(unaudited) | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
March 31, | March 31, | |||||||||||
(In thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||
Net Sales | ||||||||||||
Electronics | $ | 79,889 | $ | 65,085 | $ | 232,351 | $ | 180,524 | ||||
Engraving | 37,223 | 36,026 | 109,037 | 110,377 | ||||||||
Scientific | 18,914 | 24,221 | 65,079 | 58,777 | ||||||||
Engineering Technologies | 20,890 | 19,951 | 56,558 | 55,091 | ||||||||
Specialty Solutions | 32,365 | 26,933 | 87,575 | 75,028 | ||||||||
Total | $ | 189,281 | $ | 172,216 | $ | 550,600 | $ | 479,797 | ||||
Income from operations | ||||||||||||
Electronics | $ | 19,194 | $ | 12,364 | $ | 54,624 | $ | 30,861 | ||||
Engraving | 5,728 | 4,510 | 15,806 | 16,884 | ||||||||
Scientific | 4,155 | 5,803 | 14,153 | 14,113 | ||||||||
Engineering Technologies | 2,327 | 1,245 | 5,540 | 3,076 | ||||||||
Specialty Solutions | 3,632 | 4,251 | 10,185 | 11,368 | ||||||||
Restructuring | (1,186) | (482) | (2,469) | (2,478) | ||||||||
Loss on sale of business | - | (14,624) | - | (14,624) | ||||||||
Acquisition related costs | (419) | (255) | (1,561) | (850) | ||||||||
Corporate | (8,961) | (7,162) | (25,507) | (21,607) | ||||||||
Other operating income (expense), net | - | - | (1,700) | - | ||||||||
Total | $ | 24,470 | $ | 5,650 | $ | 69,071 | $ | 36,743 | ||||
Standex International Corporation | |||||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures | |||||||||||||||||
(unaudited) | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
(In thousands, except percentages) | 2022 | 2021 | % | 2022 | 2021 | % | |||||||||||
Adjusted income from operations and adjusted | |||||||||||||||||
Net Sales | $ | 189,281 | $ | 172,216 | $ | 550,600 | $ | 479,797 | |||||||||
Income from operations, as reported | $ | 24,470 | $ | 5,650 | $ | 69,071 | $ | 36,743 | |||||||||
Income from operations margin | |||||||||||||||||
Adjustments: | |||||||||||||||||
Restructuring charges | 1,186 | 482 | 2,469 | 2,478 | |||||||||||||
Acquisition-related costs | 419 | 255 | 1,561 | 850 | |||||||||||||
Litigation charge | - | - | 1,700 | - | |||||||||||||
Loss on sale of business | - | 14,624 | - | 14,624 | |||||||||||||
Purchase accounting expenses | 31 | - | 31 | 592 | |||||||||||||
Adjusted income from operations | $ | 26,106 | $ | 21,011 | $ | 74,832 | $ | 55,287 | |||||||||
Adjusted income from operations margin | |||||||||||||||||
Interest and other income (expense), net | (1,578) | (1,623) | (5,135) | (4,476) | |||||||||||||
Provision for income taxes | (5,484) | (2,269) | (15,677) | (8,155) | |||||||||||||
Discrete and other tax items | - | - | - | (196) | |||||||||||||
Tax impact of above adjustments | (392) | (2,559) | (1,413) | (3,215) | |||||||||||||
Net income from continuing operations, | $ | 18,652 | $ | 14,560 | $ | 52,607 | $ | 39,245 | |||||||||
EBITDA and Adjusted EBITDA: | |||||||||||||||||
Net income (loss) from continuing operations, | $ | 17,408 | $ | 1,758 | $ | 48,259 | $ | 24,112 | |||||||||
Net income from continuing operations margin | |||||||||||||||||
Add back: | |||||||||||||||||
Provision for income taxes | 5,484 | 2,269 | 15,677 | 8,155 | |||||||||||||
Interest expense | 1,238 | 1,317 | 4,484 | 4,403 | |||||||||||||
Depreciation and amortization | 7,189 | 8,322 | 22,411 | 24,843 | |||||||||||||
EBITDA | $ | 31,319 | $ | 13,666 | $ | 90,831 | $ | 61,513 | |||||||||
EBITDA Margin | |||||||||||||||||
Adjustments: | |||||||||||||||||
Restructuring charges | 1,186 | 482 | 2,469 | 2,478 | |||||||||||||
Acquisition-related costs | 419 | 255 | 1,561 | 850 | |||||||||||||
Litigation charge | - | - | 1,700 | - | |||||||||||||
Loss on sale of business | - | 14,624 | - | 14,624 | |||||||||||||
Purchase accounting expenses | 31 | - | 31 | 592 | |||||||||||||
Adjusted EBITDA | $ | 32,955 | $ | 29,027 | $ | 96,592 | $ | 80,057 | |||||||||
Adjusted EBITDA Margin | |||||||||||||||||
Free cash flow: | |||||||||||||||||
Net cash provided by operating activities - | $ | 11,929 | $ | 17,830 | $ | 48,628 | $ | 49,338 | |||||||||
Less: Capital expenditures | (3,417) | (5,466) | (13,138) | (15,612) | |||||||||||||
Free operating cash flow | $ | 8,512 | $ | 12,364 | $ | 35,490 | $ | 33,726 | |||||||||
Standex International Corporation | |||||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures | |||||||||||||||||
(unaudited) | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Adjusted earnings per share from continuing | March 31, | March 31, | |||||||||||||||
2022 | 2021 | % | 2022 | 2021 | % | ||||||||||||
Diluted earnings per share from continuing | $ | 1.44 | $ | 0.14 | $ | 3.98 | $ | 1.97 | |||||||||
Adjustments: | |||||||||||||||||
Restructuring charges | 0.07 | 0.02 | 0.16 | 0.15 | |||||||||||||
Acquisition-related costs | 0.03 | 0.01 | 0.10 | 0.05 | |||||||||||||
Litigation charge | - | - | 0.10 | - | |||||||||||||
Loss on sale of business | - | 1.02 | 1.02 | ||||||||||||||
Discrete tax items | - | - | - | (0.02) | |||||||||||||
Purchase accounting expenses | - | - | - | 0.04 | |||||||||||||
Diluted earnings per share from continuing | $ | 1.54 | $ | 1.19 | $ | 4.34 | $ | 3.21 | |||||||||
View original content to download multimedia:https://www.prnewswire.com/news-releases/standex-reports-fiscal-third-quarter-2022-financial-results-301541288.html
SOURCE Standex International Corporation
FAQ
What were Standex's Q3 fiscal 2022 earnings results?
What share repurchase program did Standex announce?
What impact did COVID-19 lockdowns in China have on Standex?
How did Standex's operating income perform in Q3 fiscal 2022?
