Workflow
Standex(SXI) - 2025 Q1 - Quarterly Results
SXIStandex(SXI)2024-10-29 11:22

Revenue Performance - Sales declined 7.7% YoY to 170.5M,withacquisitionspartiallyoffsettingorganicdecline[1][2]−NetsalesforQ32024were170.5M, with acquisitions partially offsetting organic decline[1][2] - Net sales for Q3 2024 were 170.464 million, a decrease of 7.8% compared to 184.774millioninQ32023[27]−NetsalesforQ32024were184.774 million in Q3 2023[27] - Net sales for Q3 2024 were 170.464 million, down 7.7% from 184.774millioninQ32023[31]−Electronicssegmentrevenuedecreased4.8184.774 million in Q3 2023[31] - Electronics segment revenue decreased 4.8% YoY to 77.7M, with organic decline of 13.7%[6][8] - Engraving segment revenue decreased 18.2% YoY to 33.4M,primarilyduetodelaysinnewplatformrollouts[11]−EngineeringTechnologiessegmentrevenueincreased12.733.4M, primarily due to delays in new platform rollouts[11] - Engineering Technologies segment revenue increased 12.7% YoY to 20.5M, driven by space end market growth[13] - Specialty Solutions segment revenue decreased 18.3% YoY to 21.1M,reflectingsoftnessinDisplayMerchandisingandHydraulicsbusinesses[14]−ElectronicssegmentnetsalesforQ32024were21.1M, reflecting softness in Display Merchandising and Hydraulics businesses[14] - Electronics segment net sales for Q3 2024 were 77.733 million, down from 81.688millioninQ32023[30]−EngravingsegmentnetsalesforQ32024were81.688 million in Q3 2023[30] - Engraving segment net sales for Q3 2024 were 33.363 million, a decrease from 40.794millioninQ32023[30]ProfitabilityandMargins−RecordGAAPandadjustedgrossmarginof41.140.794 million in Q3 2023[30] Profitability and Margins - Record GAAP and adjusted gross margin of 41.1%, up 240 bps sequentially and 160 bps YoY[1] - Gross profit for Q3 2024 was 70.073 million, down 3.5% from 72.635millioninQ32023[27]−NetincomefromcontinuingoperationsforQ32024was72.635 million in Q3 2023[27] - Net income from continuing operations for Q3 2024 was 18.188 million, a slight decrease from 18.892millioninQ32023[27]−NetincomeforQ32024was18.892 million in Q3 2023[27] - Net income for Q3 2024 was 18.197 million, a slight decrease from 18.814millioninQ32023[29]−AdjustedincomefromoperationsforQ32024was18.814 million in Q3 2023[29] - Adjusted income from operations for Q3 2024 was 27.025 million, a decrease of 8.0% from 29.390millioninQ32023[31]−AdjustedEBITDAforQ32024was29.390 million in Q3 2023[31] - Adjusted EBITDA for Q3 2024 was 34.114 million, down 4.2% from 35.626millioninQ32023[31]−AdjusteddilutedearningspersharefromcontinuingoperationsforQ32024was35.626 million in Q3 2023[31] - Adjusted diluted earnings per share from continuing operations for Q3 2024 was 1.71, down 1.7% from 1.74inQ32023[32]CashFlowandFinancialPosition−Freecashflowdecreased10.31.74 in Q3 2023[32] Cash Flow and Financial Position - Free cash flow decreased 10.3% YoY to 10.8M, with capital expenditures of 6.7MinQ12025[2][17]−FreecashflowfromcontinuingoperationsforQ32024was6.7M in Q1 2025[2][17] - Free cash flow from continuing operations for Q3 2024 was 10.822 million, compared to 12.069millioninQ32023[31]−Cashandcashequivalentsincreasedto12.069 million in Q3 2023[31] - Cash and cash equivalents increased to 164.584 million as of September 30, 2024, up from 154.203millionasofJune30,2024[28]−CashandcashequivalentsattheendofQ32024were154.203 million as of June 30, 2024[28] - Cash and cash equivalents at the end of Q3 2024 were 164.584 million, compared to 126.830millionattheendofQ32023[29]−Netdebtpositionimprovedto(126.830 million at the end of Q3 2023[29] - Net debt position improved to (15.6)M, with long-term debt of 149.0Mandcashequivalentsof149.0M and cash equivalents of 164.6M[19] - Long-term debt remained relatively stable at 148.985millionasofSeptember30,2024,comparedto148.985 million as of September 30, 2024, compared to 148.876 million as of June 30, 2024[28] - Total assets grew to 1.037882billionasofSeptember30,2024,from1.037882 billion as of September 30, 2024, from 1.005057 billion as of June 30, 2024[28] - Retained earnings increased to 1.100924billionasofSeptember30,2024,upfrom1.100924 billion as of September 30, 2024, up from 1.086277 billion as of June 30, 2024[28] - Capital expenditures for Q3 2024 were 6.725million,upfrom6.725 million, up from 4.338 million in Q3 2023[31] Acquisitions and Growth Expectations - Acquired Amran Instrument Transformers & Narayan Powertech, expected to be immediately accretive to revenue growth, margins, and EPS[1][4] - Company expects significantly higher revenue in Q2 2025, driven by Amran/Narayan acquisition and fast growth end markets[5][10] Business Segments and Operations - Standex operates in five business segments: Electronics, Engraving, Scientific, Engineering Technologies, and Specialty Solutions across multiple countries[25] Non-GAAP Financial Measures - The company uses non-GAAP financial measures including adjusted EBITDA and free operating cash flow to provide additional insights into core financial performance[24]