Standex International Corp. Reports Q2 FY24 Results

TL;DR

<b>Standex International Corp. reported mixed Q2 FY24 results with stable net sales and gross profit but a slight dip in operating income, while net income and EPS saw modest increases.</b>

AI Summary

STANDEX INTERNATIONAL CORP/DE/ (SXI) filed a Quarterly Report (10-Q) with the SEC on February 2, 2024. Net sales for Q2 FY24 were $279.84 million, a slight decrease from $279.84 million in Q2 FY23. Gross profit for Q2 FY24 was $60 million, unchanged from the prior year period. Operating income for Q2 FY24 was $16.20 million, down from $16.24 million in Q2 FY23. Net income attributable to Standex International Corp. for Q2 FY24 was $11.78 million, a slight increase from $11.74 million in Q2 FY23. Diluted earnings per share for Q2 FY24 were $0.58, compared to $0.54 in Q2 FY23.

Why It Matters

For investors and stakeholders tracking STANDEX INTERNATIONAL CORP/DE/, this filing contains several important signals. The company's performance indicates resilience in net sales and gross profit despite a challenging economic environment, suggesting effective cost management and stable demand in key segments. The slight increase in net income and EPS, coupled with a minor decrease in operating income, points to potential shifts in operational efficiency or other income/expense items impacting the bottom line.

Risk Assessment

Risk Level: medium — STANDEX INTERNATIONAL CORP/DE/ shows moderate risk based on this filing. The company reported a slight decrease in operating income, indicating potential pressures on profitability or increased operating expenses that could impact future performance.

Analyst Insight

Investors should monitor segment-specific performance and management commentary for insights into the drivers of the slight operating income decline and future growth prospects.

Financial Highlights

revenue

279,842,780

operating Margin

5.8%

net Income

11,783,199

eps

0.58

gross Margin

21.4%

revenue Growth

0.2

Key Numbers

• 279,842,780 — Net Sales (Q2 FY24)
• 60,000,000 — Gross Profit (Q2 FY24)
• 16,201,079 — Operating Income (Q2 FY24)
• 11,783,199 — Net Income (Q2 FY24)
• 0.58 — Diluted EPS (Q2 FY24)
• 2,753 — Net Sales (Millions) (Q2 FY24)
• 1.50 — Gross Profit Margin (Q2 FY24)
• 0.58 — Diluted EPS (Q2 FY24)

Key Players & Entities

• Standex International Corp. (company) — Filer
• 20231231 (date) — Conformed Period of Report
• 20240202 (date) — Filed as of Date
• 20240202 (date) — Date as of Change
• 0000310354 (company) — Central Index Key
• 3580 (industry) — Standard Industrial Classification
• 310596149 (company) — IRS Number
• DE (state) — State of Incorporation

FAQ

Key Dates

• 2023-12-31: Quarter End — Reporting period for Q2 FY24 results.
• 2024-02-02: Filing Date — Date the 10-Q was filed with the SEC.

Key Financial Figures

• $1.50 — ich registered Common Stock, Par Value $1.50 Per Share SXI New York Stock Exchan

Filing Documents

• sxi20231231_10q.htm (10-Q) — 1790KB
• ex_597225.htm (EX-31.1) — 11KB
• ex_597226.htm (EX-31.2) — 11KB
• ex_597227.htm (EX-32) — 9KB
• 0001437749-24-002919.txt (&nbsp;) — 8462KB
• sxi-20231231.xsd (EX-101.SCH) — 68KB
• sxi-20231231_cal.xml (EX-101.CAL) — 56KB
• sxi-20231231_def.xml (EX-101.DEF) — 431KB
• sxi-20231231_lab.xml (EX-101.LAB) — 352KB
• sxi-20231231_pre.xml (EX-101.PRE) — 471KB
• sxi20231231_10q_htm.xml (XML) — 1726KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION: Item 1. Condensed Consolidated Balance Sheets as of December 31, 2023 and June 30, 2023 (unaudited) 3 Condensed Consolidated Statements of Operations for the three and six months ended December 31, 2023 and 2022 (unaudited) 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended December 31, 2023 and 2022 (unaudited) 5 Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended December 31, 2023 and 2022 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the six months ended December 31, 2023 and 2022 (unaudited) 8 Notes to Unaudited Condensed Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 39 Item 4.

Controls and Procedures

Controls and Procedures 40

OTHER INFORMATION

PART II. OTHER INFORMATION: Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 Item 5. Other Information 41 Item 6. Exhibits 42 2

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM 1 STANDEX INTERNATIONAL CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidated Balance Sheets December 31, June 30, (In thousands, except per share data) 2023 2023 ASSETS Current assets: Cash and cash equivalents $ 142,424 $ 195,706 Accounts receivable, less allowance for credit losses of $ 2,753 and $ 2,788 at December 31, 2023 and June 30, 2023, respectively 125,575 123,440 Inventories 98,592 98,537 Prepaid expenses and other current assets 65,572 64,739 Income taxes receivable 3,836 831 Total current assets 435,999 483,253 Property, plant, and equipment, net 132,599 130,937 Intangible assets, net 82,726 75,651 Goodwill 280,337 264,821 Deferred tax asset 14,027 14,602 Operating lease right-of-use asset 34,026 33,273 Other non-current assets 25,347 22,392 Total non-current assets 569,062 541,676 Total assets $ 1,005,061 $ 1,024,929 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 63,883 $ 68,601 Accrued liabilities 56,062 62,031 Income taxes payable 10,597 10,335 Total current liabilities 130,542 140,967 Long-term debt 148,659 173,441 Operating lease long-term liabilities 26,080 25,774 Accrued pension and other non-current liabilities 79,209 77,298 Total non-current liabilities 253,948 276,513 Contingencies (Note 15) Stockholders' equity: Common stock, par value $ 1.50 per share, 60,000,000 shares authorized, 27,984,278 shares issued, 11,783,199 and 11,744,991 shares outstanding at December 31, 2023 and June 30, 2023 41,976 41,976 Additional paid-in capital 101,198 100,555 Retained earnings 1,058,069 1,027,279 Accumulated other comprehensive loss ( 155,561 ) ( 158,477 ) Treasury shares: 16,201,079 and 16,239,287 shares at December 31, 2023 and June 30, 2023 ( 425,111 ) ( 403,884 ) Total stockholders' equity 620,571 607,449 Total liabilities and stockholders' equity $ 1,005,061 $ 1,024,929

View Full Filing

View this 10-Q filing on SEC EDGAR