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Sep 30, 2023
Standex Q1 2024 Earnings Report
Standex's first quarter of fiscal year 2024 financial results reported with organic growth and record gross and operating margins.
Key Takeaways
Standex International Corporation reported a strong fiscal first quarter with organic growth of 2.5%, driven by Engraving and Engineering Technologies. Fast growth market sales increased by approximately 20% year-on-year, reaching around $20 million. The company achieved a record GAAP gross margin of 39.3% and an adjusted gross margin of 39.5%.
Organic growth of 2.5% was led by Engraving and Engineering Technologies.
Fast growth market sales increased approximately 20% year-on-year to around $20 million.
Record GAAP gross margin of 39.3% and adjusted gross margin of 39.5% achieved.
Free cash flow of $12.1 million, marking a record for the fiscal first quarter.
Standex
Standex
Standex Revenue by Segment
Revenue by Segment
Electronics Revenue
CapyFin.comEngraving Revenue
CapyFin.comScientific Revenue
CapyFin.comEngineering Technologies Revenue
CapyFin.comSpecialty Solutions Revenue
CapyFin.com Forward Guidance
The Company expects slightly lower revenue due to softness in general industrial and appliances end markets in China and Europe served by Electronics and unfavorable foreign currency, partially offset by more favorable project timing and additional development work in Engineering Technologies and contribution from the Minntronix acquisition. The Company expects similar to slightly higher adjusted operating margin due to continued realization of pricing and productivity initiatives.
Positive Outlook
- More favorable project timing in Engineering Technologies
- Additional development work in Engineering Technologies
- Contribution from the Minntronix acquisition
- Continued realization of pricing initiatives
- Continued realization of productivity initiatives
Challenges Ahead
- Softness in general industrial end markets in China and Europe served by Electronics
- Softness in appliances end markets in China and Europe served by Electronics
- Unfavorable foreign currency
- Slight decrease in revenue expected in Specialty Solutions due to lower number of shipping days
- Seasonality in the Display Merchandising business.
Revenue & Expenses
Visualization of income flow from segment revenue to net income