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Mar 31, 2024
Standex Q3 2024 Earnings Report
Reported financial results for the third quarter of fiscal year 2024.
Key Takeaways
Standex International Corporation reported solid adjusted gross margin and record free cash flow for the third quarter of fiscal year 2024, despite experiencing softness in general market conditions. The company reaffirmed its long-term target for fast growth market sales and completed the acquisition of Sanyu Switch Company.
Fast Growth Market Sales Increased ~9% Year-On-Year to ~$26 Million
GAAP Gross Margin of 38.5% and Adjusted Gross Margin of 39.0%, Up 50 bps Year-on-Year
GAAP Operating Margin of 12.3%
Record Fiscal Third Quarter’ Free Cash Flow of $19.3 Million
Standex
Standex
Forward Guidance
The Company expects slightly to moderately higher revenue sequentially due to favorable project timing in the Engineering Technologies segment, increased market demand in the Specialty Solutions segment, and the impact of the Company’s recent acquisition of Sanyu. The Company expects slightly to moderately higher adjusted operating margin sequentially due to leverage on higher sales and pricing and productivity actions.
Positive Outlook
- Favorable project timing in the Engineering Technologies segment
- Increased market demand in the Specialty Solutions segment
- Impact of the Company’s recent acquisition of Sanyu
- Leverage on higher sales
- Pricing and productivity actions