Standex International (NYSE: SXI) boosts 2026 sales and earnings
Rhea-AI Filing Summary
Standex International Corporation reported higher fourth-quarter and fiscal 2026 results, led by Electronics and Aerospace & Defense. Q4 net sales were $228.3 million, up 7.7% organically with a book-to-bill of 1.18, and record adjusted diluted EPS reached $2.45, up 7.4% year-on-year.
For fiscal 2026, net sales increased 12.8% to $891.6 million and GAAP diluted EPS rose to $8.68. Adjusted diluted EPS was $8.74, up 9.6%, with record adjusted gross and operating margins. Free cash flow from continuing operations was $64.7 million, net leverage improved to 1.8x net debt to EBITDA, cash rose to $178.7 million and long-term debt was $518.0 million. Sales from fast growth markets were approximately $264 million, and new product sales grew 43%. On July 2, the company acquired the remaining 9.9% interest in Narayan for approximately $64 million.
The company expects mid-to-high single digit fiscal 2027 sales growth and continued adjusted operating margin expansion, driven by high single-digit to low double-digit organic growth, more than 20 new product launches and fast growth market sales of greater than $310 million. Standex also disclosed that Alan J. Glass, Vice President, Chief Legal Officer & Secretary, plans to retire, remaining full-time through September 30, 2026 and then part-time until January 4, 2027.
Positive
- FY26 net sales rose 12.8% to $891.6 million, while adjusted income from operations increased 15.1% to $173.3 million, supported by record adjusted gross and operating margins.
- Leverage and liquidity improved, with net debt to EBITDA reduced to 1.8x, free cash flow from continuing operations of $64.7 million, and cash balances increasing to $178.7 million.
Negative
- None.
Filing Explained
Glass’s officer role ends when a successor is appointed; his reduced-schedule employment and pay continue through January 4, 2027.
The company reports that Alan J. Glass intends to retire, but the transition is not yet complete: he will relinquish his officer role once a successor is appointed.
Form 8-K reports specified material events, and this filing uses Item 5.02 to disclose the planned officer departure.
From
8-K Event Classification
Key Figures
Key Terms
book to bill financial
adjusted EBITDA financial
free cash flow financial
redeemable noncontrolling interest financial
fast growth markets financial
Earnings Snapshot
For fiscal 2027, the company expects mid-to-high single digit sales growth driven by high single-digit to low-double digit organic growth, continued adjusted operating margin expansion, more than 20 new product launches and fast growth market sales of greater than $310 million, about 20% year-on-year growth.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Standex (SXI) perform in the fourth quarter of fiscal 2026?
What were Standex (SXI) full-year 2026 sales and earnings compared with 2025?
What fiscal 2027 guidance did Standex (SXI) provide for growth and margins?
What is Standex (SXI) saying about its balance sheet and leverage after FY26?
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What leadership change did Standex (SXI) disclose in this 8-K?
What strategic transaction involving Narayan did Standex (SXI) complete?
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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ITEM 2.02 – RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS
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Exhibit No.
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Description
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| 99 | Press Release of Standex International Corporation dated July 30, 2026 regarding Fourth Quarter Financial Results | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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| /s/ |
Ademir Sarcevic
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Ademir Sarcevic |
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Chief Financial Officer |
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| Date: July 30, 2026 | ||
| Signing on behalf of the registrant and as principal financial officer |
Exhibit 99
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NEWS RELEASE |
STANDEX INTERNATIONAL CORPORATION █ SALEM, NH 03079 █ TEL (603) 893-9701 █ WEB www.standex.com
STANDEX REPORTS FISCAL FOURTH QUARTER AND FISCAL YEAR 2026 FINANCIAL RESULTS
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● |
In Q4 FY26, Sales of $228.3 Million Increased 7.7% YOY Organically; Electronics Increased 12.9% YOY Organically |
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New Products Sales Grew 43% and Sales into Fast Growth Markets Contributed 31% of Total Sales |
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Record Order Intake of ~$270 Million; Book to Bill of 1.18: Electronics Book to Bill at 1.27 |
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Q4 FY26 GAAP EPS of $1.69; Record Adjusted EPS of $2.45, Up 7.4% YOY |
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In FY26, Sales Increased >$100 Million and 5.5% Organically; GAAP EPS of $8.68; Record Adjusted EPS of $8.74, up 9.6% YOY; Record Adjusted Gross Margin and Adjusted Operating Margin |
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In FY27, Expect High Single-Digit to Low Double-Digit Organic Growth; Expect to Launch >20 New Products; Fast Growth Market Sales Expected to Grow ~20% |
SALEM, NH – July 30, 2026 – Standex International Corporation (NYSE: SXI) today reported financial results for the fourth quarter of fiscal year 2026 ended June 30, 2026.
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Summary Financial Results - Total |
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($M except EPS and Dividends) |
4Q26 |
4Q25 |
3Q26 |
Y/Y |
Q/Q |
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Net Sales |
$ | 228.3 | $ | 222.0 | $ | 224.6 | 2.8 | % | 1.6 | % | ||||||||||
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Operating Income – GAAP |
$ | 37.5 | $ | 34.7 | $ | 90.8 | 8.1 | % | -58.7 | % | ||||||||||
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Operating Income – Adjusted |
$ | 45.4 | $ | 45.8 | $ | 44.2 | -0.8 | % | 2.6 | % | ||||||||||
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Operating Margin % - GAAP |
16.5 | % | 15.6 | % | 40.4 | % |
80 bps |
- 2,390 bps |
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Operating Margin % - Adjusted |
19.9 | % | 20.6 | % | 19.7 | % |
- 70 bps |
+ 20 bps |
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Net Income from Continuing Ops – GAAP |
$ | 23.6 | $ | 15.5 | $ | 68.6 | 52.5 | % | -65.6 | % | ||||||||||
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Net Income from Continuing Ops – Adjusted |
$ | 29.7 | $ | 27.5 | $ | 26.7 | 7.8 | % | 11.2 | % | ||||||||||
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EBITDA |
$ | 48.1 | $ | 45.2 | $ | 99.4 | 7.2 | % | -51.7 | % | ||||||||||
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EBITDA margin |
21.1 | % | 20.4 | % | 44.3 | % |
+ 70 bps |
- 2,320 bps |
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Adjusted EBITDA |
$ | 51.5 | $ | 51.6 | $ | 48.4 | -5.1 | % | 6.4 | % | ||||||||||
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Adjusted EBITDA margin |
22.6 | % | 23.2 | % | 21.6 | % |
- 60 bps |
+ 100 bps |
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Diluted EPS – GAAP |
$ | 1.69 | $ | 1.23 | $ | 5.56 | 37.7 | % | -69.6 | % | ||||||||||
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Diluted EPS – Adjusted |
$ | 2.45 | $ | 2.28 | $ | 2.21 | 7.4 | % | 10.9 | % | ||||||||||
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Dividends per Share |
$ | 0.34 | $ | 0.32 | $ | 0.34 | 6.3 | % | 0.0 | % | ||||||||||
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Free Cash Flow |
$ | 35.0 | $ | 24.9 | $ | 6.3 | 40.7 | % | 454.0 | % | ||||||||||
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Net Debt to EBITDA |
1.8x |
2.6x |
1.9x |
-30.8 | % | -5.3 | % | |||||||||||||
Commenting on the quarter’s results, President and Chief Executive Officer David Dunbar said, “We concluded our fiscal year with a strong performance in the fourth quarter. We delivered 7.7% organic growth with a book to bill of 1.18, led by our Electronics segment which grew 12.9% organically with a book to bill of 1.27. Sales from fast growth markets totaled approximately $72 million in the fiscal fourth quarter and approximately $264 million for the fiscal year. Adjusted earnings per share increased 7.4% to a record $2.45. Our net leverage ratio was reduced to 1.8x.
In fiscal year 2026, sales increased by more than $100 million with organic growth of 5.5%. Building on record profitability in fiscal year 2025, we set several new records in fiscal year 2026 with adjusted gross margin of 42.0%, adjusted operating income of $173.3 million, adjusted operating margin of 19.4%, and adjusted earnings per share of $8.74. We remain confident in our long-term operating margin potential as we leverage organic growth, driven by our fast growth end markets and higher sales contribution from new products.
On July 2nd, we acquired the remaining 9.9% interest in Narayan for approximately $64 million. The integration of Narayan and Amran continues to progress smoothly, and our internal teams remain fully focused on meeting customer demand now and in the future.”
Fiscal First Quarter 2027 Outlook
In fiscal first quarter 2027, on a year-on-year basis, the Company expects moderately higher revenue, driven by high single-digit to low double-digit organic growth from higher sales into fast growth end markets and increased new product sales, partially offset by the divestiture of Federal Industries. The Company expects slightly to moderately higher adjusted operating margin as contributions from organic growth and realization of productivity actions are partially offset by growth investments.
On a sequential basis, the Company expects slightly higher revenue, driven by increased contributions from fast growth end markets and new product sales, and similar adjusted operating margin.
Fiscal Year 2027 Outlook
For fiscal year 2027, the Company expects mid-to-high single digit sales growth driven by high-single digit to low-double digit organic growth, partially offset by the impact of the Federal Industries divestiture and unfavorable foreign exchange. The Company expects continued adjusted operating margin expansion.
The Company plans to release more than 20 new products, which are expected to contribute approximately 300 bps of incremental growth. Sales from fast growth markets are on track to grow approximately 20% year-on-year to greater than $310 million.
Fourth Quarter Segment Operating Performance
Electronics (57% of sales; 63% of segment adjusted operating income)
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4Q26 |
4Q25 |
% Change |
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Electronics ($M) |
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Revenue |
129.1 | 115.2 | 12.1 | % | ||||||||
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GAAP Operating Income |
31.6 | 28.0 | 12.9 | % | ||||||||
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GAAP Operating Margin % |
24.5 | 24.3 | ||||||||||
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Adjusted Operating Income |
35.1 | 32.9 | 6.7 | % | ||||||||
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Adjusted Operating Margin % |
27.2 | 28.5 | ||||||||||
Revenue increased approximately $13.9 million or 12.1% year-on-year, reflecting organic growth of 12.9%, partially offset by a foreign currency impact of 0.8%. Organic growth was driven by higher sales into fast growth markets and increased new product sales. Adjusted operating income increased approximately $2.2 million or 6.7% year-on-year due to higher volume and pricing initiatives, partially offset by growth investments and unfavorable mix from transitory operational issues in the Edge business.
The segment had a book-to-bill ratio of approximately 1.27 in the fiscal fourth quarter, with orders of approximately $165 million.
In fiscal first quarter 2027, on a sequential basis, the Company expects slightly higher revenue, reflecting higher sales into fast growth end markets and increased new product sales, and moderately higher adjusted operating margin.
Aerospace & Defense (17% of sales; 15% of segment adjusted operating income)
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4Q26 |
4Q25 |
% Change |
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Aerospace & Defense ($M) |
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Revenue |
37.9 | 32.0 | 18.3 | % | ||||||||
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GAAP Operating Income |
8.1 | 4.3 | 88.4 | % | ||||||||
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GAAP Operating Margin % |
21.4 | 13.5 | ||||||||||
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Adjusted Operating Income |
8.5 | 5.9 | 44.8 | % | ||||||||
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Adjusted Operating Margin % |
22.5 | 18.4 | ||||||||||
Revenue increased approximately $5.9 million or 18.3% year-on-year reflecting organic growth of 18.4% and a foreign currency impact of 0.1%. Organic growth was primarily driven by increased project activity in the defense end market. Adjusted operating income increased approximately $2.6 million or 44.8% year-on-year reflecting higher volume and project mix.
In fiscal first quarter 2027, on a sequential basis, the Company expects moderately lower revenue due to less favorable project timing, and moderately lower adjusted operating margin.
Scientific (8% of sales; 10% of segment adjusted operating income)
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4Q26 |
4Q25 |
% Change |
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Scientific ($M) |
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Revenue |
18.8 | 17.9 | 5.0 | % | ||||||||
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GAAP Operating Income |
5.2 | 4.1 | 25.6 | % | ||||||||
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GAAP Operating Margin % |
27.4 | 22.9 | ||||||||||
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Adjusted Operating Income |
5.4 | 4.3 | 23.9 | % | ||||||||
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Adjusted Operating Margin % |
28.6 | 24.3 | ||||||||||
Revenue increased approximately $0.9 million or 5.0% year-on-year reflecting organic growth of 5.0%. Organic growth was driven by pricing initiatives and a slight market recovery. Adjusted operating income increased approximately $1.1 million or 23.9% year-on-year reflecting higher sales and tariff refunds.
In fiscal first quarter 2027, on a sequential basis, the Company expects moderately higher revenue and similar adjusted operating margin.
Engraving & Hydraulics (19% of sales; 12% of segment adjusted operating income)
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4Q26 |
4Q25 |
% Change |
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Engraving & Hydraulics ($M) |
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Revenue |
42.4 | 47.0 | -9.7 | % | ||||||||
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GAAP Operating Income |
6.4 | 7.0 | -7.9 | % | ||||||||
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GAAP Operating Margin % |
15.2 | 14.9 | ||||||||||
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Adjusted Operating Income |
6.7 | 7.4 | -8.5 | % | ||||||||
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Adjusted Operating Margin % |
15.8 | 15.7 | ||||||||||
Revenue decreased approximately $4.6 million or 9.7% year-on-year reflecting an organic decline of 9.6% from general market weakness and a foreign currency impact of 0.1%. Adjusted operating income decreased approximately $0.6 million or 8.5% year-on-year.
In fiscal first quarter 2027, on a sequential basis, the Company expects slightly to moderately higher revenue and similar to slightly higher adjusted operating margin.
Capital Allocation
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Interest: In fiscal first quarter 2027, the Company expects interest expense of approximately $7.0 million. |
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Share Repurchase: During the fiscal fourth quarter of 2026, the Company did not repurchase shares. There was approximately $28 million remaining on the Company’s current share repurchase authorization at the end of the fiscal fourth quarter 2026. |
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Capital Expenditures: In fiscal fourth quarter 2026, the Company’s capital expenditures were $5.5 million compared to $8.6 million in the fiscal fourth quarter of 2025. Capital expenditures were $28.6 million in fiscal year 2026. The Company expects fiscal year 2027 capital expenditures between $45 million and $55 million. The increase over fiscal year 2026 is primarily due to capacity expansion within Standex Electronics Grid. |
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Dividend: On July 23, 2026, the Company declared a quarterly cash dividend of $0.34 per share, an approximately 6.3% year-on-year increase. The dividend is payable August 21, 2026, to shareholders of record on August 7, 2026. |
Balance Sheet and Cash Flow Highlights
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Net Debt: Standex had net (cash) debt of $339.2 million on June 30, 2026, compared to $448.0 million at the end of fiscal fourth quarter 2025. Net (cash) debt for the fourth quarter of 2026 consisted primarily of long-term debt of $518.0 million and cash and equivalents of $178.7 million. |
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Cash Flow: Net cash provided by continuing operating activities for the three months ended June 30, 2026, was $40.5 million compared to $33.4 million in the prior year’s quarter. Free cash flow after capital expenditures was $35.0 million compared to free cash flow after capital expenditures of $24.9 million in the fiscal fourth quarter of 2025. |
Conference Call Details
Standex will host a conference call for investors tomorrow, July 31, 2026, 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 July 31, 2027. To listen to the teleconference playback, please dial in the U.S. (888) 660-6345 or (646) 517-4150 internationally; the passcode is 98594#. The audio playback via phone will be available through August 7, 2026. 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 which exclude the impact of restructuring charges, purchase accounting, amortization from acquired intangible assets, insurance recoveries, discrete tax events, gain or loss on sale of a business unit, acquisition costs, and litigation 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.
About Standex
Standex International Corporation is a multi-industry manufacturer in four broad business segments: Electronics, Aerospace & Defense, Scientific, and Engraving & Hydraulics with operations in the United States, Europe, Canada, Japan, Singapore, Mexico, Turkey, India, and China. For additional information, visit the Company's website at https://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 global crises or catastrophic events 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 electrical grid, 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; increased costs from acquisitions to improve and coordinate managerial, operational, financial, and administrative systems, including internal controls over financial reporting and compliance with the Sarbanes-Oxley Act of 2002, and other costs related to such systems in connection with acquired businesses; 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; the impact on our operations of any successful cybersecurity attacks; and potential changes to future pension funding requirements. For a more comprehensive discussion of these and other factors, see the “Risk Factors” section of the Company’s most recent annual report on Form 10-K filed with the SEC and available on the Company’s website. 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.
Contact:
Christopher Howe
Director of Investor Relations
(773) 754-5394
e-mail: InvestorRelations@Standex.com
Standex International Corporation
Consolidated Statement of Operations
(unaudited)
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Three Months Ended |
Year Ended |
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June 30, |
June 30, |
June 30, |
June 30, |
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(In thousands, except per share data) |
2026 |
2025 |
2026 |
2025 |
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Net sales |
$ | 228,251 | 222,049 | $ | 891,597 | $ | 790,107 | |||||||||
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Cost of sales |
130,816 | 130,751 | 519,565 | 474,859 | ||||||||||||
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Gross profit |
97,434 | 91,298 | 372,032 | 315,248 | ||||||||||||
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Selling, general and administrative expenses |
52,533 | 47,954 | 201,597 | 178,750 | ||||||||||||
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(Gain) loss on sale of business |
(249 | ) | - | (57,085 | ) | - | ||||||||||
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Restructuring costs |
2,762 | 2,920 | 12,186 | 6,903 | ||||||||||||
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Amortization of acquired intangible assets |
4,341 | 4,647 | 17,691 | 14,612 | ||||||||||||
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Acquisition related costs |
496 | 1,042 | 4,059 | 21,434 | ||||||||||||
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Income from operations |
37,552 | 34,734 | 193,584 | 93,549 | ||||||||||||
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Interest expense |
6,558 | 9,016 | 30,712 | 23,931 | ||||||||||||
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Other non-operating (income) expense, net |
(1,122 | ) | (364 | ) | (68 | ) | 808 | |||||||||
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Total |
5,436 | 8,652 | 30,644 | 24,739 | ||||||||||||
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Income from continuing operations before income taxes |
32,116 | 26,082 | 162,940 | 68,810 | ||||||||||||
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Provision for income taxes |
8,515 | 10,609 | 34,253 | 11,084 | ||||||||||||
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Net income from continuing operations |
23,601 | 15,473 | 128,687 | 57,726 | ||||||||||||
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Income (loss) from discontinued operations, net of tax |
(50 | ) | 13 | (144 | ) | (42 | ) | |||||||||
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Net income |
23,551 | 15,486 | 128,543 | 57,684 | ||||||||||||
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Less: net income attributable to redeemable noncontrolling interest |
824 | 660 | 2,900 | 1,924 | ||||||||||||
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Less: change of redeemable noncontrolling interest to redemption value |
2,248 | - | 21,011 | - | ||||||||||||
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Net income attributable to Standex International |
$ | 20,479 | $ | 14,826 | $ | 104,633 | $ | 55,760 | ||||||||
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Basic earnings per share: |
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Income (loss) from discontinued operations |
(0.00 | ) | - | (0.01 | ) | - | ||||||||||
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Total income (loss) attributable to Standex International |
$ | 1.70 | $ | 1.23 | $ | 8.70 | $ | 4.68 | ||||||||
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Diluted earnings per share: |
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Income (loss) from discontinued operations |
(0.00 | ) | - | (0.01 | ) | - | ||||||||||
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Total income (loss) attributable to Standex International |
$ | 1.69 | $ | 1.23 | $ | 8.68 | $ | 4.64 | ||||||||
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Average Shares Outstanding |
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Basic |
12,053 | 11,990 | 12,038 | 11,926 | ||||||||||||
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Diluted |
12,121 | 12,076 | 12,070 | 12,016 | ||||||||||||
Standex International Corporation
Condensed Consolidated Balance Sheets
(unaudited)
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June 30, |
June 30, |
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(In thousands) |
2026 |
2025 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ | 178,734 | 104,542 | |||||
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Accounts receivable, net |
172,896 | 172,702 | ||||||
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Inventories |
128,960 | 129,994 | ||||||
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Prepaid expenses and other current assets |
71,165 | 73,641 | ||||||
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Total current assets |
551,755 | 480,879 | ||||||
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Property, plant, equipment, net |
153,024 | 160,364 | ||||||
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Intangible assets, net |
199,479 | 225,757 | ||||||
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Goodwill |
581,553 | 610,338 | ||||||
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Deferred tax asset |
4,409 | 11,971 | ||||||
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Operating lease right-of-use asset |
45,400 | 47,998 | ||||||
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Other non-current assets |
50,088 | 29,573 | ||||||
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Total non-current assets |
1,033,953 | 1,086,001 | ||||||
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Total assets |
$ | 1,585,708 | $ | 1,566,880 | ||||
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LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable |
$ | 80,098 | 88,001 | |||||
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Accrued liabilities |
131,999 | 63,204 | ||||||
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Income taxes payable |
17,419 | 15,770 | ||||||
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Total current liabilities |
229,516 | 166,975 | ||||||
|
Long-term debt |
517,950 | 552,515 | ||||||
|
Operating lease long-term liabilities |
35,814 | 40,057 | ||||||
|
Accrued pension and other non-current liabilities |
47,214 | 67,743 | ||||||
|
Total non-current liabilities |
600,978 | 660,315 | ||||||
|
Redeemable non-controlling interest |
- | 27,913 | ||||||
|
Stockholders' equity: |
||||||||
|
Common stock |
41,976 | 41,976 | ||||||
|
Additional paid-in capital |
127,621 | 136,082 | ||||||
|
Retained earnings |
1,215,329 | 1,126,851 | ||||||
|
Accumulated other comprehensive loss |
(199,061 | ) | (164,765 | ) | ||||
|
Treasury shares |
(430,651 | ) | (428,467 | ) | ||||
|
Total stockholders' equity |
755,214 | 711,677 | ||||||
|
Total liabilities, redeemable noncontrolling interest and stockholders' equity |
$ | 1,585,708 | $ | 1,566,880 | ||||
Standex International Corporation and Subsidiaries
Statements of Consolidated Cash Flows
(unaudited)
|
Year Ended |
||||||||
|
June 30, |
||||||||
|
(In thousands) |
2026 |
2025 |
||||||
|
Cash Flows from Operating Activities |
||||||||
|
Net income |
$ | 128,543 | 57,684 | |||||
|
Income (loss) from discontinued operations |
(144 | ) | (42 | ) | ||||
|
Income from continuing operations |
128,687 | 57,726 | ||||||
|
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
|
Depreciation and amortization |
38,653 | 35,438 | ||||||
|
Stock-based compensation |
8,821 | 8,691 | ||||||
|
Non-cash portion of restructuring charge |
1,480 | 10 | ||||||
|
(Gain) loss on sale of business |
(57,085 | ) | - | |||||
|
Contributions to defined benefit plans |
(6,846 | ) | (7,796 | ) | ||||
|
Net changes in operating assets and liabilities |
(23,797 | ) | (24,421 | ) | ||||
|
Net cash provided by operating activities - continuing operations |
89,913 | 69,648 | ||||||
|
Net cash provided by (used in) operating activities - discontinued operations |
(350 | ) | (52 | ) | ||||
|
Net cash provided by (used in) operating activities |
89,563 | 69,596 | ||||||
|
Cash Flows from Investing Activities |
||||||||
|
Capital Expenditures |
(25,199 | ) | (28,343 | ) | ||||
|
Expenditures for acquisitions, net of cash acquired |
- | (478,890 | ) | |||||
|
Proceeds from the sale of business |
68,280 | - | ||||||
|
Other investing activities |
14 | 3,800 | ||||||
|
Net cash provided by (used in) investing activities |
43,095 | (503,433 | ) | |||||
|
Cash Flows from Financing Activities |
||||||||
|
Proceeds from borrowings |
75,000 | 792,313 | ||||||
|
Payments of debt |
(110,000 | ) | (389,109 | ) | ||||
|
Contingent consideration payment |
(660 | ) | - | |||||
|
Activity under share-based payment plans |
2,347 | 2,226 | ||||||
|
Purchase of treasury stock and other |
(4,402 | ) | (9,906 | ) | ||||
|
Distributions to non-controlling interests |
(2,726 | ) | - | |||||
|
Cash dividends paid |
(16,185 | ) | (15,033 | ) | ||||
|
Net cash provided by (used in) financing activities |
(56,627 | ) | 380,490 | |||||
|
Effect of exchange rate changes on cash |
(1,839 | ) | 3,686 | |||||
|
Net changes in cash and cash equivalents |
74,192 | (49,661 | ) | |||||
|
Cash and cash equivalents at beginning of year |
104,542 | 154,203 | ||||||
|
Cash and cash equivalents at end of period |
$ | 178,734 | $ | 104,542 | ||||
Standex International Corporation
Selected Segment Data
(unaudited)
|
Three Months Ended |
Year Ended |
|||||||||||||||
|
June 30, |
June 30, |
|||||||||||||||
|
(In thousands) |
2026 |
2025 |
2026 |
2025 |
||||||||||||
|
Net Sales |
||||||||||||||||
|
Electronics |
$ | 129,109 | $ | 115,192 | $ | 475,036 | $ | 400,130 | ||||||||
|
Aerospace & Defense |
37,909 | 32,040 | 135,031 | 102,595 | ||||||||||||
|
Scientific |
18,817 | 17,918 | 75,748 | 72,380 | ||||||||||||
|
Engraving & Hydraulics |
42,416 | 46,982 | 182,329 | 179,303 | ||||||||||||
|
Other |
- | 9,917 | 23,453 | 35,699 | ||||||||||||
|
Total |
$ | 228,251 | $ | 222,049 | $ | 891,597 | $ | 790,107 | ||||||||
|
Income from operations |
||||||||||||||||
|
Electronics |
$ | 31,635 | $ | 28,009 | $ | 121,340 | $ | 87,927 | ||||||||
|
Aerospace & Defense |
8,117 | 4,308 | 21,952 | 15,428 | ||||||||||||
|
Scientific |
5,160 | 4,108 | 18,035 | 17,470 | ||||||||||||
|
Engraving & Hydraylics |
6,445 | 6,995 | 27,404 | 25,173 | ||||||||||||
|
Other |
- | 2,101 | 4,046 | 7,315 | ||||||||||||
|
Restructuring |
(2,762 | ) | (2,920 | ) | (12,186 | ) | (6,903 | ) | ||||||||
|
Gain (loss) on sale of business |
249 | - | 57,085 | - | ||||||||||||
|
Acquisition related costs |
(496 | ) | (1,042 | ) | (4,059 | ) | (21,434 | ) | ||||||||
|
Corporate |
(10,796 | ) | (6,825 | ) | (40,033 | ) | (31,427 | ) | ||||||||
|
Total |
$ | 37,552 | $ | 34,734 | $ | 193,584 | $ | 93,549 | ||||||||
Standex International Corporation
Reconciliation of GAAP to Non-GAAP Financial Measures
(unaudited)
|
Three Months Ended |
Year Ended |
|||||||||||||||||||||||
|
June 30, |
June 30, |
|||||||||||||||||||||||
|
(In thousands, except percentages) |
2026 |
2025 |
% Change |
2026 |
2025 |
% Change |
||||||||||||||||||
|
Adjusted income from operations and adjusted net income from continuing operations: |
||||||||||||||||||||||||
|
Net Sales |
$ | 228,251 | $ | 222,049 | 2.8 | % | $ | 891,597 | $ | 790,107 | 12.8 | % | ||||||||||||
|
Income from operations, as reported |
$ | 37,552 | $ | 34,734 | 8.1 | % | $ | 193,584 | $ | 93,549 | 106.9 | % | ||||||||||||
|
Income from operations margin |
16.5 | % | 15.6 | % | 21.7 | % | 11.8 | % | ||||||||||||||||
|
Adjustments: |
||||||||||||||||||||||||
|
Restructuring charges |
2,762 | 2,920 | 12,186 | 6,903 | ||||||||||||||||||||
|
Acquisition-related costs |
496 | 1,042 | 4,059 | 21,434 | ||||||||||||||||||||
|
Amortization of acquired intangible assets |
4,341 | 4,647 | 17,691 | 14,612 | ||||||||||||||||||||
|
Litigation (settlement refund) charge |
450 | - | 550 | - | ||||||||||||||||||||
|
(Gain) loss on sale of business |
(249 | ) | - | (57,085 | ) | - | ||||||||||||||||||
|
Purchase accounting expenses |
- | 2,407 | 2,316 | 14,083 | ||||||||||||||||||||
|
Adjusted income from operations |
$ | 45,351 | $ | 45,751 | -0.9 | % | $ | 173,301 | $ | 150,581 | 15.1 | % | ||||||||||||
|
Adjusted income from operations margin |
19.9 | % | 20.6 | % | 19.4 | % | 19.1 | % | ||||||||||||||||
|
Interest and other income (expense), net |
(5,436 | ) | (8,652 | ) | (30,644 | ) | (24,739 | ) | ||||||||||||||||
|
Foreign currency related (gain) loss on acquisition and divestiture activities |
- | - | - | 554 | ||||||||||||||||||||
|
Provision for income taxes |
(8,515 | ) | (10,609 | ) | (34,253 | ) | (11,084 | ) | ||||||||||||||||
|
Discrete and other tax items |
1,075 | 3,502 | 1,075 | (5,444 | ) | |||||||||||||||||||
|
Tax impact of above adjustments |
(1,946 | ) | (1,808 | ) | (1,049 | ) | (12,113 | ) | ||||||||||||||||
|
Net income from continuing operations, as adjusted |
30,530 | 28,183 | 108,431 | 97,755 | ||||||||||||||||||||
|
Less: net income attributable to redeemable noncontrolling interest |
3,072 | 660 | 23,911 | 1,924 | ||||||||||||||||||||
|
Add back: change of redeemable noncontrolling interest to redemption value per the acquisition agreement |
(2,248 | ) | - | (21,011 | ) | - | ||||||||||||||||||
|
Net income from continuing operations attributable to Standex, as adjusted |
$ | 29,706 | $ | 27,523 | 7.9 | % | $ | 105,531 | $ | 95,831 | 10.1 | % | ||||||||||||
|
EBITDA and Adjusted EBITDA: |
||||||||||||||||||||||||
|
Net income (loss) from continuing operations, as reported |
$ | 23,601 | $ | 15,473 | 52.5 | % | $ | 128,687 | $ | 57,726 | ||||||||||||||
|
Net income from continuing operations margin |
10.3 | % | 7.0 | % | 14.4 | % | 7.3 | % | ||||||||||||||||
|
Add back: |
||||||||||||||||||||||||
|
Provision for income taxes |
8,515 | 10,609 | 34,253 | 11,084 | ||||||||||||||||||||
|
Interest expense |
6,558 | 9,016 | 30,712 | 23,931 | ||||||||||||||||||||
|
Depreciation and amortization |
9,404 | 10,128 | 38,653 | 35,438 | ||||||||||||||||||||
|
EBITDA |
$ | 48,078 | $ | 45,226 | 6.3 | % | $ | 232,305 | $ | 128,179 | 81.2 | % | ||||||||||||
|
EBITDA Margin |
21.1 | % | 20.4 | % | 26.1 | % | 16.2 | % | ||||||||||||||||
|
Adjustments: |
||||||||||||||||||||||||
|
Restructuring charges |
2,762 | 2,920 | 12,186 | 6,903 | ||||||||||||||||||||
|
Acquisition-related costs |
496 | 1,042 | 4,059 | 21,434 | ||||||||||||||||||||
|
Litigation (settlement refund) charge |
450 | - | 550 | - | ||||||||||||||||||||
|
(Gain) loss on sale of business |
(249 | ) | - | (57,085 | ) | - | ||||||||||||||||||
|
Purchase accounting expenses |
- | 2,407 | 2,316 | 14,083 | ||||||||||||||||||||
|
Adjusted EBITDA |
$ | 51,537 | $ | 51,596 | -0.1 | % | $ | 194,330 | $ | 170,599 | 13.9 | % | ||||||||||||
|
Adjusted EBITDA Margin |
22.6 | % | 23.2 | % | 21.8 | % | 21.6 | % | ||||||||||||||||
|
Free operating cash flow: |
||||||||||||||||||||||||
|
Net cash provided by operating activities - continuing operations, as reported |
$ | 40,506 | $ | 33,435 | $ | 89,913 | $ | 69,648 | ||||||||||||||||
|
Less: Capital expenditures |
(5,525 | ) | (8,581 | ) | (25,199 | ) | (28,343 | ) | ||||||||||||||||
|
Free cash flow from continuing operations |
$ | 34,980 | $ | 24,855 | $ | 64,714 | $ | 41,306 | ||||||||||||||||
Standex International Corporation
Reconciliation of GAAP to Non-GAAP Financial Measures
(unaudited)
|
Three Months Ended |
Year Ended |
|||||||||||||||||||||||
|
|
June 30, |
June 30, |
||||||||||||||||||||||
| Adjusted earnings per share from continuing operations |
2026 |
2025 |
% |
2026 |
2025 |
% Change |
||||||||||||||||||
|
Diluted earnings per share from continuing operations attributable to Standex, as reported |
$ | 1.69 | $ | 1.23 | 37.7 | % | $ | 8.68 | $ | 4.64 | 87.1 | % | ||||||||||||
|
Adjustments: |
||||||||||||||||||||||||
|
Restructuring charges |
0.18 | 0.20 | 0.76 | 0.45 | ||||||||||||||||||||
|
Acquisition-related costs |
0.03 | 0.07 | 0.26 | 1.43 | ||||||||||||||||||||
|
Amortization of acquired intangible assets |
0.27 | 0.32 | 1.12 | 0.94 | ||||||||||||||||||||
|
Litigation (settlement refund) charge |
0.03 | - | 0.03 | - | ||||||||||||||||||||
|
(Gain) loss on sale of business |
(0.03 | ) | - | (4.09 | ) | - | ||||||||||||||||||
|
Foreign currency related (gain) loss on acquisition and divestiture activities |
- | - | - | 0.04 | ||||||||||||||||||||
|
Discrete tax items |
0.09 | 0.29 | 0.09 | (0.45 | ) | |||||||||||||||||||
|
Purchase accounting expenses |
- | 0.17 | 0.15 | 0.93 | ||||||||||||||||||||
|
Change of redeemable noncontrolling interest to redemption value per the acquisition agreement |
0.19 | - | 1.74 | - | ||||||||||||||||||||
|
Diluted earnings per share from continuing operations attributable to Standex, as adjusted |
$ | 2.45 | $ | 2.28 | 7.5 | % | $ | 8.74 | $ | 7.98 | 9.6 | % | ||||||||||||