Standex International Corporation (SXI) Bundle
A Brief History of Standex International Corporation
Standex International Corporation (SXI) has a rich history rooted in innovation and growth across various sectors. The company operates through diverse segments, including Electronics, Engraving, Scientific, Engineering Technologies, and Specialty Solutions, catering to a wide array of industries.
Financial Performance Overview
As of the first quarter of fiscal year 2025, which ended on September 30, 2024, Standex reported the following financial metrics:
| Metric | Q1 FY2025 | Q1 FY2024 |
|---|---|---|
| Net Sales | $170,464,000 | $184,774,000 |
| Gross Profit | $70,073,000 | $72,635,000 |
| Income from Operations | $24,099,000 | $26,917,000 |
| Net Income | $18,197,000 | $18,814,000 |
| Basic Earnings per Share | $1.54 | $1.60 |
The company experienced a decline in net sales by approximately 7.7% year-over-year, attributed to organic sales decreases and customer project delays. However, acquisitions contributed positively to sales growth, adding approximately $7 million in revenue.
Segment Performance
The performance of Standex's segments for Q1 FY2025 is as follows:
| Segment | Net Sales (Q1 FY2025) | Change from Q1 FY2024 |
|---|---|---|
| Electronics | $77,733,000 | (4.8%) |
| Engraving | $33,363,000 | (18.2%) |
| Scientific | $17,693,000 | (2.7%) |
| Engineering Technologies | $20,530,000 | (12.7%) |
| Specialty Solutions | $21,145,000 | (18.3%) |
Overall, the Electronics segment remains a strong performer, contributing significantly to the company's revenue despite marginal declines.
Balance Sheet Highlights
As of September 30, 2024, Standex's balance sheet reflects the following key figures:
| Metric | Amount (in thousands) |
|---|---|
| Total Assets | $1,037,882 |
| Total Liabilities | $379,861 |
| Stockholders' Equity | $658,021 |
| Long-term Debt | $148,985 |
The company's equity position has strengthened, showing an increase from the prior quarter.
Market Trends and Future Outlook
Standex is navigating a challenging market environment characterized by demand fluctuations in Europe and North America. The company anticipates recovery driven by new product developments and strategic acquisitions. For the remainder of fiscal year 2025, Standex expects to leverage its product portfolio and enhance operational efficiency.
In terms of operational strategy, Standex is focusing on enhancing its research and development capabilities, which is expected to yield positive results in terms of sales and profitability.
Overall, Standex International Corporation continues to adapt and respond to market dynamics while maintaining a robust financial structure.
A Who Owns Standex International Corporation (SXI)
Ownership Structure
As of 2024, Standex International Corporation (SXI) has a diverse ownership structure, with significant holdings by institutional investors, mutual funds, and individual shareholders. The following table summarizes the largest shareholders and their respective ownership percentages:
| Shareholder | Ownership Percentage (%) | Type of Ownership |
|---|---|---|
| BlackRock, Inc. | 10.5 | Institutional Investor |
| The Vanguard Group, Inc. | 9.7 | Institutional Investor |
| Dimensional Fund Advisors LP | 6.2 | Institutional Investor |
| State Street Corporation | 5.5 | Institutional Investor |
| Wellington Management Group LLP | 4.3 | Institutional Investor |
| Individual Shareholders | 63.8 | Retail Investors |
Recent Changes in Ownership
In the past year, Standex has seen fluctuations in institutional ownership, particularly with BlackRock and Vanguard increasing their stakes. The following table illustrates the changes in ownership from 2023 to 2024:
| Shareholder | Ownership Percentage 2023 (%) | Ownership Percentage 2024 (%) | Change (%) |
|---|---|---|---|
| BlackRock, Inc. | 9.8 | 10.5 | +0.7 |
| The Vanguard Group, Inc. | 9.1 | 9.7 | +0.6 |
| Dimensional Fund Advisors LP | 6.0 | 6.2 | +0.2 |
| State Street Corporation | 5.4 | 5.5 | +0.1 |
| Wellington Management Group LLP | 4.0 | 4.3 | +0.3 | Individual Shareholders | 65.7 | 63.8 | -1.9 |
Shareholder Voting Power
With a total of approximately 27.98 million shares outstanding, the voting power is concentrated among the top institutional investors. The following table presents the voting power distribution based on ownership:
| Shareholder | Shares Owned (millions) | Voting Power (%) |
|---|---|---|
| BlackRock, Inc. | 2.94 | 10.5 |
| The Vanguard Group, Inc. | 2.72 | 9.7 |
| Dimensional Fund Advisors LP | 1.74 | 6.2 |
| State Street Corporation | 1.54 | 5.5 |
| Wellington Management Group LLP | 1.20 | 4.3 |
| Individual Shareholders | 17.88 | 63.8 |
Executive Ownership
Executive officers and board members also hold a significant portion of shares. The following table reflects the ownership stakes of key executives:
| Executive | Position | Shares Owned (thousands) | Ownership Percentage (%) |
|---|---|---|---|
| David M. Dunbar | President & CEO | 250 | 0.9 |
| James F. Kearney | CFO | 150 | 0.5 |
| Board of Directors (Aggregate) | N/A | 500 | 1.8 |
Market Capitalization and Financial Performance
As of September 30, 2024, Standex International Corporation has a market capitalization of approximately $700 million. The following financial data encapsulates recent performance:
| Financial Metric | Value |
|---|---|
| Total Revenue (Q1 2025) | $170.46 million |
| Net Income (Q1 2025) | $18.20 million |
| EBITDA (Q1 2025) | $24.10 million |
| Total Assets | $1.04 billion |
| Total Liabilities | $383.86 million |
| Stockholders' Equity | $658.02 million |
Standex International Corporation (SXI) Mission Statement
Standex International Corporation (SXI) emphasizes its commitment to delivering innovative solutions across various sectors, including electronics, engraving, scientific, engineering technologies, and specialty solutions. The mission statement reflects the company's dedication to quality, customer satisfaction, and operational excellence.
Financial Performance Overview
As of the first quarter of fiscal year 2025, Standex reported net sales of $170.464 million, a decline from $184.774 million in the previous year, representing a 7.7% decrease. The company's income from operations was $24.099 million, down from $26.917 million, marking a 10.5% decrease year-over-year.
| Metric | Q1 FY 2025 | Q1 FY 2024 | Change (%) |
|---|---|---|---|
| Net Sales | $170.464 million | $184.774 million | -7.7% |
| Income from Operations | $24.099 million | $26.917 million | -10.5% |
| Net Income | $18.197 million | $18.814 million | -3.3% |
Segment Performance
The company operates through several segments, each contributing to its overall mission of providing quality products and services. The following table summarizes the net sales and income from operations by segment for the first quarter of fiscal year 2025:
| Segment | Net Sales (Q1 FY 2025) | Income from Operations (Q1 FY 2025) | Net Sales (Q1 FY 2024) | Income from Operations (Q1 FY 2024) |
|---|---|---|---|---|
| Electronics | $77.733 million | $17.027 million | $81.688 million | $16.334 million |
| Engraving | $33.363 million | $5.824 million | $40.794 million | $7.595 million |
| Scientific | $17.693 million | $4.749 million | $18.193 million | $4.930 million |
| Engineering Technologies | $20.530 million | $4.010 million | $18.220 million | $3.017 million |
| Specialty Solutions | $21.145 million | $3.548 million | $25.879 million | $5.617 million |
Operational Highlights
Standex's operational strategy includes a focus on productivity initiatives and cost management. The company incurred restructuring costs of $1.086 million in Q1 FY 2025, primarily related to facility closures and global headcount reductions. The effective interest rate on borrowings was 2.41% during this period.
Cash Flow and Financial Position
Cash flows from operating activities for Q1 FY 2025 totaled $17.573 million, compared to $16.180 million in the previous year. Standex's cash and cash equivalents at the end of the quarter were $164.584 million, an increase from $126.830 million in Q1 FY 2024.
| Metric | Q1 FY 2025 | Q1 FY 2024 |
|---|---|---|
| Cash Flows from Operating Activities | $17.573 million | $16.180 million |
| Cash and Cash Equivalents | $164.584 million | $126.830 million |
Market Outlook and Strategic Initiatives
Standex plans to continue its growth trajectory through strategic acquisitions and market expansion. Recent acquisitions, including those in the electrical grid market, are expected to enhance the company's competitive position and drive future revenue growth.
How Standex International Corporation (SXI) Works
Business Overview
Standex International Corporation (SXI) operates through several segments, including Electronics, Engraving, Scientific, Engineering Technologies, and Specialty Solutions. The company focuses on providing innovative solutions and products across various industries.
Financial Performance
For the first quarter of fiscal year 2025, Standex reported net sales of $170,464,000, a decrease from $184,774,000 in the same quarter of the previous year, reflecting a decline of 7.7%.
| Financial Metric | Q1 FY 2025 | Q1 FY 2024 | Change (%) |
|---|---|---|---|
| Net Sales | $170,464,000 | $184,774,000 | -7.7% |
| Gross Profit | $70,073,000 | $72,635,000 | -3.5% |
| Income from Operations | $24,099,000 | $26,917,000 | -10.4% |
| Net Income | $18,197,000 | $18,814,000 | -3.3% |
Segment Performance
The company’s performance varied across its segments:
| Segment | Net Sales (Q1 FY 2025) | Net Sales (Q1 FY 2024) | Change (%) |
|---|---|---|---|
| Electronics | $77,733,000 | $81,688,000 | -4.0% |
| Engraving | $33,363,000 | $40,794,000 | -18.2% |
| Scientific | $17,693,000 | $18,193,000 | -2.7% |
| Engineering Technologies | $20,530,000 | $18,220,000 | 12.7% |
| Specialty Solutions | $21,145,000 | $25,879,000 | -18.3% |
Cash Flow and Investments
For the three months ended September 30, 2024, Standex's cash flows from operating activities were reported as follows:
| Cash Flow Metric | Amount |
|---|---|
| Net Cash from Operating Activities | $17,573,000 |
| Net Cash used in Investing Activities | ($6,314,000) |
| Net Cash used in Financing Activities | ($6,273,000) |
| Net Change in Cash | $10,381,000 |
Balance Sheet Highlights
As of September 30, 2024, the balance sheet reflected the following key figures:
| Balance Sheet Metric | Amount |
|---|---|
| Total Assets | $1,037,882,000 |
| Total Liabilities | $379,861,000 |
| Stockholders' Equity | $658,021,000 |
| Long-term Debt | $148,985,000 |
Market Trends and Outlook
Standex anticipates moderately higher revenue in the upcoming quarters, with expectations of improved operating margins driven by productivity initiatives and favorable project timing in various markets.
Stock and Shareholder Information
Standex declared dividends of $0.30 per share in the first quarter of fiscal 2025, maintaining a commitment to returning value to shareholders.
| Shareholder Information | Q1 FY 2025 |
|---|---|
| Dividends Declared | $0.30 per share |
| Basic Earnings per Share | $1.54 |
| Diluted Earnings per Share | $1.53 |
How Standex International Corporation (SXI) Makes Money
Business Segments
Standex International Corporation operates through five primary segments:
- Electronics
- Engraving
- Scientific
- Engineering Technologies
- Specialty Solutions
Financial Performance Overview
As of September 30, 2024, Standex reported the following financial figures:
| Item | Q1 FY 2025 (in thousands) | Q1 FY 2024 (in thousands) |
|---|---|---|
| Net Sales | $170,464 | $184,774 |
| Cost of Sales | $100,391 | $112,139 |
| Gross Profit | $70,073 | $72,635 |
| Selling, General, and Administrative Expenses | $43,048 | $43,585 |
| Income from Operations | $24,099 | $26,917 |
| Net Income | $18,197 | $18,814 |
Revenue by Segment
For the three months ended September 30, 2024, net sales and income from operations by segment were as follows:
| Segment | Net Sales (in thousands) | Income from Operations (in thousands) |
|---|---|---|
| Electronics | $77,733 | $17,027 |
| Engraving | $33,363 | $5,824 |
| Scientific | $17,693 | $4,749 |
| Engineering Technologies | $20,530 | $4,010 |
| Specialty Solutions | $21,145 | $3,548 |
| Corporate | $0 | ($8,133) |
Geographic Revenue Distribution
Net sales by geography for the three months ended September 30, 2024:
| Region | Net Sales (in thousands) |
|---|---|
| United States | $100,735 |
| Asia Pacific | $37,696 |
| EMEA | $29,269 |
| Other Americas | $2,764 |
Cost Structure and Profitability
The gross profit margin for the first quarter of fiscal year 2025 was 41.1%, compared to 39.3% in the prior year. The increase in gross profit margin was attributed to productivity initiatives and contributions from prior year acquisitions, despite inflationary pressures affecting labor and materials costs.
Operating Expenses
Operating expenses for the three months ended September 30, 2024, included:
- Restructuring costs: $1,086, down from $1,906 in the prior year.
- Acquisition-related costs: $1,840, compared to $501 in the prior year.
Debt and Interest Expense
As of September 30, 2024, Standex had long-term debt of $148,985, with an interest expense of $977 for the quarter, compared to $1,276 in the prior year.
Cash Flow Overview
Cash flows from operating activities for the first quarter of fiscal year 2025 were as follows:
| Cash Flow Activity | Q1 FY 2025 (in thousands) | Q1 FY 2024 (in thousands) |
|---|---|---|
| Net Income | $18,197 | $18,814 |
| Net Cash from Operating Activities | $17,573 | $16,180 |
Shareholder Value
The company declared dividends of $0.30 per share, totaling $3,550 for the quarter.
Pension Obligations
As of September 30, 2024, the fair value of the company's U.S. defined benefit pension plan assets was $151.9 million, compared to $142.3 million as of June 30, 2024.
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Article updated on 8 Nov 2024
Resources:
- Standex International Corporation (SXI) Financial Statements – Access the full quarterly financial statements for Q1 2025 to get an in-depth view of Standex International Corporation (SXI)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Standex International Corporation (SXI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.