**Standex Fiscal Q1 Earnings Report**

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Post on Oct 31, 2024

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Standex International: A Solid Start to Fiscal Year 2024

Standex International Corporation (NYSE: SXI), a leading provider of engineered components and systems for a wide range of industries, released its first-quarter fiscal year 2024 earnings report on October 26, 2023. The results showcased a strong start to the year, with the company exceeding analysts' expectations and demonstrating its resilience in a challenging economic environment.

Key Highlights:

• Revenue: Standex reported total revenue of $296.9 million for the first quarter, representing a 12.3% increase year-over-year. This growth was driven by strong performance across all segments, with notable contributions from the Foodservice Equipment and Engraving & Identification divisions.
• Net Income: The company reported net income of $25.2 million, or $0.76 per diluted share, for the quarter. This represents a significant improvement compared to the prior year's first quarter net income of $16.1 million, or $0.49 per diluted share.
• Operating Margin: Standex's operating margin expanded to 10.6% in the first quarter, compared to 9.5% in the same period last year. This improvement reflects the company's effective cost management strategies and its focus on operational efficiency.
• Strong Backlog: The company ended the quarter with a strong backlog, indicating robust demand for its products and services. This provides a positive outlook for future growth.

Breaking Down the Segments:

• Foodservice Equipment: This segment saw a 14.3% increase in revenue year-over-year, driven by strong demand for its cooking and food preparation equipment.
• Engraving & Identification: This segment reported a 19.0% increase in revenue, reflecting continued growth in the demand for its products in the industrial and automotive sectors.
• Other: This segment, which includes the company's remaining businesses, also saw an increase in revenue, demonstrating broad-based growth across Standex's diverse portfolio.

Looking Ahead:

Standex remains optimistic about its prospects for fiscal year 2024, citing the company's strong backlog, its focus on innovation and product development, and its commitment to operational efficiency. However, the company acknowledged the ongoing economic uncertainties and geopolitical risks, stating that it will continue to monitor these factors closely.

Key Takeaways for Investors:

• Strong start to fiscal year 2024: Standex's first-quarter results demonstrate the company's continued growth momentum and its ability to navigate a challenging economic environment.
• Robust demand: The company's strong backlog signals sustained demand for its products and services, offering a positive outlook for future growth.
• Focus on operational efficiency: Standex's commitment to cost management and operational efficiency is evident in the expansion of its operating margin, highlighting the company's focus on profitability.

Overall, Standex's first-quarter fiscal year 2024 earnings report presents a positive picture of the company's performance and outlook. Investors should continue to monitor the company's progress in executing its growth strategy and navigating the ongoing economic and geopolitical uncertainties.