Le Lézard
Classified in: Mining industry, Business, Covid-19 virus
Subjects: ERN, ERP

STANDEX REPORTS FISCAL FOURTH QUARTER 2022 FINANCIAL RESULTS


SALEM, N.H., Aug. 4, 2022 /PRNewswire/ -- Standex International Corporation (NYSE: SXI) today reported financial results for the fourth quarter of fiscal year 2022 ending June 30, 2022.

Summary Financial Results - Total Standex






($M except EPS and Dividends)

4Q22

4Q21

3Q22

Y/Y

Q/Q

Net Sales

$184.7

$176.4

$189.3

4.7 %

-2.4 %

Operating Income - GAAP

$19.2

$22.4

$24.5

-14.3 %

-21.4 %

Operating Income - Adjusted

$25.7

$23.5

$26.1

9.2 %

-1.7 %

Operating Margin - GAAP

10.4 %

12.7 %

12.9 %

- 230 bps

- 250 bps

Operating Margin - Adjusted

13.9 %

13.3 %

13.8 %

+ 60 bps

 +10 bps

Net Income from Continuing Ops - GAAP

$13.2

$14.4

$17.4

-8.2 %

-24.0 %

Net Income from Continuing Ops - Adjusted

$18.6

$17.1

$18.7

9.2 %

-0.1 %







EBITDA

$26.0

$30.4

$31.3

-14.4 %

-16.9 %

EBITDA margin

14.1 %

17.2 %

16.5 %

 -310 bps

- 240 bps

Adjusted EBITDA

$32.5

$31.5

$33.0

3.1 %

-1.5 %

Adjusted EBITDA margin

17.6 %

17.9 %

17.4 %

- 30 bps

 +20 bps







Diluted EPS - GAAP

$1.10

$1.18

$1.44

-6.8 %

-23.6 %

Diluted EPS - Adjusted

$1.54

$1.40

$1.54

10.0 %

0.0 %

Dividends per share

$0.26

$0.24

$0.26

8.3 %

0.0 %







Free Cash Flow

$18.8

$26.4

$8.5

-28.9 %

120.4 %

Net Debt to EBITDA

0.5x

0.6x

0.5x

-5.3 %

5.9 %

 

Fourth Quarter Fiscal 2022 Results 

Commenting on the quarter's results, President and Chief Executive Officer David Dunbar said, "We are pleased with our strong fourth quarter performance which concluded a very successful fiscal 2022. Record consolidated adjusted operating margin of 13.9%, in fiscal fourth quarter 2022 represented a 60 basis point increase year-over-year and a 10 basis point improvement sequentially, despite the impact of the COVID-19 lockdown in China. Each of our five company business segments reported adjusted operating margin of at least 15%, reflecting continued successful company-wide execution on price realization, productivity, and efficiency actions. Sales from fast growth markets such as electric vehicles, green energy, and the commercialization of space increased by 50% to $59 million in fiscal 2022. We are excited about the increasing number of new business opportunities and are well positioned to build on our momentum with improved financial performance in fiscal 2023.

"Highlighting our strengthened operating performance and strategic positioning, the Electronics segment achieved a significant milestone with record sales of $304 million in fiscal 2022. Both revenue and segment operating income have doubled over the past five years as we have aggressively pursued new market opportunities in electric vehicles, renewable energy, and smart grid.  Total company backlog realizable in under one year ended at approximately $256 million, representing an approximately 22% increase year-over-year and 4% decrease sequentially. 

"Standex's consistent cash generation and substantial financial flexibility position us well to pursue a very active pipeline of organic and inorganic growth opportunities. We realized approximately $19 million in free cash flow in fiscal fourth quarter 2022 and had approximately $313 million in available liquidity and a net debt to adjusted EBITDA ratio of approximately 0.5x.

"We are entering fiscal 2023 well positioned for further growth and continued improved financial performance as we continue to build on our portfolio of high-quality businesses. Our deep technical and applications expertise is favorably aligned with emerging and sustainable global trends in areas such as renewable energy, electric vehicles, defense, human health, and commercialization of space. In addition, our ongoing operational excellence initiatives, increased investment in R&D and strong balance sheet provide further leverage to drive our growth strategy and trajectory of profitability." concluded Dunbar.

Fiscal First Quarter 2023 Outlook

In fiscal first quarter 2023, the Company expects revenue and operating margin to be similar to fiscal fourth quarter 2022, with an increase in revenue and operating margin year-over-year. The Company expects that the Electronics segment will be the primary revenue driver with a moderate increase compared to fiscal fourth quarter 2022.  This will be partially offset by the Engineering Technologies segment which is expected to have a moderate to significant decrease in revenue followed by a significant increase in fiscal second quarter 2023 due to project timing. Compared to fiscal fourth quarter 2022, Specialty Solutions segment revenue is expected to be similar, while Engraving and Scientific sales are expected to have a slight sequential revenue decrease.

Fourth Quarter Segment Operating Performance

Electronics (39% of sales; 46% of segment operating income)


4Q22

4Q21

% Change

Electronics ($M)




Revenue

$71.9

$72.8

-1.2 %

GAAP Operating Income

15.8

15.7

0.4 %

GAAP Operating Margin

22.0 %

21.6 %


Adjusted Operating Income*

16.2

15.7

3.0 %

Adjusted Operating Margin*

22.5 %

21.6 %


*Excludes purchase accounting expenses of $0.4M associated with Sensor Solutions in Q4 FY22

Revenue decreased approximately $0.9 million or 1.2% year-over-year reflecting 2.5% organic growth and a 2.1% contribution from acquisitions offset by a 5.8% impact from foreign exchange. End markets including renewable energy and electric vehicles remained favorable.  However, as expected, the COVID-19 lockdown in China impacted sales by approximately $6 million in fiscal fourth quarter 2022.

Electronics segment backlog realizable in under one year of approximately $149 million increased 26% year-over-year and was sequentially similar to fiscal third quarter 2022.  The segment had a book to bill ratio of 1.2 at the end of the fiscal fourth quarter.

Adjusted operating income increased approximately $0.5 million or 3% year-over-year which primarily reflected price realization and productivity actions. Adjusted operating income excludes approximately $0.4 million of purchase accounting expenses associated with the acquisition of Sensor Solutions.  

In fiscal first quarter 2023, on a sequential basis, the Company expects a moderate increase in revenue due to continued positive end market demand trends and some recovery of sales deferred due to the COVID-19 lockdown in China. The Company expects a slight increase in operating margin reflecting the sales increase partially offset by product mix. 

Engraving (20% of sales; 18% of segment operating income)


4Q22

4Q21

% Change

Engraving ($M)




Revenue

$37.2

$36.6

1.6 %

Operating Income

6.0

5.6

7.0 %

Operating Margin

16.2 %

15.4 %


           

Revenue increased approximately $0.6 million or 1.6% year-over-year reflecting the impact of project mix.  Operating income increased $0.4 million or 7% year-over-year due to sales growth and productivity and efficiency actions.  In fiscal first quarter 2023, the Company expects a slight sequential decrease in revenue and operating margin due to project mix partially offset by operational improvements.

Scientific (10% of sales; 11% of segment operating income)


4Q22

4Q21

% Change

Scientific ($M)




Revenue

$18.8

$20.6

-9.1 %

Operating Income

3.7

4.1

-10.2 %

Operating Margin

19.8 %

20.0 %


 

As expected, revenue decreased approximately $1.9 million or 9.1% year-over-year reflecting ongoing sales in core end markets such as pharmaceutical, clinical laboratories, and academic institutions offset by lower demand associated with COVID-19 vaccine storage. Operating income decreased approximately $0.4 million or 10.2% year-over-year due to the lower volume.

In fiscal first quarter 2023, on a sequential basis, the Company expects a slight revenue and operating margin decrease due to lower COVID vaccine storage demand. 

Engineering Technologies (12% of sales; 9% of segment operating income)


4Q22

4Q21

% Change

Engineering Technologies ($M)




Revenue

$21.6

$20.5

5.3 %

Operating Income

3.2

3.1

4.8 %

Operating Margin

15.0 %

15.1 %


 

Revenue increased approximately $1.1 million or 5.3% year-over-year primarily due to growth in commercial aviation and energy end market demand. Operating income grew approximately $0.1 million or 4.8% year-over-year reflecting volume growth and project mix. 

In fiscal first quarter 2023, on a sequential basis, the Company expects a moderate to significant decrease in revenue reflecting timing of projects and a slight decrease in operating margin, with productivity initiatives mostly offsetting impact of volume decline. Revenue and operating margin are expected to increase significantly due to an increased level of project activity in fiscal second quarter 2023. 

Specialty Solutions (19% of sales; 16% of segment operating income)


4Q22

4Q21

% Change

Specialty Solutions ($M)




Revenue

$35.3

$25.8

36.4 %

Operating Income

5.4

3.0

80.4 %

Operating Margin

15.5 %

11.6 %


 

Specialty Solutions revenue increased approximately $9.4 million or 36.4% year-over-year due to volume growth in food service equipment and refuse end markets and impact of price realization actions at Hydraulics.  Operating income grew approximately $2.4 million or 80.4% year-over-year reflecting the volume increase combined with pricing and efficiency actions.   

In fiscal first quarter 2023, on a sequential basis, the Company revenue to be similar and operating margin to slightly increase reflecting end market demand trends and the impact of pricing and productivity initiatives.

Capital Allocation

Balance Sheet and Cash Flow Highlights

Conference Call Details

Standex will host a conference call for investors tomorrow, August 5, 2022, 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 August 5, 2023. To listen to the teleconference playback, please dial in the U.S. (877)-344-7529  or (412)-317-0088  internationally; the passcode is 8952199. The audio playback via phone will be available through August 12, 2022. 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 including the impact of restructuring charges, purchase accounting, insurance recoveries, discrete tax events, loss on sale of a business unit, and acquisition 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 five broad business segments: Electronics, Engraving, Scientific, Engineering Technologies, and Specialty Solutions with operations in the United States, Europe, Canada, Japan, Singapore, Mexico, Brazil, Turkey, South Africa, India, and China. For additional information, visit the Company's website at http://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 pandemics such as the current coronavirus 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 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; 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; and potential changes to future pension funding requirements. 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.

 

Standex International Corporation

Consolidated Statement of Operations




(unaudited)


























Three Months Ended



Year Ended




June 30,



June 30,

(In thousands, except per share data)



2022



2021



2022



2021














Net sales


$

184,739


$

176,435


$

735,339


$

656,232

Cost of sales



118,183



110,627



465,393



414,971

Gross profit



66,556



65,808



269,946



241,261














Selling, general and administrative expenses

41,301



42,305



169,890



163,063

Loss on sale of business



-



-



-



14,624

Restructuring costs



1,930



1,000



4,399



3,478

Acquisition related costs



57



81



1,618



931

Other operating (income) expense, net


4,045



-



5,745



-














Income from operations



19,223



22,422



88,294



59,165














Interest expense



1,390



1,589



5,874



5,992

Other non-operating (income) expense, net

480



400



1,131



473

Total



1,870



1,989



7,005



6,465














Income from continuing operations before income taxes

17,353



20,433



81,289



52,700

Provision for income taxes



4,130



6,002



19,807



14,157

Net income from continuing operations


13,223



14,431



61,482



38,543














Income (loss) from discontinued operations, net of tax

46



(482)



(89)



(2,070)














Net income


$

13,269


$

13,949


$

61,393


$

36,473














Basic earnings per share:













Income (loss) from continuing operations

$

1.11


$

1.20


$

5.13


$

3.17

Income (loss) from discontinued operations

0.01



(0.04)



-



(0.17)

Total


$

1.12


$

1.16


$

5.13


$

3.00














Diluted earnings per share:













Income (loss) from continuing operations

$

1.10


$

1.18


$

5.07


$

3.14

Income (loss) from discontinued operations

-



(0.04)



(0.01)



(0.17)

Total


$

1.10


$

1.14


$

5.06


$

2.97














Average Shares Outstanding













   Basic



11,876



12,068



11,974



12,156

   Diluted



12,033



12,213



12,123



12,258














 

Standex International Corporation

Condensed Consolidated Balance Sheets

(unaudited)











June 30,



June 30,

(In thousands)



2022



2021








ASSETS







Current assets:







  Cash and cash equivalents


$

104,844


$

136,367

  Accounts receivable, net



117,075



109,883

  Inventories



105,339



91,862

  Prepaid expenses and other current assets

45,210



23,504

  Income taxes receivable



6,530



12,750

    Total current assets



378,998



374,366








Property, plant, equipment, net



128,584



133,373

Intangible assets, net



85,770



98,929

Goodwill



267,906



278,054

Deferred tax asset



8,186



9,566

Operating lease right-of-use asset


39,119



37,276

Other non-current assets



25,876



30,659

    Total non-current assets



555,441



587,857








Total assets


$

934,439


$

962,223








LIABILITIES AND STOCKHOLDERS' EQUITY








Current liabilities:







  Accounts payable


$

74,520


$

74,756

  Accrued liabilities



67,773



61,717

  Income taxes payable



8,475



7,236

    Total current liabilities



150,768



143,709








Long-term debt



174,830



199,490

Operating lease long-term liabilities

31,357



29,041

Accrued pension and other non-current liabilities

78,141



83,558

    Total non-current liabilities



284,328



312,089








Stockholders' equity:







  Common stock



41,976



41,976

  Additional paid-in capital



91,200



80,788

  Retained earnings



901,421



852,489

  Accumulated other comprehensive loss

(153,312)



(116,140)

  Treasury shares



(381,942)



(352,688)

     Total stockholders' equity



499,343



506,425








Total liabilities and stockholders' equity

$

934,439


$

962,223








 

Standex International Corporation and Subsidiaries






Statements of Consolidated Cash Flows






(unaudited)










Year Ended





June 30,

(In thousands)




2022



2021









Cash Flows from Operating Activities








Net income


$


61,393


$

36,473

Income (loss) from discontinued operations




(89)



(2,070)

Income from continuing operations




61,482



38,543









Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depreciation and amortization




29,697



33,241

Stock-based compensation




11,169



8,368

Non-cash portion of restructuring charge




1,691



(489)

Gain from extinguishment of debt - PPP loan 




-



(713)

Loss on sale of business




-



14,624

Contributions to defined benefit plans




(515)



(8,120)

Net changes in operating assets and liabilities




(25,387)



(3,588)

Net cash provided by operating activities - continuing operations




78,137



81,866

Net cash provided by (used in) operating activities - discontinued operations

(421)



1,716

Net cash provided by (used in) operating activities




77,716



83,582

Cash Flows from Investing Activities








    Expenditures for property, plant and equipment




(23,891)



(21,752)

    Expenditures for acquisitions, net of cash acquired



(12,978)



(27,406)

    Proceeds from sale of business




-



11,678

    Other investing activities




5,825



(1,611)

Net cash (used in) investing activities




(31,044)



(39,091)

Cash Flows from Financing Activities








    Proceeds from borrowings




-



17,000

    Payments of debt




(25,000)



(17,000)

    Contingent consideration payment




(2,167)



(356)

    Activity under share-based payment plans




1,415



1,273

    Purchase of treasury stock




(31,425)



(21,200)

    Cash dividends paid




(12,249)



(11,449)

Net cash provided by (used in) financing activities




(69,426)



(31,732)









Effect of exchange rate changes on cash




(8,769)



4,799









Net changes in cash and cash equivalents




(31,523)



17,558

Cash and cash equivalents at beginning of year




136,367



118,809

Cash and cash equivalents at end of period


$


104,844


$

136,367









 

Standex International Corporation

Selected Segment Data

(unaudited)

















Three Months Ended



Year Ended




June 30,



June 30,

(In thousands)



2022



2021



2022



2021

Net Sales













Electronics


$

71,939


$

72,844


$

304,290


$

253,369

Engraving



37,218



36,639



146,255



147,016

Scientific



18,771



20,645



83,850



79,421

Engineering Technologies



21,559



20,471



78,117



75,562

Specialty Solutions



35,252



25,836



122,827



100,864

Total


$

184,739


$

176,435


$

735,339


$

656,232














Income from operations













Electronics


$

15,804


$

15,739


$

70,428


$

46,600

Engraving



6,019



5,626



21,825



22,510

Scientific



3,708



4,127



17,861



18,240

Engineering Technologies



3,236



3,088



8,776



6,164

Specialty Solutions



5,394



2,990



15,579



14,358

Restructuring



(1,930)



(1,000)



(4,399)



(3,478)

Loss on sale of business



-



-



-



(14,624)

Acquisition related costs



(57)



(81)



(1,618)



(931)

Corporate



(8,906)



(8,067)



(34,413)



(29,674)

Other operating income (expense), net 



(4,045)



-



(5,745)



-

Total


$

19,223


$

22,422


$

88,294


$

59,165














 

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)


2022



2021


% Change



2022



2021


% Change

Adjusted income from operations and adjusted net income from continuing operations:

















Net Sales


$

184,739


$

176,435


4.7 %


$

735,339


$

656,232


12.1 %

Income from operations, as reported

$

19,223


$

22,422


-14.3 %


$

88,294


$

59,165


49.2 %


Income from operations margin



10.4 %



12.7 %





12.0 %



9.0 %



Adjustments:


















Restructuring charges



1,930



1,000





4,399



3,478




Acquisition-related costs



57



81





1,618



931




Litigation charge



4,045



-





5,745



-




Loss on sale of business



-



-





-



14,624




Purchase accounting expenses



404



-





435



592



Adjusted income from operations

$

25,659


$

23,503


9.2 %


$

100,491


$

78,790


27.5 %


Adjusted income from operations margin

13.9 %



13.3 %





13.7 %



12.0 %




Interest and other income (expense), net

(1,870)



(1,989)





(7,005)



(6,465)




Provision for income taxes



(4,130)



(6,002)





(19,807)



(14,157)




Discrete and other tax items



397



1,774





397



1,578




Tax impact of above adjustments


(1,429)



(224)





(2,919)



(3,434)



Net income from continuing operations, as adjusted


$

18,627


$

17,062


9.2 %


$

71,157


$

56,312


26.4 %



















EBITDA and Adjusted EBITDA:

















Net income (loss) from continuing operations, as reported


$

13,223


$

14,431


-8.4 %


$

61,482


$

38,543




Net income from continuing operations margin



7.2 %



8.2 %





8.4 %



5.9 %



Add back:


















Provision for income taxes



4,130



6,002





19,807



14,157




Interest expense



1,390



1,589





5,874



5,992




Depreciation and amortization



7,286



8,398





29,697



33,241



EBITDA


$

26,029


$

30,420


-14.4 %


$

116,860


$

91,933


27.1 %


EBITDA Margin



14.1 %



17.2 %





15.9 %



14.0 %



Adjustments:


















Restructuring charges



1,930



1,000





4,399



3,478




Acquisition-related costs



57



81





1,618



931




Litigation charge



4,045



-





5,745



-




Loss on sale of business



-



-





-



14,624




Purchase accounting expenses



404



-





435



592



Adjusted EBITDA


$

32,465


$

31,501


3.1 %


$

129,057


$

111,558


15.7 %


Adjusted EBITDA Margin



17.6 %



17.9 %





17.6 %



17.0 %





















Free cash flow:

















Net cash provided by operating activities - continuing operations, as reported


$

29,510


$

32,528




$

78,137


$

81,866



Less: Capital expenditures



(10,753)



(6,140)





(23,891)


#

(21,752)



Free operating cash flow


$

18,757


$

26,388




$

54,246


$

60,114





















 

Standex International Corporation

Reconciliation of GAAP to Non-GAAP Financial Measures

(unaudited)























Three Months Ended





Year Ended



Adjusted earnings per share from continuing operations



June 30,





June 30,





2022



2021


%
Change



2022



2021


% Change



















Diluted earnings per share from continuing operations, as reported


$

1.10


$

1.18


-6.8 %


$

5.07


$

3.14


61.5 %



















Adjustments:


















Restructuring charges



0.12



0.06





0.28



0.22




Acquisition-related costs



-



0.01





0.10



0.06




Litigation charge



0.26



-





0.36



-




Loss on sale of business



-



-








1.01




Discrete tax items



0.03



0.15





0.03



0.13




Purchase accounting expenses


0.03



-





0.03



0.04



Diluted earnings per share from continuing operations, as adjusted


$

1.54


$

1.40


10.0 %


$

5.87


$

4.60


27.6 %





































 

SOURCE Standex International Corporation


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