Standex Reports Fiscal Second Quarter 2021 Financial Results

- Improved Sequential Performance Driven by Revenue Growth at Electronics, Scientific and Engraving Segments - Significant Free Cash Flow Generation Fueled by Strong Working Capital Performance - Previous Cost Actions Remain on Track, Implementing Additional Productivity Actions - Introducing Longer Term Financial Performance Targets

February 4, 2021 4:20 PM EST

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SALEM, N.H., Feb. 4, 2021 /PRNewswire/ -- Standex International Corporation (NYSE: SXI) today reported financial results for the second quarter of fiscal year 2021 ending December 31, 2020.

Summary Financial Results –

Total Standex

($M except EPS and Dividends)

2Q21

2Q20 1

1Q21

Y/Y

Q/Q

Net Sales

$156.3

$153.7

$151.3

1.7%

3.3%

Operating Income

$16.7

$17.6

$14.4

-5.1%

16.6%

Net Income from Continuing Ops

$12.0

$12.3

$10.3

-2.3%

16.1%

EBITDA

$25.1

$25.1

$22.7

0.0%

10.6%

EBITDA margin

16.1%

16.4%

15.0%

-30 bps

+110 bps

Adjusted EBITDA

$26.2

$26.6

$24.8

-1.6%

5.6%

Adjusted EBITDA margin

16.8%

17.3%

16.4%

- 50 bps

+40 bps

Diluted EPS

$0.98

$0.99

$0.84

-1.0%

16.7%

Adjusted EPS

$1.05

$0.99

$0.96

6.1%

9.4%

Dividends per share

0.24

0.22

0.22

9.1%

9.1%

2Q Free Cash Flow

$17.0

$3.6

$4.4

370.7%

284.0%

Net Debt to EBITDA

0.9x

0.8x

1.1x

12.0%

-15.5%

1Fiscal second quarter 2020 results have been adjusted to reflect the divestiture of Refrigerated Solutions Group on April 16, 2020

Second Quarter Fiscal 2021 Results 

Commenting on the quarter's results, President and Chief Executive Officer David Dunbar said, "We are very pleased with our second quarter results as our performance improved sequentially, end markets continued to show signs of recovery, and we are well-positioned for a stronger second half in fiscal 2021. In particular, the Electronics and Scientific segments experienced strong demand and have healthy backlogs. Our productivity initiatives are becoming further embedded within the organization, demonstrated by the sequential increase in adjusted operating margin in the quarter. We remain on track to deliver over $7 million in annual savings in fiscal 2021 from our cost actions.

"Our financial profile also further strengthened in the second quarter.   We reported free cash flow of $17 million and have generated a 95% free cash flow to net income conversion rate through the first half of fiscal 2021.  We ended the quarter with approximately $200 million in available liquidity and a net debt to adjusted EBITDA ratio of 0.9x. We continued to repatriate cash, approximately $17 million in the quarter, and are on track to repatriate about $35 million in fiscal 2021.  With our financial position further strengthening, we expect to remain active in opportunistically repurchasing shares.

"In the second quarter, we continued to build on our solid start to the fiscal year and expect stronger results in the second half of fiscal 2021, both sequentially and year-over-year.  We are actively engaged with our customers regarding emerging global trends that will shape the future of our end markets such as electric vehicles, renewable energy and 5G.  Our technical expertise and strength of client relationships position us well for these opportunities as we continue to build on our portfolio of high-quality businesses.  Our ongoing productivity and efficiency initiatives provide further opportunity to leverage these trends," said Mr. Dunbar.

Outlook

"In fiscal third quarter 2021, we expect a moderate revenue and operating margin improvement compared to fiscal second quarter 2021 results.  This reflects a sequential revenue increase at the Electronics, Scientific, Engineering Technologies, and Specialty Solutions segments. Engraving revenue is expected to decline sequentially reflecting both geographic mix and timing of projects but recover in fiscal fourth quarter 2021.   

"Over the past few years, we have meaningfully transformed our portfolio around businesses with attractive growth and margin profiles, as well as strong end market and customer value propositions.  As a result of these substantial changes, we believe it is now appropriate to provide a longer-term financial outlook.

"Specifically, we are targeting mid-single digit organic revenue growth on a compound annual basis, assuming continued macro-economic recovery, and an EBITDA margin in excess of 20%.  We believe a free cash flow conversion ratio of approximately 100% is achievable under these assumptions.  It is our expectation that with this financial performance we will increase our return on invested capital to above 12%. Finally, with our substantial financial flexibility, we plan to continue to execute on an active pipeline of organic and inorganic growth opportunities," concluded Dunbar.

Second Quarter Segment Operating Performance

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

2Q21

2Q20

% Change

Electronics ($M)

Revenue

$60.2

$45.8

31.2%

Operating Income

10.0

7.8

28.1%

Operating Margin

16.6%

17.0%

Revenue increased approximately $14.3 million or 31.2% year-over-year reflecting a 14.5% organic growth rate and 3.6% increase related to foreign exchange.  This growth reflected a broad-based geographical recovery with positive trends in markets such as automotive, including electric vehicles, appliances, and semiconductor equipment. The recent Renco acquisition contributed approximately $6 million to revenue or approximately 42% of the increase in year-over-year growth. 

Operating income increased approximately $2.2 million or 28.1% year-over-year reflecting operating leverage associated with revenue growth, productivity initiatives, and profit contribution from Renco partially offset by increased raw material prices.

The Company expects a moderate increase in revenue and operating margin compared to fiscal second quarter 2021 due to further growth for relays in solar and electric vehicle applications as well as recovery in reed switch demand in transportation end markets. 

Engraving (24% of sales; 26% of segment operating income)

2Q21

2Q20

% Change

Engraving ($M)

Revenue

$38.0

$38.3

-0.8%

Operating Income

6.5

6.9

-6.0%

Operating Margin

17.1%

18.1%

Revenue decreased approximately $0.3 million or 0.8% year-over-year and operating income was lower by approximately $0.4 million or 6% year-over-year.  The results reflected volume decline associated with the economic impact of COVID-19 partially mitigated by ongoing productivity and expense savings initiatives.  Sequentially, Engraving revenue increased 4.3% and operating margin improved approximately 100 basis points, reflecting a more favorable geographic mix and read out of productivity and cost actions.   

In fiscal third quarter 2021, the Company expects a slight revenue decline and a moderate decline in operating margin compared to fiscal second quarter 2021, reflecting a less favorable geographic mix and timing of projects. The Company expects an increase in Engraving revenue and operating margin on a sequential and year-over-year basis in fiscal fourth quarter 2021.      

Scientific (11% of sales; 17% of segment operating income)

2Q21

2Q20

% Change

Scientific ($M)

Revenue

$17.9

$15.4

16.1%

Operating Income

4.2

4.1

4.4%

Operating Margin

23.7%

26.3%

Revenue increased approximately $2.5 million or 16.1% year-over-year, reflecting positive trends at retail pharmaceutical chains and medical distribution companies, much of it associated with the demand for COVID vaccine storage. Operating income increased $0.1 million or 4.4% year-over-year, reflecting the volume increase balanced with investments to support growth opportunities. 

In fiscal third quarter 2021, the Company expects a moderate to strong sequential increase in revenue driven by continued COVID-19 vaccine-storage demand. The Company expects operating margin to be slightly ahead of the second quarter results, reflecting volume increase balanced with reinvestment in the business for R&D and growth opportunities.

Engineering Technologies (11% of sales; 5% of segment operating income)

2Q21

2Q20

% Change

Engineering Technologies ($M)

Revenue

$17.5

$26.5

-33.9%

Operating Income

1.4

3.4

-60.2%

Operating Margin

7.8%

12.9%

On a year-over-year basis, Engineering Technologies revenue and operating income decreased approximately $9.0 million or 33.9% and $2.1 million or 60.2%, respectively.  This reflected the economic impact of COVID-19 on the commercial aviation market, especially engine parts manufacturing.  On a sequential basis, operating margin increased approximately 500 basis points on a similar revenue level to fiscal first quarter 2021 as a result of product mix and ongoing productivity actions.   

In fiscal third quarter 2021, the Company expects a moderate increase in revenue primarily due to the early stages of recovery in the commercial aviation end market.  However. the Company expects operating margin to be sequentially similar to the second fiscal quarter of 2021 due to a higher sales mix of lower margin engine parts, partially offset by productivity initiatives.    

Specialty Solutions (15% of sales; 13% of segment operating income)

2Q21

2Q20

% Change

Specialty Solutions ($M)

Revenue

$22.8

$27.7

-17.8%

Operating Income

3.2

4.3

-26.0%

Operating Margin

14.1%

15.7%

On a year-over-year basis, Specialty Solutions revenue decreased approximately $4.9 million or 17.8% year-over-year with an operating income decline of $1.1 million or 26.0%. This reflected the economic impact of the COVID-19 pandemic on this segment's end markets.  On a sequential basis, the sales decline was primarily associated with seasonality and a lower number of shipping days in the quarter.  

In fiscal third quarter 2021, the Company expects a moderate sequential increase in revenue and in operating margin, reflecting a gradual recovery in the food service industry and strong order trends in the refuse markets.  

Capital Allocation

  • Share Repurchase: During the fiscal second quarter, the Company repurchased approximately 36,000 shares for $2.5 million.  There is approximately $35 million remaining under the Board's current repurchase authorization.
  • Capital Expenditures: In fiscal second quarter 2021, Standex's cash capital expenditures were $5.3 million compared to $3.7 million in the fiscal second quarter of 2020.  Investments were focused on maintenance, safety, and the Company's highest priority growth initiatives.   The Company expects fiscal year 2021 capital expenditures between approximately $25 million to $28 million.
  • Dividends: On January 28, the Company declared a quarterly cash dividend of $0.24 per share, a 9% year-over-year increase.  The dividend is payable on February 25, 2021 to shareholders of record on February 10, 2021. 

Balance Sheet and Cash Flow Highlights

  • Net Debt: Standex had net debt of $90.9 million at December 31, 2020 compared to $106.2 million at the end of the fiscal first quarter of 2021 and $80.3 million at the end of fiscal 2020.  Net debt for the second quarter of 2021 consisted primarily of long-term debt of $200 million and cash and equivalents of $109.1 of which $80.1 million was held by foreign subsidiaries.Standex repatriated approximately $17 million in fiscal second quarter 2021 and expects to repatriate $35 million in fiscal 2021. The Company's net debt to Adjusted EBITDA leverage ratio was approximately 0.9x at the end of the fiscal second quarter 2021.
  • Cash Flow: Net cash provided by continuing operating activities for the three months ended December 31, 2020 was $22.3 million. The Company generated free cash flow after capital expenditures of $17.0 million, inclusive of a $4.8 million pension payment, primarily reflecting improvement in working capital management.  

Conference Call Details

Standex will host a conference call for investors tomorrow, February 5, 2021 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 February 5, 2022. To listen to the teleconference playback, please dial (877) 344-7529 in the U.S. or (412) 317-0088 internationally; the passcode is 10150953.  The audio playback via phone will be available through February 12, 2021. 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, 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, 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; 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; and our ability to increase manufacturing production to meet demand; 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

Condensed Consolidated Statements of Operations

(unaudited)

Three Months Ended

Six Months Ended

December 31,

December 31,

(In thousands, except per share data)

2020

2019

2020

2019

Net sales

$

156,283

$

153,697

$

307,569

$

309,669

Cost of sales

98,267

95,901

194,816

193,646

Gross profit

58,016

57,796

112,753

116,023

Selling, general and administrative expenses

40,199

38,664

79,069

78,826

Acquisition related costs

570

773

596

1,507

Restructuring costs

509

720

1,996

2,199

Income from operations

16,738

17,639

31,092

33,491

Interest expense

1,601

1,928

3,086

4,050

Other non-operating (income) / expense

(60)

588

(231)

(331)

Total

1,541

2,516

2,855

3,719

Income from continuing operations before income taxes

15,197

15,123

28,237

29,772

Provision for income taxes

3,189

2,831

5,885

6,909

Net income from continuing operations

12,008

12,292

22,352

22,863

Income (loss) from discontinued operations, net of tax

(631)

(54)

(1,258)

1,813

Net income

$

11,377

$

12,238

$

21,094

$

24,676

Basic earnings per share:

Income (loss) from continuing operations

$

0.98

$

0.99

$

1.83

$

1.85

Income (loss) from discontinued operations

(0.05)

-

(0.10)

0.15

Total

$

0.93

$

0.99

$

1.73

$

2.00

Diluted earnings per share:

Income (loss) from continuing operations

$

0.98

$

0.99

$

1.82

$

1.84

Income (loss) from discontinued operations

(0.05)

-

(0.10)

0.15

Total

$

0.93

$

0.99

$

1.72

$

1.99

Average Shares Outstanding

   Basic

12,195

12,376

12,213

12,359

   Diluted

12,270

12,455

12,277

12,427

 

Standex International Corporation

Condensed Consolidated Balance Sheets

(unaudited)

December 31,

June 30,

(In thousands)

2020

2020

ASSETS

Current assets:

  Cash and cash equivalents

$

109,110

$

118,809

  Accounts receivable, net

100,585

98,157

  Inventories

90,710

85,031

  Prepaid expenses and other current assets

20,430

18,870

  Income taxes receivable

6,281

8,194

  Current assets- Discontinued Operations

-

2,936

    Total current assets

327,116

331,997

Property, plant, equipment, net

135,733

132,533

Intangible assets, net

113,211

106,412

Goodwill

291,836

271,221

Deferred tax asset

16,123

17,322

Operating lease right-of-use asset

44,544

44,788

Other non-current assets

30,094

26,605

    Total non-current assets

631,541

598,881

Total assets

$

958,657

$

930,878

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

  Accounts payable

$

55,524

$

54,910

  Accrued liabilities

59,287

59,929

  Income taxes payable

3,075

7,428

  Current Liabilities- Discontinued Operations

-

610

    Total current liabilities

117,886

122,877

Long-term debt

200,032

199,150

Operating lease long-term liabilities

34,961

36,293

Accrued pension and other non-current liabilities

107,588

110,926

    Total non-current liabilities

342,581

346,369

Stockholders' equity:

  Common stock

41,976

41,976

  Additional paid-in capital

76,548

72,752

  Retained earnings

843,038

827,656

  Accumulated other comprehensive loss

(124,149)

(147,659)

  Treasury shares

(339,223)

(333,093)

     Total stockholders' equity

498,190

461,632

Total liabilities and stockholders' equity

$

958,657

$

930,878

 

Standex International Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(unaudited)

Six Months Ended

December 31,

(In thousands)

2020

2019

Cash Flows from Operating Activities

Net income

$

21,094

$

24,676

Income (loss) from discontinued operations

(1,258)

1,813

Income from continuing operations

22,352

22,863

Adjustments to reconcile net income to net cash provided by operating activities:

    Depreciation and amortization

16,521

16,066

    Stock-based compensation

4,288

4,820

    Non-cash portion of restructuring charge

(492)

(149)

    Life insurance benefit

-

(1,302)

    Contributions to defined benefit plans

(4,880)

(1,932)

Net changes in operating assets and liabilities

(6,281)

(23,636)

Net cash provided by operating activities - continuing operations

31,508

16,730

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

2,254

4,930

Net cash provided by (used in) operating activities

33,762

21,660

Cash Flows from Investing Activities

    Expenditures for property, plant and equipment

(10,145)

(10,376)

    Expenditures for acquisitions, net of cash acquired

(27,398)

-

    Other investing activities

275

2,020

Net cash (used in) investing activities from continuing operations

(37,268)

(8,356)

Net cash provided by (used in) investing activities from discontinued operations

-

9,683

Net cash provided by (used in) investing activities

(37,268)

1,327

Cash Flows from Financing Activities

    Proceeds from borrowings

17,000

34,700

    Payments of debt

(17,000)

(45,500)

    Contingent consideration payment

-

(872)

    Activity under share-based payment plans

971

1,127

    Purchase of treasury stock

(7,593)

(946)

    Cash dividends paid

(5,624)

(5,186)

Net cash provided by (used in) financing activities

(12,246)

(16,677)

Effect of exchange rate changes on cash

6,053

(536)

Net changes in cash and cash equivalents

(9,699)

5,774

Cash and cash equivalents at beginning of year

118,809

93,145

Cash and cash equivalents at end of period

$

109,110

$

98,919

 

Standex International Corporation

Selected Segment Data

(unaudited)

Three Months Ended

Six Months Ended

December 31,

December 31,

(In thousands)

2020

2019

2020

2019

Net Sales

Electronics

$

60,156

$

45,834

$

115,427

$

92,452

Engraving

37,950

38,256

74,351

76,687

Scientific

17,893

15,414

34,556

30,164

Engineering Technologies

17,507

26,495

35,140

51,139

Specialty Solutions

22,777

27,698

48,095

59,227

Total

$

156,283

$

153,697

$

307,569

$

309,669

Income from operations

Electronics

$

9,962

$

7,776

$

18,497

$

15,875

Engraving

6,501

6,916

12,374

13,454

Scientific

4,234

4,056

8,310

7,761

Engineering Technologies

1,363

3,422

1,831

6,781

Specialty Solutions

3,211

4,341

7,117

9,990

Restructuring

(509)

(720)

(1,996)

(2,199)

Acquisition Related Costs

(570)

(773)

(596)

(1,507)

Corporate

(7,454)

(7,379)

(14,445)

(16,664)

Total

$

16,738

$

17,639

$

31,092

$

33,491

 

Standex International Corporation

Reconciliation of GAAP to Non-GAAP Financial Measures

(unaudited)

Three Months Ended

Six Months Ended

December 31,

December 31,

(In thousands, except percentages)

2020

2019

% Change

2020

2019

% Change

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

Net Sales

$

156,283

$

153,697

1.7%

$

307,569

$

309,669

-0.7%

Income from operations, as reported

$

16,738

$

17,639

-5.1%

$

31,092

$

33,491

-7.2%

Income from operations margin

10.7%

11.5%

10.1%

10.8%

Adjustments:

Acquisition-related costs

570

773

596

1,507

Restructuring charges

509

720

1,996

2,199

Purchase accounting expenses

-

-

592

-

Adjusted income from operations

$

17,817

$

19,132

-6.9%

$

34,276

$

37,197

-7.9%

Adjusted income from operations margin

11.4%

12.4%

11.1%

12.0%

Interest and other income (expense), net

(1,541)

(2,516)

(2,855)

(3,719)

Life insurance benefit

-

-

-

(1,302)

Provision for income taxes

(3,189)

(2,831)

(5,885)

(6,909)

Other foreign tax adjustments

-

(722)

(196)

(722)

Tax impact of above adjustments

(226)

(714)

(662)

(973)

Net income from continuing operations, as adjusted

$

12,862

$

12,349

4.1%

$

24,678

$

23,572

4.7%

EBITDA and Adjusted EBITDA:

Net income (loss) from continuing operations, as reported

$

12,008

$

12,292

-2.3%

$

22,352

$

22,863

Net income from continuing operations margin

7.7%

8.0%

7.3%

7.4%

Add back:

Provision for income taxes

3,189

2,831

5,885

6,909

Interest expense

1,601

1,928

3,086

4,050

Depreciation and amortization

8,328

8,085

16,521

16,066

EBITDA

$

25,126

$

25,136

0.0%

$

47,844

$

49,888

-4.1%

EBITDA Margin

16.1%

16.4%

15.6%

16.1%

Adjustments:

Acquisition-related costs

570

773

596

1,507

Restructuring charges

509

720

1,996

2,199

Life insurance benefit

-

-

-

(1,302)

Purchase accounting expenses

-

-

592

-

Adjusted EBITDA

$

26,205

$

26,629

-1.6%

$

51,028

$

52,292

-2.4%

Adjusted EBITDA Margin

16.8%

17.3%

16.6%

16.9%

Free operating cash flow:

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

$

22,276

$

7,289

$

31,508

$

16,730

Less: Capital expenditures

(5,325)

(3,688)

(10,145)

(10,376)

Free operating cash flow

$

16,951

$

3,601

$

21,363

$

6,354

 

Standex International Corporation

Reconciliation of GAAP to Non-GAAP Financial Measures

(unaudited)

Three Months Ended

Six Months Ended

Adjusted earnings per share from continuing operations

December 31,

December 31,

2020

2019

%Change

2020

2019

%Change

Diluted earnings per share from continuing operations, as reported

$

0.98

$

0.99

-1.0%

$

1.82

$

1.84

-1.1%

Adjustments:

Acquisition-related costs

0.04

0.03

0.04

0.09

Restructuring charges

0.03

0.03

0.13

0.13

Life insurance benefit

-

-

-

(0.10)

Other foreign tax adjustments

-

(0.06)

(0.02)

(0.06)

Purchase accounting expenses

-

-

0.04

-

Diluted earnings per share from continuing operations, as adjusted

$

1.05

$

0.99

6.1%

$

2.01

$

1.90

5.9%

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/standex-reports-fiscal-second-quarter-2021-financial-results-301222726.html

SOURCE Standex International Corporation



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