Standex International (SXI) Tops Q2 EPS by 2c
Standex International (NYSE: SXI) reported Q2 EPS of $1.03, $0.02 better than the analyst estimate of $1.01. Revenue for the quarter came in at $190.6 million versus the consensus estimate of $193.68 million.
In the third fiscal quarter of 2020, the Company expects total revenue to increase slightly sequentially but be similar to the third fiscal quarter of 2019. Standex expects operating income to be sequentially similar to or slightly better than the second fiscal quarter of 2020 and show significant improvement year-over-year, as the Company realizes additional benefits from its cost reduction actions.
Standex's outlook assumes improved Engraving and Food Service Equipment performance and increased profitability at Engineering Technologies, year-over-year. The Company expects that performance in the Electronics segment will improve slightly sequentially, although continue to be lower on a year-over-basis. In addition, Hydraulics performance is expected to be similar to the second fiscal quarter of 2020 but reflect a decrease year-over-year as customers de-stock inventory against the backdrop of a softer market environment.
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