Standex International (NYSE: SXI) reported Q4 EPS of $1.40, $0.09 better than the analyst estimate of $1.31. Revenue for the quarter came in at $176.4 million versus the consensus estimate of $173.58 million.

"The transformation of our portfolio around businesses with attractive growth and margin profiles, as well as strong customer value propositions, was evident in the quarter on several fronts. From a revenue perspective, four of our five segments reported year-over-year growth led by the Electronics and Scientific segments. Total company backlog realizable in under one year increased approximately 19% compared to fiscal third quarter 2021.\"

\"Our deep technical and applications expertise and innovative solutions continue to resonate with customers. For example, at our Engraving segment, we recently delivered prototype modules to support projects in the renewable energy sector for a global energy company. We are very excited about the potential opportunity to further scale up our production to support this client\'s plans and expand our range of organic growth opportunities," continued Mr. Dunbar.

"In addition, our consolidated adjusted operating margin of 12% in fiscal 2021 represented a ninety-basis point increase year-over-year, and our fourth quarter margin of 13.3% is the highest quarterly margin that Standex has ever reported, despite experiencing a work stoppage in Specialty Solutions plants during the fourth quarter. This work stoppage has since been resolved but did have a moderate impact on our fourth quarter financial results in this segment. In fiscal 2022, we have a healthy pipeline of productivity and efficiency initiatives which will provide further margin opportunity. In particular, our focus on mitigating material inflation and improving our cost position in the Electronics segment through changes in reed switch production and material substitution are expected to be substantially complete by the end of fiscal 2022.

"We also had a very strong quarter for cash generation reflecting solid working capital management. We reported free cash flow of approximately $26 million, a nearly 36% year-over-year increase, and generated a free cash flow to GAAP net income conversion rate of 118% in fiscal 2021. At year-end, the Company had approximately $245 million in available liquidity and a net debt to adjusted EBITDA ratio of approximately 0.57x. We continued to repatriate cash in the quarter bringing the total to $38 million in fiscal 2021, slightly ahead of our initial guidance. For fiscal 2022, we expect to repatriate between $30 million and $35 million.

"We are entering fiscal 2022 well-positioned for improved financial performance as we continue to build on our portfolio of high-quality businesses. We expect positive trends in end markets such as electric vehicles, renewable energy, and smart grid. In addition, there are new business opportunities in the space and aviation sectors complemented by ongoing company-wide new product development efforts. Our consistent free cash flow generation and significant financial strength provide a strong foundation for future growth," concluded Dunbar.

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