Standex reports Q1 adjusted EPS $1.74, consensus $1.68

Reports Q1 revenue $184.8M, consensus $184.77M. CEO David Dunbar said, “We followed a record fiscal year 2023 with a strong fiscal Q1performance that further highlights the quality of our businesses. On the top line, we delivered 2.5% organic growth as the strong customer demand in Engraving and more favorable project timing in Engineering Technologies were partially offset by continued softness in general industrial and appliances end markets in China and Europe served by Electronics. Sales from fast growth markets such as electric vehicles, renewable energy, smart grid, and the commercialization of space increased approximately 20% year on year to $20 million in Q1 2024…This margin growth reflects the continued solid execution of our pricing and productivity initiatives. In addition, we generated free cash flow of $12.1M, our highest ever in a fiscal Q1, following record free cash flow in FY23…We are entering our Q2 in a strong position for continued improvements in operating performance and remain on track to achieve our long-term financial targets by fiscal 2028. In addition, Standex’s consistent cash generation and substantial financial flexibility position us well to pursue a very active pipeline of organic and inorganic growth opportunities.”