Standex(US:SXI)2023-02-03 13:35Financial Performance - Standex's Q2 FY23 net sales increased by 1.1% year-over-year to $187.8 million, driven by organic growth in Engineering Technologies, Specialty Solutions, and Engraving[45] - The company achieved a record adjusted operating margin for the seventh consecutive quarter, with a 15.2% margin in Q2 FY23, a 20 bps increase over the previous record[14, 54] - Adjusted EPS grew by 20.0% year-over-year[54] - Strong free cash flow generation of approximately $24 million, representing about 120% of GAAP net income[30] Segment Performance - Engineering Technologies experienced a significant revenue increase of 33.7% year-over-year, reaching $24.193 million[23] - Specialty Solutions revenue increased by 14.6% year-over-year to $34.059 million[25] - Engraving segment revenue increased by 2.8% year-over-year to $37.689 million[32] - Electronics segment revenue decreased by 5.3% year-over-year to $72.556 million[31] - Scientific segment revenue decreased by 21.7% year-over-year to $19.292 million due to lower demand associated with COVID-19 vaccine storage[34] Strategic Initiatives and Outlook - The company expects sales to exceed $1 billion within 5 years[53] - Fast growth market sales increased approximately 35% year-over-year to $19 million in Q2 FY23 and are expected to increase approximately 40% from approximately $57 million in FY22 to more than $80 million in FY23[8] - Standex expects to repatriate between $25 million to $30 million in FY23[8]