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- **Record Growth**: Q2 organic growth 6.4%, fastest in 5 years, driven by Grid (+11.1%), Engraving (+10.3%), and 13% new product sales growth.
- **Fast-Growth Markets**: $61M (28% of sales) from Grid, Space, Defense up 45% YoY, on track for $270M FY26.
- **Margin Expansion**: Gross margin 42.1% (+120bps), operating margin 19% (+30bps), despite $10M+ annual Grid investments.
- **Balance Sheet Strength**: $213M liquidity, net debt 2.3x, $10M debt reduction, 246th consecutive dividend.
- **Grid Ambition**: 50%+ capacity expansion over 3-5 years, targeting >$135M FY26 Grid sales.

**【CEO Summary Section】**
- Fiscal Q2 2026 organic growth of 6.4%, driven by 11.1% growth in Electronics segment and 10.3% in Engraving. 
- New product sales grew 13% to $16.3M, with 4 new products launched in Q2 and 15+ expected for FY26.
- Fast-growth markets (Grid, Space, Defense) contributed 28% of revenue ($61M), up 45% YoY.
- Adjusted gross margin improved 120bps to 42.1%, operating margin up 30bps to 19%.
- FY26 revenue outlook: +$110M YoY, with Grid business expected to exceed $135M.
- $10M debt reduction, net leverage 2.3x, with plans to further reduce leverage.

**【CFO Financial Commentary】**
- Q2 revenue $221.3M (+16.6% YoY), driven by 6.4% organic growth, 9.4% acquisitions, and 0.8% FX.
- Adjusted EPS $2.08 (+8.9% YoY), free cash flow $13M vs. $2.2M YoY.
- Segment highlights:
  - **Electronics**: $115.7M (+20.6% YoY), 28.8% margin, book-to-bill 1.08.
  - **Engineering Technologies**: $30.6M (+35.3% YoY), 18.9% margin.
  - **Engraving**: $35.7M (+13.6% YoY), 19.2% margin.
- FY26 capex $33-38M, dividend $0.34/share (+6.3% YoY).

**【Q&A Highlights】**
- **Grid Business Expansion**: 
  - 50%+ capacity increase over 3-5 years via Croatia, Mexico, India sites.
  - FY26 Grid sales >$135M, 50% of fast-growth markets ($270M total).
  - Margins offset by $10M+ annual investments in capacity.
- **Amran Narayan Deal**: 
  - 10% minority interest valued at $17.98M due to 12x EBITDA multiple, reflecting strong performance.
  - India government approval delays require cash purchases of minority stake.
- **New Product Pipeline**: 
  - 9 new products launched YTD, targeting 15+ for FY26.
  - Engraving segment driving $8M of new product sales growth.
- **Risk Factors**: 
  - North America weakness in Specialty Solutions (-7.2% YoY) and Engraving.
  - Grid business dependent on customer project timing and approvals.
  - FX volatility impacting 10% of revenue.

Standex International Corporation (SXI) Q2 2026 Earnings Call Transcript

- **Record Q1 Growth**: 27.1% YoY revenue increase to $217.4 million, driven by acquisitions and new products. Orders hit $226 million, up 22% YoY.
- **Grid Dominance**: Standex Electronics Grid (formerly Amran Narain) delivered $35 million Q1 sales (+35% YoY), with 20%+ FY2026 growth expected. New Croatia/Mexico operations launched.
- **New Product Surge**: 4 new products launched Q1, with 15+ planned FY2026. New product sales to grow 40%+ to $78 million FY2026.
- **Margin Expansion**: 210 bps YoY margin improvement to 19.1%, with $5 million restructuring savings coming H2 FY2026.
- **Strong Liquidity**: $198 million available cash, net debt reduced to $446 million (2.4x leverage). FY2026 capex $33-35 million.

**【CEO Summary Section】**
- **Revenue Growth**: Fiscal Q1 2026 revenue increased 27.1% YoY to $217.4 million, driven by 26.6% acquisition contribution and 0.6% organic growth. New product sales grew 35% to $14.5 million, while fast-growth markets contributed $62 million (30% of total sales). Orders reached a record $226 million, with a book-to-bill ratio of 1.06.
- **Amran Narain Group (Grid) Performance**: Renamed Standex Electronics Grid, the group delivered $35 million in Q1 sales, exceeding 20% YoY growth expectations. Croatia and Mexico operations were launched to support grid modernization and data center demand. Organic orders in electronics rose 8% YoY, with mid-single-digit growth expected for FY2026.
- **Sales Outlook Update**: FY2026 revenue guidance raised to over $110 million growth, driven by new products (300+ bps incremental sales) and fast-growth markets ($270 million, +45% YoY). New product launches include 4 in Q1 and 15+ planned for FY2026.
- **Margin Improvement**: Adjusted operating margin expanded 210 bps YoY to 19.1%, with cost savings from $5 million restructuring actions expected to materialize in H2 FY2026. Net leverage ratio reduced to 2.4.

**【CFO Financial Commentary】**
- **GAAP/Non-GAAP Results**: GAAP net income was $42.1 million, while Non-GAAP EPS of $1.99 exceeded expectations. Free cash flow was $10.4 million, with $16.8 million from operations.
- **Segment Performance**: 
  - **Electronics**: $110.6 million revenue (+42.2% YoY), 28.8% margin (510 bps YoY expansion). Orders up 8% YoY, with mid-single-digit organic growth expected.
  - **Engineering Technologies**: $29.9 million (+45.6% YoY), 16.8% margin. Organic growth of 12.7% in space/defense.
  - **Scientific**: $19.5 million (-0.9% YoY), 25.3% margin. Organic decline due to NIH funding cuts.
  - **Engraving**: $35.8 million (+7.4% YoY), 19.1% margin. Restructuring savings expected H2 FY2026.
  - **Specialty Solutions**: $21.7 million (+2.6% YoY), 13.3% margin.
- **Liquidity**: $198 million available cash, net debt $446 million (down $8 million QoQ). FY2026 capex guidance $33-35 million.

**【Q&A Highlights】**
- **Optimization Strategy**: 2/3 of optimization journey complete. Focus on organic growth (new products/fast-growth markets) and portfolio simplification. FY2026 $40 million+ from new products/fast-growth.
- **Grid Growth**: Standex Electronics Grid orders remain >1.0 book-to-bill, with no slowdown seen. Croatia plant targets $60 million+ sales over 3-5 years.
- **Engraving Recovery**: North American auto market stabilizing, Europe/Asia showing signs of recovery. 20%+ margin achievable with market normalization.
- **Acquisition Appetite**: Leverage at 2.4x, reducing debt while maintaining powder for strategic tuck-ins. FY2026 capex to support growth.


Standex International Corporation (SXI) Q1 2026 Earnings Call Transcript

- **Record Growth**: Q4 revenue up 23.2% YoY to $222M, with 28% of sales from fast growth markets. 
- **Margin Expansion**: Adjusted operating margin hits 20.6%, up 350bps YoY. 
- **FY26 Outlook**: >$100M revenue growth, driven by 15+ new products and 45%+ fast growth market expansion. 
- **Croatia Expansion**: New site to begin shipments in Q1 2026, targeting $30M+ annual sales. 
- **Debt Reduction**: Net leverage down to 2.6x, with plans to reduce to 2.0x by end of FY26.

**【CEO Opening Remarks】**
- Fiscal 2025 was a turning point with record profit generation, driven by new product launches and fast growth market expansion. 
- Q4 revenue grew 23.2% YoY to $222M, with 28% of sales from fast growth markets (defense, grid, space). 
- Adjusted operating margin hit a record 20.6%, up 350bps YoY, supported by pricing, productivity, and acquisitions. 
- FY26 outlook: >$100M revenue growth, 3%+ new product contribution, and 45%+ fast growth market expansion. 
- New Croatia site to begin shipments in Q1 2026, targeting $30M+ annual sales by 2028. 

**【CFO Financial Highlights】**
- Q4 GAAP net income: $42.3M, Non-GAAP EPS: $2.28 (20.6% YoY growth). 
- Free cash flow: $24.9M, up 12% YoY. 
- Net debt reduced to $448M (2.6x leverage ratio), down from $552M in Q3. 
- FY26 capex guidance: $33-38M, focused on capacity expansion for fast growth markets. 
- DSO improved to 69 days, targeting 60 days by end of FY26. 

**【Q&A Highlights】**
- **Revenue Growth Drivers**: 60%+ of FY26 growth from acquisitions, 300bps+ from new products, and 20%+ from fast growth markets. 
- **EV Market Resilience**: European EV sales stable, with new model launches expected to drive 2026 growth. 
- **Tariff Mitigation**: 4% of COGS exposed to India tariffs, offset by pricing and alternative sourcing. 
- **Margin Expansion**: Fast growth markets generate 300-400bps higher margins than core business. 
- **Acquisition Pipeline**: 2.6x leverage ratio allows for selective M&A, targeting $2M+ deals in fast growth sectors.

Standex International Corporation (SXI) Q4 2025 Earnings Call Transcript

- **Record Margins & Growth**: Q3 2025 adjusted operating margin of 19.4% (vs. 14.6% FY24), driven by 17.2% revenue growth and pricing/productivity initiatives.
- **Fast-Growth Markets Accelerate**: Fast-growth end markets (electrical grid, space, defense) contributed $60 million YTD (29% of sales), up from $26 million FY24.
- **New Product Success**: 13 new products launched YTD, contributing ~3% of revenue, with FY26 pipeline targeting 200+bps growth.
- **Debt Reduction Focus**: Net debt $470 million (2.8x leverage), with FY26 plan to reduce leverage through free cash flow and disciplined capex.
- **Europe Expansion**: Greenfield site to begin production Q1 2026, targeting $2+ billion addressable market in electrical equipment.


**【CEO Summary Section】**
- Fiscal Q3 2025 revenue reached $207.8 million, up 17.2% YoY, driven by 26.3% contribution from acquisitions (Amran/Narayan and McStarlite) and 9.9% organic growth in Engineering Technologies.
- Record adjusted gross margin of 42.3% (up 230bps YoY) and adjusted operating margin of 19.4% (up 280bps YoY), supported by pricing actions and productivity initiatives.
- New product sales totaled $13.4 million (2x YoY), contributing ~3% to revenue, with 13 new products launched YTD vs. target of 12-15.
- Fast-growth markets (electrical grid, space, defense) accounted for 29% of sales ($60 million YTD vs. $26 million FY24), with Amran/Narayan alone generating $33 million in Q3.
- Europe expansion underway: greenfield site expected to begin production by Q1 2026, targeting $2+ billion addressable market.

**【CFO Financial Commentary】**
- Adjusted EBITDA of $40.3 million (19.4% margin) vs. $28.7 million (14.6% margin) FY24, driven by higher revenue and margin expansion.
- Free cash flow of $3.5 million vs. $19.3 million FY24, impacted by one-time acquisition costs and longer customer payment terms.
- Net debt of $470.4 million (leverage ratio 2.8x), with plans to reduce debt through FY26 via cash flow and disciplined capital allocation.
- FY28 long-term targets: >$1.15 billion revenue, >23% adjusted operating margin, >15.5% ROIC.

**【Q&A Key Themes】**
- **Tariff Mitigation**: 6% of COGS exposed to China tariffs, with pricing/productivity covering 70%+ impact in Scientific; Electronics and Specialty segments less affected. Europe expansion to reduce regional supply chain risk.
- **Organic Growth Outlook**: Electronics bookings up 10% YoY, with FY26 organic growth expected in Electronics, Engineering Tech, and Specialty Solutions. Amran/Narayan expected to add $20 million+ annual sales.
- **Leverage Management**: Priority on debt reduction (leverage target <2.5x) while investing in high-margin new products and fast-growth markets. FY26 capex guidance $25-30 million.
- **New Product Pipeline**: 13+ new products launched FY25, with ~200bps incremental growth contribution. FY26 pipeline similar in scale, targeting space, defense, and renewable energy applications.


Standex International (SXI)-2 May 25-2025 Q3 Earnings call transcript

- **Record Margin & Growth**: 18.7% adjusted operating margin (vs. 17.0% prior) driven by $14.5M new product sales and Amran/Narayan acquisition. 
- **Fast-Growth Markets Accelerate**: Electrical grid sales ($43M) exceed 20% of total revenue, with 2028 target of 30%+ share. 
- **2028 Ambitious Targets**: >$1.15B revenue, >23% margin, >15.5% ROIC, supported by 15-20% CAGR in Amran/Narayan. 
- **Cash Flow Discipline**: $2.1M free cash flow in Q2, with plans to reduce debt while maintaining dividend. 
- **Operational Excellence**: 560bps margin expansion in Electronics, 100%+ new product pipeline contribution.

**【CEO Summary Section】**
- Q2 2025 sales increased 6.4% YoY to $189.8 million, driven by a 15.3% contribution from acquisitions (Amran/Narayan Group) and new product sales of $14.5 million (+$3.5M sequentially, +120% YoY). 
- Record adjusted operating margin of 18.7% (up 150bps YoY), with Electronics segment margin at 27.6%.
- Fast-growth markets (electrical grid, EVs, space/defense) accounted for 23% of sales ($43M), up from $40M in Q2 2023. 2028 target: >$340M (~30% of total sales).
- 2028 financial targets revised: >$1.15B revenue, >23% adjusted margin, >15.5% ROIC.

**【CFO Financial Commentary】**
- GAAP net income: $42.3M (18.7% adjusted margin). Non-GAAP EPS: $1.91 (flat YoY). 
- Free cash flow: $2.1M (vs. $19.5M YoY), impacted by $11M one-time acquisition costs.
- FY2028 targets: >$1.15B revenue, >23% margin, 100% free cash flow conversion.
- Amran/Narayan Group Q2 sales: $19.5M (vs. $100M annualized guidance), with 2024 actual sales exceeding $100M.

**【Q&A Key Highlights】**
- **Amran/Narayan Integration**: 3-shift production expansion underway, with European footprint expected in 2025. 2025 revenue growth target: 15-20%.
- **Organic Growth**: Electronics book-to-bill 1.02, new product pipeline tracking ahead of expectations (+200bps growth contribution). Engraving restructuring to yield $4M annual savings.
- **Margin Expansion**: Core businesses (Electronics, Scientific) driving >23% margin by 2028. Amran/Narayan EBITDA margin ~40%.
- **Debt Management**: Net leverage 2.9x, targeting debt reduction while maintaining dividend (242Q streak at $0.32/share).

Actual												0.96	0.65	0.96	1.05	1.19	1.4	1.34	1.45	1.54	1.54	1.6	1.74	1.65	1.76	1.74	1.78	1.75	1.76	1.71	1.91	1.95	2.28	1.99	2.08
Forecast												0.8967	0.4675	0.72	0.9975	1.0625	1.3125	1.2825	1.365	1.4825	1.4533	1.565	1.66	1.57	1.6875	1.695	1.7225	1.706	1.799	1.6559	1.676	1.922	2.098	1.906	2.0017
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+7.06%	+39.04%	+33.33%	+5.26%	+12.00%	+6.67%	+4.48%	+6.23%	+3.88%	+5.97%	+2.24%	+4.82%	+5.10%	+4.30%	+2.65%	+3.34%	+2.58%	-2.17%	+3.27%	+13.96%	+1.46%	+8.67%	+4.41%	+3.91%

SXI

SXI fundamentals

SXI Q2 2026 Earnings

Earnings Call

You can ask Aime

SXI

SXI fundamentals

SXI Q2 2026 Earnings

Earnings Call

SXI Earnings Call Summary for Q2/20268:30 AM on Jan 30, 2026

SXI Earnings Call Summary for Q1/20268:30 AM on Oct 31, 2025

SXI Earnings Call Summary for Q4/20258:30 AM on Aug 1, 2025

SXI Earnings Call Summary for Q3/20258:30 AM on May 2, 2025

SXI Earnings Call Summary for Q2/20258:30 AM on Jan 31, 2025

You can ask Aime