Boston, MA 05/06/2014 (wallstreetpr) – The effects of Standex Int’l Corp. (NYSE:SXI)‘s solid quarter earnings On Friday helped to drive the shares up on Monday as well. The company reported better-than-anticipated quarter three earnings and said that the prevalent market conditions and demand are positive for future growth of the company.
Reported Strong Earnings
Standex Int’l Corp. (NYSE:SXI) posted third quarter non-GAAP net income from continuing operations of $0.93 per share, which compares to $0.74 per share in the previous year. The net income came widely higher than the market consensus of $0.74 per share. During the reported quarter, its net sales increased from $166 million in the previous year’s third quarter to $178.8 million this year. At the same time, EBITDA that is earnings before interest, income taxes, depreciation and amortization came in at $21.4 million, as against $15.4 million in the third quarter of last year.
See Favorable Demand And Market Conditions
Standex Int’l Corp. (NYSE:SXI)’s President and CEO, David Dunvar commented that they believe favorable market conditions and underlying demand trends exist at this point of time, which will help to drive the company’s future organic growth. Dunvar added that the company’s backlog was higher in the reported quarter as compared to the previous quarter and there is visible healthy consumer activity. Going ahead, the company plans to make right decisions with respect to organic growth and acquisitions. At the same time, the company has been able to achieve some success in its recent investments in new programs and products. Particularly, the Metal Spinners and Meder takeovers have helped the company to tap new markets and reach out to new customers with new products so as to create accretive growth.
Apart from this, the company most recently declared a quarterly cash dividend at the rate of $0.10 per share, which is payable to the shareholders on May 27.
