Standex International Q2 Profit Increases - Quick Facts

(RTTNews) - Standex International Corp. (SXI) reported that its net income for the second quarter of fiscal year 2015 increased to $11.18 million or $0.87 per share from $10.52 million or $0.82 per share in the previous year.

Net income from continuing operations was $11.3 million, or $0.88 per share, including tax-effected $0.8 million of restructuring charges primarily related to plant consolidations, $0.7 million of purchase accounting related to the step up of inventory from recent acquisitions, and $0.2 million in discrete tax benefits. This compared with second quarter fiscal 2014 net income from continuing operations of $10.5 million, or $0.82 per share, including tax-effected $0.5 million of restructuring charges, $1.5 million in non-recurring management transition expenses, and a gain related to insurance proceeds of $1.4 million.

Excluding the items from both periods, non-GAAP net income from continuing operations was $12.5 million, or $0.97 per share, compared with $11.0 million, or $0.87 per diluted share, in the second quarter of fiscal 2014.

Net sales increased 13.7% to $189.3 million from $166.5 million in the second quarter of fiscal 2014. Organic sales increased 9.1%, acquisition growth accounted for 6.5% of the increase and foreign exchange had a negative effect of 1.9% year over year.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.05 per share and revenues of $194.14 million for the quarter. Analysts' estimates typically exclude special items.