Standex Sees Q2 Food Service Organic Sales & Profit To Be Below Last Year

(RTTNews) - Standex International Corp. (SXI) said it expect that second quarter Food Service organic sales and earnings will be below prior year levels due to continued headwinds in Refrigeration.

It announced refrigeration restructuring plan to align costs with demand and improve margins.

The company noted that its near-term priority in Food Service is to align the cost structure in Refrigeration to reflect current lower market activity and to integrate Horizon Scientific. It will continue to capitalize on aviation opportunities in Engineering Technologies and drive growth in Engraving, Electronics and Hydraulics.

The company also announced a 14.3% increase in quarterly dividend from $0.14 to $0.16 per share.