Standex International Q3 Profit Declines - Quick Facts

(RTTNews) - Standex International Corp. (SXI) reported that its net income for the third quarter of fiscal year 2015 declined to $12.6 million or $0.99 per share from $13.2 million or $1.04 per share in the previous year.

Net income from continuing operations was $12.8 million, or $1.00 per share, including tax-effected $0.3 million of restructuring charges primarily related to plant consolidations, compared to third quarter fiscal 2014 net income from continuing operations of $13.3 million, or $1.04 per share, including tax-effected $1.0 million of restructuring charges, $1.0 million in non-recurring management transition expenses, and a gain related to insurance proceeds of $3.4 million.

Excluding the items from both periods, non-GAAP net income from continuing operations was $13.1 million, or $1.02 per share, compared to $11.9 million, or $0.93 per share, in the comparable quarter last year.

Net sales increased 3.9% to $181.00 million from $174.16 million in the prior year. Organic sales increased 1.5%, acquisition growth accounted for 6.1% of the increase and foreign exchange had a negative effect of 3.7% year over year.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.01 per share and revenues of $188.07 million for the quarter. Analysts' estimates typically exclude special items.