SXI - Earnings call transcript Q1 2019 | Standex International Corporation

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Operator

Good morning, and welcome to the Standex International's Q1 2019 Earnings Conference Call. [Operator Instructions] Thank you. I will now turn the call over to Mr. Ryan Flaim of Sharon Merrill Associates. Please go ahead.

Ryan Flaim

Christie. you, Thank the on that management's can remarks Please Investor presentation Relations found Standex's website, be note, accompanying www.standex.com. Please see Slide on Standex's Safe Harbor statement X. include management today's other Standex discuss statements. predictions, call forward-looking that and estimates, Matters expectations will conference on uncertainties These actual could results risks cause materially. that statements differ to are subject and to

SEC to announcements and for factors. a should refer filings risk You detailed Standex's recent public list of

depreciation earnings include like amortization; taxes, In you will one-time and EBITDA, remind which would EBITDA, accounting, EBITDA and discussion to restructuring, references addition, before which is is I today's that to items. purchase interest, expenses adjusted excluding acquisition-related

such We to income income, from net as results to serve financial Standex and will financial accordance cash non-GAAP the performance. net and release. operations, operations, United non-GAAP non-GAAP free States. a operating quarter consistent in accounting complement is non-GAAP to accepted GAAP news also the in principles continuing available generally in comparison measures believes refer A of provided historical flow. measurement Standex's intended income the provides Company's with first are measures non-GAAP These directly most the that from measures an comparable additional of to reconciliation information

and call turn Officer, Chief On Chairman, over Chief David. as call to Slide Officer, Standex's today I and the X, Tom David Dunbar; is to Executive Please President Financial DeByle. turn the

David Dunbar

business. highlights debt, profitability, we to our divested Later Standex platforms, the in world-class EBITDA EPS Group fiscal cover X.X% and strengthened first, XX.X% to taking to We Overall, acquisitions in as moment; in and a acquisitions Cooking believe acquisitions; steps XX strategic QX of XXX strategic delivered of big X.X%. basis transform a $X.XX two with Electronics operating sales show which growth had our Magnetics our the in income up bolt-on in revenues more up will was We down of our markets. bolt-on was the growth our paydown several began to points me pursuing enhance and forward for increased platforms. allow Operating segments today, our two the four on in performance and single-digit EPS backlog and topline provide basis with adjusted we strategic X.X%. high we in and strength Engraving touch XXXX engraving sales I more highlights. than Tenibac presentation, We increased organic also year growth our points. you. across X.X% income will of and growth further $XXX.X adjusted per was five which announced invest company. into alternatives up will deliver flexibility core Agile share QX Solutions us We key detail and growth million, two are Thank GAAP let journey $X.XX across in while operating completed organic in hydraulics. electronics, end combined of strategic

several Rosa the laneways, of Japan leverage our Standex Electronics and growth we As in to advanced acquisitions, on growth Piazza continue end-markets. capitalize and

EBITDA We acquisitions Cooking the announced alternatives This Group. and the completed we accretive. net also that Solutions is businesses. electronics The engaged strategic for to two forma in effect engraving bolt-on investigate a Baird morning have on pro basis we on

QX. market a We of increase reflect margins engineering move continue benefits the by saw expect to this business. impacted technologies through significantly more was to profitability Food in refrigeration headwinds restructuring Despite Group refrigeration in XXX QX we basis points year-over-year the of XXXX. Service as our Our margins the which in we leverage

capitalize schedules second see takes will to the on XXXX up speed we to aviation further believe half improvement our business. production we the and continue the the ramp as customer Slide cooking are start markets. in during seeking of for announcements X are our and we that alternatives fiscal the turn seeing space to We strategic energy business mounting this year and to discuss Please demand

focus lines portfolio believe we our the that we business the determine strategic strategic our market. a it that with to needed fit not business the that As to set invest greater proceeds selling with of provide for more growth and valuable and compete aligned platforms. cooking is vision solutions will to brands the flexibility The broad profitable debt. more use track to We effectively cooking be can that a included a will intend of evolve, the company in capabilities in provide paydown product

in We portfolio, significant this the the earnings we our expect the sale across business. of although the quality improved board, completed share cooking lose fiscal we margins earnings within be and be to and there With per will anticipated in earnings the the change interest will of tax decrease the and mix marketplace as year. favorable

increased of our EBITDA and operating from income to XX.X%. XX.X%, to basis, increases EBITDA cooking exclusion from EBITDA adjusted XX.X% XX% to in full from On adjusted income to XX.X% a from XX.X% XXXX, adjusted XX.X%. the adjusted and cooking Specifically excluding our operating year QX, in XX.X%,

also will see points. metrics You by we XX how over ROIC our improve basis

for of cooking that XXXX to turn will in $XXX later I ask to with Please that Now, Standex you million retain a comparison. X. number Slide EBITDA delivered

this are is our momentum actions businesses, our good strong two acquisitions recent potential. where earnings capitalize in market in opportunities; within our and position to merchandising the creation the committed we've to service support and And taken to scientific, order comp are growth food case the we and Agile defend value segment, and strategy. invest our electronics includes businesses. the of this see our market strategy In greatest Tenibac hydraulics, examples We engraving to of

and our with our operationally column, program plants. on margins technologies pleased has As excellent shown are we businesses. an In There job driving NVOs in not sizeable at the margins due improvements our however, refrigeration to benefits team the volume restructuring middle in referenced refrigeration, to earlier. engineering we The rates the and however the focused overtime. items improving targeted with we pipeline the our as controlling control in are declines done focused on achieve flowing bottom-line through remain are can order account we national

and brands it's their business capitalizing energy ramp, Our to in to align needs. believe improvements the NVOs In in in key and engineering aviation well the segments market programs, deliver we as to plans space teams are we're we eminent on the and strong bottom-line operational in as have order development our have improvements. made refrigeration leveraging on new the technologies, focused

investments $XXX of than pro Slide strategy. our electronics portfolio their EBITDA evolved more margins. EBITDA and a determine the our have we the XX.X% cooking The you acquisitions. businesses from in rationalization XXXX but that recent Tenibac no of acquisitions. line two Turn point those million I longer see how in delivered have cooking X; includes the and the five can effect XXXX forma two This Standex without at years. higher increased than with has third more to rate is engraving Consolidated EBITDA as also are expanded businesses in recent compares delivered for to earnings the must for business. Agile out $XXX million together to and doubled with category our XX.X% our adjusted

on by and has can trailing see and cooking. pie basis here adding Agile Turning new acquisitions pro bottom now XX The a Tenibac mix how FYXX X; the chart month our Slide forma you results excluding changed. restates

of see these result as and well portfolio growth bolt-on platforms. With on mix as key eight to shift focus organic consequence our laneways, in changes you This growth drive operating shift Standex a on test a This sales world-class market transform to from significant acquisitions the of strategy can more into growth our our profits company. our to platforms. is is a reinforce

Tom past quarter operating are progress will Tom? entering made the we middle five have a the so of With we become our review in our first company. world-class journey years, results. We innings to believe that,

Tom DeByle

David, and you, good everyone. Thank morning,

Before our I as XXXX performance included the have are classified of the financial Cooking review excluded Solutions would in are results. to and to QX the fiscal year-over-year results as for our Group that operations been operations not comparisons continuing the discontinued fiscal XXXX quarter, QX results note from from like I our and such

shows and adjusted as adjusted GAAP on X sales a basis, well to of Turning an share which trend historical per Slide basis. earnings as our

the per first $X.XX was through XXXX, X.X%. down and by quarter, XX, increased XX, September share through earnings were service adjusted This $X.XX For operating tax September food interest XXXX impacted expense versus expense. higher performance,

in As David X.X% QX in versus $XXX.X prior year-over-year up million the $XXX.X period. year to sales noted, million with were

growth to Engineering on Electronics, the details earnings X segment. the slide, were Overall, consistent X.X% shown our QX businesses Piazza of four bottom turn our was growth. and with The growth, contributed Please Engraving, As our historical quarter Rosa performance and Tenibac acquisitions which by Slide overall organic to trends. and five organic this revenue in reporting changes of X.X% revenue sales namely; Hydraulics. with of Technologies the

As and a turn cost up higher basis. in from Please income a XX.X% the quarter adjusted of tax million, segment, up impact GAAP had first adjusted a net higher XX.X%, to to XX, special operations points non-GAAP and negative Please purchase was share expected, for included basis results was food GAAP special turn operating basis Tax-affected $X.X Earnings XX, primarily charges and quarter. a the was to of GAAP net GAAP due is on to items continue dollar. in we foreign expense due weakness be Slide related X.X% summarizes expect million, restructuring U.S. down headwind of $X.X exchange acquisition which FX down the expense. which impact, that to our continuing X.X% a X.X%. of strong a costs XXXX interest and was on to XX basis. Slide EPS service QX accounting-related up and illustrates on the million. basis non-GAAP a $X.X XXX margin bridge up income points the items net income was basis basis. On on per a on

XXXX Slide million period. Working to teams turns payable the fiscal of X.X net focused the inventory year our X at turns decreased compared improving capital; in quarter capital year. million operational XX, Turning on outstanding. in first prior working and of the of first, ago $XXX.X to are days from turns comments Couple the with excellence $XXX.X working was on capital end

provide $XXX.X the ended consistency of our in $XXX Second, to working We quarter. measured incorporated funded fourth across debt debt improve quarters position increase in management. net bonus as Slide debt we QX defined this an the quarterly We annual since in program turns illustrates net order XX have and of a debt basis approximately cash. metric. on million capital million, a less

with to capital of XX.X% was net Our net quarter. debt to compared ratio of debt XX.X% capital last

'XX. The increase. represent and the other QX primary governments, repatriation over cash for Tenibac drivers approvals statutory trading lengthen process in foreign that cycle. the and fiscal many repatriation Agile $XX repay of acquisitions of audits, foreign Our anticipate this from in during million involves locations We approvals

turn in add at working electronics to Engraving multiple capacity order QX We repatriation continue are Please the came new currently spending versus million to our $X.X in achieve increased targets. related year. Slide XX. requirements Cincinnati headquarters. to million Capital in in to spending through in prior jurisdictions and $X.X laser the

range are ahead, projecting to our in the initiative. opportunities small a to million of $XX million we $XX spending Looking capital our and growth offer XXXX support excellence in

depreciation the of was cash. $X million. XX to negative the million and about quarter expect be flow We to for reconciliation Free cash operating details the be $XX it about cash operating amortization the operating as free first Slide David. flow call remainder was is With generally turn Free in quarter that, the in I'll and year. the negative of improves to back the fiscal year. throughout prior

David Dunbar

a was soft through levels national This pumps The restaurants during a stores I'll Tom. Service XX.X% and XX Equipment growth of Revenues merchandising retail, turn dollar spending in quarter. offset also Slide drug our in decline X.X% you, for decline Please quick Scientific sales. Food begin refrigeration line market was overview Thank X% the the with industry-wide. in and growth double-digit by of in segment QX. service due specialty the were primarily with segment Group. sales decreased and with to

As income decreased of topline decline, operating the to a result XX.X%.

to we focused scientific, grow ahead, differentiated through products and merchandising on of Looking pumps continuing offerings in businesses. specialty introduction new remain the the

realign value. the with In leverage addition, we're current generate to business focused market conditions, well-known to additional on actions our refrigeration brands and taking

non-automotive our X.X% tool margin finishing, income in as we shell over Engraving. accelerate key new for August to cultural that operating footprint. adjusted able in about Tenibac-Graphion, Turning to including rollout million our to essential new laser, and excited America. will and $XX across Piazza Rosa tool bringing acquisition automotive an customers. our to as growth bring added that North quarter. to in to we was the workforce of X.X% and the remain XX, finishing increased with we access up The operating from that an be on very of and By skilled to now aggregate nickel of were capitalize demand catalyst automotive XX% we Sales technologies for sales to highly completed integration offerings be value Slide gain are we'll The be which fit continues our excellent looks Tenibac was a in

due main operating and profitable to market. up income energy XX.X% with business ahead, sales well it's acquisitions from sales technologies. X.X%, and of the and the expectations, continue efficiencies. margin quarter XX; income line as Slide automotive realized timing space our up of focus tool for were in Please Operating a offset part to year-over-year, driving growth robust turn due Looking contract we laser, to in capitalizing as X.X%. by on growth partially leveraging engineering sales improvements operating recent segment on programs nickel our in Enginetics shorter and improvement in In were and the to finishing, development rollouts, was technologies. Aviation softness shell as

Going to customer backlog seeing growing are parts, have focused demand mounting forward, and investments critical made our are in the and for [indiscernible] leveraging on energy the engine we the in delivering schedules ramp markets. the aviation space upcoming we we production on capitalizing on support

a margins XX.X%. continues turn of mission market. expect Slide our the XX.X% perform the portfolio Orders up we half across X.X% At and regions enhancing exceptionally the high sensors, with several all Agile Standex shippable reported XX, to with Sales the of including of magnetics double-digit improvement increased ability to to end second in reliability, growth within of Please across one Electronics. Magnetics and the income We Japan our and magnetics. we year. to delivered continue and switches custom fiscal growth in to completed designed margin acquisition critical sales well relays, Operating service backlog increased solid significant sales Electronics the in performance during end-markets. of and quarter, was year strong XX.X%. backlog we

monitoring this is have positive closely. this corrections believe we of momentum customers we forward, While indicative with joint in going indicated their some forecasts and are

the electronics, advancing on the sectors, market environment the in and business potential future as XX, new Please optimistic million and ahead, the The tariffs and about increase was plant market anticipate any coming months. material of million all remain sales including were leverage anticipate corrections decreased And we we pursue income new infrastructure. across slowdown Looking funnel in the will Slide hydraulics integration continue turn to on strong we notably backlog impacted X.X% $X which business. Agile We housing Operating our $XX.X in in profitability construction, downtime. of focused by or Cincinnati. to inventory of offset by capital to headquarters Magnetics to are continue XX.X% the investments strong. capitalizing in tests we driven for Hydraulics. strength opportunities segment Orders increases, was machine as this in and grow price in

pack eject rise. closely New are calendar a in OEM customers received XXXX. been have by and on slowdown well concerns potential cylinders monitoring the about order We

thoughts key Slide as let a Before me XX. shown with we you few questions, to leave go on

for service, engineering delivered QX engraving, the despite strong faced time market several hydraulics, and year-over-year First, the first and food technologies of in X.X% we we in by headwind very in growth performances with in electronics growth quarters. topline

deliver growth. significant made our actions progress bottom-line we to improved with Second,

reading improvements are to parts align for technologies. of to We that through, engine adjustments efforts in lifting conditions. costs engineering further is and market and aviation on now in refrigeration software to our legacy focused remain the in margins margins the with profitability improve Our making business committed

seeking announcement Solution for the are corporate we Additionally, Cooking alternatives margins. that increases strategic the Group

very level, divestiture excited a quarter with during performing and the we two corporate electronics. are acquisitions these the rate. of margin and impact well increases the the and increases of recent bolt-on cumulative At EBITDA in completed engraving two acquisitions acquisitions our have our dollars we're cooking Third, that about a

on balance the with expect we improve our growth to our expectation the greatest see as hard as value repatriating company. to with color our debt to pipeline work a operating And system paying we thank well sheet. shareholders. the overseas, and of strong versus customers position to platforms and becoming are adding strategic the ratio and proceeds We executed the to executing relentless as ahead we Standex focus our With and to several dry opportunities growth down remain fulfill We businesses. where cash best-in-class of initiatives updated. with divestiture, the XXXX balance Standex Standex from growth forward The important more excited finally, acquisition opportunities. strong we team prior creation several of a continues for We're leverage our sheet employees, With delivered to laneways you across in look we remains positioned began robust. mission the invest on keeping well momentum year,

Now with take that, will we questions. your

Operator

Instructions] of is [Operator Chris your CJS. first And Moore from question

Chris Moore

for a of Cooking or Maybe just we have feel just getting of it in the now get the been just a terms where sense you can in you that going start or right get so, with Is process. Solutions; are last kind there. working better month through

David Dunbar

aggressive fairly the like get business, preparing now with the the offers -- close but schedule a January have February. to in for early in is the this final We expect through some of we sometime candidates actively December expect obviously and here will we're process to would shortlist November for we and to we'd From marketing their beginning we this expectation been that time. of

Chris Moore

-- it getting an thoughts just evaluation of it, you're from kind sounds on -- know like range, that? into any I

David Dunbar

Well, would recent I can refer the way in and along. cooking that from I further pretty a to out process. and wouldn't get than expect market the business. until sales see bit anywhere in just EBITDA Xx easily comps even EBITDA, you the farther split quite XXx we we with go interest to we guess of of that I any

Chris Moore

terms side; little further little it on -- to out might solutions, a just someone's terms generate margins? there in might so, other the considering looking just of they able to cooking them, the in a purchasing higher why maybe about you've -- be talked more be And why bit of valuable if bit

David Dunbar

expectation through ago expect Well, company in of couple of the buying you was in to you've the our been back. into has bit are couple a of restructuring; with we've plant announced following that the in from begin come time, which slower part to we day-to-day last seeing, investing investment the and plant quite chain, some of business, and performance business we dealers years we that for flowing and supply been put would the that know, our and the the standards in years improvement groups and

another brings stronger we So in businesses, of relationships, engineering, business, either relationships differentiated counter your they business, them; a modest are match end there can individually operations. create to of with up energy, you the them synergies from business on three this cooking our of scale, better from more you advantages sales, two and plants. we to who each one think desk -- Depending is each sharing customer are of and business the three smaller somewhat And team have standard buyer pull. within

Chris Moore

that -- switch inventory area talking specifically electronic that's corrections we're about? in gears the what Let the me side; potential just on

David Dunbar

a in a coming Asia. Asia; out growth little rate from of saw slowdown so slowdown We the

some Asia, how to opportunities, shipments and overcome as I -- the be business we from effects, some from and will pause, through bit end-markets there a pause uncertainty coming trade. have will scripts, new into taking those believe semiconductors, any customers we in is language affect in like transitory the effects. that see some as mentioned tariffs in the announced some projects We that little the seems related inventory that So these semiconductors new

Operator

Godfrey George from is CLK. of question next Our

George Godfrey

refrigeration the you or business one the do with it the I refrigeration of to in? attractive sale then you is And that solutions, on that's stay to cooking any follow-up. and exit want On selling have still thought think business

David Dunbar

think of filter The look improvements our refrigeration, taking companies to there those hold, everything goes in have we've returns are same and a seeing cash, you investments other significant seeing and way we thing. you refrigeration our made is the we're at in investments groups a uses know, marketplace the in operations, the that we see slowdown

is; last of serve we of the Our the some here, growth is dips quarter. modest going assessment large this long-term spending where had is there market in customers their trend in that

the markets, we've our pretty Our strong strong we that is a a serve, the investments good that in business, we brands in the and refrigeration segments return have they and place in there believe in are refrigeration brands assessment team there creation made is still with those that value opportunity. good on is

George Godfrey

business service what business for as today? new operates food as margin equipment configured the expected, EBIT target do it's think If the you is the

David Dunbar

under cooking improvement XX%. we margins what's know -- and XX% Within differentiated communicate Day we of now about the communicating our the business to of volume the back in our interesting May, XX%. above dependent where in business target, continue we towards George, mix refrigeration; couple that below, standards actually that year-on-year so was our on that deliver it but have it business Investor and XX% something we were be businesses to we that model just was getting our and updated to projected a with forecast we in You

to the cooking change evolution the the answer removing So food margin in actually service group. doesn't

Operator

[Operator [indiscernible]. question Instructions] Your from next is

Unidentified Analyst

questions, the side. Just a few different cooking on first

we of to to approached more look one stated you've and that became preparing side or questions, today, by cooking previously does cooking timeline it actually you accelerated investors official it to But we that on make that one were ringing? is stand transaction? this know, the and to the hiring the earlier is you you've sale. that than a that go-forward that is, this and all than having So this of making short us for past and phone were alluded I for the official question kind apparent the kind had the think have in different was the lead Baird in said then of third-party that, and on

David Dunbar

do and because regularly say our we at all us cooking. and stepping pitching buy are we about do businesses, can our back really all looking at did of enter how we [indiscernible] people we at each we that our analysis want get to calls returns, fell generating anticipate businesses sell also would I these related It what with nearly quite best of get planning to it of process. cash businesses, where had we other really till the businesses, to not that and out into

Unidentified Analyst

So it, tax strategic basis is us? would we now view, of I Can since at a what guess the the look share that we business that took know you with

Tom DeByle

and think that it Yes, about show us have impacted will… -- $XXX we it's million in we and we're business, by we U.S. looked assets $X.XX -- $XXX in stock, so it, will based at so it a we year-over-year we've million

David Dunbar

we us, the with course with can number have of that. don't follow-up Well, we

Let's the that are assets right sure answer -- this you sale. give you right give of for those we make part the

Unidentified Analyst

margins -- you or to stated it's that swag for get kind on to Is and of that up [ph] quarter been point us an year? going to weighted And given pick we remainder starting then for more engineered, already revenues really be really has inflection improve activity or and the to things second that. business first terms in that half confidence trend are the of a of still it in is seeing the

David Dunbar

be struggle an last threw the from legacy was say so inflection standpoint a going [ph] that half big -- -- that's a has of business, in because turning business; needle is and was has with actions business and parts improvement; year to The sales a re-threw thousand team the parts our driving some small -- the that's of real the margin more margin that really quarter that what's a moved would engine actions it, second to point first and improvement. story. I in that that just few

is customers for looking business. the growing second the published a present -- with our their at -- that -- but know, You in significant current projections it's the from it half schedules sales pickup presented

Unidentified Analyst

we've the done the it like headlines new platform on then got and we some some seeing fiscal technologies grower lot engraving some And and stand today? production where auto, wins market; rates we've in as to 'XX this still we're and you we're business, a an in do organic yields new bringing of but sounds year see

David Dunbar

Yes, do. we

finishing, $XX was that tool chemical from I X% as business and happened up our at efficient delivered markets know, nickel the allows to to begin in so year; in of engraving actually last traditional even about million investment two of finishing when if shell technologies that talked was look gives new the [ph] customers, year. the sales, the prior is laser past us whereas about expand You in we've our that us so from particular, was means dramatically what chemical our mean share quarter, which for wallet you soften. XX% the grow the from down a engraving to And which -- if

our where new there to at do auto a as organic is technologies give years still models of that, we is the So and opportunity growth offerings and market business think OEMs [ph]. underlying we're though have SAR globally few out the new a new the driver growth. from we to these us an data continue that I point the would the opposed will at number be in model which refreshments the looking in

Unidentified Analyst

terms can the they were a versus maybe not profit profile [ph]? within bit you too And help that long little going give to that business -- margin think integrated; of then, we're that of kind but the or the understanding any operating historic now of have I engraving us Graphion margin in same

David Dunbar

Same.

Unidentified Analyst

EBITDA -- -- cooking the deals, or deals terms lose we EBITDA everyone wrap the million from just the the to the everything, $XX just less net understands, two so of contribution And about a business? same for then of paid than ribbon discontinuation the around those in is from so we

David Dunbar

I I'm the is very lose comments. put important business glad the from we And these will leverage acquisition The [ph], the This say the our began. stronger companies can your in sheet what more EBITDA divestiture proceeds round up sale. cooking trip we than transactions point, that numbers but greater text we are than you got acquired yourself lower quick we EBITDA with and right, is for my pay we've the a two didn't EBITDA the would end when balance through be a with is and you math with for estimate

Unidentified Analyst

it's kind around we roundabout, -- a proceeds or the cash so U.S. I won't of any revenue or based with like that -- keep would all that On be to apologize. anything business that? have bouncing deal And cooking business -- I from repatriation basis that proceeds cash and

David Dunbar

Yes.

Unidentified Analyst

time We repurchase have of of share potentially a perspective, decent weakness in become good. outlook been amount today, the with management results higher when we're of -- have a going is different price capital priority seemingly the periods forward? buying even share active the kind pretty stock, From

David Dunbar

we're from the the to we and believe have the we that. opportunistically. cash always long-term the small When ago of buyback, a share. risk we -- look cap; we got doesn't authorization at the corporation buybacks, and buyback about in and Two And lowest we adjustment do use appreciate value we talk buyback that use board the dipped that's to of an capital multi-platform, of alternatives compare to other allocation, the years a sometimes value market

would for shares of have to we jump how an market if money many we us, buying will expectation a presents in. So, opportunities or but attractive how the we buyback devote don't much

Unidentified Analyst

any, Is there currently, authorization an dollar-wise? of

David Dunbar

million. $XXX

Unidentified Analyst

buying in a of to guess I are you stock be days? since [indiscernible] the So couple

David Dunbar

Yes.

Operator

Thank I for Dunbar turn David at questions you. call will additional the no closing over are back remarks. this further There time. any or

David Dunbar

you and this for thank Alright, you operator everyone thank joining us morning.

also returning to upcoming speaking our second look quarter and We many Conference, Industrial of of the Baird forward you. to Thank you on earnings. with report at course,

Operator

conference conclude you. Thank today's call. does This

You now may disconnect.

Standex International (SXI) 29 Oct 182019 Q1 Earnings call transcript