(By Balaseshan) Standex International Corp. (NYSE: SXI), which provides commercial food service equipment, reported a 9.4% increase in quarterly earnings due primarily to the performance of its Meder acquisition.
Earnings from continuing operations for the second quarter were $11.03 million or $0.86 per share, up from $10.08 million or $0.79 per share in the same period last year. Adjusted earnings per share (EPS) from continuing operations rose to $0.92 from $0.83.
Net sales increased 8.9% to $168.6 million. Sales growth consisted of 8.5% from the company's purchase of Meder electronic and 0.5% organic growth.
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Food Service Equipment Group sales decreased 0.2%, while Engraving Group sales increased 2.3%.
The Electronics Products Group reported 122.5% year-over-year sales growth, driven by both the legacy electronics business as well as the Meder acquisition.
The Hydraulics Products Group reported a 5.2% sales decline as the North American market for dump trailer systems remained weak in the second quarter as well as lower export sales to Mexico, Australia and South America, the company said.
"We have performed well in the first two quarters of fiscal 2013 despite softening in demand from several of our end user market segments," said Roger Fix, President and CEO of Standex.
SXI is trading up 0.69% at $57.04 on Friday. The stock has been trading between $35.58 and $57.60 for the past 52 weeks.