Standex International Corporation (NYSE:SXI) Q1 2024 Earnings Call Transcript

Ross Sparenblek: Okay, yes.

Ademir Sarcevic: But again, what’s really important rather you know touching, we are not touching — we are not touching R&D. Our R&D is almost 3% up — you know 3% of revenue this quarter. So that’s really important that we are still preserving our growth, you know our growth priorities.

Ross Sparenblek: Yes, that’s excellent. [Multiple Speakers] yes.

David Dunbar: No, no, I’m sorry, I’m just going to say, yes. I’d think of the cost reduction is kind of an abundance of caution, not knowing how long this period of softness in general industry will endure. So particular cautious approach — do not affect top line opportunities and…

Ross Sparenblek: Okay. Really quick on just commercial space and understanding the timing of the project pipeline. Obviously, really strong quarter expectations for another strong second quarter here. I thought that was going to be kind of more of a second half story. So there wasn’t any pull forward to be concerned with, right? I mean this is pretty steady eddie there’s enough in the backlog that we are going to see some material expansion from mix as we move through the year.

David Dunbar: Yes, the only one thing I would say about the steady-eddie as you know, it is a project business so projects can move a bit you know, and cross from one quarter into the next. But with that caveat, I’d agree with everything you say, it’s pretty steady-eddie, we have a good backlog, a good number of platforms that are growing.

Ross Sparenblek: Awesome. Thank you, guys.

Ademir Sarcevic: Thanks, Ross.

David Dunbar: Thank you.

Operator: This concludes our question-and-answer session. I would like to turn the conference back over to David Dunbar for any closing remarks.

David Dunbar: All right. I want to thank everybody for joining us for the call, and we enjoy reporting on our progress at Standex. And finally, again I want to thank all of our employees and shareholders for your continued support and contributions. We look forward to speaking with you again in our fiscal second quarter 2024 call.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.