You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: It has now been over a year since the pandemic closed in on us all.
Let me first start with an expression of profound gratitude to the employees of Standex, our executive team and the Board of Directors.
The circumstances of the pandemic required a level of agility and responsiveness that would not have been possible without a high degree of collaboration, trust and a sense of common mission.
I'm proud of what we accomplished together.
As a result, Standex is emerging from the pandemic far stronger than when we entered it.
We had another solid quarterly performance with results ahead of our expectations and expect this momentum to continue with stronger financial performance in fiscal fourth quarter 2021.
At the Electronics segment, nearly half of the 35% year-on-year revenue increase in the third quarter reflected organic growth with solid demand for relays in solar and electric vehicle applications and reed switches for transportation end markets.
Overall, we are seeing strong demand across many of our product lines and all geographies at Electronics.
Our Scientific segment also had an excellent quarter with solid revenue and operating income growth year-on-year.
We continue to expect that revenue from COVID-related storage demand in fiscal 2021 will be at the higher end of our originally indicated $10 million to $20 million range.
At the Specialty Solutions segment, revenue and operating income sequentially increased 18.3% and 32.4%, respectively, as we see the early stages of recovery in our end markets.
From a strategic perspective, we continue to position Standex around products and platforms that optimize our growth and margin profile with strong customer value propositions.
Electronics segment backlog realizable in under one year increased approximately 26% sequentially as the demand in end markets, including electric vehicle and renewable energy, continues to trend positively.
Results and order flow at Renco Electronics were solid as we successfully leveraged their complementary customer base and end markets.
At the end of the third quarter, we also announced the divestiture of Enginetics Corporation.
Our Engineering Technologies segment will now be focused on our core spin forming capabilities with its strong value proposition, reducing material inputs and processing time, ultimately providing higher growth and margin opportunities for the segment.
The sale of Enginetics is also accretive to our margin profile.
ETG will continue to focus on serving the space, commercial aviation and defense end markets.
We are also further leveraging these demand trends and strategic initiatives with ongoing productivity and efficiency actions.
At the Electronics segment, we continue to make progress in the quarter, mitigating material inflation through changes in the reed switch production and material substitution.
We are on track to substantially complete this transition by the end of fiscal 2022.
We continue to allocate production capacity to our highest margin segment opportunities.
For instance, at the Specialty Solutions segment, Hydraulics aftermarket revenue increased 23% year-on-year in the third quarter.
These actions are complemented by a strong balance sheet and liquidity position, giving us the financial flexibility to deploy capital for our active pipeline of organic and inorganic growth opportunities.
Ademir will discuss these metrics in more detail.
In regard to our fiscal fourth quarter 2021 outlook, we expect slight to moderate sequential revenue increase and a more significant operating margin improvement compared to the third quarter of fiscal 2021.
Underpinning this outlook are the following.
Sequentially, we expect revenue growth for the Electronics, Engraving and Specialty Solutions segments.
However, the consolidated revenue increase sequentially will be partially offset by the absence of Enginetics, which contributed approximately $4 million in revenue in the third quarter and was divested at the end of the quarter.
We expect significant operating margin improvement sequentially compared to fiscal third quarter 2021 results.
This improvement will be driven primarily by Electronics, Engraving and Engineering Technologies.
Besides our financial results today, we are also pleased to announce that our Board of Directors has committed to nominating Robin Davenport of Parker-Hannifin for election to the Board of Directors at Standex's 2021 Annual Shareholder Meeting.
In the interim, Ms. Davenport will serve as an observer and advisor to our Board of Directors.
Robin is a highly accomplished and respected executive with comprehensive financial and global industry expertise in the manufacturing sector and significant experience and success in the areas of M&A, capital allocation and corporate strategy.
In my discussions with her, I found her to be very thoughtful and insightful in her views and believe she will be a valuable addition to the current Board of Directors' efforts.
I look forward to working closely with her and the current members of the Standex Board as we further execute our strategic and financial priorities.
Revenue grew approximately $17 million or 35.4% year-on-year with nearly half of the increase due to organic growth.
This growth reflected a broad-based geographic recovery, including a strengthening of demand for relays in solar and electric vehicle applications and reed switch demand in transportation end markets.
The recent Renco acquisition contributed revenue of $6.4 million and is proving to be a highly complementary fit with our magnetics portfolio.
Operating income increased approximately $4.3 million or 54.2% year-on-year, reflecting operating leverage associated with revenue growth, profit contribution from Renco and productivity initiatives, partially offset by increased raw material costs.
The pictures highlighted on slide four are examples of how we can leverage the technological advantages of reed switches to contribute to our growth in end markets such as electric vehicles and solar power.
In particular, reed switches, given their unique physical properties, are well suited to safety isolation testing for electric vehicles and battery management systems.
We also continue to capture attractive new customer wins to support our NBO pipeline.
In this case, we highlighted a magnetic motion system for a defense elevator application, which will contribute more than $11 million over the next three years.
Currently, our new business opportunity funnel has increased to $59 million across a broad range of markets and is expected to deliver $12.4 million of incremental sales in fiscal 2021.
Sequentially, in fiscal fourth quarter 2021, we expect a modest increase in revenue and slight operating margin improvement at Electronics compared to fiscal third quarter 2021.
Our outlook reflects a continued broad-based end market recovery, including further growth for relays in solar and electronic vehicle applications, supported by a healthy order flow with backlog realizable under a year increasing approximately $20 million or 26% sequentially in our third fiscal quarter.
Revenue increased approximately $600,000 or 1.7% year-on-year, and operating income was similar year-on-year, as expected, at $4.5 million.
The revenue increase reflected favorable foreign exchange impact, partially offset by the timing of projects.
Operating income was essentially similar year-on-year due to a less favorable project mix.
Laneway sales of $13.6 million were an approximate 5% sequential increase, reflecting growth in soft trim tools, laser engraving and tool finishing.
The picture on slide five highlights a recent customer win on the Ford F-150 platform for soft trim interiors.
Overall, we are seeing solid demand and backlog trends for our soft trim capabilities, further reinforcing the rationale behind our prior acquisition of GS Engineering, a leading provider of cutting-edge proprietary technology for the production of in-mold grained tools.
Since the acquisition, we have further rolled out GS technology on our global platform, positioning us well in the growing soft surface markets as the auto industry focuses on interior comfort of vehicles and increasingly replaces leather with sustainable materials.
In fiscal fourth quarter 2021, we expect a slight revenue and more significant operating margin increase compared to fiscal third quarter 2021 at the Engraving segment.
The expected sequential financial performance improvement reflects a more favorable geographic mix, project timing and increased soft trim product demand leveraged over productivity and cost initiatives.
Turning to slide six, the Scientific segment.
Revenue increased approximately $9.6 million or 65% year-on-year, reflecting continued positive trends in retail pharmacies, clinical laboratories and academic institutions, mainly attributable to demand for COVID-19 vaccine storage.
Operating income increased $2.6 million or approximately 81% year-on-year, due primarily to the volume increase balanced with investments to support future growth opportunities.
In fiscal fourth quarter 2021, we expect a moderate sequential decrease in revenue due to lower demand for COVID-19 vaccine storage combined with higher freight costs, which we expect to result in a sequential decrease in operating margin, although we still expect an operating margin above 20% in the quarter.
As shown on the picture on slide six, we provide comprehensive solutions with a broad product line.
We can meet customer requirements for different model sizes and temperature ranges across a wide variety of end markets, including pharmaceutical, medical, scientific, biotechnology and industrial.
Picture here is a clinic with a number of different medications in small quantities requiring a variety of our storage solutions.
Finally, I'm pleased with the progress the Scientific team is making in managing the pipeline of new product development projects, which will position the business well with future new sources of revenue.
Turning to the Engineering Technologies segment on slide seven.
Revenue decreased approximately $6.7 million, and operating income was about $1.9 million lower year-on-year, a 25.4% and 59.8% decrease, respectively.
On a year-on-year basis, fiscal third quarter 2021 results reflected the economic impact of COVID-19 on the commercial aviation markets and project timing in space and energy segments, partially offset by growth in defense end markets.
The decrease in operating margin was due to the lower volume, partially offset by productivity and cost initiatives.
In fiscal fourth quarter 2021, we expect revenue on a sequential basis to be similar to the prior quarter with growth in commercial aviation, defense and space, offset by the absence of Enginetics sales due to its divestiture at the end of fiscal third quarter 2021.
We expect a significant increase in operating margin, reflecting a continued broad-based end market recovery and favorable mix complemented by ongoing productivity initiatives.
As pictured on slide seven, we continue to win attractive long-term contracts with industry leaders to develop new platforms and the next-generation hypersonic programs.
Our manufacturing process utilizes spin forming technology, an inherently more efficient process.
We start with a plate as opposed to a large block of titanium and then shape it with less material waste and cost and achieve the same functionality and strength.
Specialty Solutions revenue decreased approximately $3.7 million or 11.9% year-on-year with an operating income decline of about $600,000 or 12.9%.
This decrease primarily reflected the economic impact of the COVID-19 pandemic on the segment's end markets, particularly in food service equipment.
I would like to commend the Specialty team for effectively managing their costs to nearly hold their margin rate despite the significant reduction in revenue.
Sequentially, Specialty Solutions revenue and operating income increased 18.3% and 32.4%.
We believe we are in the early stages of a recovery in food service and refuse end markets that we expect to continue into our fiscal fourth quarter.
In fiscal fourth quarter 2021, we expect a slight sequential increase in revenue, with operating margin expected to slightly decrease sequentially, reflecting material inflation, particularly at Hydraulics, which we are seeking to recover through pricing actions.
Pictured on the slide is a recent new product introduction, the milk and food merchandiser, developed primarily for the school market and offering several advantages, including flexibility to merchandise a wide assortment of products, easy loading/unloading and the product accessibility to young children.
As we return to more normalized patterns of experience outside the home, in-person learning and schools and indoor dining and restaurants, we are seeing a recovery in the school, restaurant and grab-and-go food end markets for products such as the food merchandiser.
First, I will provide a few key financial takeaways from our third quarter 2021 results.
We had solid performance in the third quarter as both revenue and adjusted operating margin increased sequentially and year-on-year.
Revenue increased sequentially at four of our five reporting segments, and we saw a strong recovery in many of our end markets.
From a margin standpoint, adjusted operating margin improved both sequentially and year-on-year, reflecting operating leverage associated with revenue growth and the impact of our cost efficiency and productivity actions.
Our cash generation and leverage statistics remain strong.
We reported a free cash flow of $12.4 million and have generated 92% free cash flow to net income conversion to the first nine months of fiscal 2021.
Also, our net debt to EBITDA, interest coverage ratio and available liquidity all improved sequentially.
We are entering our fiscal fourth quarter with positive demand trends, active pipeline of productivity and efficiency actions and an expectation for continued solid cash generation.
We expect our fiscal fourth quarter 2021 results will be stronger both sequentially and year-on-year.
On a consolidated basis, total revenue increased 10.8% year-on-year from $155.5 to $172.2 million.
Revenue increase mostly reflected strong organic growth at our Electronics and Scientific segments, contribution from our recent Renco acquisition and favorable FX, partially offset by the economic impact of COVID-19.
Renco contributed approximately 4.1%, and FX contributed 2.8% increase to the revenue growth.
As we expected, the COVID-19 economic impact was most evident in the commercial aviation and food service end markets, primarily impacting our Engineering Technologies and Specialty segments.
However, we are seeing signs of sequential recovery in both of these end markets as we enter the fourth quarter of fiscal 2021.
On a year-on-year basis, our adjusted operating margin increased 90 basis points to 12.2%, reflecting operating leverage associated with revenue growth, profit contribution from Renco and readout of our productivity actions, partially offset by increased raw material costs.
Interest expense decreased approximately 28% or $0.5 million year-on-year, primarily due to lower level of borrowings and a decrease in overall interest rate as a result of our previously implemented variable to fixed rate swaps.
In addition, our tax rate was 24.9% in the third quarter of 2021.
For fiscal 2021, we continue to expect approximately 22% tax rate with a rate in the low 20% range for the fourth quarter.
Adjusted earnings per share was $1.19 in the third quarter of 2021 compared to $0.96 a year ago.
We generated free cash flow of $12.4 million in the fiscal third quarter of '21 compared to free cash flow of $7.3 million a year ago, supported by improvements in our working capital metrics.
For the first nine months of fiscal 2021, we have generated 92% free cash flow to net income conversion, inclusive of approximately $8 million in pension payments, with $3 million of that amount paid in the fiscal third quarter of '21.
Standex had net debt of $82.1 million at the end of March compared to $90.9 million at the end of December, reflecting free cash flow of approximately $12.4 million, an additional $11.7 million in proceeds from the Enginetics divestiture.
This was partially offset by $8.6 million of stock repurchases, along with dividends and changes in foreign exchange.
Net debt for the third quarter of 2021 consisted primarily of long-term debt of $200 million and cash and equivalents of $180 million with approximately $82 million held by foreign subs.
Our key liquidity metrics reinforce our significant financial flexibility.
Standex's net debt to adjusted EBITDA leverage was approximately 0.8 at the end of the third quarter with a net debt to total capital ratio of 14.5%.
We had approximately $209 million of available liquidity at the end of the third quarter and continued to repatriate cash with approximately $6 million repatriated during the quarter.
To date, we have repatriated approximately $31 million and remain on plan to repatriate at least $35 million in fiscal 2021.
From a capital allocation perspective, we repurchased approximately 94,000 shares for $8.6 million.
There is approximately $27 million remaining on our current repurchase authorization.
We also declared our 227th consecutive quarterly cash dividend on April 28 of $0.24 per share.
Finally, we have reduced our fiscal 2021 capital expenditures range to between $22 million to $25 million from between approximately $25 million to $28 million.
We expect a slight to moderate revenue increase in the fiscal fourth quarter 2021 as compared to fiscal third quarter of 2021.
Underpinning this outlook is expected sequential revenue increases at Electronics, Engraving and Specialty Solutions, partially offset by the divestiture of Enginetics, which contributed approximately $4 million in revenue in the third quarter.
We expect a significant sequential operating margin increase in the fourth quarter as we leverage demand growth, particularly at Electronics, Engraving and Engineering Technologies as well as the productivity and efficiency actions that we have undertaken companywide.
Both from an operational and financial perspective, we have an active pipeline of initiatives to further strengthen our performance and drive cash generation as we approach fiscal 2022.
Our balance sheet position remains strong, and our liquidity metrics are strengthening.
We are well positioned to pursue an active pipeline of exciting organic growth opportunities, such as electric vehicles, renewable energy, smart grid and space commercialization as well as highly complementary acquisitions like Renco.
We remain focused on further growing our high-quality businesses with attractive growth and margin profiles.
As you saw in the examples shared today, we leverage our strong technical and applications expertise to provide customers a compelling value proposition.

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qtrly diluted earnings per share - adjusted $1.19.
qtrly net sales $172.2 million versus $155.5 million.
expect sequentially stronger fiscal q4 2021 financial performance.

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