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Mar 31, 2023
IDEX Q1 2023 Earnings Report
IDEX delivered strong results, achieving record sales and EPS above guidance, while proactively executing cost reductions in response to a larger-than-anticipated inventory correction within Health & Science Technologies.
Key Takeaways
IDEX Corporation reported record sales of $845 million, a 13% increase overall and 6% organically. Reported EPS was $1.84, up 1%, and adjusted EPS was $2.09, up 7%. Strong operating cash flow of $148 million, up 86%, resulted in free cash flow of $121 million, up 91%. The company reached an agreement to purchase Iridian Spectral Technologies in April 2023.
Record sales of $845 million, up 13% overall and 6% organically.
Reported EPS of $1.84, up 1% and adjusted EPS of $2.09, up 7%.
Strong operating cash flow of $148 million, up 86%; free cash flow of $121 million, up 91%.
Agreement reached in April 2023 to purchase Iridian Spectral Technologies.
IDEX
IDEX
IDEX Revenue by Segment
Revenue by Segment
Health & Science Technologies Revenue
CapyFin.comFluid & Metering Technologies Revenue
CapyFin.comFire & Safety/Diversified Products Revenue
CapyFin.com Forward Guidance
Full year 2023 organic sales growth is projected to be 0 to 3 percent over the prior year period, with GAAP EPS of $7.30 to $7.60 (adjusted EPS of $8.25 to $8.55). Second quarter 2023 organic sales growth is projected to be approximately 3 percent, with GAAP EPS of $1.86 to $1.89 (adjusted EPS of $2.10 to $2.13).
Positive Outlook
- Full year 2023 organic sales growth is projected to be 0 to 3 percent over the prior year period.
- Full year 2023 GAAP EPS of $7.30 to $7.60.
- Full year 2023 adjusted EPS of $8.25 to $8.55.
- Second quarter 2023 organic sales growth is projected to be approximately 3 percent.
- Second quarter 2023 GAAP EPS of $1.86 to $1.89.
Challenges Ahead
- Estimates exclude Iridian Spectral Technologies and all future acquisitions.
- Revised 2023 revenue growth outlook for Health & Science Technologies is now negative.
- Customers across Health & Science Technologies segment indicated a larger, more prolonged inventory correction than previously communicated.
- Lowering full year 2023 adjusted EPS guidance to $8.25 to $8.55 per share.
- Uncertainties in the financial markets and adverse developments affecting the financial services industry
Revenue & Expenses
Visualization of income flow from segment revenue to net income