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Mar 31, 2024
IDEX Q1 2024 Earnings Report
IDEX reported mixed results for Q1 2024, with sales declining but EPS exceeding expectations. The company confirmed its full-year guidance.
Key Takeaways
IDEX Corporation reported first-quarter sales of $801 million, a 5% decrease overall and a 6% organic decline, aligning with expectations. Despite the sales decrease, the company's adjusted diluted EPS of $1.88 exceeded expectations. Strong operating cash flow of $157 million, up 6%, and free cash flow of $137 million, up 13%, were also reported. The company confirmed its full-year guidance.
Sales were $801 million, down 5% overall and 6% organically, in line with expectations.
Reported diluted EPS was $1.60, down 13%, while adjusted diluted EPS was $1.88, down 10%, exceeding expectations.
Operating cash flow was strong at $157 million, up 6%, and free cash flow was $137 million, up 13%.
Full-year organic sales growth is projected to be 0% to 2% over the prior year, with GAAP diluted EPS of $7.13 - $7.43 (adjusted diluted EPS of $8.15 - $8.45).
Revenue by Segment
Forward Guidance
IDEX projects full year organic sales growth to be 0% to 2% over the prior year and second quarter organic sales are projected to decline 2% to 3% over the prior year period. Full year GAAP diluted EPS of $7.13 - $7.43 (adjusted diluted EPS of $8.15 - $8.45) and Second quarter GAAP diluted EPS of $1.75 - $1.80 (adjusted diluted EPS of $2.00 - $2.05).
Positive Outlook
- Full year organic sales growth is projected to be 0% to 2% over the prior year
- Full year GAAP diluted EPS of $7.13 - $7.43
- Full year adjusted diluted EPS of $8.15 - $8.45
- Second quarter GAAP diluted EPS of $1.75 - $1.80
- Second quarter adjusted diluted EPS of $2.00 - $2.05
Challenges Ahead
- Second quarter organic sales are projected to decline 2% to 3% over the prior year period
- Sales of $801 million, down 5% overall and 6% organically
- Reported diluted EPS of $1.60, down 13%
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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