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IDEX
🇺🇸 NYSE:IEX
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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).

Total Revenue
$801M
Previous year: $845M
-5.3%
EPS
$1.88
Previous year: $2.09
-10.0%
Gross Profit
$357M
Previous year: $383M
-6.6%
Cash and Equivalents
$616M
Previous year: $511M
+20.7%
Free Cash Flow
$137M
Previous year: $121M
+12.6%
Total Assets
$5.89B
Previous year: $5.66B
+4.1%

IDEX

IDEX

IDEX 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%
  • Adjusted diluted EPS of $1.88, down 10%
  • Organic net sales were down 6% primarily driven by lower volumes in our Health & Science Technologies segment.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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