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Jun 30, 2020
IDEX Q2 2020 Earnings Report
IDEX's second quarter earnings declined due to the impact of the global health pandemic, but the company showed resilience with strong operating performance and new product development.
Key Takeaways
IDEX Corporation reported a decrease in sales and earnings for the second quarter of 2020, impacted by the global health pandemic. However, the company demonstrated resilience with strong operating performance and the development of new products to support the fight against COVID-19. The company achieved record quarterly free cash flow and ended the quarter with a strong cash position.
Second quarter orders were down 17 percent compared to the prior year period.
Sales were down 13 percent compared to the prior year period.
Adjusted operating margin was 21.1 percent.
The company expects third quarter organic sales to be down approximately 12 to 17 percent versus prior year.
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
The company anticipates that organic sales will be down approximately 12 to 17 percent in the third quarter of 2020.
Challenges Ahead
- Uncertainty regarding the future path of the economy due to the evolving global pandemic.
- Organic sales are expected to decline in the third quarter.
- The global health pandemic continued to impact commercial performance.
- Recent acquisitions negatively impacted adjusted gross margin and adjusted operating margin.
- The company believes it hit the bottom in the second quarter, but faces much uncertainty.
Revenue & Expenses
Visualization of income flow from segment revenue to net income