IDEX Q2 2024 Earnings Report
Key Takeaways
IDEX Corporation reported a 5% decrease in sales to $807 million, with a 4% organic decline. Reported diluted EPS increased by 2% to $1.86, while adjusted diluted EPS decreased by 6% to $2.06. The company's performance exceeded expectations despite macroeconomic headwinds, with margin expansion achieved through strong execution.
Sales decreased by 5% overall and 4% organically, totaling $807 million.
Reported diluted EPS increased by 2% to $1.86, while adjusted diluted EPS decreased by 6% to $2.06, exceeding expectations.
Operating cash flow decreased by 5% to $134 million, and free cash flow decreased by 2% to $118 million.
Full-year organic sales growth is now projected to decline by 1% to 2%, revised down from the previous guidance of 0% to 2% growth.
IDEX
IDEX
IDEX Revenue by Segment
Forward Guidance
IDEX has revised its full-year and third-quarter 2024 outlook, projecting a decline in full-year organic sales growth and adjusted diluted EPS. Third quarter organic sales are projected to be 0% to 1% over the prior year period. Third quarter GAAP diluted EPS of $1.61 - $1.66 (adjusted diluted EPS of $1.85 - $1.90)
Positive Outlook
- Third quarter organic sales are projected to be 0% to 1% over the prior year period
Challenges Ahead
- Full year organic sales growth is projected to decline 1% to 2% versus the prior year, down from previous guidance of an increase of 0% to 2%
- Full year GAAP diluted EPS of $6.85 - $6.95 (adjusted diluted EPS of $7.80 - $7.90), down from previous guidance of $7.13 - $7.43 (adjusted diluted EPS of $8.15 - $8.45)
- Third quarter GAAP diluted EPS of $1.61 - $1.66 (adjusted diluted EPS of $1.85 - $1.90)
Revenue & Expenses
Visualization of income flow from segment revenue to net income