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Sep 30, 2024
IDEX Q3 2024 Earnings Report
IDEX reported mixed results for Q3 2024, with sales up slightly but earnings down due to prior year gains.
Key Takeaways
IDEX Corporation reported a 1% increase in sales to $798 million, while organic sales remained flat. Reported EPS decreased 43% to $1.57, and adjusted EPS decreased 10% to $1.90. The company completed the acquisition of Mott Corporation and updated its full-year outlook.
Sales increased by 1% to $798 million, with flat organic sales growth.
Reported diluted EPS decreased by 43% to $1.57, while adjusted diluted EPS decreased by 10% to $1.90.
Operating cash flow decreased by 9% to $205 million.
The acquisition of Mott Corporation was completed on September 5, 2024.
Revenue by Segment
Forward Guidance
IDEX projects full year organic sales to decline 1% to 2% versus the prior year. Full year GAAP diluted EPS is expected to be $6.65 - $6.70, and adjusted diluted EPS is expected to be $7.85 - $7.90.
Positive Outlook
- Full year adjusted diluted EPS guidance reaffirmed.
- Positive impacts of price capture were offset by the impact of divestitures.
- Volumes were relatively flat period over period with improvement in the industrial market and strength in our water business
- The benefit of key growth initiatives and strength in the aerospace market
- Mott acquisition expected to be accretive to IDEX’s adjusted earnings per share in fiscal year 2026.
Challenges Ahead
- Full year organic sales growth is projected to decline 1% to 2% versus the prior year
- Full year GAAP diluted EPS of $6.65 - $6.70 vs. previous guidance of $6.85 - $6.95.
- Lower volumes in our Health & Science Technologies segment
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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