IDEX Q3 2024 Earnings Report
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.
IDEX
IDEX
IDEX 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
- Down agriculture cycle and softness in the energy market.
- The cyclical nature of project sales in our North American dispensing business.
Revenue & Expenses
Visualization of income flow from segment revenue to net income