IDEX Q4 2023 Earnings Report
Key Takeaways
IDEX Corporation reported a 3% decrease in sales to $789 million and a 16% decrease in reported diluted EPS to $1.43 for the fourth quarter of 2023. However, the company highlighted strong operating cash flow of $201 million, a 20% increase, and free cash flow of $179 million, a 22% increase.
Sales decreased by 3% overall and 6% organically.
Reported diluted EPS decreased by 16% to $1.43; adjusted diluted EPS decreased by 9% to $1.83.
Operating cash flow increased by 20% to $201 million; free cash flow increased by 22% to $179 million.
Acquired STC Material Solutions on December 14, 2023, for $202 million.
IDEX
IDEX
IDEX Revenue by Segment
Forward Guidance
Full year 2024 organic sales growth is projected to be 0% to 2% over the prior year, with GAAP diluted EPS of $7.15 to $7.45 (adjusted diluted EPS of $8.15 to $8.45). First quarter 2024 organic sales are projected to decline 6% to 7% from the prior year period, with GAAP diluted EPS of $1.45 to $1.50 (adjusted diluted EPS of $1.70 to $1.75).
Positive Outlook
- Full year 2024 organic sales growth is projected to be 0% to 2%.
- Full year 2024 GAAP diluted EPS is projected to be $7.15 to $7.45.
- Full year 2024 adjusted diluted EPS is projected to be $8.15 to $8.45.
Challenges Ahead
- First quarter 2024 organic sales are projected to decline 6% to 7%.
- First quarter 2024 GAAP diluted EPS is projected to be $1.45 to $1.50.
- First quarter 2024 adjusted diluted EPS is projected to be $1.70 to $1.75.
Revenue & Expenses
Visualization of income flow from segment revenue to net income