IDEX Reports Third Quarter Results
IDEX (NYSE: IEX) reported Q3 2024 results with sales of $798 million, up 1% overall and flat organically compared to Q3 2023. The company reported diluted EPS of $1.57, down 43%, and adjusted diluted EPS of $1.90, down 10%. Operating cash flow was $205 million, down 9%. The company completed the acquisition of Mott for $986.2 million and issued $500 million in Senior Notes.
For full-year 2024, IDEX revised its outlook, projecting organic sales decline of 1-2% and adjusted diluted EPS of $7.85-$7.90, compared to previous guidance of $7.80-$7.90. GAAP diluted EPS guidance was lowered to $6.65-$6.70 from $6.85-$6.95.
IDEX (NYSE: IEX) ha riportato i risultati del terzo trimestre 2024 con vendite di 798 milioni di dollari, in aumento dell'1% complessivo e stabili organicamente rispetto al terzo trimestre 2023. L'azienda ha registrato un utile per azione diluito di 1,57 dollari, in calo del 43%, e un utile per azione diluito rettificato di 1,90 dollari, in calo del 10%. Il flusso di cassa operativo è stato di 205 milioni di dollari, in calo del 9%. L'azienda ha completato l'acquisizione di Mott per 986,2 milioni di dollari e ha emesso 500 milioni di dollari in Senior Notes.
Per l'intero anno 2024, IDEX ha rivisto le sue prospettive, prevedendo un calo delle vendite organiche dell'1-2% e un utile per azione diluito rettificato di 7,85-7,90 dollari, rispetto alla precedente stima di 7,80-7,90 dollari. La guida per l'utile per azione diluito GAAP è stata abbassata a 6,65-6,70 dollari da 6,85-6,95 dollari.
IDEX (NYSE: IEX) informó los resultados del tercer trimestre de 2024 con ventas de 798 millones de dólares, un aumento del 1% en general y estables orgánicamente en comparación con el tercer trimestre de 2023. La compañía reportó un EPS diluido de 1,57 dólares, una disminución del 43%, y un EPS diluido ajustado de 1,90 dólares, una disminución del 10%. El flujo de efectivo operativo fue de 205 millones de dólares, una disminución del 9%. La compañía completó la adquisición de Mott por 986,2 millones de dólares y emitió 500 millones de dólares en Notas Senior.
Para el año completo de 2024, IDEX revisó su perspectiva, proyectando una caída de las ventas orgánicas del 1-2% y un EPS diluido ajustado de 7,85-7,90 dólares, en comparación con la guía anterior de 7,80-7,90 dólares. La guía para el EPS diluido GAAP se redujo a 6,65-6,70 dólares desde 6,85-6,95 dólares.
IDEX (NYSE: IEX)는 2024년 3분기 실적을 발표했으며, 판매액은 7억 9,800만 달러로 전체적으로 1% 증가했으며 2023년 3분기 대비 유기적으로는 변동이 없었습니다. 회사는 희석 EPS가 1.57달러로 43% 감소했고, 조정된 희석 EPS는 1.90달러로 10% 감소했다고 보고했습니다. 운영 현금 흐름은 2억 5백만 달러로 9% 감소했습니다. 회사는 Mott의 인수를 9억 8,620만 달러에 완료했으며, 5억 달러의 선순위 노트를 발행했습니다.
2024년 전체 연도에 대해 IDEX는 전망을 수정하여 유기적 판매가 1-2% 감소하고 조정된 희석 EPS가 7.85-7.90달러가 될 것이라고 예상했습니다. 이전 가이던스인 7.80-7.90달러에서 조정되었습니다. GAAP 희석 EPS 가이던스는 6.65-6.70달러로 6.85-6.95달러에서 하향 조정되었습니다.
IDEX (NYSE: IEX) a publié ses résultats du troisième trimestre 2024 avec des ventes de 798 millions de dollars, en hausse de 1% en général et stable organiquement par rapport au troisième trimestre 2023. L'entreprise a signalé un BPA dilué de 1,57 dollar, en baisse de 43%, et un BPA dilué ajusté de 1,90 dollar, en baisse de 10%. Le flux de trésorerie d'exploitation a été de 205 millions de dollars, en baisse de 9%. L'entreprise a finalisé l'acquisition de Mott pour 986,2 millions de dollars et a émis 500 millions de dollars en Senior Notes.
Pour l'année entière 2024, IDEX a révisé ses prévisions, projetant une baisse des ventes organiques de 1 à 2% et un BPA dilué ajusté de 7,85 à 7,90 dollars, par rapport à la précédente prévision de 7,80 à 7,90 dollars. L'estimation du BPA dilué selon les normes GAAP a été abaissée à 6,65-6,70 dollars contre 6,85-6,95 dollars.
IDEX (NYSE: IEX) hat die Ergebnisse für das 3. Quartal 2024 bekannt gegeben, mit einem Umsatz von 798 Millionen US-Dollar, was einem Anstieg von 1% insgesamt und einer organischen Stabilität im Vergleich zum 3. Quartal 2023 entspricht. Das Unternehmen berichtete von einem verwässerten EPS von 1,57 US-Dollar, was einem Rückgang von 43% entspricht, und einem bereinigten verwässerten EPS von 1,90 US-Dollar, was einen Rückgang von 10% darstellt. Der operative Cashflow betrug 205 Millionen US-Dollar und ging um 9% zurück. Das Unternehmen hat die Übernahme von Mott für 986,2 Millionen US-Dollar abgeschlossen und 500 Millionen US-Dollar in Senior Notes ausgegeben.
Für das gesamte Jahr 2024 hat IDEX seine Prognose überarbeitet und erwartet einen Rückgang des organischen Umsatzes von 1-2% und ein bereinigtes verwässertes EPS von 7,85-7,90 US-Dollar, verglichen mit der vorherigen Prognose von 7,80-7,90 US-Dollar. Die GAAP-Prognose für das verwässerte EPS wurde auf 6,65-6,70 US-Dollar von 6,85-6,95 US-Dollar gesenkt.
- Operating cash flow remains strong at 172% of net income, up from 108%
- Free cash flow conversion improved to 133% of adjusted net income from 129%
- Organic orders increased by 8%
- Gross margin improved by 20 basis points to 44.3%
- Organic sales growth projected to decline 1-2% for full year 2024
- Q3 diluted EPS decreased 43% to $1.57
- Adjusted EBITDA margin declined 150 basis points to 26.9%
- Lowered full-year GAAP EPS guidance to $6.65-$6.70 from $6.85-$6.95
Insights
IDEX's Q3 2024 results show mixed performance with some concerning trends.
The
The acquisition of Mott strategically positions IDEX in high-growth markets including semiconductor fabrication, energy solutions and water purification. However, current market conditions present challenges, with visible softness in life science and semiconductor sectors. The
Margin pressure is evident across segments, with all three reporting declining EBITDA margins. The integration of Mott at approximately 19x 2024 EBITDA multiple indicates a premium valuation, reflecting long-term strategic value but creating near-term earnings pressure. Market uncertainty and cyclical headwinds in agriculture and energy sectors warrant careful monitoring.
Third Quarter 2024 Highlights
(All comparisons are against the third quarter of 2023 unless otherwise noted)
-
Sales of
, up$798 million 1% overall and flat organically -
Reported diluted EPS of
, down$1.57 43% , and adjusted diluted EPS of , down$1.90 10% -
Operating cash flow of
, down$205 million 9% ; and172% of net income, up from108% -
Free cash flow of
, down$192 million 7% ; and133% of adjusted net income, up from129% - Completed acquisition of Mott Corporation on September 5, 2024
-
Completed a public offering of
principal amount of$500 million 4.950% Senior Notes, due September 2029
Full Year 2024 Outlook
-
Full year organic sales growth is projected to decline
1% to2% versus the prior year -
Full year GAAP diluted EPS of
-$6.65 vs. previous guidance of$6.70 -$6.85 . Current guidance includes purchase accounting impacts, such as acquisition-related amortization, from the acquisition of Mott Corporation$6.95 -
Adjusted diluted EPS of
-$7.85 vs. previous guidance of$7.90 -$7.80 $7.90
“We are encouraged by our third quarter performance. The teams within our Fluid & Metering Technologies and Fire & Safety / Diversified Products segments drove organic growth against an uncertain economic backdrop while delivering strong margins through operational execution,” said Eric D. Ashleman, IDEX Corporation Chief Executive Officer and President. “We saw a healthy organic increase in orders within our Health & Science Technologies segment, strengthening our business positioning as we look for signs of extended recovery within the life science and semiconductor sectors.”
“Meanwhile, less than two months since completing our acquisition of Mott, the partnership is off to a fast start. Teams from other IDEX businesses are already collaborating with their Mott colleagues, designing new prototypes together that incorporate Mott’s highly engineered filtration products. Talented IDEX employees have been integrated into Mott leadership since closing, helping initiate a smooth integration,” Ashleman said. “The core advanced technology markets Mott serves, including semiconductor wafer fabrication, transformative energy solutions, medical technologies, and water purification, are advantaged to outperform over the long haul.”
“IDEX remains well-positioned, solving difficult problems with customers on the cutting edge of new technologies. We expect to continue deploying resources across our portfolio with our 8020 mindset toward growth accelerators to position us to drive long-term value creation.”
Consolidated Financial Results
|
Three Months Ended September 30, |
||||||||||
(Dollars in millions, except per share amounts) |
|
2024 |
|
|
|
2023 |
|
|
Increase (Decrease) |
||
Orders |
$ |
780.5 |
|
|
$ |
712.3 |
|
|
$ |
68.2 |
|
Change in organic orders* |
|
|
|
|
|
8 |
% |
||||
Net sales |
|
798.2 |
|
|
|
793.4 |
|
|
|
4.8 |
|
Change in organic net sales* |
|
|
|
|
|
— |
|
||||
Gross profit |
|
353.9 |
|
|
|
349.6 |
|
|
|
4.3 |
|
Adjusted gross profit* |
|
356.0 |
|
|
|
350.8 |
|
|
|
5.2 |
|
Net income attributable to IDEX |
|
119.1 |
|
|
|
209.1 |
|
|
|
(90.0 |
) |
Adjusted net income attributable to IDEX* |
|
144.1 |
|
|
|
160.6 |
|
|
|
(16.5 |
) |
Adjusted EBITDA* |
|
214.3 |
|
|
|
225.5 |
|
|
|
(11.2 |
) |
Diluted EPS attributable to IDEX |
|
1.57 |
|
|
|
2.75 |
|
|
|
(1.18 |
) |
Adjusted diluted EPS attributable to IDEX* |
|
1.90 |
|
|
|
2.12 |
|
|
|
(0.22 |
) |
Cash flows from operating activities |
|
205.3 |
|
|
|
226.6 |
|
|
|
(21.3 |
) |
Free cash flow* |
|
191.6 |
|
|
|
206.5 |
|
|
|
(14.9 |
) |
Gross margin |
|
44.3 |
% |
|
|
44.1 |
% |
|
20 bps |
||
Adjusted gross margin* |
|
44.6 |
% |
|
|
44.2 |
% |
|
40 bps |
||
Net income margin |
|
14.9 |
% |
|
|
26.3 |
% |
|
(1,140) bps |
||
Adjusted EBITDA margin* |
|
26.9 |
% |
|
|
28.4 |
% |
|
(150) bps |
||
*These are non-GAAP measures. See the definitions of these non-GAAP measures in the section in this release titled “Non-GAAP Measures of Financial Performance” and reconciliations to their most directly comparable GAAP financial measures in the reconciliation tables at the end of this release. |
-
Net sales increased
1% compared to the prior year period as a result of the net impact of acquisitions and divestitures. Organic net sales were flat, reflecting lower volumes in our Health & Science Technologies segment, which were mitigated by price capture across all segments. -
Gross margin of
44.3% increased 20 bps primarily due to strong price/cost, partially offset by higher employee-related costs. -
Net income margin of
14.9% decreased 1,140 bps and reported Diluted EPS of decreased$1.57 , primarily as a result of the absence of the gain on sale of the Micropump, Inc. (“Micropump”) business, which occurred in the prior year period. Diluted EPS was further impacted by lower operating results as well as a higher effective tax rate. The effective tax rate in the prior year period included one-time benefits that lowered the effective tax rate, partially offset by tax recorded on the gain from the Micropump divestiture.$1.18 -
Adjusted EBITDA margin of
26.9% decreased 150 bps and Adjusted diluted EPS of decreased$1.90 reflecting strong price/cost, which was more than offset by higher employee-related costs and lower volume. Additionally, the current year period included$0.22 of higher transaction-related expenses in connection with the acquisition of Mott Corporation and its subsidiaries (“Mott").$3.7 million -
Adjusted diluted EPS also reflects an
impact of a higher effective tax rate as compared to the prior year period as discussed above. The adjusted effective tax rate in the prior year period excludes the gain and associated tax impacts of the Micropump divestiture.$0.11
Segment Financial Results
|
Three Months Ended September 30, (a) |
||||||||||
(Dollars in millions) |
|
2024 |
|
|
|
2023 |
|
|
Increase (Decrease) |
||
Fluid & Metering Technologies ("FMT") |
|
|
|
|
|
||||||
Net sales |
$ |
300.8 |
|
|
$ |
301.1 |
|
|
$ |
(0.3 |
) |
Change in organic net sales* |
|
|
|
|
|
2 |
% |
||||
Adjusted EBITDA(b) |
|
98.5 |
|
|
|
103.6 |
|
|
|
(5.1 |
) |
Adjusted EBITDA margin |
|
32.8 |
% |
|
|
34.4 |
% |
|
(160) bps |
||
Health & Science Technologies ("HST") |
|
|
|
|
|
||||||
Net sales |
$ |
311.0 |
|
|
$ |
313.2 |
|
|
$ |
(2.2 |
) |
Change in organic net sales* |
|
|
|
|
|
(5 |
%) |
||||
Adjusted EBITDA(b) |
|
82.6 |
|
|
|
84.4 |
|
|
|
(1.8 |
) |
Adjusted EBITDA margin |
|
26.5 |
% |
|
|
26.9 |
% |
|
(40) bps |
||
Fire & Safety/Diversified Products ("FSDP") |
|
|
|
|
|
||||||
Net sales |
$ |
188.0 |
|
|
$ |
180.6 |
|
|
$ |
7.4 |
|
Change in organic net sales* |
|
|
|
|
|
4 |
% |
||||
Adjusted EBITDA(b) |
|
54.7 |
|
|
|
52.8 |
|
|
|
1.9 |
|
Adjusted EBITDA margin |
|
29.1 |
% |
|
|
29.3 |
% |
|
(20) bps |
||
Corporate Office and Eliminations |
|
|
|
|
|
||||||
Intersegment sales eliminations |
$ |
(1.6 |
) |
|
$ |
(1.5 |
) |
|
$ |
(0.1 |
) |
Adjusted EBITDA(b) |
|
(21.5 |
) |
|
|
(15.3 |
) |
|
|
(6.2 |
) |
*These are non-GAAP measures. See the definitions of these non-GAAP measures in the section in this release titled “Non-GAAP Measures of Financial Performance” and reconciliations to their most directly comparable GAAP financial measures in the reconciliation tables at the end of this release. |
|||||||||||
(a) Three month data includes the results of the acquisitions of STC Material Solutions (December 2023) and Mott Corporation (September 2024) in the HST segment. Three month data also includes the results of Micropump (August 2023) and Novotema, SpA (December 2023) in the HST segment and Alfa Valvole, Srl (June 2024) in the FMT segment through the respective dates of disposition. |
|||||||||||
(b) Segment Adjusted EBITDA excludes unallocated corporate costs which are included in Corporate and other. |
Fluid & Metering Technologies Segment
-
Net sales were relatively flat compared to the prior year period while organic net sales were up
2% . 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, offset by a down agriculture cycle and softness in the energy market. - Adjusted EBITDA margin for the third quarter 2024 decreased primarily due to higher employee-related costs, higher discretionary spending and unfavorable mix, partially offset by price/cost.
Health & Science Technologies Segment
-
Net sales for the third quarter 2024 were relatively flat while organic net sales were down
5% . Net sales were negatively impacted by lower volumes driven by continued broad based market softness. This decrease was partially offset by price capture and the positive net impact of acquisitions and divestitures. - Adjusted EBITDA margin for the third quarter 2024 decreased primarily due to lower volume and higher employee-related costs, partially offset by price/cost, favorable operational productivity and the net accretive impact of acquisitions and divestitures.
Fire & Safety/Diversified Products Segment
-
Both reported and organic net sales for the third quarter 2024 were up
4% and positively impacted by price capture and higher volumes. The benefit of key growth initiatives and strength in the aerospace market was partially offset by the cyclical nature of project sales in our North American dispensing business. - Adjusted EBITDA margin for the third quarter 2024 decreased due to unfavorable mix. Positive price/cost offset higher employee related costs.
Mott Acquisition
On September 5, 2024, IDEX acquired Mott for cash consideration of
Conference Call to be Broadcast over the Internet
IDEX will broadcast its third quarter earnings conference call over the Internet on Wednesday, October 30, 2024 at 9:30 a.m. CT. Chief Executive Officer and President Eric Ashleman and Senior Vice President and Chief Financial Officer Abhi Khandelwal will discuss the Company’s recent financial performance and respond to questions from the financial analyst community. IDEX invites interested investors to listen to the call and view the accompanying slide presentation, which will be available on its website at www.idexcorp.com. Those who wish to participate should log on several minutes before the discussion begins. After clicking on the presentation icon, investors should follow the instructions to ensure their systems are set up to hear the event and view the presentation slides or download the correct applications at no charge. Investors will also be able to hear a replay of the call by dialing 877.660.6853 (or 201.612.7415 for international participants) using the ID #13742105.
Forward-Looking Statements
This news release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements may relate to, among other things, the Company’s fourth quarter 2024 and full year 2024 outlook including expected sales, expected organic sales, expected earnings per share, expected adjusted earnings per share, estimated net income and estimated adjusted EBITDA and the assumptions underlying these expectations, anticipated future acquisition behavior, resource deployment and focus and organic and inorganic growth, anticipated trends in end markets, anticipated growth initiatives, the anticipated benefits of the Company’s recent acquisitions and integration plans, including the projected EBITDA of Mott and the related impact and timing for such impact on the Company’s earnings, and are indicated by words or phrases such as “anticipates,” “estimates,” “plans,” “guidance,” “expects,” “projects,” “forecasts,” “should,” “could,” “will,” “management believes,” “the Company believes,” “the Company intends” and similar words or phrases. These statements are subject to inherent uncertainties and risks that could cause actual results to differ materially from those anticipated at the date of this news release.
The risks and uncertainties include, but are not limited to, the following: levels of industrial activity and economic conditions in the
Additional factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, the risks discussed in the “Risk Factors” section included in the Company’s most recent annual report on Form 10-K and the Company’s subsequent quarterly reports filed with the Securities and Exchange Commission (“SEC”) and the other risks discussed in the Company’s filings with the SEC. The forward-looking statements included here are only made as of the date of this news release, and management undertakes no obligation to publicly update them to reflect subsequent events or circumstances, except as may be required by law. Investors are cautioned not to rely unduly on forward-looking statements when evaluating the information presented here.
About IDEX
IDEX Corporation (NYSE: IEX) designs and builds engineered products and mission-critical components that make everyday life better. IDEX precision components help craft the microchip powering your electronics, treat water so it is safe to drink, and protect communities and the environment from sewer overflows. Our optics enable global broadband satellite communications, and our pumps move challenging fluids that range from hot, to viscous, to caustic. IDEX components assist healthcare professionals in saving lives as part of many leading diagnostic machines, including DNA sequencers that help doctors personalize treatment. And our fire and rescue tools, including the industry-leading Hurst Jaws of Life®, are trusted by rescue workers around the world. These are just some of the thousands of products that help IDEX live its purpose – Trusted Solutions, Improving Lives™. Founded in 1988 with three small, entrepreneurial manufacturing companies, IDEX now includes more than 50 diverse businesses around the world. With about 8,800 employees and manufacturing operations in more than 20 countries, IDEX is a diversified, high-performing, global company with approximately
For further information on IDEX Corporation and its business units, visit the company’s website at www.idexcorp.com.
(Financial reports follow)
IDEX CORPORATION |
||||||||||||||
Condensed Consolidated Statements of Income |
||||||||||||||
(in millions, except per share amounts) |
||||||||||||||
(unaudited) |
||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|||||||||||
|
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net sales |
$ |
798.2 |
|
$ |
793.4 |
|
|
$ |
2,405.9 |
|
|
$ |
2,485.0 |
|
Cost of sales |
|
444.3 |
|
|
443.8 |
|
|
|
1,327.8 |
|
|
|
1,374.9 |
|
Gross profit |
|
353.9 |
|
|
349.6 |
|
|
|
1,078.1 |
|
|
|
1,110.1 |
|
Selling, general and administrative expenses |
|
182.9 |
|
|
165.9 |
|
|
|
560.8 |
|
|
|
529.9 |
|
Restructuring expenses and asset impairments |
|
3.0 |
|
|
4.1 |
|
|
|
5.4 |
|
|
|
8.2 |
|
Operating income |
|
168.0 |
|
|
179.6 |
|
|
|
511.9 |
|
|
|
572.0 |
|
Gain on sale of business(1) |
|
0.6 |
|
|
(93.8 |
) |
|
|
(4.0 |
) |
|
|
(93.8 |
) |
Other expense (income) – net |
|
2.7 |
|
|
(2.1 |
) |
|
|
— |
|
|
|
5.6 |
|
Interest expense - net |
|
10.3 |
|
|
13.7 |
|
|
|
27.8 |
|
|
|
40.1 |
|
Income before income taxes |
|
154.4 |
|
|
261.8 |
|
|
|
488.1 |
|
|
|
620.1 |
|
Provision for income taxes |
|
35.5 |
|
|
52.8 |
|
|
|
106.7 |
|
|
|
132.8 |
|
Net income |
|
118.9 |
|
|
209.0 |
|
|
|
381.4 |
|
|
|
487.3 |
|
Net loss attributable to noncontrolling interest |
|
0.2 |
|
|
0.1 |
|
|
|
0.4 |
|
|
|
0.2 |
|
Net income attributable to IDEX |
$ |
119.1 |
|
$ |
209.1 |
|
|
$ |
381.8 |
|
|
$ |
487.5 |
|
|
|
|
|
|
|
|
|
|||||||
Earnings per Common Share: |
|
|
|
|
|
|
|
|||||||
Basic earnings per common share attributable to IDEX |
$ |
1.57 |
|
$ |
2.76 |
|
|
$ |
5.03 |
|
|
$ |
6.44 |
|
Diluted earnings per common share attributable to IDEX |
$ |
1.57 |
|
$ |
2.75 |
|
|
$ |
5.02 |
|
|
$ |
6.42 |
|
|
|
|
|
|
|
|
|
|||||||
Share Data: |
|
|
|
|
|
|
|
|||||||
Basic weighted average common shares outstanding |
|
75.7 |
|
|
75.6 |
|
|
|
75.7 |
|
|
|
75.6 |
|
Diluted weighted average common shares outstanding |
|
75.9 |
|
|
75.9 |
|
|
|
75.9 |
|
|
|
75.9 |
|
(1) |
Activity recorded during the three months ended September 30, 2024 represents the finalization of the gain on the sale of Alfa Valvole, Srl resulting in a |
IDEX CORPORATION |
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(in millions) |
|||||||
(unaudited) |
|||||||
|
September 30, 2024 |
|
December 31, 2023 |
||||
Assets |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
633.2 |
|
|
$ |
534.3 |
|
Receivables - net |
|
475.1 |
|
|
|
427.8 |
|
Inventories - net |
|
488.2 |
|
|
|
420.8 |
|
Other current assets |
|
81.3 |
|
|
|
63.4 |
|
Total current assets |
|
1,677.8 |
|
|
|
1,446.3 |
|
Property, plant and equipment - net |
|
468.6 |
|
|
|
430.3 |
|
Goodwill |
|
3,316.0 |
|
|
|
2,838.3 |
|
Intangible assets - net |
|
1,349.4 |
|
|
|
1,011.8 |
|
Other noncurrent assets |
|
155.7 |
|
|
|
138.5 |
|
Total assets |
$ |
6,967.5 |
|
|
$ |
5,865.2 |
|
|
|
|
|
||||
Liabilities and equity |
|
|
|
||||
Current liabilities |
|
|
|
||||
Trade accounts payable |
$ |
210.4 |
|
|
$ |
179.7 |
|
Accrued expenses |
|
301.2 |
|
|
|
271.5 |
|
Current portion of long-term borrowings |
|
0.6 |
|
|
|
0.6 |
|
Dividends payable |
|
52.4 |
|
|
|
48.5 |
|
Total current liabilities |
|
564.6 |
|
|
|
500.3 |
|
Long-term borrowings - net |
|
2,075.1 |
|
|
|
1,325.1 |
|
Deferred income taxes |
|
301.3 |
|
|
|
291.9 |
|
Other noncurrent liabilities |
|
208.2 |
|
|
|
206.7 |
|
Total liabilities |
|
3,149.2 |
|
|
|
2,324.0 |
|
Shareholders' equity |
|
|
|
||||
Preferred stock |
|
— |
|
|
|
— |
|
Common stock |
|
0.9 |
|
|
|
0.9 |
|
Treasury stock |
|
(1,176.5 |
) |
|
|
(1,187.0 |
) |
Additional paid-in capital |
|
859.9 |
|
|
|
839.0 |
|
Retained earnings |
|
4,159.3 |
|
|
|
3,934.3 |
|
Accumulated other comprehensive loss |
|
(24.7 |
) |
|
|
(45.8 |
) |
Total shareholders' equity |
|
3,818.9 |
|
|
|
3,541.4 |
|
Noncontrolling interest |
|
(0.6 |
) |
|
|
(0.2 |
) |
Total equity |
|
3,818.3 |
|
|
|
3,541.2 |
|
Total liabilities and equity |
$ |
6,967.5 |
|
|
$ |
5,865.2 |
|
IDEX CORPORATION |
|||||||
Condensed Consolidated Statements of Cash Flows |
|||||||
(in millions) |
|||||||
(unaudited) |
|||||||
|
Nine Months Ended
|
||||||
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities |
|
|
|
||||
Net income |
$ |
381.4 |
|
|
$ |
487.3 |
|
Adjustments to reconcile net income to net cash flows provided by operating activities: |
|
|
|
||||
Gain on sale of business |
|
(4.0 |
) |
|
|
(93.8 |
) |
Credit loss on note receivable from collaborative partner |
|
— |
|
|
|
7.7 |
|
Depreciation |
|
49.9 |
|
|
|
41.9 |
|
Amortization of intangible assets |
|
75.0 |
|
|
|
70.6 |
|
Share-based compensation expense |
|
20.9 |
|
|
|
18.9 |
|
Deferred income taxes |
|
0.4 |
|
|
|
(1.8 |
) |
Changes in (net of the effect from acquisitions/divestitures and foreign currency translation): |
|
|
|
||||
Receivables - net |
|
(14.5 |
) |
|
|
11.6 |
|
Inventories - net |
|
(21.6 |
) |
|
|
24.5 |
|
Other current assets |
|
(4.6 |
) |
|
|
0.3 |
|
Trade accounts payable |
|
15.3 |
|
|
|
(30.2 |
) |
Deferred revenue |
|
(4.3 |
) |
|
|
5.6 |
|
Accrued expenses |
|
(0.5 |
) |
|
|
(34.0 |
) |
Other - net |
|
2.1 |
|
|
|
7.1 |
|
Net cash flows provided by operating activities |
|
495.5 |
|
|
|
515.7 |
|
Cash flows from investing activities |
|
|
|
||||
Capital expenditures |
|
(49.6 |
) |
|
|
(68.3 |
) |
Acquisition of businesses, net of cash acquired |
|
(984.5 |
) |
|
|
(110.3 |
) |
Proceeds from sale of business, net of cash remitted |
|
45.1 |
|
|
|
110.3 |
|
Purchases of marketable securities |
|
— |
|
|
|
(24.6 |
) |
Proceeds from sale of marketable securities |
|
4.5 |
|
|
|
— |
|
Other - net |
|
(7.3 |
) |
|
|
2.9 |
|
Net cash flows used in investing activities |
|
(991.8 |
) |
|
|
(90.0 |
) |
Cash flows from financing activities |
|
|
|
||||
Borrowings under revolving credit facilities |
|
279.3 |
|
|
|
— |
|
Proceeds from issuance of long-term borrowings |
|
496.7 |
|
|
|
100.0 |
|
Payment of long-term borrowings |
|
(25.0 |
) |
|
|
(250.0 |
) |
Debt issuance costs |
|
(1.2 |
) |
|
|
— |
|
Cash dividends paid to shareholders |
|
(153.0 |
) |
|
|
(142.3 |
) |
Proceeds from share issuances, net of shares withheld for taxes |
|
10.5 |
|
|
|
7.7 |
|
Repurchases of common stock |
|
— |
|
|
|
(1.1 |
) |
Other - net |
|
(0.6 |
) |
|
|
(1.0 |
) |
Net cash flows provided by (used in) financing activities |
|
606.7 |
|
|
|
(286.7 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
6.6 |
|
|
|
(6.5 |
) |
Net increase in cash and cash equivalents and restricted cash |
|
117.0 |
|
|
|
132.5 |
|
Cash and cash equivalents at beginning of year(1) |
|
534.3 |
|
|
|
430.2 |
|
Cash and cash equivalents and restricted cash at end of period(1) |
$ |
651.3 |
|
|
$ |
562.7 |
|
(1) |
Includes |
IDEX CORPORATION |
|||||||||||
Company and Segment Financial Information |
|||||||||||
(in millions) |
|||||||||||
(unaudited) |
|||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
Fluid & Metering Technologies |
|
|
|
|
|
|
|
||||
Depreciation |
$ |
4.3 |
|
$ |
3.1 |
|
$ |
12.9 |
|
$ |
10.3 |
Amortization of intangible assets |
|
5.2 |
|
|
5.6 |
|
|
15.7 |
|
|
17.3 |
Restructuring expenses and asset impairments |
|
1.0 |
|
|
1.7 |
|
|
1.6 |
|
|
2.4 |
Health & Science Technologies |
|
|
|
|
|
|
|
||||
Depreciation |
$ |
10.6 |
|
$ |
9.0 |
|
$ |
29.5 |
|
$ |
24.1 |
Amortization of intangible assets |
|
19.7 |
|
|
16.7 |
|
|
54.6 |
|
|
48.5 |
Restructuring expenses and asset impairments |
|
1.7 |
|
|
1.5 |
|
|
3.3 |
|
|
4.5 |
Fire & Safety/Diversified Products |
|
|
|
|
|
|
|
||||
Depreciation |
$ |
2.2 |
|
$ |
2.3 |
|
$ |
6.7 |
|
$ |
6.7 |
Amortization of intangible assets |
|
1.6 |
|
|
1.5 |
|
|
4.7 |
|
|
4.8 |
Restructuring expenses and asset impairments |
|
0.1 |
|
|
0.4 |
|
|
0.2 |
|
|
0.8 |
Corporate Office and Eliminations |
|
|
|
|
|
|
|
||||
Depreciation |
$ |
0.3 |
|
$ |
0.3 |
|
$ |
0.8 |
|
$ |
0.8 |
Restructuring expenses and asset impairments |
|
0.2 |
|
|
0.5 |
|
|
0.3 |
|
|
0.5 |
Total IDEX |
|
|
|
|
|
|
|
||||
Depreciation |
$ |
17.4 |
|
$ |
14.7 |
|
$ |
49.9 |
|
$ |
41.9 |
Amortization of intangible assets |
|
26.5 |
|
|
23.8 |
|
|
75.0 |
|
|
70.6 |
Restructuring expenses and asset impairments |
|
3.0 |
|
|
4.1 |
|
|
5.4 |
|
|
8.2 |
Non-GAAP Measures of Financial Performance
The Company prepares its public financial statements in conformity with accounting principles generally accepted in
All table footnotes can be found at the end of this Non-GAAP Measures section. There were no adjustments to GAAP financial performance metrics other than the items noted below.
- Organic orders and net sales are calculated excluding amounts from acquired or divested businesses during the first twelve months of ownership or prior to divestiture and excluding the impact of foreign currency translation.
- Adjusted gross profit is calculated as gross profit plus fair value inventory step-up charges.
- Adjusted gross margin is calculated as adjusted gross profit divided by net sales.
- Adjusted net income attributable to IDEX is calculated as net income attributable to IDEX plus fair value inventory step-up charges, plus restructuring expenses and asset impairments, less the gain on sale of a business, plus the credit loss on a note receivable from a collaborative partner, plus acquisition-related intangible asset amortization, all net of the statutory tax expense or benefit.
- Adjusted diluted EPS attributable to IDEX is calculated as adjusted net income attributable to IDEX divided by the diluted weighted average shares outstanding.
- Consolidated Adjusted EBITDA is calculated as consolidated earnings before interest expense - net, taxes, depreciation and amortization, or consolidated EBITDA, less the gain on sale of a business, plus fair value inventory step-up charges, plus restructuring expenses and asset impairments, plus the credit loss on a note receivable from a collaborative partner.
- Consolidated Adjusted EBITDA margin is calculated as Consolidated Adjusted EBITDA divided by net sales.
- Free cash flow is calculated as cash flows from operating activities less capital expenditures. Free cash flow conversion is calculated as free cash flow divided by adjusted net income attributable to IDEX.
Table 1: Reconciliations of the Change in Net Sales to Organic Net Sales |
|||||||||||
|
|
|
|
|
|
|
|
||||
|
FMT |
|
HST |
|
FSDP |
|
IDEX |
||||
|
Three Months Ended September 30, 2024 |
||||||||||
Change in net sales |
— |
% |
|
(1 |
%) |
|
4 |
% |
|
1 |
% |
Less: |
|
|
|
|
|
|
|
||||
Net impact from acquisitions/divestitures(1) |
(3 |
%) |
|
4 |
% |
|
— |
% |
|
1 |
% |
Impact from foreign currency |
1 |
% |
|
— |
% |
|
— |
% |
|
— |
% |
Change in organic net sales |
2 |
% |
|
(5 |
%) |
|
4 |
% |
|
— |
% |
|
|
|
|
|
|
|
|
||||
|
Nine Months Ended September 30, 2024 |
||||||||||
Change in net sales |
(1 |
%) |
|
(8 |
%) |
|
2 |
% |
|
(3 |
%) |
Less: |
|
|
|
|
|
|
|
||||
Net impact from acquisitions/divestitures(1) |
(1 |
%) |
|
2 |
% |
|
— |
% |
|
— |
% |
Impact from foreign currency |
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
Change in organic net sales |
— |
% |
|
(10 |
%) |
|
2 |
% |
|
(3 |
%) |
Table 2: Reconciliations of Reported-to-Adjusted Gross Profit and Gross Margin (dollars in millions) |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Gross profit |
$ |
353.9 |
|
|
$ |
349.6 |
|
|
$ |
1,078.1 |
|
|
$ |
1,110.1 |
|
Fair value inventory step-up charge |
|
2.1 |
|
|
|
1.2 |
|
|
|
4.6 |
|
|
|
1.2 |
|
Adjusted gross profit |
$ |
356.0 |
|
|
$ |
350.8 |
|
|
$ |
1,082.7 |
|
|
$ |
1,111.3 |
|
|
|
|
|
|
|
|
|
||||||||
Net sales |
$ |
798.2 |
|
|
$ |
793.4 |
|
|
$ |
2,405.9 |
|
|
$ |
2,485.0 |
|
|
|
|
|
|
|
|
|
||||||||
Gross margin |
|
44.3 |
% |
|
|
44.1 |
% |
|
|
44.8 |
% |
|
|
44.7 |
% |
Adjusted gross margin |
|
44.6 |
% |
|
|
44.2 |
% |
|
|
45.0 |
% |
|
|
44.7 |
% |
Table 3: Reconciliations of Reported-to-Adjusted Net Income Attributable to IDEX and Diluted EPS Attributable to IDEX (in millions, other than per share amounts) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Reported net income attributable to IDEX |
|
$ |
119.1 |
|
|
$ |
209.1 |
|
|
$ |
381.8 |
|
|
$ |
487.5 |
|
Fair value inventory step-up charge |
|
|
2.1 |
|
|
|
1.2 |
|
|
|
4.6 |
|
|
|
1.2 |
|
Tax impact on fair value inventory step-up charge |
|
|
(0.5 |
) |
|
|
(0.3 |
) |
|
|
(1.0 |
) |
|
|
(0.3 |
) |
Restructuring expenses and asset impairments |
|
|
3.0 |
|
|
|
4.1 |
|
|
|
5.4 |
|
|
|
8.2 |
|
Tax impact on restructuring expenses and asset impairments |
|
|
(0.7 |
) |
|
|
(0.9 |
) |
|
|
(1.3 |
) |
|
|
(1.8 |
) |
Gain on sale of business(2) |
|
|
0.6 |
|
|
|
(93.8 |
) |
|
|
(4.0 |
) |
|
|
(93.8 |
) |
Tax impact on gain of sale of business |
|
|
— |
|
|
|
22.7 |
|
|
|
— |
|
|
|
22.7 |
|
Credit loss on note receivable from collaborative partner(3) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7.7 |
|
Tax impact on credit loss on note receivable from collaborative partner |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1.6 |
) |
Acquisition-related intangible asset amortization |
|
|
26.5 |
|
|
|
23.8 |
|
|
|
75.0 |
|
|
|
70.6 |
|
Tax impact on acquisition-related intangible asset amortization |
|
|
(6.0 |
) |
|
|
(5.3 |
) |
|
|
(17.1 |
) |
|
|
(15.8 |
) |
Adjusted net income attributable to IDEX |
|
$ |
144.1 |
|
|
$ |
160.6 |
|
|
$ |
443.4 |
|
|
$ |
484.6 |
|
|
|
|
|
|
|
|
|
|
||||||||
Reported diluted EPS attributable to IDEX |
|
$ |
1.57 |
|
|
$ |
2.75 |
|
|
$ |
5.02 |
|
|
$ |
6.42 |
|
Fair value inventory step-up charge |
|
|
0.03 |
|
|
|
0.02 |
|
|
|
0.06 |
|
|
|
0.02 |
|
Tax impact on fair value inventory step-up charge |
|
|
— |
|
|
|
— |
|
|
|
(0.01 |
) |
|
|
— |
|
Restructuring expenses and asset impairments |
|
|
0.04 |
|
|
|
0.06 |
|
|
|
0.07 |
|
|
|
0.11 |
|
Tax impact on restructuring expenses and asset impairments |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.02 |
) |
|
|
(0.03 |
) |
Gain on sale of business(2) |
|
|
0.01 |
|
|
|
(1.24 |
) |
|
|
(0.05 |
) |
|
|
(1.24 |
) |
Tax impact on gain of sale of business |
|
|
— |
|
|
|
0.30 |
|
|
|
— |
|
|
|
0.30 |
|
Credit loss on note receivable from collaborative partner(3) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.10 |
|
Tax impact on credit loss on note receivable from collaborative partner |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.02 |
) |
Acquisition-related intangible asset amortization |
|
|
0.35 |
|
|
|
0.31 |
|
|
|
0.99 |
|
|
|
0.93 |
|
Tax impact on acquisition-related intangible asset amortization |
|
|
(0.09 |
) |
|
|
(0.07 |
) |
|
|
(0.22 |
) |
|
|
(0.21 |
) |
Adjusted diluted EPS attributable to IDEX |
|
$ |
1.90 |
|
|
$ |
2.12 |
|
|
$ |
5.84 |
|
|
$ |
6.38 |
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted weighted average shares outstanding |
|
|
75.9 |
|
|
|
75.9 |
|
|
|
75.9 |
|
|
|
75.9 |
|
Table 4: Reconciliations of Net Income to Adjusted EBITDA (dollars in millions) |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Reported net income |
$ |
118.9 |
|
|
$ |
209.0 |
|
|
$ |
381.4 |
|
|
$ |
487.3 |
|
Provision for income taxes |
|
35.5 |
|
|
|
52.8 |
|
|
|
106.7 |
|
|
|
132.8 |
|
Interest expense - net |
|
10.3 |
|
|
|
13.7 |
|
|
|
27.8 |
|
|
|
40.1 |
|
Gain on sale of business(2) |
|
0.6 |
|
|
|
(93.8 |
) |
|
|
(4.0 |
) |
|
|
(93.8 |
) |
Depreciation |
|
17.4 |
|
|
|
14.7 |
|
|
|
49.9 |
|
|
|
41.9 |
|
Amortization |
|
26.5 |
|
|
|
23.8 |
|
|
|
75.0 |
|
|
|
70.6 |
|
Fair value inventory step-up charges |
|
2.1 |
|
|
|
1.2 |
|
|
|
4.6 |
|
|
|
1.2 |
|
Restructuring expenses and asset impairments |
|
3.0 |
|
|
|
4.1 |
|
|
|
5.4 |
|
|
|
8.2 |
|
Credit loss on note receivable from collaborative partner(3) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7.7 |
|
Adjusted EBITDA |
$ |
214.3 |
|
|
$ |
225.5 |
|
|
$ |
646.8 |
|
|
$ |
696.0 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA Components: |
|
|
|
|
|
|
|
||||||||
FMT |
$ |
98.5 |
|
|
$ |
103.6 |
|
|
$ |
311.6 |
|
|
$ |
323.9 |
|
HST |
|
82.6 |
|
|
|
84.4 |
|
|
|
248.2 |
|
|
|
278.8 |
|
FSDP |
|
54.7 |
|
|
|
52.8 |
|
|
|
159.9 |
|
|
|
157.0 |
|
Corporate and other |
|
(21.5 |
) |
|
|
(15.3 |
) |
|
|
(72.9 |
) |
|
|
(63.7 |
) |
Total Adjusted EBITDA |
$ |
214.3 |
|
|
$ |
225.5 |
|
|
$ |
646.8 |
|
|
$ |
696.0 |
|
|
|
|
|
|
|
|
|
||||||||
Net sales |
$ |
798.2 |
|
|
$ |
793.4 |
|
|
$ |
2,405.9 |
|
|
$ |
2,485.0 |
|
|
|
|
|
|
|
|
|
||||||||
Net income margin |
|
14.9 |
% |
|
|
26.3 |
% |
|
|
15.9 |
% |
|
|
19.6 |
% |
Adjusted EBITDA margin |
|
26.9 |
% |
|
|
28.4 |
% |
|
|
26.9 |
% |
|
|
28.0 |
% |
Table 5: Reconciliations of Cash Flows from Operating Activities to Free Cash Flow (dollars in millions) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities |
$ |
205.3 |
|
|
$ |
226.6 |
|
|
$ |
495.5 |
|
|
$ |
515.7 |
|
Less: Capital expenditures |
|
13.7 |
|
|
|
20.1 |
|
|
|
49.6 |
|
|
|
68.3 |
|
Free cash flow |
$ |
191.6 |
|
|
$ |
206.5 |
|
|
$ |
445.9 |
|
|
$ |
447.4 |
|
|
|
|
|
|
|
|
|
||||||||
Reported net income attributable to IDEX |
$ |
119.1 |
|
|
$ |
209.1 |
|
|
$ |
381.8 |
|
|
$ |
487.5 |
|
Adjusted net income attributable to IDEX |
|
144.1 |
|
|
|
160.6 |
|
|
|
443.4 |
|
|
|
484.6 |
|
|
|
|
|
|
|
|
|
||||||||
Operating cash flow conversion |
|
172 |
% |
|
|
108 |
% |
|
|
130 |
% |
|
|
106 |
% |
Free cash flow conversion |
|
133 |
% |
|
|
129 |
% |
|
|
101 |
% |
|
|
92 |
% |
Table 6: Reconciliation of Estimated 2024 Change in Net Sales to Change in Organic Net Sales |
|||||||||||
|
Guidance |
||||||||||
|
Fourth Quarter 2024 |
|
Full Year 2024 |
||||||||
|
Low End |
|
High End |
|
Low End |
|
High End |
||||
Change in net sales |
10 |
% |
|
11 |
% |
|
— |
% |
|
1 |
% |
Less: |
|
|
|
|
|
|
|
||||
Net impact from acquisitions/divestitures |
6 |
% |
|
6 |
% |
|
2 |
% |
|
2 |
% |
Impact from foreign currency |
1 |
% |
|
1 |
% |
|
— |
% |
|
— |
% |
Change in organic net sales |
3 |
% |
|
4 |
% |
|
(2 |
%) |
|
(1 |
%) |
Table 7: Reconciliation of Estimated 2024 Diluted EPS Attributable to IDEX to Adjusted Diluted EPS Attributable to IDEX |
||||
|
|
Guidance |
||
|
|
Fourth Quarter 2024 |
|
Full Year 2024 |
Estimated diluted EPS attributable to IDEX |
|
|
|
|
Fair value inventory step-up charge |
|
0.05 |
|
0.12 |
Tax impact on fair value inventory step-up charge |
|
(0.01) |
|
(0.03) |
Restructuring expenses and asset impairments |
|
— |
|
0.08 |
Tax impact on restructuring expenses and asset impairments |
|
— |
|
(0.02) |
Gain on sale of business |
|
— |
|
(0.05) |
Tax impact on gain of sale of business |
|
— |
|
— |
Acquisition-related intangible asset amortization |
|
0.43 |
|
1.42 |
Tax impact on acquisition-related intangible asset amortization |
|
(0.10) |
|
(0.32) |
Estimated adjusted diluted EPS attributable to IDEX |
|
|
|
|
Table 8: Reconciliation of Estimated 2024 Net Income to Adjusted EBITDA (dollars in millions)
|
Guidance |
||||||||||||||
|
Fourth Quarter 2024 |
|
Full Year 2024 |
||||||||||||
|
Low End |
|
High End |
|
Low End |
|
High End |
||||||||
Estimated Reported net income |
$ |
123.1 |
|
|
$ |
127.4 |
|
|
$ |
504.5 |
|
|
$ |
508.8 |
|
Provision for income taxes |
|
38.0 |
|
|
|
39.4 |
|
|
|
144.7 |
|
|
|
146.1 |
|
Interest expense - net |
|
18.2 |
|
|
|
18.2 |
|
|
|
46.0 |
|
|
|
46.0 |
|
Gain on sale of business |
|
— |
|
|
|
— |
|
|
|
(4.0 |
) |
|
|
(4.0 |
) |
Depreciation |
|
19.3 |
|
|
|
19.3 |
|
|
|
69.2 |
|
|
|
69.2 |
|
Amortization of intangible assets |
|
32.6 |
|
|
|
32.6 |
|
|
|
107.6 |
|
|
|
107.6 |
|
Fair value inventory step-up charge |
|
4.2 |
|
|
|
4.2 |
|
|
|
8.8 |
|
|
|
8.8 |
|
Restructuring expenses and asset impairments |
|
0.4 |
|
|
|
0.4 |
|
|
|
5.8 |
|
|
|
5.8 |
|
Estimated Adjusted EBITDA |
$ |
235.8 |
|
|
$ |
241.5 |
|
|
$ |
882.6 |
|
|
$ |
888.3 |
|
|
|
|
|
|
|
|
|
||||||||
Estimated Net sales |
$ |
874.3 |
|
|
$ |
882.3 |
|
|
$ |
3,280.2 |
|
|
$ |
3,288.2 |
|
|
|
|
|
|
|
|
|
||||||||
Estimated Net income margin |
|
14.1 |
% |
|
|
14.4 |
% |
|
|
15.4 |
% |
|
|
15.5 |
% |
Estimated Adjusted EBITDA margin |
|
27.0 |
% |
|
|
27.4 |
% |
|
|
26.9 |
% |
|
|
27.0 |
% |
(1) |
Represents the sales from acquired or divested businesses during the first 12 months of ownership or prior to divestiture. |
|
(2) |
Activity recorded during the three months ended September 30, 2024 represents the finalization of the gain on the sale of Alfa Valvole, Srl resulting in a |
|
(3) |
Represents a reserve on an investment with a collaborative partner recorded in Other expense (income) – net during the nine months ended September 30, 2023. During the fourth quarter of 2023, the Company converted the promissory note receivable from the collaborative partner to equity, resulting in a cost method investment with zero value. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241029769149/en/
Investor Contact:
Wendy Palacios
Vice President FP&A and Investor Relations
(847) 498-7070
Source: IDEX Corporation
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