IDEX beats Q3 estimates, raises full-year outlook; Shares rise

NEW YORK - IDEX Corporation (NYSE:IEX ) reported third-quarter earnings that topped analyst expectations and raised its full-year guidance, sending shares up 1.8% in after-hours trading Tuesday.

The industrial manufacturing company posted adjusted earnings per share of $1.90, beating the consensus estimate of $1.89. Revenue came in at $798.2 million, surpassing analysts' projections of $793.05 million.

"We are encouraged by our third quarter performance," said Eric D. Ashleman, IDEX Corporation Chief Executive Officer and President. "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."

IDEX raised its full-year 2024 adjusted EPS guidance to a range of $7.85 to $7.90, up from its previous outlook of $7.80 to $7.90.

However, the company now expects full-year organic sales to decline 1% to 2% YoY, compared to its prior forecast for flat to slightly positive organic growth.

For the third quarter, organic sales were flat YoY as lower volumes in the Health & Science Technologies segment offset price increases across all segments. Adjusted EBITDA margin contracted 150 basis points to 26.9% due to higher employee-related costs and lower volume, which more than offset strong price/cost management.

The company completed its acquisition of Mott Corporation on September 5 for $986.2 million net of cash acquired. IDEX expects the deal to be accretive to adjusted earnings per share in fiscal year 2026.

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Source: Investing.com