IDEX Beats Its Own Bar With Record Q3, Lifts Full-Year Guidance
IEX sits 45% above its 52-week low of $160.6.
Summary
IDEX posted record third-quarter sales of $951.7M, up 8% with organic growth matching at 8%, and adjusted diluted EPS of $2.33 versus $2.03 a year ago, beating the IBES estimate of USD 2.23. Net income was $144.1M, or EPS of $1.95. Orders jumped 13% to $991.2M, giving the company nearly $1 billion of booked demand heading into year-end. Management raised full-year organic sales guidance to 6.5%-6.8% from 5%-6% and adjusted EPS to $8.91-$8.96 from $8.70-$8.85, roughly 12% growth at the midpoint. The Health & Science Technologies segment did the heavy lifting, with organic sales up 13% on AI-driven data center power and semiconductor demand plus space and defense strength, while adjusted EBITDA margin expanded 50 bps to 27.8%. Free cash flow of $214.3M converted at 124% of adjusted net income, and the company bought back $74.6M of stock in the quarter. The stock sits near its 52-week high, so the raised outlook is the number that matters for how the market reprices the year.
At the time of this announcement, IEX was trading at $233.48 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $17.2B. The 52-week trading range was $160.60 to $243.80. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: BusinessWire.