IDEX Surpasses Third Quarter Estimates, Raises Year-End Outlook; Stocks Soar

NEW YORK - IDEX Corporation (NYSE:IEX) reported third-quarter earnings that exceeded analysts' expectations and raised its year-end guidance. Following this development, the company's shares rose by 1.8% in after-hours trading on Tuesday.
The industrial manufacturing company reported adjusted earnings of $1.90 per share, surpassing the consensus estimate of $1.89. Revenue totaled $798.2 million, exceeding analysts' projections of $793.05 million.
IDEX Corporation's CEO and President Eric D. Ashleman stated, "We are encouraged by our third-quarter performance. Our teams in the Fluid & Metering Technologies and Fire & Safety / Diversified Products segments delivered organic growth despite an uncertain economic environment, while achieving strong margins through operational excellence."
IDEX raised its adjusted earnings per share guidance for the full year 2024 to a range of $7.85 to $7.90, higher than its previous forecast of $7.80 to $7.90.
However, the company expects full-year organic sales to decline by 1% to 2% year-over-year, which is a lower projection compared to its prior estimate of flat or slightly positive organic growth.
In the third quarter, organic sales remained flat year-over-year. Lower volumes in the Health & Science Technologies segment offset price increases across all segments. The adjusted EBITDA margin narrowed by 150 basis points to 26.9% due to higher labor costs and lower volumes, outweighing the positive effects of strong price/cost management.
The company completed its acquisition of Mott Corporation for $986.2 million (excluding cash acquired) on September 5. IDEX expects this acquisition to contribute positively to adjusted earnings per share in the fiscal year 2026.