IDEX Reports Fourth Quarter And Full Year 2024 Results

February 4, 2025

IDEX REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS

Fourth Quarter Highlights

Record sales of $863 million, up 9% overall and 3% organically
Reported diluted EPS of $1.62, up 13%; adjusted diluted EPS of $2.04, up 11%
Operating cash flow of $173 million, down 14%, was 140% of net income, down from 185%
Free cash flow of $157 million, down 12%, yielded conversion of 101% of adjusted net income, down
from 129%
Full Year Highlights
(All comparisons against full year 2023 unless otherwise noted)
Reported sales of $3.3 billion, flat overall and down 2% organically
Reported diluted EPS of $6.64, down 15%; adjusted diluted EPS of $7.89, down 4%
Operating cash flow of $668 million, down 7%, was 132% of net income, up from 120%
Free cash flow of $603 million, down 4%, yielded conversion of 101%, flat with prior year
2025 Outlook
Full year organic sales are projected to increase 1% to 3% over the prior year
Full year GAAP diluted EPS of $6.56 to $6.96 (adjusted diluted EPS of $8.10 to $8.45)
First quarter 2025 organic sales are projected to decrease 3% to 4% from the prior year period
First quarter GAAP diluted EPS of $1.18 to $1.24 (adjusted diluted EPS of $1.60 to $1.65)

NORTHBROOK, IL, FEBRUARY 4, 2025 – IDEX Corporation (NYSE: IEX) today announced its
financial results for the quarter and year ended December 31, 2024.
“IDEX teams drove a strong finish to the year and continued to deliver on their commitments to
customers in an increasingly uncertain environment. Our company continues to write its next chapter,
positioning us for dynamic growth in markets powered by global megatrends. Our 80/20 mindset allows
us to adjust resources and self-fund the buildout of scale as we bring newly-acquired and longtime IDEX
companies together to grow within advantaged markets,” said Eric D. Ashleman, IDEX Corporation Chief
Executive Officer and President.
“In our Health & Science Technologies segment, we are encouraged by the continued pattern of strong
organic orders growth. The teams delivered key customer projects that offset some ongoing headwinds
within our most important application verticals. Mott, our most recent acquisition, achieved strong results
within their first quarter with IDEX as they delivered a significant advanced filtration systems project,”
Ashleman said.

“Our Fluid & Metering Technologies teams drove modest orders, sales and profitability growth overall
across a broad spectrum of industrial and municipal markets. Our Fire & Safety / Diversified Products
teams achieved another quarter of record sales and solid organic growth driven by positive returns on
long term automation bets within mature market firefighting technologies and emerging market
architectural coatings.”
“We face a fair amount of geopolitical and economic uncertainty as we head into 2025. However, we
continue to have conviction in the underlying strength of our target markets and the ability of our teams to collaborate across businesses to drive organic and inorganic growth. We’ll continue to leverage our 80/20 capabilities to focus resources on our best opportunities and streamline the organization to make sure we are making the right decisions at the point of impact. We remain committed to a path towards double-digit earnings expansion enabled by organic and inorganic growth outperformance.”