Third Quarter 2024 Highlights
(All comparisons are against the third quarter of 2023 unless otherwise noted)
- Sales of $798 million, up 1% overall and flat organically
- Reported diluted EPS of $1.57, down 43%, and adjusted diluted EPS of $1.90, down 10%
- Operating cash flow of $205 million, down 9%; and 172% of net income, up from 108%
- Free cash flow of $192 million, down 7%; and 133% of adjusted net income, up from 129%
- Completed acquisition of Mott Corporation on September 5, 2024
- Completed a public offering of $500 million principal amount of 4.950% Senior Notes, due
September 2029
Full Year 2024 Outlook
- Full year organic sales growth is projected to decline 1% to 2% versus the prior year
- Full year GAAP diluted EPS of $6.65 – $6.70 vs. previous guidance of $6.85 – $6.95. Current
guidance includes purchase accounting impacts, such as acquisition-related amortization, from
the acquisition of Mott Corporation - Adjusted diluted EPS of $7.85 – $7.90 vs. previous guidance of $7.80 – $7.90
NORTHBROOK, IL, October 29, 2024 – IDEX Corporation (NYSE: IEX) today announced its
financial results for the three-month period ended September 30, 2024.
“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.”