NORTHBROOK, Ill. - IDEX Corporation (NYSE:IEX) reported a modest increase in its share price today, following the announcement of their first quarter earnings which surpassed analyst expectations. The company posted adjusted earnings per share (EPS) of $1.88, which was $0.13 higher than the analyst estimate of $1.75. However, revenue for the quarter was slightly below expectations at $800.5 million, compared to the consensus estimate of $807.56 million, representing a 5% decline from the same quarter last year.
IDEX's CEO and President, Eric D. Ashleman, attributed the earnings beat to solid margin expansion within the Fluid & Metering Technologies and Fire & Safety / Diversified Products segments, as well as strong cash flow performance across the company. Despite a 6% organic sales decline, primarily due to lower volumes in the Health & Science Technologies segment, the company managed to exceed its first quarter expectations.
Looking ahead, IDEX anticipates a second quarter EPS in the range of $2.00 to $2.05, falling short of the consensus estimate of $2.12. For the full year 2024, the company expects an adjusted EPS between $8.15 and $8.45, which is also below the consensus estimate of $8.33. The midpoint of the company's full-year guidance is $8.30, slightly under the analyst consensus.
The stock saw a minimal uptick of +0.2% following the earnings release, indicating a lukewarm investor response to the mixed financial results and forward guidance. Despite the challenges, IDEX remains committed to driving growth both organically and through strategic acquisitions in advantaged markets.
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