First Quarter 2024 Highlights
(All comparisons are against the first quarter of 2023 unless otherwise noted)
- Sales of $801 million, down 5% overall and 6% organically, in line with expectations
- Reported diluted EPS of $1.60, down 13%, and adjusted diluted EPS of $1.88, down 10%,
exceeding first quarter expectations - Strong operating cash flow of $157 million, up 6%; free cash flow of $137 million, up 13%
Full Year and Second Quarter 2024 Outlook
- Full year organic sales growth is projected to be 0% to 2% over the prior year
- Full year GAAP diluted EPS of $7.13 – $7.43 (adjusted diluted EPS of $8.15 – $8.45)
- Second quarter organic sales are projected to decline 2% to 3% over the prior year period
- Second quarter GAAP diluted EPS of $1.75 – $1.80 (adjusted diluted EPS of $2.00 – $2.05)
NORTHBROOK, IL, April 23, 2024 – IDEX Corporation (NYSE: IEX) today announced its financial
results for the three-month period ended March 31, 2024.
“Our IDEX teams delivered solid results in the first quarter, expanding margins within our Fluid & Metering Technologies and Fire & Safety / Diversified Products segments while driving strong cash flow across the company,” said Eric D. Ashleman, IDEX Corporation Chief Executive Officer and President.
“We experienced an encouraging lift in sequential orders from our core industrial and municipal markets
after an extended period of destocking. The Health & Science Technologies segment performed to
expectations, but there are differing rates of recovery within its targeted markets. We will deploy
resources accordingly to build momentum in these advantaged markets through the remainder of the
year.”
“We remain committed to creating superior long-term value by aggressively deploying resources to drive
growth both in our current businesses and acquiring new businesses in advantaged markets.