IDEX Reports Fourth Quarter and Full Year 2023 Results

News Release
February 6, 2024

Fourth Quarter Highlights
(All comparisons against the fourth quarter of 2022 unless otherwise noted)

  • Sales of $789 million, down 3% overall and 6% organically
  • Reported diluted EPS of $1.43, down 16%; adjusted diluted EPS of $1.83, down 9%
  • Strong operating cash flow of $201 million, up 20%; free cash flow of $179 million, up 22%
  • Completed acquisition of STC Material Solutions on December 14, 2023 for $202 million

Full Year Highlights
(All comparisons against full year 2022 unless otherwise noted)

  • Record reported sales of $3.3 billion, up 3% overall and down 1% organically
  • Record reported diluted EPS of $7.85, up 2%; record adjusted diluted EPS of $8.22, up 1%
  • Record operating cash flow of $717 million, up 29%; record free cash flow of $627 million, up 28%
  • Invested approximately $425 million for acquisitions, capital projects and share repurchases

NORTHBROOK, IL, FEBRUARY 6, 2024 – IDEX Corporation (NYSE: IEX) today announced its
financial results for the quarter and year ended December 31, 2023.

“IDEX businesses weathered an unprecedented year of global recalibration, which played out differently
across our segments. Our team’s agility and core execution capabilities, combined with the quality of our
underlying assets, enabled us to deliver strong results in a challenging environment,” said Eric D.
Ashleman, IDEX Corporation Chief Executive Officer and President.

“Now, the majority of our end markets are stable, supporting the early stages of focused organic growth
to drive our next chapter of outperformance. However, the timing of market recovery within our Life
Sciences and Analytical Instrumentation businesses remains uncertain, moderating our overall full year
growth outlook.”

“We continue to aggressively pursue inorganic opportunities within advantaged, fast-growing markets, as
demonstrated by our purchase of STC Material Solutions in December. Our funnel of potential
acquisitions is strong and our efforts are well supported by ample capacity on our balance sheet.”

2024 Outlook
Full year 2024 organic sales growth is projected to be 0% to 2% over the prior year, with GAAP diluted
EPS of $7.15 to $7.45 (adjusted diluted EPS of $8.15 to $8.45).
First quarter 2024 organic sales are projected to decline 6% to 7% from the prior year period, with GAAP
diluted EPS of $1.45 to $1.50 (adjusted diluted EPS of $1.70 to $1.75).

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