Third Quarter 2023 Highlights
(All comparisons are against the third quarter of 2022 unless otherwise noted)
- Sales of $793.4 million, down 4% overall and 6% organically
- Reported diluted EPS of $2.75, up 17%, and adjusted diluted EPS of $2.12, down 1%, included a lower effective tax rate
- Strong operating cash flow of $227 million, up 14%; record free cash flow of $207 million, up 14%
- Divested Micropump, Inc. for $110 million in cash, resulting in gain of $71 million, net of taxes
- Full year GAAP EPS guidance raised to $7.91 to $7.96 from prior guidance of $6.80 to $6.90
- Full year adjusted EPS guidance raised to $8.13 to $8.18 from prior guidance of $7.90 to $8.00
NORTHBROOK, IL, October 25, 2023 – IDEX Corporation (NYSE: IEX) today announced its
financial results for the three month period ended September 30, 2023.
“IDEX delivered strong profitability and achieved record free cash flow in the third quarter,” said Eric D.
Ashleman, IDEX Corporation Chief Executive Officer and President. “Our teams continue to execute for
customers and shareholders in a dynamic environment of transition and recalibration.”
“We believe the divergent rates of destocking in our end markets have largely run their course, returning
us to more typical backlog and lead time levels. Our focus is to leverage our 8020 philosophy and
disproportionately allocate resources to those application niches with the highest potential.”
“We remain dedicated to our long-term focus as we continue to aggressively deploy capital to support
organic growth and M&A. Our balance sheet has ample capacity to deliver on our goals, and our funnel
of potential acquisitions remains strong and of high quality.”
2023 Outlook
Full year 2023 organic sales are projected to decline 1% to 2% over the prior year, with GAAP diluted
EPS of $7.91 – $7.96 (adjusted diluted EPS of $8.13 – $8.18).
Fourth quarter 2023 organic sales are projected to decline 8% to 9% over the prior year period, with
GAAP diluted EPS of $1.50 – $1.55 (adjusted diluted EPS of $1.74 – $1.79).