IDEX Corporation (IEX”>IEX) has posted adjusted earnings per share (excluding the effect of the inventory charge) of 71 cents in the third quarter of 2011 compared with 42 cents in the year-ago quarter. The results surpassed the Zacks Consensus Estimate of 62 cents.
IDEX Corporation designs, manufactures and markets a broad range of fluid handling and industrial products serving a diverse range of customers.
Sales improved 28% from the year-ago quarter to $477 million, including an organic growth of 9%, acquisition related growth of 16% and a positive impact of 3% from foreign currency translation. New orders were $480 million, up 28% from the year-earlier quarter.
Net income came in at $48 million or $0.58 per share compared to a net income of $38.6 million or $0.47 per share in the year-ago quarter.
On a segmental basis, Fluid & Metering Technologies generated revenues of $202 million, up 19% from the year-ago quarter. Revenue from Health & Science Technologies was $177 million, up 59% from the year-ago quarter.
Dispensing Equipment generated revenues of $25 million, down 5% from the year-ago quarter. Revenues from Fire & Safety/Diversified Products were $74 million, up 10% from the year-ago quarter.
IDEX Corp. continues to capture market share by leveraging healthy secular trends across its target markets, especially the Fluid and Metering segment.
Operating margin moved up to 18.3% in the quarter from 17.6% in the year-ago quarter, led by fixed cost leverage and strong productivity gains.
During the quarter, IDEX Corp. generated cash of $94.8 million from operations and used $9.4 million for capital expenditures.
Guidance
Management expects an EPS of 60 to 63 cents for the fourth quarter of fiscal 2011. Organic growth is projected around 4% – 5%.
For fiscal 2011, the company now expects EPS in the range of $2.51-$2.54, up 26% – 28% year over year.
The company expects strong performance for the remainder of the year despite a mixed macro environment.
IDEX Corp. will continue to strengthen its Health and Science and Fluid and Metering segments by acquiring new businesses. The company acquired CVI Melles Griot, Microfluidics and Advanced Thin Films in 2011.
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