IDEX Corporation (NYSE: IEX) today announced its financial
results for the three month period ended September 30,
2017.
Third Quarter 2017
Highlights
- Orders were up 8 percent overall and 7
percent organically
- Sales were up 8 percent overall and 7
percent organically
- Operating margin was 22.0 percent
- EPS was $1.08, up 17 cents, or 19
percent
Third Quarter 2017
Orders of $573.8 million were up 8 percent (+7 percent organic
and +1 percent foreign currency translation) compared with the
prior year period.
Sales of $574.5 million were up 8 percent (+7 percent organic
and +1 percent foreign currency translation) compared with the
prior year period.
Gross margin of 44.9 percent was up 140 basis points from the
prior year period. Excluding $4.6 million of pre-tax fair value
inventory step-up charges from the prior year period, gross margin
would have been up 50 basis points primarily due to volume
leverage.
Operating income of $126.5 million resulted in an operating
margin of 22.0 percent, up 130 basis points from the prior year
operating margin and 90 basis points from the prior year adjusted
operating margin. Excluding the $4.6 million fair value step-up
charges from the prior year results, operating margin would have
been up 10 basis points. Operating income drove EBITDA of $146.1
million which was 25 percent of sales and covered interest expense
by more than 13 times.
Net income was $83.8 million which resulted in EPS of $1.08, up
17 cents, or 19 percent, from the prior year period. Excluding the
net loss on divestitures from the prior year period, EPS was up 16
cents, or 17 percent from adjusted prior year EPS.
Cash from operations for the third quarter of $124.0 million led
to free cash flow of $115.5 million, which converted at 138 percent
of net income.
The Company repurchased 116 thousand shares of common stock for
$13.8 million in the third quarter of 2017.
“Solid execution, coupled with increasing demand, delivered
another strong quarter for IDEX. Third quarter organic orders and
sales both grew 7 percent, which drove operating margin of 22.0
percent. HST and FMT continued to lead the way with 10 percent and
7 percent organic revenue growth, respectively. This growth
resulted in EPS of $1.08 which was up 16 cents, or 17 percent, from
the adjusted prior year period. Free cash flow was very strong with
a conversion rate at 138 percent of net income. I am pleased
with the solid organic growth rates we have achieved this year.
Consistent with our capital deployment strategy, our number one
priority is to fully fund long-term organic growth opportunities.
Our commitment to segmenting our businesses and funding our best
organic initiatives is helping to deliver on our goal of
outperforming our underlying markets. Looking ahead, we will
continue to fund these opportunities as an integral part of our
capital deployment objectives which include pursuing strategic
M&A, funding our dividend and being opportunistic in
repurchasing our shares. Based on our third quarter results
and strength in orders across all three segments, we are raising
full year 2017 adjusted EPS guidance to $4.25 to $4.27, with fourth
quarter EPS of $1.06 to $1.08. We also reaffirm full year 2017
organic revenue growth of 5 percent, with 6 percent organic growth
expected in the fourth quarter.” Andrew K. Silvernail
Chairman and Chief Executive Officer
Third Quarter 2017 Segment
Highlights
Fluid & Metering Technologies
- Sales of $221.0 million reflected a 6
percent increase compared to the third quarter of 2016 (+7 percent
organic, -2 percent divestitures and +1 percent foreign currency
translation).
- Operating income of $62.0 million
resulted in an operating margin of 28.1 percent, a 130 basis point
increase compared to the prior year period operating margin
primarily due to higher volume, cost savings from prior year
restructuring initiatives and lower amortization.
- EBITDA of $68.0 million resulted in an
EBITDA margin of 30.8 percent, a 60 basis point increase compared
to the prior year period EBITDA margin.
Health & Science Technologies
- Sales of $207.1 million reflected a 13
percent increase compared to the third quarter of 2016 (+10 percent
organic and +3 percent acquisition/divestitures).
- Operating income of $46.1 million
resulted in an operating margin of 22.2 percent, a 190 basis point
increase compared to the prior year period operating margin
primarily due to higher volume and the inclusion of a fair value
inventory step-up charge in the prior year period.
- EBITDA of $58.2 million resulted in an
EBITDA margin of 28.1 percent, a 150 basis point increase compared
to the prior year period EBITDA margin.
Fire & Safety/Diversified Products
- Sales of $146.6 million reflected a 6
percent increase compared to the third quarter of 2016 (+4 percent
organic and +2 percent foreign currency translation).
- Operating income of $36.2 million
resulted in an operating margin of 24.7 percent, a 130 basis point
increase compared to the prior year period operating margin
primarily due to higher volume and the inclusion of a fair value
inventory step-up charge in the prior year period.
- EBITDA of $38.9 million resulted in an
EBITDA margin of 26.5 percent, a 40 basis point increase compared
to the prior year period EBITDA margin.
For the third quarter of 2017, Fluid & Metering Technologies
contributed 38 percent of sales, 43 percent of operating income and
41 percent of EBITDA; Health & Science Technologies accounted
for 36 percent of sales, 32 percent of operating income and 35
percent of EBITDA; and Fire & Safety/Diversified Products
represented 26 percent of sales, 25 percent of operating income and
24 percent of EBITDA.
Non-U.S. GAAP Measures of Financial
Performance
The Company supplements certain U.S. GAAP financial performance
metrics with non-U.S. GAAP financial performance metrics in order
to provide investors with better insight and increased transparency
while also allowing for a more comprehensive understanding of the
financial information used by management in its decision making.
Reconciliations of non-U.S. GAAP financial performance metrics to
their most comparable U.S. GAAP financial performance metrics are
defined and presented below and should not be considered a
substitute for, nor superior to, the financial data prepared in
accordance with U.S. GAAP. There were no adjustments to U.S. GAAP
financial performance metrics other than the items noted below.
- Organic orders and sales are calculated
according to U.S. GAAP excluding amounts from acquired or divested
businesses during the first twelve months of ownership or
divestiture and the impact of foreign currency translation.
- Adjusted operating income is calculated
as operating income plus restructuring expenses plus or minus the
net loss or gain on sale of businesses.
- Adjusted operating margin is calculated
as adjusted operating income divided by net sales.
- Adjusted net income is calculated as
net income plus restructuring expenses plus or minus the net loss
or gain on sale of businesses, net of the statutory tax expense or
benefit.
- EBITDA is calculated as net income plus
interest expense plus provision for income taxes plus depreciation
and amortization. We reconciled EBITDA to net income on a
consolidated basis as we do not allocate consolidated interest
expense or consolidated provision for income taxes to our
segments.
- Adjusted EBITDA is calculated as EBITDA
plus restructuring expenses plus or minus the net loss or gain on
sale of businesses.
- Free cash flow is calculated as cash
flow from operating activities less capital expenditures.
Table 1: Reconciliations of the Change
in Net Sales to Net Organic Sales
Quarter Ended Nine
Months Ended September 30, 2017 September 30,
2017 FMT HST FSDP
IDEX FMT HST FSDP
IDEX Change in net sales 6% 13% 6%
8% 3% 10% 12% 8%
- Net impact from
acquisitions/divestitures (2%) 3% 0% 0% (2%) 4% 12% 4%
-
Impact from FX 1% 0% 2% 1% 0% (1%) (1%) (1%)
Change in net
organic sales 7% 10% 4% 7% 5% 7% 1% 5%
Table 2: Reconciliations of
Reported-to-Adjusted Operating Income and Margin (dollars in
thousands)
Quarter Ended September 30, 2017
2016 (e)
FMT HST FSDP
Corporate IDEX FMT HST
FSDP Corporate IDEX Reported
operating income (loss) $ 61,988 $
46,073 $ 36,199 $
(17,756 ) $ 126,504 $ 55,907 $
37,195 $ 32,492 $ (15,886 ) $ 109,708
+Loss
(gain) on sale of businesses - net -
- - -
- - -
- 2,067 2,067
Adjusted
operating income (loss) $ 61,988 $
46,073 $ 36,199 $
(17,756 ) $ 126,504 $ 55,907
$ 37,195 $ 32,492 $ (13,819 ) $ 111,775
Net sales (eliminations) $ 220,953
$ 207,127 $ 146,599 $
(189 ) $ 574,490 $ 208,335 $ 183,564 $
138,767 $ (310 ) $ 530,356
Operating margin 28.1
% 22.2 % 24.7 % n/m
22.0 % 26.8 % 20.3 % 23.4 % n/m 20.7 %
Adjusted
operating margin 28.1 % 22.2 %
24.7 % n/m 22.0 % 26.8 % 20.3 %
23.4 % n/m 21.1 %
Nine Months Ended September 30,
2017
2016 (e)
FMT HST FSDP
Corporate IDEX FMT HST
FSDP Corporate IDEX Reported
operating income (loss) $ 179,830 $
134,605 $ 106,022 $ (53,149
) $ 367,308 $ 161,782 $ 118,985 $ 92,566 $
(46,457 ) $ 326,876
+Restructuring expenses 1,566
3,028 73 130 4,797 - - - - -
+Loss
(gain) on sale of businesses - net -
- - -
- - -
- 2,067 2,067
Adjusted
operating income (loss) $ 181,396 $
137,633 $ 106,095 $
(53,019 ) $ 372,105 $ 161,782
$ 118,985 $ 92,566 $ (44,390 ) $ 328,943
Net sales (eliminations) $
658,905 $ 611,215 $ 432,029
$ (741 ) $ 1,701,408 $ 641,988 $
556,475 $ 384,996 $ (835 ) $ 1,582,624
Operating margin
27.3 % 22.0 % 24.5 %
n/m 21.6 % 25.2 % 21.4 % 24.0 %
n/m
20.7 %
Adjusted operating margin 27.5 %
22.5 % 24.6 % n/m 21.9
% 25.2 % 21.4 % 24.0 %
n/m 20.8 %
Table 3: Reconciliations of
Reported-to-Adjusted Net Income and EPS (in thousands,
except EPS)
Quarter Nine
Months Ended September 30, Ended September 30,
2017 2016 2017 2016
Reported net income $ 83,768 $ 69,873
$
243,511 $ 213,762
+Restructuring expenses - -
4,797 -
+Tax impact on restructuring expenses
- -
(1,529 ) -
+Loss (gain) on sale of
businesses - net - 2,067
- 2,067
+Tax impact
on loss (gain) on sale of businesses - net -
(1,467 )
- (1,467 )
Adjusted
net income $ 83,768 $ 70,473
$
246,779 $ 214,362
Reported EPS
$ 1.08 $ 0.91
$ 3.15 $ 2.78
+Restructuring expenses - -
0.06 -
+Tax
impact on restructuring expenses - -
(0.02
) -
+Loss (gain) on sale of businesses - net -
0.03
- 0.03
+Tax impact on loss (gain) on sale of
businesses - net - (0.02 )
-
(0.02 )
Adjusted EPS $ 1.08 $
0.92
$ 3.19 $ 2.79
Diluted weighted average shares 77,523 76,880
77,246 76,742
Table 4: Reconciliations of EBITDA to
Net Income (dollars in thousands)
Quarter Ended September 30, 2017
2016 (e)
FMT HST FSDP
Corporate IDEX FMT HST
FSDP Corporate IDEX
Operating income (loss) $ 61,988 $
46,073 $ 36,199 $ (17,756
) $ 126,504 $ 55,907 $ 37,195 $ 32,492 $
(15,886 ) $ 109,708
- Other (income) expense - net
230 (970 ) 1,044 1,349
1,653 171 (384 ) (195 ) (1,105 ) (1,513 )
+ Depreciation
and amortization 6,192
11,189 3,709 190
21,280 7,168
11,163 3,584 277 22,192
EBITDA 67,950 58,232 38,864
(18,915 ) 146,131 62,904 48,742 36,271 (14,504
) 133,413
- Interest expense 11,064 11,913
-
Provision for income taxes 30,019 29,435
-
Depreciation and amortization 21,280
22,192
Net income $ 83,768
$ 69,873
Net sales (eliminations)
$ 220,953 $ 207,127 $
146,599 $ (189 ) $
574,490 $ 208,335 $ 183,564 $ 138,767 $ (310 ) $ 530,356
Operating margin 28.1 % 22.2
% 24.7 % n/m 22.0 % 26.8
% 20.3 % 23.4 % n/m 20.7 %
EBITDA margin 30.8
% 28.1 % 26.5 % n/m
25.4 % 30.2 % 26.6 % 26.1 % n/m 25.2 %
Nine Months Ended September 30, 2017
2016 (e)
FMT HST FSDP
Corporate IDEX FMT HST
FSDP Corporate IDEX
Operating income (loss) $ 179,830 $
134,605 $ 106,022 $ (53,149
) $ 367,308 $ 161,782 $ 118,985 $ 92,566 $
(46,457 ) $ 326,876
- Other (income) expense - net
707 97 1,663 (750 ) 1,717
566 (1,548 ) (485 ) (1,029 ) (2,496 )
+ Depreciation and
amortization 17,823 34,447
10,938 598
63,806 22,011 33,044
8,316 953 64,324
EBITDA 196,946 168,955 115,297
(51,801 ) 429,397 183,227 153,577 101,367
(44,475 ) 393,696
- Interest expense 33,920 33,607
- Provision for income taxes 88,160 82,003
-
Depreciation and amortization 63,806
64,324
Net income $ 243,511
$ 213,762
Net sales (eliminations)
$ 658,905 $ 611,215 $
432,029 $ (741 ) $
1,701,408 $ 641,988 $ 556,475 $ 384,996 $ (835 ) $ 1,582,624
Operating margin 27.3 % 22.0
% 24.5 % n/m 21.6 % 25.2
% 21.4 % 24.0 % n/m 20.7 %
EBITDA margin 29.9
% 27.6 % 26.7 % n/m
25.2 % 28.5 % 27.6 % 26.3 % n/m 24.9 %
Table 5: Reconciliations of EBITDA to
Adjusted EBITDA (dollars in thousands)
Quarter Ended September 30, 2017
2016 FMT HST
FSDP Corporate IDEX FMT
HST FSDP Corporate
IDEX EBITDA $ 67,950 $
58,232 $ 38,864 $
(18,915 ) $ 146,131 $ 62,904
$ 48,742 $ 36,271 $ (14,504 ) $ 133,413
+Loss (gain) on sale of businesses - net -
- -
- - - -
- 2,067 2,067
Adjusted EBITDA $ 67,950 $
58,232 $ 38,864 $
(18,915 ) $ 146,131 $ 62,904
$ 48,742 $ 36,271 $ (12,437 ) $ 135,480
Adjusted EBITDA margin 30.8 %
28.1 % 26.5 % n/m 25.4
% 30.2 % 26.6 % 26.1 % n/m 25.5 %
Nine Months Ended September 30, 2017 2016
FMT HST FSDP
Corporate IDEX FMT HST
FSDP Corporate IDEX
EBITDA $ 196,946 $ 168,955
$ 115,297 $ (51,801 ) $
429,397 $ 183,227 $ 153,577 $ 101,367 $ (44,475 ) $ 393,696
+Restructuring expenses 1,566 3,028 73
130 4,797 - - - - -
+Loss (gain) on sale of
businesses - net - -
- - -
- - - 2,067
2,067
Adjusted EBITDA $
198,512 $ 171,983 $
115,370 $ (51,671 ) $
434,194 $ 183,227 $ 153,577 $ 101,367
$ (42,408 ) $ 395,763
Adjusted EBITDA
margin 30.1 % 28.1 % 26.7
% n/m 25.5 % 28.5 % 27.6 % 26.3 % n/m
25.0 %
Table 6: Reconciliations of Free Cash
Flow (in thousands)
Quarter Ended Nine
Months Ended September 30, June 30,
September 30, 2017 2016 2017
2017 2016 Cash flow from operating
activities $ 124,000 $ 125,480 $ 87,601
$
296,580 $ 284,324
- Capital expenditures
8,515 11,590 9,377
28,054
28,642
Free cash flow $ 115,485 $ 113,890 $
78,224
$ 268,526 $ 255,682
Conference Call to be Broadcast over
the Internet
IDEX will broadcast its third quarter earnings conference call
over the Internet on Tuesday, October 17, 2017 at 9:30 a.m. CT.
Chairman and Chief Executive Officer Andy Silvernail and Senior
Vice President and Chief Financial Officer William Grogan will
discuss the Company’s recent financial performance and respond to
questions from the financial analyst community. IDEX invites
interested investors to listen to the call and view the
accompanying slide presentation, which will be carried live on its
website at www.idexcorp.com. Those who wish to participate should
log on several minutes before the discussion begins. After clicking
on the presentation icon, investors should follow the instructions
to ensure their systems are set up to hear the event and view the
presentation slides, or download the correct applications at no
charge. Investors will also be able to hear a replay of the call by
dialing 877.660.6853 (or 201.612.7415 for international
participants) using the ID #13652255.
Forward-Looking
Statements
This news release contains “forward-looking” statements within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended. These statements may relate to, among other
things, capital expenditures, acquisitions, cost reductions, cash
flow, revenues, earnings, market conditions, global economies and
operating improvements, and are indicated by words or phrases such
as “anticipates,” “estimates,” “plans,” “expects,” “projects,”
“forecasts,” “should,” “could,” “will,” “management believes,” “the
Company believes,” “the Company intends,” and similar words or
phrases. These statements are subject to inherent uncertainties and
risks that could cause actual results to differ materially from
those anticipated at the date of this news release. The risks and
uncertainties include, but are not limited to, the following:
economic and political consequences resulting from terrorist
attacks and wars; levels of industrial activity and economic
conditions in the U.S. and other countries around the world;
pricing pressures and other competitive factors, and levels of
capital spending in certain industries – all of which could have a
material impact on order rates and IDEX’s results, particularly in
light of the low levels of order backlogs it typically maintains;
its ability to make acquisitions and to integrate and operate
acquired businesses on a profitable basis; the relationship of the
U.S. dollar to other currencies and its impact on pricing and cost
competitiveness; political and economic conditions in foreign
countries in which the company operates; interest rates; capacity
utilization and the effect this has on costs; labor markets; market
conditions and material costs; and developments with respect to
contingencies, such as litigation and environmental matters.
Additional factors that could cause actual results to differ
materially from those reflected in the forward-looking statements
include, but are not limited to, the risks discussed in the “Risk
Factors” section included in the Company’s most recent annual
report on Form 10-K filed with the SEC and the other risks
discussed in the Company’s filings with the SEC. The
forward-looking statements included here are only made as of the
date of this news release, and management undertakes no obligation
to publicly update them to reflect subsequent events or
circumstances, except as may be required by law. Investors are
cautioned not to rely unduly on forward-looking statements when
evaluating the information presented here.
About IDEX
IDEX Corporation is an applied solutions company specializing in
fluid and metering technologies, health and science technologies,
and fire, safety and other diversified products built to its
customers’ exacting specifications. Its products are sold in niche
markets to a wide range of industries throughout the world. IDEX
shares are traded on the New York Stock Exchange and Chicago Stock
Exchange under the symbol “IEX”.
For further information on IDEX Corporation
and its business units, visit the company’s website at
www.idexcorp.com.
(Financial reports follow)
IDEX CORPORATION
Condensed Consolidated Statements of Operations (in
thousands except per share amounts) (unaudited)
Quarter Ended Nine Months Ended September
30, September 30, 2017
2016 (e)
2017
2016 (e)
Net sales $ 574,490 $ 530,356
$
1,701,408 $ 1,582,624
Cost of sales
316,560 299,467
935,612 884,342
Gross profit
257,930 230,889
765,796 698,282
Selling, general
and administrative expenses 131,426 119,114
393,691 369,339
Restructuring expenses - -
4,797 -
Loss (gain) on sale of businesses - net
- 2,067
- 2,067
Operating income
126,504 109,708
367,308 326,876
Other (income)
expense - net 1,653 (1,513 )
1,717 (2,496 )
Interest expense 11,064
11,913
33,920
33,607
Income before income taxes 113,787
99,308
331,671 295,765
Provision for income taxes
30,019 29,435
88,160 82,003
Net
income $ 83,768 $ 69,873
$ 243,511 $ 213,762
Earnings per Common Share (a):
Basic earnings per common share $ 1.09 $ 0.92
$ 3.19 $ 2.81
Diluted earnings per common
share $ 1.08 $ 0.91
$ 3.15 $ 2.78
Share Data: Basic weighted average
common shares outstanding 76,309 75,819
76,215
75,753
Diluted weighted average common shares
outstanding 77,523 76,880
77,246 76,742
Condensed Consolidated Balance Sheets (in
thousands) (unaudited) September 30, December
31,
2017 2016 Assets Current
assets Cash and cash equivalents $ 303,291
$ 235,964
Receivables - net 307,505 272,813
Inventories 266,705 252,859
Other current
assets
77,977 61,085
Total current
assets 955,478 822,721
Property, plant and equipment
- net 250,889 247,816
Goodwill and intangible
assets 2,094,621 2,068,096
Other noncurrent
assets
16,773 16,311
Total assets
$ 3,317,761
$ 3,154,944
Liabilities and shareholders'
equity Current liabilities Trade accounts payable
$ 137,917 $ 128,933
Accrued expenses
170,223 152,852
Short-term borrowings 347
1,046
Dividends payable
28,364 26,327
Total
current liabilities 336,851 309,158
Long-term
borrowings 874,853 1,014,235
Other noncurrent
liabilities
295,745 287,657
Total
liabilities 1,507,449 1,611,050
Shareholders'
equity
1,810,312 1,543,894
Total
liabilities and shareholders' equity
$ 3,317,761 $ 3,154,944
IDEX CORPORATION Condensed Consolidated
Statements of Cash Flows (in thousands)
(unaudited) Nine Months Ended
September 30, 2017
2016 Cash flows from operating activities
Net income $ 243,511 $ 213,762
Adjustments
to reconcile net income to net cash provided by operating
activities: Loss (gain) on sale of businesses - net
- 2,067
Depreciation and amortization 28,425
28,360
Amortization of intangible assets 35,381
35,964
Amortization of debt issuance costs 989 1,150
Share-based compensation expense 18,143 15,325
Deferred income taxes 1,888 4,880
Non-cash
interest expense associated with forward starting swaps
5,004 5,144
Changes in (net of the effect from
acquisitions and divestitures): Receivables
(28,407 ) (2,178 )
Inventories (4,869
) 22,250
Other current assets (15,113 )
(18,276 )
Trade accounts payable 3,681 (16,696 )
Accrued expenses 9,912 (2,982 )
Other — net
(1,965 )
(4,446 )
Net cash flows provided by operating activities
296,580 284,324
Cash flows from investing activities
Purchases of property, plant and equipment (28,054
) (28,642 )
Acquisition of businesses, net of cash
acquired - (510,001 )
Proceeds from sale of
businesses, net of cash sold - 32,529
Proceeds from
fixed asset disposals 5,159 -
Other — net
(337 ) (73 )
Net cash flows used in investing activities (23,232
) (506,187 )
Cash flows from financing activities
Borrowings under revolving facilities 33,000 460,524
Proceeds from 3.20% Senior Notes - 100,000
Proceeds from 3.37% Senior Notes - 100,000
Payments under revolving facilities (181,692 )
(402,172 )
Debt issuance costs - (246 )
Dividends
paid (82,869 ) (77,367 )
Proceeds from stock
option exercises 18,980 23,154
Purchase of common
stock (22,650 ) (57,272 )
Unvested shares
surrendered for tax withholding (5,903 ) (4,899 )
Settlement of foreign exchange contracts
4,406 -
Net
cash flows provided by (used in) financing activities
(236,728 ) 141,722
Effect of exchange rate changes
on cash and cash equivalents 30,707
(8,480 )
Net increase (decrease)
67,327 (88,621 )
Cash and cash equivalents at beginning
of year 235,964
328,018
Cash and cash equivalents at end of
period $ 303,291
$ 239,397
IDEX CORPORATION Company
and Segment Financial Information - Reported (dollars in
thousands) (unaudited)
Quarter Ended Nine Months Ended
September 30, (b)
September 30, (b)
2017
2016 (e)
2017
2016 (e)
Fluid & Metering Technologies
Net sales $ 220,953 $ 208,335
$
658,905 $ 641,988
Operating income (c)
61,988 55,907
179,830 161,782
Operating margin
28.1 % 26.8 %
27.3 % 25.2 %
EBITDA $ 67,950 $ 62,904
$
196,946 $ 183,227
EBITDA margin 30.8 %
30.2 %
29.9 % 28.5 %
Depreciation and
amortization $ 6,192 $ 7,168
$
17,823 $ 22,011
Capital expenditures 3,944
5,091
12,159 12,704
Health & Science
Technologies Net sales $ 207,127 $ 183,564
$ 611,215 $ 556,475
Operating income
(c) 46,073 37,195
134,605 118,985
Operating
margin 22.2 % 20.3 %
22.0 % 21.4 %
EBITDA $ 58,232 $ 48,742
$
168,955 $ 153,577
EBITDA margin 28.1 %
26.6 %
27.6 % 27.6 %
Depreciation and
amortization $ 11,189 $ 11,163
$
34,447 $ 33,044
Capital expenditures 3,015
4,450
11,489 11,455
Fire & Safety/Diversified
Products Net sales $ 146,599 $ 138,767
$ 432,029 $ 384,996
Operating income
(c) 36,199 32,492
106,022 92,566
Operating
margin 24.7 % 23.4 %
24.5 % 24.0 %
EBITDA $ 38,864 $ 36,271
$
115,297 $ 101,367
EBITDA margin 26.5 %
26.1 %
26.7 % 26.3 %
Depreciation and
amortization $ 3,709 $ 3,584
$
10,938 $ 8,316
Capital expenditures 1,506
2,034
4,178 4,305
Corporate Office and
Eliminations Intersegment sales eliminations $
(189 ) $ (310 )
$ (741 ) $ (835
)
Operating loss (c) (17,756 ) (15,886
)
(53,149 ) (46,457 )
EBITDA (18,915
) (14,504 )
(51,801 ) (44,475 )
Depreciation and amortization 190 277
598 953
Capital expenditures 50 15
228 178
Company Net sales $ 574,490 $ 530,356
$ 1,701,408 $ 1,582,624
Operating income
126,504 109,708
367,308 326,876
Operating
margin 22.0 % 20.7 %
21.6 % 20.7 %
EBITDA $ 146,131 $ 133,413
$
429,397 $ 393,696
EBITDA margin 25.4 %
25.2 %
25.2 % 24.9 %
Depreciation and
amortization (d) $ 21,280 $ 22,192
$ 63,806 $ 64,324
Capital expenditures
8,515 11,590
28,054 28,642
(a)
Calculated by applying the two-class method of allocating
earnings to common stock and participating securities as required
by ASC 260, Earnings Per Share. (b) Three and
nine month data includes the results of SFC Koenig (September 2016)
in the Health & Science Technologies segment and Akron Brass
(March 2016) and AWG Fittings (July 2016) in the Fire &
Safety/Diversified Products segment from the date of acquisition.
Three and nine month data also includes the results of Hydra-Stop
(July 2016) and IETG (October 2016) in the Fluid & Metering
Technologies segment and CVI Japan (September 2016) and CVI Korea
(December 2016) in the Health & Science Technologies segment
through the date of disposition. (c) Segment
operating income excludes unallocated corporate operating expenses
which are included in Corporate Office and Eliminations.
(d) Depreciation and amortization excludes amortization
of debt issuance costs. (e) Certain amounts in
the prior year presentation have been reclassified to conform to
the current presentation due to the early adoption of ASU 2017-07,
Compensation-Retirement Benefits (Topic 715): Improving the
Presentation of Net Periodic Pension Cost and Net Periodic
Postretirement Benefit Cost.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171016006255/en/
IDEX CorporationInvestor Contact:William K.
GroganSenior Vice President and Chief Financial Officer(847)
498-7070
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