IDEX Corporation (NYSE:IEX) has posted adjusted earnings per share (excluding the effect of the inventory charge) of 62 cents in the second quarter of fiscal 2011 compared with 50 cents in the year-earlier quarter. The results surpassed the Zacks Consensus Estimate of 60 cents.
IDEX Corporation designs, manufactures and markets a broad range of fluid handling and industrial products serving a diverse range of customers.
Sales improved 20% from the year-earlier quarter to $454 million, including an organic growth of 8%, acquisition related growth of 8% and positive impact from foreign currency translation of 4%. New orders were $447 million, up 19% from the year-earlier quarter.
On a segmental basis, Fluid & Metering Technologies generated revenues of $205 million, up 22% from the year-earlier quarter. Revenue from Health & Science Technologies was $144 million, up 36% from the year-earlier quarter.
Dispensing Equipment generated revenues of $36 million, down 12% from the year-earlier quarter. Revenues from Fire & Safety/Diversified Products were $69 million, up 8% from the year-earlier 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 18.2% in the quarter from 16.9% in the year-earlier quarter, led by fixed cost leverage and strong productivity gains. There was growth in operating margins across all segments.
Management expects an EPS of 60 to 62 cents for the third quarter of fiscal 2011.
For fiscal 2011, the company now expects EPS in the range of $2.40-$2.46, up from the previous expectation in the range of $2.30 – $2.40.
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.
The investments made by the company will fuel its long-term growth and also ensure flexibility in the short-term supply chain. The company also expects that the expansion in the Optics/Photonics platform will improve profitability.
The company expects strong performance for the remainder of the year despite a mixed macro environment.
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