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Core Insights - IEX reported earnings per share (EPS) of $1.69, which was below the estimated $1.93, but its revenue of $878.7 million exceeded the estimated $861.4 million [1][5] - The revenue of $878.7 million represents a 10.1% increase year-over-year, surpassing the Zacks Consensus Estimate of $858.37 million, resulting in a positive surprise of 2.37% [2] - IEX's financial metrics indicate strong investor confidence, with a price-to-earnings (P/E) ratio of approximately 27.45 and a price-to-sales ratio of about 3.83 [3] Financial Performance - The company achieved a revenue of $878.7 million, showcasing strong financial performance and effective execution across various business units [2][5] - Despite missing EPS estimates, IEX demonstrated resilience with a year-over-year increase in earnings [5] - IEX maintains a strong liquidity position with a current ratio of 2.93, indicating its ability to cover short-term liabilities comfortably [3] Financial Stability - IEX has a very low debt-to-equity ratio of 0.00017, indicating minimal reliance on debt for financing [4] - The company's earnings yield stands at 3.64%, providing insight into the return on investment for shareholders [4] - IEX's enterprise value to sales ratio is around 3.66, and its enterprise value to operating cash flow ratio is approximately 19.44, highlighting its valuation in relation to sales and cash flow from operations [4]

Financial Performance - Net sales for Q3 2025 reached $878.7 million, a 10.1% increase from $798.2 million in Q3 2024[15] - Gross profit for Q3 2025 was $390.6 million, up 10.3% from $353.9 million in Q3 2024[15] - Operating income for the nine months ended September 30, 2025, was $515.7 million, slightly up from $511.9 million in the same period of 2024[15] - Net income attributable to IDEX for Q3 2025 was $127.8 million, compared to $119.1 million in Q3 2024, reflecting a 5.8% increase[15] - Basic earnings per share attributable to IDEX for Q3 2025 was $1.70, an increase from $1.57 in Q3 2024[15] - Comprehensive income for Q3 2025 was $124.9 million, down from $210.8 million in Q3 2024[16] - Net income for the nine months ended September 30, 2025, was $354.2 million, a decrease from $381.4 million in the same period of 2024, representing a decline of approximately 7.4%[22] - Adjusted segment EBITDA for Q3 2025 totaled $261.5 million, compared to $235.8 million in Q3 2024, indicating a 10.9% increase[41] - Adjusted segment EBITDA for the nine months ended September 30, 2025, was $758.5 million, compared to $719.7 million for the same period in 2024, reflecting a 5.4% increase[43] - Adjusted diluted EPS attributable to IDEX of $2.03 increased 7%[103] Assets and Liabilities - Total assets as of September 30, 2025, were $6,969.7 million, up from $6,745.3 million at the end of 2024[18] - Cash and cash equivalents decreased to $593.8 million from $620.8 million at the end of 2024[18] - Current liabilities decreased to $564.0 million from $629.7 million at the end of 2024[18] - Retained earnings increased to $4,424.8 million from $4,230.2 million at the end of 2024[18] - The company’s total equity as of September 30, 2025, was $4,010.1 million, a slight decrease from $4,011.4 million at the end of the previous year[20] - Total cash and cash equivalents at the end of the period on September 30, 2025, were $599.7 million, down from $651.3 million at the same time in 2024[22] - Total borrowings as of September 30, 2025, amounted to $1,911.8 million, a decrease from $1,971.3 million at the end of 2024, representing a reduction of 3.0%[62] Cash Flow and Expenditures - Cash flows provided by operating activities for the nine months ended September 30, 2025, totaled $470.9 million, compared to $495.5 million in 2024, indicating a decrease of about 4.9%[22] - Capital expenditures for the nine months ended September 30, 2025, were $43.9 million, slightly lower than $49.6 million in 2024[22] - Free cash flow for the nine months ended September 30, 2025, was $427.0 million, down from $445.9 million in 2024, reflecting lower cash flows from operating activities[131] Segment Performance - The Health & Science Technologies segment generated $380.1 million in sales, up from $309.9 million in the same quarter last year, reflecting a 22.6% growth[41] - Health & Science Technologies segment net sales for the nine months ended September 30, 2025, were $1,084.1 million, up from $922.3 million in 2024, representing a 17.5% increase[46] - Fluid & Metering Technologies segment net sales decreased slightly to $917.5 million in the nine months ended September 30, 2025, from $933.0 million in 2024, a decline of 1.6%[46] - Fire & Safety/Diversified Products segment net sales for the nine months ended September 30, 2025, were $556.8 million, compared to $550.6 million in 2024, showing a modest increase of 1.4%[46] Acquisitions and Investments - The acquisition of Micro-LAM, Inc. was completed for a total consideration of $81.9 million, including $36.9 million in goodwill and $44.8 million in intangible assets[31] - The acquisition of Mott Corporation was finalized for $982.0 million, with $488.6 million in goodwill and $412.8 million in intangible assets recognized[35] - Acquisition-related costs for Q3 2025 amounted to $1.9 million, compared to $5.5 million in Q3 2024[36] - The company reported a gain of $4.0 million from the sale of Alfa Valvole, Srl, completed on June 3, 2024[39] Shareholder Returns - The company declared cash dividends of $159.4 million during the nine months ended September 30, 2025, compared to $153.0 million in 2024, reflecting an increase of approximately 4.9%[22] - The company authorized an additional $635.0 million for share repurchases on September 17, 2025, in addition to the previous $500.0 million authorization from March 17, 2020[78] - During the nine months ended September 30, 2025, the company repurchased 1.0 million shares at a cost of $176.6 million, with no repurchases made in the same period of 2024[78] Tax and Compliance - The effective tax rate for the three months ended September 30, 2025, was 25.1%, compared to 22.9% for the same period in 2024[95] - The company expects incremental income tax disclosures following the adoption of ASU 2023-09 in its 2025 Annual Report[26] - The company is evaluating the impact of ASU 2024-03, which will require disaggregated expense disclosures starting in 2027[27] Miscellaneous - The company expects to incur approximately $20 million in restructuring costs primarily related to severance as part of its 2025 initiative[71] - The company has assessed its intangible assets and goodwill for impairment, concluding that all reporting units had fair values exceeding their carrying values as of the last assessment date[59] - There were no material changes in market risks or risk factors compared to the previous annual report[148][155]

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Core Insights - Idex (IEX) reported revenue of $878.7 million for the quarter ended September 2025, reflecting a year-over-year increase of 10.1% and surpassing the Zacks Consensus Estimate by 2.37% [1] - Earnings per share (EPS) for the quarter was $2.03, up from $1.90 in the same quarter last year, exceeding the consensus EPS estimate of $1.93 by 5.18% [1] Financial Performance Metrics - Organic net sales increased by 5% year-over-year, outperforming the estimated 2.4% growth [4] - Net Sales in Fluid & Metering Technologies (FMT) reached $317.1 million, exceeding the average estimate of $305.75 million and representing a 5.4% increase year-over-year [4] - Intersegment sales eliminations were reported at $-1.3 million, better than the estimated $-1.56 million, showing an 18.8% decline compared to the previous year [4] - Net Sales in Fire & Safety/Diversified Products (FSDP) were $181.9 million, below the average estimate of $190.45 million, indicating a 3.2% decrease year-over-year [4] - Health & Science Technologies (HST) net sales were $381 million, surpassing the average estimate of $362.99 million, with a significant year-over-year increase of 22.5% [4] Adjusted EBITDA Performance - Adjusted EBITDA for Fluid & Metering Technologies (FMT) was $106.8 million, slightly above the average estimate of $103.59 million [4] - Corporate adjusted EBITDA was reported at $-21.7 million, better than the estimated $-26.16 million [4] - Adjusted EBITDA for Fire & Safety/Diversified Products (FSDP) was $49.3 million, below the average estimate of $55.1 million [4] - Health & Science Technologies (HST) adjusted EBITDA reached $105.4 million, exceeding the average estimate of $95.53 million [4] Stock Performance - Idex shares have returned +2.6% over the past month, compared to a +3.8% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Financial Data and Key Metrics Changes - IDEX delivered organic revenue growth of 5% in Q3 2025, with adjusted EBITDA margin and adjusted EPS exceeding forecasts [17][19] - Overall orders grew 7% organically, with the Health and Science Technology (HST) segment reaching a record high of $390 million [17][19] - Free cash flow was $189 million, a decrease of 2% year-over-year, with free cash flow conversion at 123% of adjusted net income [20][24] Business Line Data and Key Metrics Changes - In the HST segment, organic orders grew 5% and revenue increased by 10%, driven by strength in life sciences, space and defense, and data centers [21] - The Fluid and Metering Technologies (FMT) segment saw organic orders increase by 8% and organic sales rise by 4%, supported by the intelligent water platform [22] - The Fire & Safety/Diversified Products (FSDP) segment experienced a 7% increase in organic orders but a 5% decline in organic sales due to soft volumes [23] Market Data and Key Metrics Changes - Organic sales outside the U.S. grew 5%, with both positive pricing and higher volumes contributing to this growth [18] - The semiconductor lithography market remained below prior year levels, while life sciences saw low single-digit growth [18] Company Strategy and Development Direction - IDEX is focused on optimizing its business portfolio and pursuing smaller bolt-on acquisitions rather than large transformational deals [12][25] - The company aims to leverage its 80/20 philosophy to enhance efficiencies and productivity across its growth platforms [7][28] - IDEX is targeting high-growth advantaged markets and has established five thematic growth platforms that cover half of its revenue [8][26] Management's Comments on Operating Environment and Future Outlook - Management noted a dynamic macro environment with uncertainty expected to continue into 2026, but emphasized the company's ability to create opportunities through its strategies [15][16] - The company anticipates continued strength in HST, particularly in data centers and pharma, which will help offset pressures in the FSDP business [26] Other Important Information - IDEX repurchased $75 million in shares during the quarter, totaling $175 million year-to-date, as part of its strategy to return cash to shareholders [21][25] - The company narrowed its full-year guidance range to $7.86-$7.91, reflecting continued strength in HST and stable performance in FMT [26] Q&A Session Summary Question: Insights on business tone and order metrics - Management indicated that while there is order hesitation, areas like data centers and water are showing positive energy, with stable metrics overall [39][40] Question: Impact of government shutdown on fire business - Management clarified that the North American fire and rescue markets remain strong, with government funding issues more relevant in Europe and Asia [44][45] Question: Growth perspective for the portfolio - Management expressed confidence in moving organic growth closer to mid-single digits, driven by higher tech assets and collaboration across platforms [52][53] Question: Cost reduction opportunities - Management highlighted ongoing efforts to drive operational excellence and cost containment, with $17 million in savings achieved in Q3 [83] Question: Share repurchase strategy - Management confirmed a commitment to returning capital to shareholders through share repurchases and dividends, with a focus on bolt-on acquisitions [92][94]

Financial Data and Key Metrics Changes - IDEX delivered organic revenue growth of 5% in Q3 2025, with adjusted EBITDA margin and adjusted EPS exceeding forecasts [17][19] - Overall orders grew 7% organically, with the Health and Science Technology (HST) segment reaching a record high of $390 million [17][19] - Free cash flow was $189 million, a decrease of 2% year-over-year, with a free cash flow conversion rate of 123% of adjusted net income [20][21] Business Line Data and Key Metrics Changes - In the HST segment, organic orders grew 5% and revenue increased by 10%, driven by strength in life sciences, space and defense, and data centers [21] - The Fluid and Metering Technologies (FMT) segment saw organic orders increase by 8% and organic sales rise by 4%, supported by the intelligent water platform [22] - The Fire & Safety/Diversified Products (FSDP) segment experienced a 7% increase in organic orders but a 5% decline in organic sales due to soft volumes [23] Market Data and Key Metrics Changes - Organic sales outside the U.S. grew 5%, with both positive pricing and higher volumes contributing to this growth [18] - The semiconductor lithography market remained below prior year levels, while life sciences saw low single-digit growth [18] Company Strategy and Development Direction - IDEX is focused on optimizing its business portfolio and pursuing bolt-on acquisitions while returning capital to shareholders [12][25] - The company aims to leverage its 80/20 philosophy to enhance efficiencies and productivity across its growth platforms [7][28] - IDEX has established five thematic growth platforms that cover half of its revenue, which are expected to drive organic growth moving forward [8][14] Management's Comments on Operating Environment and Future Outlook - Management noted a dynamic macro environment with uncertainty expected to continue into 2026, but emphasized the company's ability to create opportunities through its strategies [15][16] - The company plans to continue focusing on advantaged markets, particularly in data centers, space and defense, and pharmaceuticals [26][29] Other Important Information - IDEX repurchased $75 million in shares during the quarter, totaling $175 million year-to-date, and increased its share repurchase authorization to $1 billion [21][25] - The company narrowed its full-year guidance range to $7.86 to $7.91, reflecting continued strength in HST and stable performance in FMT [26] Q&A Session Summary Question: Insights on business tone and order metrics - Management indicated that while there is order hesitation, areas like data centers and water are showing positive energy, with stable metrics overall [39][40] Question: Impact of government shutdown on fire business - The North American fire and rescue markets remain strong, with government funding issues more relevant in Europe and Asia [44][45] Question: Growth perspective relative to history - Management expects to move organic growth closer to mid-single digits, driven by higher tech assets and better collaboration across businesses [52][53] Question: Cost reduction opportunities - Management highlighted ongoing efforts to optimize costs and improve margins through operational excellence and platform optimization [80][83] Question: Share repurchase strategy - The company plans to continue returning excess cash to shareholders through dividends and share repurchases, viewing the stock as undervalued [92][95]

Financial Data and Key Metrics Changes - IDEX delivered organic revenue growth of 5% in Q3 2025, with adjusted EBITDA margin and adjusted EPS exceeding forecasts [18][20] - Free cash flow was $189 million, a decrease of 2% year-over-year, with a free cash flow conversion rate of 123% of adjusted net income [20][25] - The company ended the quarter with strong liquidity of approximately $1.1 billion and repurchased $75 million in shares, totaling $175 million for the year [21][25] Business Line Data and Key Metrics Changes - The Health and Science Technology (HST) segment saw organic orders grow by 5% and revenue increase by 10%, driven by strength in pharma and data centers [15][21] - Fluid and Metering Technologies (FMT) reported organic orders increased by 8% and organic sales increased by 4%, supported by the intelligent water platform [22] - Fire & Safety/Diversified Products (FSDP) experienced a 7% increase in organic orders but a 5% decline in organic sales, primarily due to soft volumes [24] Market Data and Key Metrics Changes - Organic sales outside the U.S. grew by 5%, with both positive pricing and higher volumes contributing to this growth [19] - The semiconductor lithography market remained below prior year levels, while life sciences saw low single-digit growth [19][21] - Municipal water businesses were standout performers in terms of orders and revenue growth [16] Company Strategy and Development Direction - IDEX is focused on driving sustainable growth through its 80/20 philosophy, targeting high-growth advantaged markets and optimizing its business portfolio [6][10] - The company aims to enhance efficiencies and productivity by integrating technologies and market access points within its growth platforms [11][12] - Future capital allocation will prioritize bolt-on acquisitions and returning capital to shareholders, with a focus on optimizing existing growth platforms [25][27] Management's Comments on Operating Environment and Future Outlook - Management noted a dynamic macro environment with uncertainty expected to continue into 2026, but emphasized the company's ability to create opportunities through its strategies [16][17] - The company is optimistic about continued growth in HST and expects to maintain its guidance for the second half of 2025 [27][28] - Management highlighted the importance of controlling internal factors to drive growth, despite external uncertainties [17][18] Other Important Information - IDEX has made 11 acquisitions over the past five years to enhance its capabilities in targeted markets [9][10] - The company is narrowing its full-year guidance range to $7.86 to $7.91, reflecting continued strength in HST and stable performance in FMT [26][27] Q&A Session Summary Question: Insights into the tone of business and order hesitation - Management indicated that while some areas are growing, there is hesitancy in large orders, with decision processes taking longer [54][60] Question: Growth perspective for the portfolio relative to history - Management expects to move organic growth closer to mid-single digits, driven by higher tech assets and better collaboration across businesses [67][68] Question: Impact of government shutdown on the fire business - Management clarified that the North American fire and rescue markets remain strong, with government funding issues more relevant in Europe and Asia [61][62] Question: Potential for reducing costs and expanding margins - Management confirmed ongoing efforts to optimize costs and improve margins through operational excellence and integration of acquired businesses [106][109] Question: Share repurchase strategy - Management plans to continue returning excess cash to shareholders through dividends and share repurchases, emphasizing confidence in long-term growth [125][128]

Core Insights - Idex (IEX) reported quarterly earnings of $2.03 per share, exceeding the Zacks Consensus Estimate of $1.93 per share, and showing an increase from $1.90 per share a year ago, resulting in an earnings surprise of +5.18% [1] - The company achieved revenues of $878.7 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 2.37% and up from $798.2 million year-over-year [2] - Idex has consistently surpassed consensus EPS estimates over the last four quarters, achieving this four times [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $2.12, with expected revenues of $893.61 million, while the estimate for the current fiscal year is $7.89 on $3.43 billion in revenues [7] - The trend of estimate revisions for Idex was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Manufacturing - General Industrial industry, to which Idex belongs, is currently ranked in the bottom 37% of over 250 Zacks industries, suggesting potential challenges for stocks in this sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Idex's stock performance [5]