IDEX(US:IEX)2025-10-29 19:47Financial 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]