IDEX Corp. Raises FY Guidance - Quick Facts

(RTTNews) - IDEX Corp. (IEX) raised its full year adjusted EPS guidance to $5.27 to $5.35. The company also increased full year organic revenue growth expectations to approximately 7 percent. For the third-quarter, IDEX Corp. expects EPS in a range of $1.29 to $1.32. Organic revenue growth is expected to be 6 to 7 percent, in the quarter.

For the second-quarter, excluding restructuring expenses, adjusted EPS was $1.40 increased 32 cents, or 30 percent, from prior year period. Sales were $634.4 million, up 11 percent compared with the prior year period (up 9 percent organic and up 2 percent foreign currency translation).

Andrew Silvernail, CEO, said: "Strength across the board led to record second quarter operating results as we again achieved quarterly all-time highs in orders, sales, operating income and EPS. We delivered strong organic order and sales growth of 8 percent and 9 percent, respectively. Organic revenue growth was strong in all three segments as FMT delivered 10 percent growth, while HST and FSDP both achieved 8 percent growth. Even with robust revenue growth, we still built $5 million of backlog during the quarter, led by organic order growth of 18 percent in FSDP and 7 percent in FMT. Adjusted operating margin increased 180 basis points with margin expansion across all three segments."