NYSE$IEX
IDEX Corp · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
IDEX delivered strong results, achieving record sales and EPS above guidance, while proactively executing cost reductions in response to a larger-than-anticipated inventory correction within Health & Science Technologies.
IDEX Corporation reported record sales of $845 million, a 13% increase overall and 6% organically. Reported EPS was $1.84, up 1%, and adjusted EPS was $2.09, up 7%. Strong operating cash flow of $148 million, up 86%, resulted in free cash flow of $121 million, up 91%. The company reached an agreement to purchase Iridian Spectral Technologies in April 2023.
- Record sales of $845 million, up 13% overall and 6% organically.
- Reported EPS of $1.84, up 1% and adjusted EPS of $2.09, up 7%.
- Strong operating cash flow of $148 million, up 86%; free cash flow of $121 million, up 91%.
- Agreement reached in April 2023 to purchase Iridian Spectral Technologies.
Headline financials
Revenue & EPS history
IDEX · Revenue · Quarterly
$845M
Revenue by segment
IDEX · $847M total across 3 segments · Q1 2023
- Health & Science Technologies$351M+11.4%41.4%
- Fluid & Metering Technologies$322M+18.3%38.0%
- Fire & Safety/Diversified Products$174M+5.9%20.6%
Forward guidance
Full year 2023 organic sales growth is projected to be 0 to 3 percent over the prior year period, with GAAP EPS of $7.30 to $7.60 (adjusted EPS of $8.25 to $8.55). Second quarter 2023 organic sales growth is projected to be approximately 3 percent, with GAAP EPS of $1.86 to $1.89 (adjusted EPS of $2.10 to $2.13).
Tailwinds
- Full year 2023 organic sales growth is projected to be 0 to 3 percent over the prior year period.
- Full year 2023 GAAP EPS of $7.30 to $7.60.
- Full year 2023 adjusted EPS of $8.25 to $8.55.
- Second quarter 2023 organic sales growth is projected to be approximately 3 percent.
- Second quarter 2023 GAAP EPS of $1.86 to $1.89.
Headwinds
- Estimates exclude Iridian Spectral Technologies and all future acquisitions.
- Revised 2023 revenue growth outlook for Health & Science Technologies is now negative.
- Customers across Health & Science Technologies segment indicated a larger, more prolonged inventory correction than previously communicated.
- Lowering full year 2023 adjusted EPS guidance to $8.25 to $8.55 per share.
- Uncertainties in the financial markets and adverse developments affecting the financial services industry
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
+0.2%
Avg return
Earnings day
+0.5%
Avg return
5 days after
+1.8%
Avg return
30 days after
57%
39 / 68 earnings
Positive
+8.4%
Q2 2018
Best reaction
-9.6%
Q4 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.2% | +4.4% | +2.8% | |
| Q4 2025 | +5.3% | +4.5% | -1.8% | |
| Q3 2025 | +3.8% | +0.8% | +4.2% | |
| Q1 2025 | +0.7% | +3.2% | +4.0% | |
| Q4 2024 | -9.6% | -10.2% | -14.2% | |
| Q3 2024 | +6.7% | +5.5% | +12.8% | |
| Q2 2024 | -5.7% | -7.6% | -0.8% | |
| Q1 2024 | -2.3% | -4.0% | -6.2% | |
| Q4 2023 | +1.9% | +4.6% | +9.4% | |
| Q3 2023 | +0.2% | -1.1% | +3.4% | |
| Q2 2023 | +4.0% | +7.3% | +7.4% | |
| Q1 2023 | -3.5% | -4.0% | -5.5% | |
| Q4 2022 | -2.3% | -1.4% | -3.7% | |
| Q3 2022 | +6.1% | +7.6% | +13.7% | |
| Q2 2022 | +3.6% | +8.2% | +10.7% | |
| Q1 2022 | +0.2% | -1.0% | -1.4% | |
| Q4 2021 | -4.1% | -8.3% | -9.7% | |
| Q3 2021 | +0.5% | +0.6% | +6.7% | |
| Q2 2021 | -2.9% | +0.2% | -0.1% | |
| Q1 2021 | -0.2% | -0.6% | -1.6% | |
| Q4 2020 | -2.2% | +2.4% | +2.1% | |
| Q3 2020 | -9.2% | -10.4% | +0.8% | |
| Q2 2020 | -1.0% | -2.3% | +5.6% | |
| Q1 2020 | +0.7% | +4.0% | -0.8% | |
| Q4 2019 | -3.1% | -3.6% | -13.6% | |
| Q3 2019 | -2.0% | -0.2% | +2.5% | |
| Q2 2019 | +1.3% | +1.9% | -3.7% | |
| Q1 2019 | -0.1% | -0.0% | -2.4% | |
| Q4 2018 | +1.1% | +1.8% | +6.2% | |
| Q3 2018 | -4.8% | -4.6% | -0.4% | |
| Q2 2018 | +8.4% | +9.1% | +9.8% | |
| Q1 2018 | -2.1% | +0.0% | +1.0% | |
| Q4 2017 | +1.4% | -0.2% | -4.0% | |
| Q3 2017 | -0.3% | +1.0% | +1.5% | |
| Q2 2017 | +2.8% | +2.4% | -0.2% | |
| Q1 2017 | +7.1% | +9.2% | +14.1% | |
| Q4 2016 | -2.5% | -1.6% | +3.9% | |
| Q3 2016 | +0.4% | -0.1% | +6.9% | |
| Q2 2016 | +2.3% | +2.4% | +9.0% | |
| Q1 2016 | +0.8% | — | — | |
| Q4 2015 | -1.1% | — | — | |
| Q3 2015 | -0.1% | — | — | |
| Q2 2015 | +0.1% | — | — | |
| Q1 2015 | +0.7% | — | — | |
| Q4 2014 | -0.1% | — | — | |
| Q3 2014 | +4.8% | — | — | |
| Q2 2014 | +1.8% | — | — | |
| Q1 2014 | +1.7% | — | — | |
| Q4 2013 | +4.3% | — | — | |
| Q3 2013 | +0.7% | — | — | |
| Q2 2013 | +1.7% | — | — | |
| Q1 2013 | +2.2% | — | — | |
| Q4 2012 | -2.9% | — | — | |
| Q3 2012 | +2.0% | — | — | |
| Q2 2012 | -2.7% | — | — | |
| Q1 2012 | -0.0% | — | — | |
| Q4 2010 | -0.8% | — | — | |
| Q4 2011 | -0.8% | — | — | |
| Q3 2011 | -4.8% | — | — | |
| Q2 2011 | -3.9% | — | — | |
| Q1 2010 | -3.0% | — | — | |
| Q1 2011 | +3.6% | — | — | |
| Q4 2008 | +3.7% | — | — | |
| Q3 2010 | +2.3% | — | — | |
| Q3 2009 | +2.3% | — | — | |
| Q2 2010 | +0.3% | — | — | |
| Q2 2009 | +0.3% | — | — | |
| Q4 2009 | +0.3% | — | — |
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