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Idex 1Q Profit Falls 42.9 Percent As Economy Slows

The Associated Press

NORTHBROOK, Ill. (AP) — Pump and metering products maker Idex Corp. said on Monday its first-quarter profit fell 42.9 percent as it struggled with falling revenue in a slow economy.

The company said it earned $22.6 million, or 28 cents per share, down from $39.6 million, or 48 cents per share, during the same period last year. Revenue fell 12.1 percent to $326.6 million, from $371.7 million during the same period last year.

The company said it would have earned 33 cents per share if not for restructuring-related charges and an inventory expense.

Analysts surveyed by Thomson Reuters were expecting a profit of 34 cents per share on revenue of $342.7 million. Analysts generally exclude one-time items from their estimates.

"Our markets continued to deteriorate through the first quarter," said Chairman and Chief Executive Lawrence D. Kingsley.

The company said it expects to earn 34 to 38 cents per share in the second quarter. For the full year it expects a profit of $1.35 to $1.55 per share, as revenue falls 12 percent to 15 percent not counting currency fluctuations and acquisitions.

Analysts are expecting a second-quarter profit of 41 cents per share and a full-year profit of $1.58 per share on revenue of $1.42 billion.

Idex shares fell $1.25, or 5.4 percent, to close at $22.02 before the results were released. They rose 11 cents to $22.13 in late trading.