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IDEX Corporation Reports Record 2011 Results; Adjusted Fourth Quarter Earnings Per Share Of 65 Cents

Stocks in this article: IEX

IDEX Corporation (NYSE: IEX) today announced its financial results for the three- and twelve-month periods ended December 31, 2011.

Fourth Quarter 2011

New orders in the quarter totaled $447 million, up 9 percent compared to the prior-year period. Sales in the quarter totaled $481 million, 19 percent higher than the prior-year period. For the quarter, on an organic basis, sales were 7 percent higher than the prior-year period.

Fourth quarter 2011 operating income, adjusted for $9.4 million of restructuring related charges, was $85 million and resulted in adjusted operating margin of 17.8 percent, up 40 basis points from the prior year period.

Excluding the impact from restructuring related charges, fourth quarter adjusted diluted earnings per share was 65 cents, an increase of 11 cents, or 20 percent, from the fourth quarter of the prior year. Adjusted free cash flow was $73.5 million for the quarter, a 40 percent increase from the fourth quarter of the prior year and 155 percent of net income.

Full Year 2011 Highlights

  • Orders increased 18 percent compared to the prior year (+7 percent organic, +9 percent acquisition and +2 percent for foreign currency translation).
  • Sales increased 22 percent compared to the prior year (+9 percent organic, +11 percent acquisition and +2 percent for foreign currency translation).
  • Reported net income of $194 million was $37 million, or 23 percent, higher than the prior year. Excluding restructuring related charges and a $15.8 million CVI Melles Griot non-cash acquisition fair value inventory charge, adjusted net income of $214 million was $49 million, or 30 percent, higher than the prior-year adjusted net income.
  • Reported diluted EPS of $2.32 was 42 cents, or 22 percent, higher than the prior year. Adjusted EPS of $2.56 was 57 cents, or 29 percent, higher than the prior-year adjusted EPS.
  • Adjusted EBITDA of $404 million was 22 percent of sales and covered interest expense by more than 13 times.
  • Adjusted free cash flow of $226 million (adjusted for $39 million forward starting interest rate swap settlement in Q4) represented 117 percent of net income.

“2011 was an outstanding year for IDEX; we delivered record orders, sales, free cash flow and earnings per share. Our commercial excellence efforts and focus on strategic acquisitions drove sales growth of 22 percent, up 9 percent organically. Adjusted EPS increased 29 percent and free cash flow conversion was 117 percent of net income.

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