IDEX Corporation Reports Record First Quarter 2012 Results; Adjusted Earnings Per Share Of 66 Cents

IDEX Corporation (NYSE: IEX) today announced its financial results for the three-month period ended March 31, 2012.

New orders in the quarter totaled $531 million, up 20 percent over the prior-year period. Sales in the quarter totaled $489 million, 15 percent higher than the prior-year period. For the quarter, on an organic basis, orders were 11 percent higher and sales were 6 percent higher than the prior-year period.

First quarter 2012 operating income, adjusted for $4.9 million of restructuring related charges, was $89.5 million, resulting in an operating margin of 18.3 percent, up 10 basis points from the prior year due to higher volume and improved productivity.

Excluding the impact from restructuring related charges, first quarter adjusted diluted earnings per share were 66 cents, an increase of 9 cents, or 16 percent, from the first quarter of the prior year.

Free cash flow was $52 million for the quarter, a 161 percent increase from the first quarter of the prior year.

First Quarter Highlights

• Orders increased 20 percent compared to the prior year (+11 percent organic, +10 percent acquisition and -1 percent foreign currency translation).
• Sales increased 15 percent compared to the prior year (+6 percent organic, +10 percent acquisition and -1 percent foreign currency translation).
• Reported net income of $52 million was $4 million, or 9 percent, higher than the prior year. Excluding restructuring related charges, adjusted net income was $56 million or 16 percent higher than prior-year net income.
• Reported diluted EPS of 62 cents was 5 cents, or 9 percent, higher than the prior-year EPS. Adjusted EPS of 66 cents was 9 cents, or 16 percent, higher than the prior-year EPS.
• EBITDA of $104 million was 21 percent of sales and covered interest expense by nearly 10 times.
• Free cash flow was $52 million, representing a first quarter record and 100 percent of net income.
• The Company completed the repurchase of 239 thousand shares of common stock for $10.2 million.
• The Board of Directors approved an 18 percent increase in the quarterly cash dividend in April.

“The first quarter resulted in record orders and sales for the Company. In the quarter, we grew backlog by $42 million due to strength in Fluid & Metering and Fire & Safety / Diversified. Within FMT, the broad based order growth came primarily from our chemical, agricultural, and energy end markets, which positions us well for the remainder of the year. FSD’s orders included a large dispensing replenishment order and continued strong demand for our rescue tools in emerging markets. Free cash flow in the quarter was excellent, as our team continues to execute well.

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