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IDEX Corporation's CEO Discusses Q1 2012 Results - Earnings Call Transcript

With that, I want to jump into Q1 for financial performance. I am on slide five. For the quarter, orders were up 20%, 11% organically. Sales were up 15% and that’s up 6% organically. And as you can see, we built $42 million of backlog in the quarter. I’ll detail this as you walk through the segments.

In the quarter, just over half our sales are generated outside the US. We saw broad based strength in North America. Europe was generally flat but it was stable. The Middle East growth was driven by upstream activity in our energy platform and increasing demand in our Fluid and Metering business. Our Asian markets growth remains strong, particularly outside of China. Altogether, the external environment is playing out as we expected.

Looking at profitability. First quarter adjusted operating margin of 18.3% was up 10 basis points from the comparable quarter last year. The improved profitability is a result of leverage on the organic growth and benefits of our previously taken restructuring actions. This is partially offset by the dilutive impact of 2011 acquisitions. When excluding restructuring charges and acquisition impact, all three segments experienced year-over-year margin expansion.

Q1 EPS, adjusted per structuring charges was $0.66, up 16% versus the first quarter of 2011. We incurred approximately $5 million of restructuring costs as we continued to consolidate operations. Further restructuring actions will take place throughout the remainder of the year as we complete selective facility consolidations by year end. It’s important to note however, that organic growth is the best return on our investment and we continue to invest aggressively in innovation and market expansion.

In Q1, we generated free cash of $52 million, up 161% from the first quarter of 2011. This is a first quarterly record for IDEX. I am very pleased with the execution and the focus on cash generation by all of the operators in the field.

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