IDEX Corporation (NYSE: IEX) today announced its financial results for the three-month period ended June 30, 2012.
New orders in the quarter totaled $466 million, up 4 percent over the prior year period. Sales in the quarter totaled $494 million, 9 percent higher than the prior year period. For the quarter, on an organic basis, orders were 1 percent higher and sales were 6 percent higher than the prior year period.
Second quarter 2012 operating income, adjusted for $2.6 million of restructuring related charges, was $91.2 million, resulting in an operating margin of 18.5 percent, up 30 basis points from prior year adjusted operating margin due to higher volume and improved productivity.
Excluding the impact of restructuring related charges, second quarter adjusted diluted earnings per share were 67 cents, an increase of 5 cents, or 8 percent, from prior year adjusted EPS.Free cash flow was $71 million for the quarter, a 54 percent increase from the second quarter of the prior year due to improved working capital and higher earnings. Second Quarter Highlights
- Orders increased 4 percent compared to the prior year (+1 percent organic, +6 percent acquisition and -3 percent foreign currency translation).
- Sales increased 9 percent compared to the prior year (+6 percent organic, +6 percent acquisition and -3 percent foreign currency translation).
- Reported net income of $54 million was $4 million, or 8 percent, higher than the prior year. Excluding restructuring related charges, adjusted net income was $56 million or 7 percent higher than prior year adjusted net income.
- Reported diluted EPS of 65 cents was 5 cents, or 8 percent, higher than the prior year EPS. Adjusted EPS of 67 cents was 5 cents, or 8 percent, higher than the prior year adjusted EPS.
- EBITDA of $108 million was 22 percent of sales and covered interest expense by more than 10 times.
- Free cash flow was $71 million, representing a second quarter record and 130 percent of net income. Year-to-date free cash flow continues to be strong – up 86 percent from the prior year.
- The Company completed the repurchase of 626 thousand shares of common stock for $25.9 million. Year-to-date, the Company has returned $118 million of capital through share repurchases, cash dividends and the repayment of debt.