IDEX Corporation (NYSE:IEX) reported better-than-expected second-quarter earnings and revenue while raising its full-year guidance, sending the industrial technology company’s shares nearly 4% higher in premarket trading on Wednesday.
Adjusted earnings came in at $2.32 per share for the quarter ended June 30, exceeding the Wall Street consensus estimate of $2.11 by $0.21.
Revenue increased 6% year over year to $921 million, topping analysts’ expectations of $905.37 million and improving from $865.4 million in the same period last year.
Company Lifts Earnings Forecast
Following the stronger-than-expected quarter, IDEX raised its full-year adjusted earnings guidance to a range of $8.70 to $8.85 per share.
The midpoint of the revised forecast, $8.78 per share, is above analysts’ consensus estimate of $8.50.
For the third quarter, the company expects adjusted earnings of between $2.20 and $2.25 per share, with the midpoint also slightly ahead of market expectations.
Chief Executive Officer and President Eric D. Ashleman said: “We are very pleased to see continued results momentum as our IDEX teams drove another quarter of strong sales and earnings growth. Orders of over $1 billion in the quarter were a record as we continue to see elevated demand across the advantaged markets where we’ve focused our investments and capabilities.”
Health & Science Business Drives Organic Growth
Organic sales increased 5% during the quarter, supported by higher customer demand across the company’s end markets.
The strongest performance came from the Health & Science Technologies segment, where organic sales climbed 12%, benefiting from continued investment in AI infrastructure, data centre power systems and semiconductor applications.
Reflecting the improved outlook, IDEX also increased its full-year organic sales growth forecast to between 5% and 6%, compared with its previous guidance of 3% to 4%.
Record Orders Support Outlook
The company recorded more than $1 billion in orders during the quarter, marking the highest quarterly order intake in its history.
Orders increased 29% on a reported basis and 28% organically, highlighting continued strength in customer demand.
IDEX also returned $131 million to shareholders during the quarter through $77 million of share repurchases and $54 million in dividend payments.
IDEX Corporation stock price
