IDEX Q2 Earnings Top Estimates, Sales Miss, ’24 View Down
IDEX Corporation‘s (NYSE: IEX) second-quarter 2024 adjusted earnings of $2.06 per share surpassed the Zacks Consensus Estimate of $2.04. The bottom line decreased approximately 6% from the year-ago quarter’s earnings of $2.18 per share. However, it exceeded management’s projection of $2.00-$2.05 per share.
Revenue Details
IDEX’s net sales of $807.2 million missed the Zacks Consensus Estimate of $831 million. The top line also decreased 5% year over year. Organic sales decreased 4% year over year. Foreign currency translation had a negative impact on sales by 1%.
IEX reports net sales under three business segments, the results of which are discussed below:
Net sales from the Fluid & Metering Technologies segment totaled $319.4 million, down 2% year over year. Our estimate for segmental net sales was $327 million. While organic sales were flat year over, acquisition/divestitures and foreign currency translation each had a negative impact of 1% on sales.
Net sales from the Health & Science Technologies segment totaled $303.8 million, indicating a year-over-year decline of 11%. Our estimate for segmental net sales was $321 million. Organic sales declined 11% year over year.
Net sales from the Fire & Safety/Diversified Products segment totaled $185.4 million, which increased marginally year over year. Our estimate for segmental net sales was $185 million. Organic sales increased 1% on a year-over-year basis while …
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