IDEX Corporation (IEX - Free Report) has posted adjusted earnings per share (excluding the effect of the inventory charge) of 65 cents in the fourth quarter of 2011 compared with 71 cents in the previous quarter and 54 cents in the year-ago quarter. The results surpassed the Zacks Consensus Estimate of 63 cents.
IDEX Corporation designs, manufactures and markets a broad range of fluid handling and industrial products serving a diverse range of customers.
Sales improved 19% from the year-ago quarter to $481 million and were in line with the Zacks Consensus Estimate. Organic growth was 7% in the quarter. New orders were $447 million, up 9% from the year-earlier quarter.
Net income came in at $47.4 million or $0.57 per share compared to a net income of $41.5 million or $0.50 per share in the year-ago quarter.
On a segmental basis, Fluid & Metering Technologies generated revenues of $214 million, up 8% from the year-ago quarter.
Revenue from Health & Science Technologies was $168 million, up 51% from the year-ago quarter. Organic growth was 7% and acquisitions contributed 44%.
Dispensing Equipment generated revenues of $24 million, down 1% from the year-ago quarter. Revenues from Fire & Safety/Diversified Products were $76 million, up 6% from the year-ago quarter.
Operating margin moved up to 17.8% from 17.4% in the year-ago quarter but declined from 18.3% in the previous quarter.
During the quarter, IDEX Corp. generated cash of $41.6 million from operations and used $7.2 million for capital expenditures.
For 2011, IDEX Corp. reported sales of $1.8 billion, up 22% year over year. Organic growth was 9%, acquisition related growth of 11% and a positive impact of 2% from foreign currency translation. Orders increased 18% year over year.
EPS came in at $2.32, compared to $1.90 in 2010. Adjusted EPS came in at $2.56, up by $0.57 from 2010.
Management stated that the external market remains volatile as the company continues to see a shift to shorter order cycle patterns. The company expects to see mid-single digit organic growth in 2012 and will focus on emerging regions and high growth markets.
IDEX Corp. expects an EPS of 62 to 64 cents for the first quarter of 2012. For full 2012, EPS is projected around $2.74 – $2.82.