IDEX Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>IDEX Corp has filed its Q1 2024 10-Q report detailing financial performance and position.</b>

AI Summary

IDEX CORP /DE/ (IEX) filed a Quarterly Report (10-Q) with the SEC on April 24, 2024. IDEX Corp filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business is in Pumps & Pump Equipment. The filing includes financial data for Q1 2024 and comparative periods. Key financial statement components like common stock, retained earnings, and treasury stock are detailed.

Why It Matters

For investors and stakeholders tracking IDEX CORP /DE/, this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial results and operational updates for IDEX Corp. Understanding these filings is crucial for assessing the company's financial health, performance trends, and future outlook.

Risk Assessment

Risk Level: low — IDEX CORP /DE/ shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not contain significant new risks or unusual events.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand IDEX Corp's Q1 2024 performance.

Key Numbers

• 2024-03-31 — Period End Date (10-Q filing)
• 2024-04-24 — Filing Date (10-Q filing)
• 2024 Q1 — Reporting Quarter (10-Q filing)
• 3561 — SIC Code (Pumps & Pump Equipment industry)

Key Players & Entities

• IDEX CORP /DE/ (company) — Filer name
• IEX (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-04-24 (date) — Filing date
• 3561 (industry_code) — Standard Industrial Classification
• PUMPS & PUMPING EQUIPMENT (industry) — Standard Industrial Classification
• NORTHBROOK (location) — Business address city
• DE (location) — State of incorporation

FAQ

Industry Context

IDEX Corp operates within the Pumps & Pump Equipment industry, a sector focused on the design, manufacture, and sale of fluid handling systems.

Regulatory Implications

The company is subject to standard SEC reporting requirements for public companies, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow for Q1 2024.
2. Examine any disclosed segment information to understand performance drivers.
3. Compare Q1 2024 results to prior periods to identify trends.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q
• 2024-04-24: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first quarter's financial data.

Filing Documents

• iex-20240331.htm (10-Q) — 1376KB
• iex-20240331xex311.htm (EX-31.1) — 8KB
• iex-20240331xex312.htm (EX-31.2) — 8KB
• iex-20240331xex321.htm (EX-32.1) — 5KB
• iex-20240331xex322.htm (EX-32.2) — 5KB
• 0000832101-24-000016.txt (&nbsp;) — 7892KB
• iex-20240331.xsd (EX-101.SCH) — 49KB
• iex-20240331_cal.xml (EX-101.CAL) — 79KB
• iex-20240331_def.xml (EX-101.DEF) — 279KB
• iex-20240331_lab.xml (EX-101.LAB) — 653KB
• iex-20240331_pre.xml (EX-101.PRE) — 495KB
• iex-20240331_htm.xml (XML) — 1240KB

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements 1 Condensed Consolidated Statements of Income 1 Condensed Consolidated Statements of Comprehensive Income 2 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Equity 4 Condensed Consolidated Statements of Cash Flows 5 Notes to Condensed Consolidated Financial Statements 6 Note 1. Basis of Presentation and Significant Accounting Policies 6 Note 2. Acquisitions 6 Note 3. Business Segments 8 Note 4. Revenue 10 Note 5. Earnings Per Common Share 12 Note 6. Balance Sheet Components 13 Note 7. Goodwill and Intangible Assets 13 Note 8. Borrowings 15 Note 9. Fair Value Measurements 15 Note 10. Accumulated Other Comprehensive Loss 17 Note 11. Share Repurchases 17 Note 12. Share-Based Compensation 17 Note 13. Retirement Benefits 21 Note 14. Commitments and Contingencies 21 Note 15. Income Taxes 22

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 34

Controls and Procedures

Item 4. Controls and Procedures 34

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 35

Risk Factors

Item 1A. Risk Factors 35

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35

Other Information

Item 5. Other Information 35

Exhibits

Item 6. Exhibits 36

Signatures

Signatures 37 Cautionary Statement Under the Private Securities Litigation Reform Act This quarterly report on Form 10-Q, including the "Overview," "Results of Operations" and "Liquidity and Capital Resources" sections of this Management's Discussion and Analysis of Financial Condition and Results of Operations, contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements may relate to, among other things, the Company's full year 2024 focus and the assumptions underlying these expectations, plant and equipment capacity for future growth, planned production, anticipated future acquisition behavior and capital deployment, inventory recalibration and future order stabilization and lead time, expectations regarding market sector contraction, recovery, stabilization or growth, availability and sufficiency of cash and financing alternatives and the anticipated benefits of the Company's recent acquisitions, and are indicated by words or phrases such as "anticipates," "estimates," "plans," "guidance," "expects," "projects," "forecasts," "should," "could," "will," "management believes," "the Company believes," "the Company intends" and similar words or phrases. These statements are subject to inherent uncertainties and risks that could cause actual results to differ materially from those anticipated at the date of this report. The risks and uncertainties include, but are not limited to, the following: levels of industrial activity and economic conditions in the U.S. and other countries around the world, including uncertainties in the financial markets; pricing pressures, including inflation and rising interest rates, and other competitive factors and levels of capital spending in certain industries; the impact of catastrophic weather events, natural disasters and public health threats; economic and political consequences resulting from terrorist attacks and wars; the Company's ability to

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements IDEX CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share amounts) (unaudited) Three Months Ended March 31, 2024 2023 Net sales $ 800.5 $ 845.4 Cost of sales 443.1 462.9 Gross profit 357.4 382.5 Selling, general and administrative expenses 195.1 189.7 Restructuring expenses and asset impairments 1.1 0.5 Operating income 161.2 192.3 Other (income) expense - net ( 2.7 ) ( 0.6 ) Interest expense - net 9.4 13.1 Income before income taxes 154.5 179.8 Provision for income taxes 33.2 40.0 Net income 121.3 139.8 Net loss attributable to noncontrolling interest 0.1 — Net income attributable to IDEX $ 121.4 $ 139.8 Earnings per common share: Basic earnings per common share attributable to IDEX $ 1.60 $ 1.85 Diluted earnings per common share attributable to IDEX $ 1.60 $ 1.84 Share data: Basic weighted average common shares outstanding 75.7 75.6 Diluted weighted average common shares outstanding 75.9 75.9 See Notes to Condensed Consolidated Financial Statements 1 Table of Contents IDEX CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) (unaudited) Three Months Ended March 31, 2024 2023 Net income $ 121.3 $ 139.8 Other comprehensive (loss) income: Pension and other postretirement adjustments, net of tax ( 0.1 ) 0.4 Cumulative translation adjustment ( 64.3 ) 36.6 Other comprehensive (loss) income ( 64.4 ) 37.0 Comprehensive income 56.9 176.8 Comprehensive loss attributable to noncontrolling interest 0.1 — Comprehensive income attributable to IDEX $ 57.0 $ 176.8 See Notes to Condensed Consolidated Financial Statements 2 Table of Contents IDEX CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in millions, except per share amounts) (unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets Cash and cash equivalents $ 616.3 $ 534.3 Receivables - net 437.9 427.8 Inventories - net 426.0 420.8 Other current

View Full Filing

View this 10-Q filing on SEC EDGAR