IDEX Corp Q2 2024 10-Q Filed

TL;DR

IDEX Corp Q2 2024 10-Q is in. Check financials.

AI Summary

IDEX Corporation filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter of 2024, detailing revenues, net income, and other key financial metrics. Specific figures for the quarter and year-to-date periods are included, providing insight into the company's performance and financial position.

Why It Matters

This filing provides investors with the official financial performance data for IDEX Corporation for the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures, but the specific financial performance and any disclosed risks within the report can influence the company's risk profile.

Key Players & Entities

• IDEX CORP /DE/ (company) — Filer
• 20240630 (date) — Period of Report
• 20240801 (date) — Filing Date
• 3100 SANDERS ROAD (address) — Business Address
• NORTHBROOK (city) — Business Address City
• IL (state) — Business Address State
• 60062 (zip_code) — Business Address Zip
• 8474987070 (phone_number) — Business Phone

FAQ

Filing Documents

• iex-20240630.htm (10-Q) — 1857KB
• iex-20240630xex311.htm (EX-31.1) — 8KB
• iex-20240630xex312.htm (EX-31.2) — 8KB
• iex-20240630xex321.htm (EX-32.1) — 5KB
• iex-20240630xex322.htm (EX-32.2) — 5KB
• 0000832101-24-000044.txt ( ) — 9586KB
• iex-20240630.xsd (EX-101.SCH) — 50KB
• iex-20240630_cal.xml (EX-101.CAL) — 84KB
• iex-20240630_def.xml (EX-101.DEF) — 291KB
• iex-20240630_lab.xml (EX-101.LAB) — 698KB
• iex-20240630_pre.xml (EX-101.PRE) — 522KB
• iex-20240630_htm.xml (XML) — 1750KB

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 and Divestitures 6 Note 3. Business Segments 9 Note 4. Revenue 10 Note 5. Earnings Per Common Share 13 Note 6. Balance Sheet Components 14 Note 7. Goodwill and Intangible Assets 14 Note 8. Borrowings 16 Note 9. Fair Value Measurements 16 Note 10. Accumulated Other Comprehensive Loss 18 Note 11. Share Repurchases 19 Note 12. Share-Based Compensation 19 Note 13. Retirement Benefits 22 Note 14. Commitments and Contingencies 23 Note 15. Income Taxes 23

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 24

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 36

Controls and Procedures

Item 4. Controls and Procedures 36

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 37

Risk Factors

Item 1A. Risk Factors 37

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37

Other Information

Item 5. Other Information 37

Exhibits

Item 6. Exhibits 38

Signatures

Signatures 39 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 business strategy, outlook 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, the anticipated benefits of the Company's recent acquisitions and the expected timing for the closing of the Mott Corporation acquisition, 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 c

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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net sales $ 807.2 $ 846.2 $ 1,607.7 $ 1,691.6 Cost of sales 440.4 468.2 883.5 931.1 Gross profit 366.8 378.0 724.2 760.5 Selling, general and administrative expenses 182.8 174.3 377.9 364.0 Restructuring expenses and asset impairments 1.3 3.6 2.4 4.1 Operating income 182.7 200.1 343.9 392.4 Gain on sale of business ( 4.6 ) — ( 4.6 ) — Other expense (income) – net — 8.3 ( 2.7 ) 7.7 Interest expense – net 8.1 13.3 17.5 26.4 Income before income taxes 179.2 178.5 333.7 358.3 Provision for income taxes 38.0 40.0 71.2 80.0 Net income 141.2 138.5 262.5 278.3 Net loss attributable to noncontrolling interest 0.1 0.1 0.2 0.1 Net income attributable to IDEX $ 141.3 $ 138.6 $ 262.7 $ 278.4 Earnings per common share: Basic earnings per common share attributable to IDEX $ 1.86 $ 1.83 $ 3.46 $ 3.68 Diluted earnings per common share attributable to IDEX $ 1.86 $ 1.82 $ 3.46 $ 3.66 Share data: Basic weighted average common shares outstanding 75.7 75.6 75.7 75.6 Diluted weighted average common shares outstanding 75.9 75.9 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income $ 141.2 $ 138.5 $ 262.5 $ 278.3 Other comprehensive (loss) income: Pension and other postretirement adjustments, net of tax ( 0.2 ) ( 0.9 ) ( 0.3 ) ( 0.5 ) Cumulative translation adjustment ( 6.0 ) 2.3 ( 70.3 ) 38.9 Other comprehensive (loss) income ( 6.2 ) 1.4 ( 70.6 ) 38.4 Comprehensive income 135.0 139.9 191.9 316.7 Comprehensive loss attributable to noncontrolling interest 0.1 0.1 0.2 0.1 Comprehensive income attributable to IDEX $

View Full Filing

View this 10-Q filing on SEC EDGAR