IDEX Corp Files Q3 2024 10-Q Report

TL;DR

IDEX Q3 2024 10-Q is in. Check financials.

AI Summary

IDEX Corp filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter of 2024, detailing financial performance and operational updates. Key financial figures and business segment information are presented for the reporting period and comparative periods.

Why It Matters

This 10-Q filing provides investors with the latest financial performance data for IDEX Corp, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal significant risks or opportunities.

Key Numbers

• 2024 Q3 — Reporting Period (The third quarter of 2024, for which financial data is reported.)
• 2023-09-30 — Comparative Period End Date (End date for the comparable prior year quarter.)
• 2023-12-31 — Prior Year Fiscal End (Fiscal year-end for the previous year, used for balance sheet comparisons.)

Key Players & Entities

• IDEX CORP /DE/ (company) — Filer of the 10-Q report
• 2024-09-30 (date) — End of the reporting period for the 10-Q
• 2024-10-30 (date) — Filing date of the 10-Q
• 3100 SANDERS ROAD (address) — Business and mailing address of IDEX Corp
• NORTHBROOK, IL (location) — City and State of IDEX Corp's address

FAQ

Filing Documents

• iex-20240930.htm (10-Q) — 1900KB
• iex-20240930xex311.htm (EX-31.1) — 8KB
• iex-20240930xex312.htm (EX-31.2) — 8KB
• iex-20240930xex321.htm (EX-32.1) — 5KB
• iex-20240930xex322.htm (EX-32.2) — 5KB
• 0000832101-24-000055.txt ( ) — 9960KB
• iex-20240930.xsd (EX-101.SCH) — 52KB
• iex-20240930_cal.xml (EX-101.CAL) — 86KB
• iex-20240930_def.xml (EX-101.DEF) — 318KB
• iex-20240930_lab.xml (EX-101.LAB) — 712KB
• iex-20240930_pre.xml (EX-101.PRE) — 551KB
• iex-20240930_htm.xml (XML) — 1828KB

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 10 Note 4. Revenue 11 Note 5. Earnings Per Common Share 14 Note 6. Balance Sheet Components 15 Note 7. Goodwill and Intangible Assets 15 Note 8. Borrowings 17 Note 9. Fair Value Measurements 18 Note 10. Accumulated Other Comprehensive Loss 20 Note 11. Share Repurchases 21 Note 12. Share-Based Compensation 21 Note 13. Retirement Benefits 24 Note 14. Commitments and Contingencies 25 Note 15. Income Taxes 25

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 26

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 38

Controls and Procedures

Item 4. Controls and Procedures 38

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 39

Risk Factors

Item 1A. Risk Factors 39

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39

Other Information

Item 5. Other Information 39

Exhibits

Item 6. Exhibits 40

Signatures

Signatures 41 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 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

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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net sales $ 798.2 $ 793.4 $ 2,405.9 $ 2,485.0 Cost of sales 444.3 443.8 1,327.8 1,374.9 Gross profit 353.9 349.6 1,078.1 1,110.1 Selling, general and administrative expenses 182.9 165.9 560.8 529.9 Restructuring expenses and asset impairments 3.0 4.1 5.4 8.2 Operating income 168.0 179.6 511.9 572.0 Gain on sale of business 0.6 ( 93.8 ) ( 4.0 ) ( 93.8 ) Other expense (income) – net 2.7 ( 2.1 ) — 5.6 Interest expense – net 10.3 13.7 27.8 40.1 Income before income taxes 154.4 261.8 488.1 620.1 Provision for income taxes 35.5 52.8 106.7 132.8 Net income 118.9 209.0 381.4 487.3 Net loss attributable to noncontrolling interest 0.2 0.1 0.4 0.2 Net income attributable to IDEX $ 119.1 $ 209.1 $ 381.8 $ 487.5 Earnings per common share: Basic earnings per common share attributable to IDEX $ 1.57 $ 2.76 $ 5.03 $ 6.44 Diluted earnings per common share attributable to IDEX $ 1.57 $ 2.75 $ 5.02 $ 6.42 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income $ 118.9 $ 209.0 $ 381.4 $ 487.3 Other comprehensive income (loss): Pension and other postretirement adjustments, net of tax of $ 0.1 , $ — , $ 0.2 and $ 0.2 , respectively ( 0.1 ) ( 0.3 ) ( 0.4 ) ( 0.8 ) Cumulative translation adjustment 91.8 ( 58.1 ) 21.5 ( 19.2 ) Other comprehensive income (loss), net of tax 91.7 ( 58.4 ) 21.1 ( 20.0 ) Comprehensive income 210.6 150.6 402.5 467.3 Comprehens

View Full Filing

View this 10-Q filing on SEC EDGAR