Sector: Industrials|Industry: Specialty Industrial Machinery|Market Cap: $15.68B|Employees: 8.8K
IDEX Corporation is an applied solutions provider, serving niche markets globally. The company's core business model revolves around designing and manufacturing specialized, high-quality products, including fluid and metering technologies, health and science technologies, and fire and safety/diversified products. IDEX leverages its diverse family of businesses, operating with a high degree of autonomy, while maintaining a focus on serving customers across various markets and geographies.
Net sales increased by 1% YoY to $798.2 million, but organic net sales were flat. This indicates that the growth is primarily driven by acquisitions rather than organic expansion. The Health & Science Technologies segment experienced market softness, resulting in lower sales volumes.
Net income attributable to IDEX decreased by 43% YoY to $119.1 million. This decline is attributed to various factors, including the gain on sale of business in the prior year and market conditions.
Gross margin increased slightly from 44.1% to 44.3%. This increase is attributed to strong price/cost and favorable operational productivity, offset by higher employee-related costs and unfavorable mix.