IDEX Corp. Reports Earnings Ahead Of Estimates (IEX)

IDEX Corporation

has released its second quarter earnings results. The company reported adjusted net income of $41 million or $0.50 per share compared to analysts' EPS estimates of $0.47. In the year ago period, IEX reported EPS of $0.37. Sales were up 13% at the company to $379 million versus $336.4 million in the year ago period. This came in ahead of Wall Street expectations of $362.49 million. A statement by Chairman and Chief Executive Officer Lawrence Kingsley can be found below. “Our second quarter sales results were outstanding. The Health and Science and Fluid and Metering Technology segments outperformed our expectations and, more importantly, continue to outperform the growth rates in the markets we serve. Our Fire and Safety and Dispensing segments continue to perform as planned. These top line results drove strong profitability and this is reflected in a second quarter operating margin of nearly 17 percent, which is 200 basis points higher than the prior year. "Based on current outlook, our projected third quarter 2010 EPS is in the range of 46 to 48 cents on a fully diluted basis. Third quarter estimates exclude approximately $3 million of restructuring related costs associated with the closure of a Health and Science Technologies site in Denmark. Our outlook for the full year 2010 has improved from previous estimates; we expect organic revenue growth in the high single digit range which will result in diluted EPS of $1.85 to $1.90, excluding restructuring related charges.”