Be one of the few Get it before everybody else: IDEX Corporation (NYSE: IEX)
On Friday, IDEX Corporation (NYSE: IEX) stock recorded daily change of -0.47% to close at $159.62 with the total traded volume of 219569 shares along average volume of 395479 shares. 52-week range of the stock remained $ 117.72 – 173.84 while its day low price was $158.72 and its hit its day high price at $161.44. Its previous closing value stands at $160.38. IEX total market capitalization is $12140696828. Currently stocks EPS is $5.57 while its price to earnings ratio is 28.64.
IDEX Corporation (IEX) recently reported its financial results for the three-month period ended September 30, 2019.
Third Quarter 2019 Highlights
- Sales were flat overall and organically
- Gross margin was 45.2 percent with adjusted gross margin of 45.7 percent, an all-time high
- Stated operating margin was 22.7 percent with adjusted operating margin of 25.2 percent, up 120 bps
- Stated EPS was $1.37 with adjusted EPS of $1.52, up 8 percent
- Cash from operations of $157.1M led to FCF of $146.0M, an all-time high
Third Quarter 2019
Orders of $586.1M were down 5 percent contrast with the previousyear period (-5 percent organic, +1 percent acquisitions and -1 percent foreign currency translation).
Sales of $624.2M were flat contrast with the previous year period (flat organic, +1 percent acquisitions and -1 percent foreign currency translation).
Gross margin of 45.2 percent was up 20 basis points contrast with the previous year period. Not Including a $3.3M pre-tax fair value inventory step-up charge related to the Velcora acquisition, adjusted gross margin of 45.7 percent was up 70 basis points primarily Because of price and productivity initiatives, partially offset by higher engineering investments.
Operating income of $141.8M resulted in an operating margin of 22.7 percent. Not Including the $3.3M fair value inventory step-up charge and $12.0M of restructuring expenses, adjusted operating income was $157.1M with an adjusted operating margin of 25.2 percent, up 120 basis points contrast with the adjusted previous year period primarily Because of gross margin expansion and lower variable compensation costs as well as an overall tighter cost control environment. Adjusted operating income drove adjusted EBITDA of $175.4M which was 28 percent of sales and covered interest expense by over 15 times.
Provision for income taxes of $24.0M in the third quarter of 2019 resulted in an effective tax rate (ETR) of 18.6 percent, which was lower than the previous year period ETR of 20.2 percent primarily Because of a change in U.S. Treasury regulations as well as the mix of global pre-tax income among jurisdictions. The third quarter 2019 ETR of 18.6 percent was lower than our before guided ETR of 22.5 percent, which provided 6 cents of EPS favorability. This was primarily Because of higher excess tax benefits from greater than predictable stock option exercises in the third quarter of 2019 as well as a favorable impact from the 2018 income tax return-to-provision adjustment.
Net income was $105.2M which resulted in EPS of $1.37. Not Including the fair value inventory step-up charge and restructuring expenses, adjusted EPS was $1.52, a raise of 11 cents, or 8 percent, from the adjusted previous year period EPS.
Cash from operations of $157.1M led to free cash flow of $146.0M, which was up 28 percent from the previous year period and 125 percent of adjusted net income. The increase in free cash flow was primarily Because of favorable operating working capital and lower capital expenditures in the third quarter of 2019.
The stock was observed in the 5 days activity at 0.36%. The one-month performance of stock was 2.27%. IEX’s shares are at -1.58% for the quarter and driving a 15.22% return over the course of the past year and is now at 26.42% since this point in 2018. Right now, the stock beta is 1.2. The average volatility for the week and month was at 1.24% and 1.66% respectively.
Willard Shelton – Technology
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