Idex Sales, Profit Rise
LAKE FOREST, Ill., April 25, 2012 — Sales in Idex Corp.'s Health and Science Technologies segment, which includes its Optics and Photonics Platform, rose 35 percent in the first quarter versus one year ago, the company announced Monday.
Idex posted net income overall of $52 million for the quarter ending March 31, up $4 million, or 9 percent, year-over-year. Sales in the Health and Science Technologies unit totaled $174 million for the quarter, while total sales for the company during the quarter were $489 million, up 15 percent over 2011. New orders were up 20 percent, Idex said.
Idex's Health and Science Technologies segment includes the Health and Science Group, which makes pumps, injection valves and other products for analytical, clinical diagnostics and biotechnology instrument manufacturers; Material Processing and Technologies, a processor of wet and dry materials for the pharmaceutical, food, cosmetics and personal care, and chemical and mineral markets; the Medical Group, a specialty medical device developer and maker for implant and instrument applications; Precision Polymer Engineering, which produces molded rubber seals and gaskets for industry; and Optics & Photonics, which includes the companies Semrock, ATFilms and CVI Melles Griot.
The company's other segments include Fluid & Metering Technologies (FMT, up 7 percent year-over-year), and Fire & Safety/Diversified Products (FSD, up 5 percent year-over-year).
"Within FMT, the broad-based order growth came primarily from our chemical, agricultural and energy end markets, which positions us well for the remainder of the year," said Idex Chairman and CEO Andrew K. Silvernail. "FSD's orders included a large dispensing replenishment order and continued strong demand for our rescue tools in emerging markets." He added that strength in those two segments helped the company's backlog grow by $42 million in the quarter.
The company said it completed the repurchase of 239,000 shares of its common stock for $10.2 million during the quarter, and projected its second quarter outlook to be in the range of 70 to 72 cents.
"Our full-year outlook for 2012 has improved. We are increasing our guidance for full year 2012 diluted EPS to $2.80 to $2.85 with mid-single digit organic revenue growth," Silvernail said.
For more information, visit: www.idexcorp.com
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