|Over a month ago|
Idex Corp. sees Q4 organic revenue down 5% to down 3% » 16:3410/2710/27/20
CEO Andrew K. Silvernail…
CEO Andrew K. Silvernail says: "Our team continued to execute well in a challenging operating environment during the quarter, delivering essential products safely to our customers and producing better than expected financial results. Business conditions improved in the quarter, with September organic orders posting our first monthly year over year increase since February 2020. The improved commercial performance through the third quarter resulted in organic orders and sales being down 5 percent and 12 percent, respectively. Our team aggressively managed working capital, driving free cash flow of $135 million. Despite the global pandemic, the financial durability of our businesses has generated nearly $300 million of free cash flow over the past two quarters. We ended the quarter with record cash of $878 million and nearly $800 million available under our revolving credit facility. Our strong balance sheet and liquidity position are key strengths to leverage as we continue pivoting to offense. In the third quarter, we increased our year over year capital spending by two-thirds as we invest to support our organic growth. Some of that investment is targeted at opportunities supporting the COVID-19 battle, including disinfection, testing and vaccines. One of the applications under development is associated with a rapid testing solution that will support the millions of tests needed as the world navigates COVID-19. In the past I have discussed the four different phases of the COVID-19 pandemic. We have entered the third phase, which is living with the virus. While the macro environment remains fluid, I'm encouraged to see our business and the overall economy recover. Against that backdrop, we expect fourth quarter organic sales to continue to improve sequentially and be down approximately 3 to 5 percent versus prior year."
Idex Corp. names Eric D. Ashleman CEO » 16:3310/2710/27/20
Idex Corporation announced that Eric D. Ashleman has been appointed Chief Executive Officer, effective December 15, 2020. Mr. Ashleman has served as IDEX's Chief Operating Officer since February 2015 and President since February 2020. He will continue to hold the title of President in his new position. This announcement follows the decision by Andrew K. Silvernail to step down as Chief Executive Officer and as a member of the IDEX Board of Directors, effective December 15, 2020, to pursue an opportunity at a privately held company. In connection with today's announcement, Mr. Ashleman will join the IDEX Board on December 15, 2020. The Company also announced today that William M. Cook has been named Non-Executive Chairman of the IDEX Board, effective December 15, 2020. Mr. Cook, who joined the IDEX Board in 2008, currently serves as Lead Independent Director and a Member of the Board's Audit Committee.
Idex Corp. reports Q3 EPS $1.40, consensus $1.20 » 16:3210/2710/27/20
Reports Q3 revenue…
Reports Q3 revenue $581.1M, consensus $563.53M. Reports Q3 Gross margin of 43.3%, down 190 basis points compared with the prior year period "as a result of lower volume and business mix, partially offset by price capture."
|Over a quarter ago|
Idex Corp. COO Ashleman sells 8,101 common shares » 15:2108/1808/18/20
In a regulatory filing,…
In a regulatory filing, Idex Corp. president and COO Eric D. Ashleman disclosed the sale of 8,101 common shares of the company on August 14 at a price of $176.1062 per share.
Idex Corp. price target raised to $195 from $172 at Stifel » 09:0607/2707/27/20
Stifel analyst Nathan…
Stifel analyst Nathan Jones raised the firm's price target on Idex Corp. to $195 from $172 and keeps a Buy rating on the shares following the company's earnings report. The company's Q3 revenue guidance was "a little disappointing," but typical of a management team that "plans for the worst and hopes for the best," said Jones, who believes current trends would likely see revenue at the high end of the range and with further potential upside from improved trends.
Idex Corp. price target raised to $215 from $200 at Wells Fargo » 08:4307/2707/27/20
Wells Fargo analyst…
Wells Fargo analyst Allison Poliniak-Cusic raised the firm's price target on Idex Corp. to $215 from $200 and keeps an Overweight rating on the shares. The analyst notes that she named Idex as one of his top Diversified Industrial ideas heading into print and "it did not disappoint." CEO Silvernail offered his view that he believes that Idex is likely past the worst of contraction, but maintained an appropriate level of conservatism toward a recovery, she contends. Despite the challenges ahead, Poliniak-Cusic continues to see opportunity for shares to outperform as the company remains disciplined, "keeping to the playbook" with an eye on further operational improvement.
Idex Corp. upgraded to Outperform from Neutral at Boenning & Scattergood » 08:2607/2407/24/20
Boenning & Scattergood analyst Ryan Connors upgraded Idex Corp. to Outperform from Neutral.
Idex Corp. upgraded to Outperform from Neutral at Boenning & Scattergood » 08:2007/2407/24/20
Boenning & Scattergood analyst Ryan Connors upgraded Idex Corp. to Outperform from Neutral with a $190 price target, stating that he views the company's second quarter results as "a modest positive surprise." While earnings visibility remains limited in the near-term, he expects the company to deliver a quicker earnings rebound than water infrastructure peers given its shorter-cycle portfolio, the analyst tells investors.
Idex Corp. implemented certain cost reduction actions amid COVID-19 » 16:1607/2307/23/20
"The Company continues to help in the fight against COVID-19 with several of our businesses playing critical roles in keeping essential activities operating," the company said. "We also continue to be focused on making sure our employees are safe and our operations have the ability to deliver the products needed to support the COVID-19 battle. Most of our sites are considered essential businesses and have remained open during the pandemic. However, the virus did cause several of our sites to temporarily shut down for cleaning due to employees testing positive for COVID-19. All such sites returned to operations within a short period of time. COVID-19 and the enacted containment measures have adversely affected our business and results of operations and the businesses of our customers, who are purchasing less products in response to the economic conditions caused by COVID-19. The Company expects the months ahead will remain challenging as this global pandemic continues and, based on currently available information and management's current expectations, the Company anticipates that organic sales will be down approximately 12 to 17 percent in the third quarter of 2020. Based on management's current expectations, we believe our strong balance sheet, with over $1.5 billion of liquidity and gross leverage of 1.6 times, will provide IDEX the necessary capital to navigate the COVID-19 pandemic for the foreseeable future. Additionally, IDEX has implemented certain cost reduction actions, including employee reductions and has maintained a tight cost control environment."
Idex Corp. reports Q2 adjusted EPS $1.10, consensus $1.00 » 16:1607/2307/23/20
Reports Q2 revenue…
Reports Q2 revenue $561.2M, consensus $527.87M.