Idex posts higher 1Q profit that beats analyst estimates
biz.yahoo.com
Monday April 21, 5:48 pm ET
Idex says 1st-qtr profit rose 13 percent on higher fluid and metering sales, beating estimates
NORTHBROOK, Ill. (AP) -- Idex Corp., which makes pumps and engineered equipment, said on Monday its first-quarter profit climbed 12.8 percent, thanks largely to robust growth in its fluid and metering technologies segment.
Idex said its net income for the quarter ending March 31 grew to $41.4 million, or 50 cents per share, up from $36.7 million, or 45 cents per share, in the same quarter last year.
The company said its first-quarter net sales climbed 11.5 percent to $371.7 million from $333.3 million last year.
Analysts polled by Thomson Financial expected a profit of 48 cents per share, on average.
Idex said the results were driven by growth in several segments, led by a 25 percent increase in sales to $170.9 million in its fluid and metering technologies division. That division contributed 46 percent of sales for the quarter.
Sales also grew modestly in its health and science technologies and its dispensing equipment segments, the company said. Both segments saw sales rise 4 percent.
Sales were flat in its fire and safety and diversified products division, Idex said.
The company reaffirmed its fiscal 2008 earnings guidance of between $2.10 and $2.18 per share and expects revenue growth between 13 and 15 percent for the year.
For the second quarter, Idex said it anticipates revenue growth between 14 and 16 percent and earnings per share between 53 and 56 cents. |
