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IDEX Reported Mixed Quarterly Results in 3Q15

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IDEX’s price movement

IDEX (IEX) has a market cap of $5.8 billion. Its YTD (year-to-date) price movement is a mix of ups and downs in 2015. After the earnings report in 3Q15, IDEX fell by 0.09% to close at $74.91 per share as of October 19, 2015. The price movement on a weekly, monthly, and YTD basis is -1.5%, 5.6%, and -2.2%, respectively.

Technically, it has broken all of the major support throughout 2015. Currently, it’s trading at 2.8% above the 20-day moving average, 3.8% above the 50-day moving average, and 0.15% above the 200-day moving average.

The Guggenheim S&P Global Water ETF (CGW) invests 3.2% of its holdings in IDEX. CGW aims to track a market-cap-weighted index of global water utilities, manufacture, and water equipment and material companies. CGW’s YTD price movement is 1% as of October 16, 2015.

IDEX’s competitors and their market caps are:

  • Dover (DOV) – $9.0 billion
  • Xylem (XYL) – $6.3 billion
  • Flowserve (FLS) – $5.6 billion
  • Graco (GGG) – $4 billion
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IDEX’s performance in 3Q15

The company reported net revenue of $503.8 million in 3Q15—a fall of 2.2% compared to the net revenue of $515 million in 2Q15. The revenue from fluid and metering technologies, health and science technologies, and fire and safety diversified products fell by 1.5%, 1.9%, and 4.4%, respectively, in 3Q15. The net income and EPS (earnings per share) rose to $80 million and $1.02 per share in 3Q15—a rise of 14.3% and 14.6% on a quarterly basis. The current ratio fell to 2.79 in 3Q15 compared to the current ratio of 3.03 in 2Q15.

On July 1, the company announced the acquisition of CIDRA Precision Services—a company that designs, manufactures, and sells microfluidic components serving the life science, health, and industrial markets.

On August 3, the company sold its Ismatec product line to Cole-Parmer Instruments—a company focused on laboratory and industrial fluid handling products, instrumentation, equipment, and supplies—for ~$28 million.

About IDEX

IDEX is a global fluid company. It has different products including air motor and compressors, industrial pumps, engineered clamping systems, flow meters, micro pumps, rescue tools, sanitary, and fire suppression equipment.

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