IDEX (NYSE:IEX) posts Q1 sales of $801M, a decline of 5%

IDEX Corporation (NYSE:IEX) has released its financial results for the first quarter ending March 31, 2024, revealing some challenges alongside positive financial developments.

The company's sales reached $801 million, representing a 5% overall decrease and a 6% organic decline.

While diluted earnings per share (EPS) decreased by 13% to $1.60, the adjusted diluted EPS fell by 10% to $1.88.

IDEX also reported a robust operating cash flow of $157 million, a 6% increase, alongside a free cash flow of $137 million, which improved by 13%.

Looking ahead, IDEX forecasts organic sales growth of 0% to 2% for the year, with a full-year GAAP diluted EPS expected to range from $7.13 to $7.43.

For the second quarter of 2024, the company anticipates a 2% to 3% decline in organic sales year-over-year.