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• Revenue: Slightly above plan across all business segments.

• Orders: Increased sequentially and year-over-year to record levels; fourth consecutive quarter of positive year-over-year organic growth.

• Organic Sales: Declined 1% due to difficult comps in semiconductor, agriculture, chemical, and energy businesses.

• Adjusted EBITDA Margin: Declined 50 basis points to 25.5% due to volume deleverage and margin dilution from Mott acquisition.

• Adjusted EPS: $1.75, $0.10 better than the high end of the guided range.

• Free Cash Flow: $91 million, including short-term investments in working capital.

• Share Repurchase: $50 million deployed in the first quarter; $490 million remaining under current authorization.

• Segment Performance - HST: Organic sales declined 1%; organic orders increased 3%; adjusted EBITDA margin at 25.6%.

• Segment Performance - FMT: Organic sales declined 4%; organic orders declined 3%; adjusted EBITDA margin at 32.8%.

• Segment Performance - FSD: Organic sales increased 5%; organic orders up 2%; adjusted EBITDA margin at 29.4%.

• Full Year Guidance: Maintaining organic growth guidance of 1% to 3% and adjusted EPS of $8.10 to $8.45.

• Tariff Impact: Expected $100 million annualized impact; 5% to 6% inflation to cost of goods sold, offset by 3% to 4% price increases.

• Warning! GuruFocus has detected 3 Warning Signs with IEX.

Release Date: May 01, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• IDEX Corp (NYSE:IEX) delivered better-than-expected results in the first quarter of 2025, with revenue and profitability slightly above plan across all business segments.

• Orders increased both sequentially and year-over-year to record levels, marking the fourth consecutive quarter of positive organic growth in the order book.

• The company identified $20 million in additional savings for 2025, contributing to a cumulative $80 million in savings when combined with previous initiatives.

• IDEX Corp (NYSE:IEX) is seeing momentum in businesses serving space, defense, energy transition, municipal water, and North American Fire & Safety.

• The recent acquisition of Mott is performing well, with a significant $40 million multiyear agreement for a custom wastewater filtration solution.

Negative Points

• Organic sales declined by 1% in the first quarter due to difficult comparisons in semiconductor, agriculture, chemical, and energy businesses.

• Adjusted EBITDA margin declined by 50 basis points to 25.5% due to volume deleverage and near-term margin dilution from the Mott acquisition.

• There are headwinds in businesses serving agriculture and automotive industries, as well as inventory adjustments with a large semiconductor wafer fab customer.

• The geopolitical and trade environment remains fluid, with potential impacts on global demand still unknown.

• There is hesitancy among customers to commit to larger projects, matching recent experiences and impacting assumptions within the 2025 annual guidance.