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(Reuters) -Industrial equipment maker IDEX Corp on Thursday beat Wall Street estimates for first-quarter profit and revenue, driven by a sustained recovery in the demand for its health and science-related products.
Demand for such products has been rising as sellers continue to restock their inventory after a prolonged period of drawdowns caused by large stockpiles accumulated during the COVID-19 pandemic.
Sales at IDEX's health and sciences technology segment, which makes components used in clinical diagnostics, drug discovery, food-processing industry, among others, rose 10% from a year ago.
The company maintained its full-year earnings forecast of $8.10 and $8.45 per share, citing an "additional $20 million of cost containment actions to mitigate potential tariff-related volume pressure."
"We recognize that there are likely to be increasing levels of customer caution and slower decision-making ahead," CEO Eric Ashleman said.
IDEX expects its second-quarter adjusted profit to be between $1.95 and $2.05 per share, compared with analysts' average estimate of $2.10 per share, according to data compiled by LSEG.
The company's first-quarter earnings stood at $1.75 per share, above market estimates of $1.63.
Total revenue for the three months ended March 31 was $814.3 million, surpassing estimates of $807.2 million.
(Reporting by Aishwarya Jain and Anshuman Tripathy in Bengaluru; Editing by Shreya Biswas)