IDEX Q1 Profit Tops Estimate; Revenue Falls Short

(RTTNews) - IDEX Corp. (IEX) reported net income for the first quarter of $66.0 million or $0.84 per share, compared to $74.5 million or $0.91 per share for the year-ago quarter.

Net sales for the first quarter fell to $502.20 million from $544.00 million a year earlier.

Analysts polled by Thomson Reuters expected the company to earn $0.83 per share on revenue of $519.16 million for the first quarter.

Looking forward, the company forecasts second quarter earnings of $0.88 to $0.90 per share, and lowered its full year 2015 earnings outlook to a range of $3.50 to $3.60 per share from its prior otlook of $3.65 to $3.75 per share.

Analysts cutrrently expect the company to earn $0.92 per share for the second quarter and $3.67 per share for the full year 2015.

Separately, IDEX said that it entered into an agreement to acquire 100% of the outstanding shares of Novotema, SpA, a leader in the design, manufacture and sale of specialty sealing solutions for use in the building products, gas control, transportation, industrial and water markets. The deal is expected to close within 45 days.

Located in Villango, Italy, Novotema has revenues of about €30 million and will operate within the IDEX Sealing Solutions group. Novotema was acquired from private equity firm Ardian for a cash consideration of about €57 million and is expected to be accretive to IDEX earnings in the first full year after closing.