WASHINGTON (dpa-AFX) - Hydraulic pump maker IDEX Corp. (IEX), Monday said its first-quarter profit increased 9 percent to $52 million or $0.62 per share from $48 million or $0.57 per share in the year-ago period, mainly on higher revenues which came in above analysts' expectations. Earnings for the period however, fell short of Street estimates.
On average, 13 analysts polled by Thomson Reuters expected the company to earn $0.64 per share for the quarter. Analysts' estimates typically exclude special items.
First-quarter sales for the quarter totaled $489 million, up 15 percent from $427.1 million last year. Analysts expected revenues of $483.8 million for the period.
Looking ahead, per-share earnings for the second quarter of 2012 is anticipated to range from $0.70 to $0.72. The company also lifted its earnings guidance for the fiscal year 2012. The company currently expects earnings in the range of $2.80 per share to $2.85 per share.
Analysts currently expect the company to earn $0.70 per share for the second quarter and $2.80 per share for the fiscal year 2012.
IDEX closed Monday's regular trade at $40.91, down 1.40 percent.
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