WASHINGTON (dpa-AFX) - IDEX Corp. (IEX) Monday reported first-quarter net income of $61.3 million or $0.74 per share, compared to $52.2 million or $0.62 per share in the comparable quarter last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.72 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter rose to $494.45 million from $489.42 million in the prior year quarter, while eight analysts had consensus revenue estimate of $506.43 million for the quarter.
Looking ahead, to the second quarter, the company projects earnings in the range of $0.73 to $0.75 per share. Analysts currently expect earnings of $0.74 per share in the second quarter.
For 2013, the company is maintaining its earnings of $2.85 to $2.95 per share. Analysts currently expect the company to report earnings of $2.93 per share for fiscal 2013.
The IDEX Board of Directors also approved a 15 percent increase to the quarterly shareholder dividend, now 23 cents.
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