Stock Monitor: Twin Disc Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 07, 2018 / Active-Investors.com has just released a free earnings report on IDEX Corp. (NYSE: IEX). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=IEX. The Company reported its fourth quarter fiscal 2017 and full fiscal year 2017 operating and financial results on January 29, 2018. The maker of the Jaws of Life device and other engineered products outperformed top- and bottom-line expectations. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Twin Disc, Incorporated (NASDAQ: TWIN), which also belongs to the Industrial Goods sector as the Company IDEX. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, IDEX most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=IEX
Earnings Highlights and Summary
For the quarter ended December 31, 2017, IDEX recorded orders of $603.0 million, up 10% on a y-o-y basis. The Company's sales advanced 10% to $585.90 million for the reported quarter compared to $530.42 million in the year earlier same quarter. IDEX's revenue numbers beat analysts' estimates of $573.1 million.
For the full year FY17, IDEX reported sales of $2.29 billion, up 8% compared to $2.11 billion in FY16.
During Q4 2017, IDEX's gross margin was up 70 basis points to 44.5% compared to Q4 2016. Excluding the $4.4 million pre-tax fair value inventory step-up charge from an acquisition in the prior year period, gross margin was down 20 basis points, primarily due to additional engineering investments and operational challenges associated with the strong growth within the Health & Science Technologies segment.
IDEX recorded restructuring expenses of $3.7 million and $8.5 million in Q4 2017 and FY17, respectively, as part of initiatives that support the implementation of key strategic efforts designed to facilitate long-term, sustainable growth through cost reduction actions.
For Q4 2017, IDEX reported an operating income of $135.25 million and an operating margin of 23.1% compared to $85.52 million and 16.1%, respectively, in Q4 2016. Excluding a $9.3 million gain on divestiture and $3.7 million of restructuring expenses, the Company's adjusted operating income was $129.6 million, with an adjusted operating margin of 22.1% in the reported quarter, up 150 basis points from the prior year's comparable period.
IDEX posted a net income of $93.75 million, or $1.21 per diluted share, for Q4 2017 compared to $57.35 million, or $0.75 per diluted share, in Q4 2016. Excluding the gain on divestiture and restructuring expenses, the Company's adjusted earnings totaled $1.12 per share, up 17% on a y-o-y basis, and also topping Wall Street's estimates of $1.07 per share.
For FY17, IDEX's net income was $337.26 million, or $4.36 per share, compared to $271.11 million, or $3.53 per share, in FY16. Excluding the gain on divestiture and restructuring expenses, the Company's adjusted earnings advanced 15% to $4.31 per share on a y-o-y basis.
Segment Results
During Q4 2017, IDEX's Fluid & Metering Technologies segment's sales grew 7% to $222.05 million compared to $207.11 million in Q4 2016. The segment's operating income of $61.20 million resulted in an operating margin of 27.6% in the reported quarter compared to $55.72 million and 26.9%, respectively, in the year earlier corresponding quarter. Excluding $1.8 million of restructuring expenses, the Fluid & Metering Technologies segment's adjusted operating income was $63.0 million with an adjusted operating margin of 28.4% in Q4 2017, reflecting a 100-basis point increase compared to Q4 2016, primarily due to higher volume and productivity initiatives.
For Q4 2017, IDEX's Health & Science Technologies segment's sales advanced 11% to $208.92 million compared to $188.33 million in Q4 2016. The segment's operating income totaled $44.96 million with an operating margin of 21.5% in the reported quarter compared to $34.71 million and 18.4%, respectively, in the year earlier same quarter. Excluding $1.7 million of restructuring expenses, the Health & Science Technologies segment's adjusted operating income was $46.6 million with an adjusted operating margin of 22.3%, representing a 330-basis point increase compared to Q4 2016, primarily due to the $4.4 million pre-tax fair value inventory step-up charge from the SFC acquisition and higher volume.
During Q4 2017, IDEX's Fire & Safety/Diversified Products segment's sales jumped 15% to $155.50 million on a y-o-y basis, reflecting an organic growth of 12%, aided by a foreign currency translation of 3%. For the reported quarter, the segment's operating income totaled $41.00 million with an operating margin of 26.4% versus $31.04 million and 23.0%, respectively, in Q4 2016.
Cash Matters
During Q4 2017, IDEX's cash from operations advanced 18% to $136.17 million on a y-o-y basis compared to $115.59 million in Q4 2017, leading to a free cash flow of $120.4 million, which grew 14% on a y-o-y basis and reflected 139% of adjusted net income in the reported quarter.
For FY17, IDEX's cash from operations totaled $432.75 million, up 8% compared to $399.92 million in FY16 and led to a free cash flow of $388.90 million, up 8% on a y-o-y basis and represented 117% of adjusted net income.
Stock Performance Snapshot
February 06, 2018 - At Tuesday's closing bell, IDEX's stock marginally climbed 0.11%, ending the trading session at $135.52.
Volume traded for the day: 451.14 thousand shares, which was above the 3-month average volume of 242.42 thousand shares.
Stock performance in the last month - up 0.58%; previous three-month period - up 6.03%; past twelve-month period - up 50.38%; and year-to-date - up 2.69%
After yesterday's close, IDEX's market cap was at $10.53 billion.
Price to Earnings (P/E) ratio was at 31.08.
The stock has a dividend yield of 1.09%.
The stock is part of the Industrial Goods sector, categorized under the Diversified Machinery industry. This sector was up 1.5% at the end of the session.
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