'Our recovery from the COVID-19 pandemic continues as orders of $751 million and sales of $686 million reached record levels in the second quarter. Backlog is at a record level resulting from strong demand across all segments and geographies, with $65 million added in the second quarter. I want to thank all IDEX team members across the globe who are dealing with many obstacles associated with this recovery. Global supply chain constraints, component shortages and inflation are daily challenges, but the teams continue to deliver for our customers, and IDEX continues to perform extremely well. Our price capture continues to outpace material inflation and we drove strong flow through of 39 percent, resulting in an adjusted operating margin of 24.4 percent and a record adjusted EPS of $1.61.
|
We deployed a significant amount of capital in the first half of the year. We invested over $575 million in M&A, including the acquisition of Airtech in the second quarter. We also raised our quarterly dividend by 8 percent to $0.54 per share and increased capital spending in our businesses by 45 percent compared to the first half of 2020. Our balance sheet remains healthy as we have over $2.0 billion available to us for potential investments in additional strategic M&A and organic growth initiatives over the next 12 months.
|
Based on the continued strength in orders across our portfolio, record backlog and incremental pricing actions, we are now projecting 11 to 12 percent organic sales growth for the full year 2021, with a 14 to 16 percent organic sales increase in the third quarter. Full year 2021 adjusted EPS is now projected to be $6.26 to $6.36, with third quarter adjusted EPS of $1.57 to $1.61. This includes 6 cents in the second half of the year attributable to the Airtech acquisition.'
|
Eric D. Ashleman |
Chief Executive Officer and President |
Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | |||||||||||||||
FMT | HST | FSDP | IDEX | FMT | HST | FSDP | IDEX | |||||||||
Change in net sales | 15 | % | 28 | % | 27 | % | 22 | % | 11 | % | 19 | % | 18 | % | 16 | % |
- Net impact from acquisitions/divestitures | 4 | % | (1 | %) | - | % | 1 | % | 3 | % | - | % | - | % | 1 | % |
- Impact from FX | 3 | % | 4 | % | 5 | % | 4 | % | 3 | % | 3 | % | 4 | % | 4 | % |
Change in organic net sales | 8 | % | 25 | % | 22 | % | 17 | % | 5 | % | 16 | % | 14 | % | 11 | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Gross profit | $ | 306,072 | $ | 234,800 | $ | 598,695 | $ | 506,756 |
+ Fair value inventory step-up charge | 1,822 | 4,107 | 2,486 | 4,107 | ||||
Adjusted gross profit | $ | 307,894 | $ | 238,907 | $ | 601,181 | $ | 510,863 |
Net sales | $ | 685,947 | $ | 561,249 | $ | 1,337,983 | $ | 1,155,711 |
Gross margin | 44.6 | % | 41.8 | % | 44.7 | % | 43.8 | % |
Adjusted gross margin | 44.9 | % | 42.6 | % | 44.9 | % | 44.2 | % |
Three Months Ended June 30, | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
FMT | HST | FSDP | Corporate | IDEX | FMT | HST | FSDP | Corporate | IDEX | |||||||||||
Reported operating income (loss) | $ | 63,467 | $ | 75,963 | $ | 42,797 | $ | (23,971) | $ | 158,256 | $ | 50,938 | $ | 48,007 | $ | 28,837 | $ | (17,188) | $ | 110,594 |
+ Restructuring expenses and asset impairments | 1,910 | 442 | 119 | 665 | 3,136 | 1,848 | 1,184 | 641 | 168 | 3,841 | ||||||||||
+ Fair value inventory step-up charge | 1,822 | - | - | - | 1,822 | 4,107 | - | - | - | 4,107 | ||||||||||
+ Corporate transaction indemnity | - | - | - | 3,900 | 3,900 | - | - | - | - | - | ||||||||||
Adjusted operating income (loss) | $67,199 | $76,405 | $42,916 | $(19,406) | $167,114 | $56,893 | $49,191 | $29,478 | $(17,020) | $118,542 | ||||||||||
Net sales (eliminations) | $ | 251,277 | $ | 275,012 | $ | 160,812 | $ | (1,154) | $ | 685,947 | $ | 219,112 | $ | 215,668 | $ | 127,076 | $ | (607) | $ | 561,249 |
Reported operating margin | 25.3 | % | 27.6 | % | 26.6 | % | n/m | 23.1 | % | 23.2 | % | 22.3 | % | 22.7 | % | n/m | 19.7 | % | ||
Adjusted operating margin | 26.7 | % | 27.8 | % | 26.7 | % | n/m | 24.4 | % | 26.0 | % | 22.8 | % | 23.2 | % | n/m | 21.1 | % |
Six Months Ended June 30, | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
FMT | HST | FSDP | Corporate | IDEX | FMT | HST | FSDP | Corporate | IDEX | |||||||||||
Reported operating income (loss) | $ | 126,364 | $ | 142,613 | $ | 87,357 | $ | (42,531) | $ | 313,803 | $ | 117,709 | $ | 100,650 | $ | 66,874 | $ | (34,698) | $ | 250,535 |
+ Restructuring expenses and asset impairments | 2,853 | 1,067 | 216 | 1,228 | 5,364 | 1,848 | 1,184 | 641 | 168 | 3,841 | ||||||||||
+ Fair value inventory step-up charge | 2,486 | - | - | - | 2,486 | 4,107 | - | - | - | 4,107 | ||||||||||
+ Corporate transaction indemnity | - | - | - | 3,900 | 3,900 | - | - | - | - | - | ||||||||||
Adjusted operating income (loss) | $131,703 | $143,680 | $87,573 | $(37,403) | $325,553 | $123,664 | $101,834 | $67,515 | $(34,530) | $258,483 | ||||||||||
Net sales (eliminations) | $ | 494,642 | $ | 525,381 | $ | 320,296 | $ | (2,336) | $ | 1,337,983 | $ | 445,973 | $ | 439,727 | $ | 271,400 | $ | (1,389) | $ | 1,155,711 |
Reported operating margin | 25.5 | % | 27.1 | % | 27.3 | % | n/m | 23.5 | % | 26.4 | % | 22.9 | % | 24.6 | % | n/m | 21.7 | % | ||
Adjusted operating margin | 26.6 | % | 27.3 | % | 27.3 | % | n/m | 24.3 | % | 27.7 | % | 23.2 | % | 24.9 | % | n/m | 22.4 | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Reported net income attributable to IDEX | $ | 102,195 | $ | 70,864 | $ | 214,903 | $ | 172,862 |
+ Restructuring expenses and asset impairments | 3,136 | 3,841 | 5,364 | 3,841 | ||||
+ Tax impact on restructuring expenses and asset impairments | (756) | (837) | (1,289) | (837) | ||||
+ Fair value inventory step-up charge | 1,822 | 4,107 | 2,486 | 4,107 | ||||
+ Tax impact on fair value inventory step-up charge | (547) | (932) | (746) | (932) | ||||
+ Loss on early debt redemption | 8,561 | 8,421 | 8,561 | 8,421 | ||||
+ Tax impact on loss on early debt redemption | (1,841) | (1,912) | (1,841) | (1,912) | ||||
+ Termination of the U.S. pension plan | 9,688 | - | 9,688 | - | ||||
+ Tax impact on termination of the U.S. pension plan | (2,083) | - | (2,083) | - | ||||
+ Corporate transaction indemnity | 3,900 | - | 3,900 | - | ||||
+ Tax impact on Corporate transaction indemnity | (839) | - | (839) | - | ||||
Adjusted net income attributable to IDEX | $ | 123,236 | $ | 83,552 | $ | 238,104 | $ | 185,550 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Reported diluted EPS attributable to IDEX | $ | 1.34 | $ | 0.93 | $ | 2.81 | $ | 2.27 |
+ Restructuring expenses and asset impairments | 0.04 | 0.05 | 0.07 | 0.05 | ||||
+ Tax impact on restructuring expenses and asset impairments | (0.01) | (0.01) | (0.02) | (0.01) | ||||
+ Fair value inventory step-up charge | 0.02 | 0.05 | 0.03 | 0.05 | ||||
+ Tax impact on fair value inventory step-up charge | (0.01) | (0.01) | (0.01) | (0.01) | ||||
+ Loss on early debt redemption | 0.11 | 0.11 | 0.11 | 0.11 | ||||
+ Tax impact on loss on early debt redemption | (0.02) | (0.02) | (0.02) | (0.02) | ||||
+ Termination of the U.S. pension plan | 0.13 | - | 0.13 | - | ||||
+ Tax impact on termination of the U.S. pension plan | (0.03) | - | (0.03) | - | ||||
+ Corporate transaction indemnity | 0.05 | - | 0.05 | - | ||||
+ Tax impact on Corporate transaction indemnity | (0.01) | - | (0.01) | - | ||||
Adjusted diluted EPS attributable to IDEX | $ | 1.61 | $ | 1.10 | $ | 3.11 | $ | 2.44 |
Diluted weighted average shares outstanding | 76,429 | 75,937 | 76,385 | 76,198 |
Three Months Ended June 30, | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
FMT | HST | FSDP | Corporate | IDEX | FMT | HST | FSDP | Corporate | IDEX | |||||||||||
Reported operating income (loss) | $ | 63,467 | $ | 75,963 | $ | 42,797 | $ | (23,971) | $ | 158,256 | $ | 50,938 | $ | 48,007 | $ | 28,837 | $ | (17,188) | $ | 110,594 |
- Other (income) expense - net | 5,575 | 291 | 2,054 | 9,255 | 17,175 | (82) | 472 | 123 | 5,947 | 6,460 | ||||||||||
+ Depreciation and amortization | 7,953 | 12,534 | 3,851 | 111 | 24,449 | 6,809 | 9,917 | 3,796 | 104 | 20,626 | ||||||||||
EBITDA | 65,845 | 88,206 | 44,594 | (33,115) | 165,530 | 57,829 | 57,452 | 32,510 | (23,031) | 124,760 | ||||||||||
- Interest expense | 11,205 | 12,439 | ||||||||||||||||||
- Provision for income taxes | 27,697 | 20,831 | ||||||||||||||||||
- Depreciation and amortization | 24,449 | 20,626 | ||||||||||||||||||
Reported net income | $ | 102,179 | $70,864 | |||||||||||||||||
Net sales (eliminations) | $251,277 | $275,012 | $160,812 | $(1,154) | $685,947 | $219,112 | $215,668 | $127,076 | $(607) | $561,249 | ||||||||||
Reported operating margin | 25.3 | % | 27.6 | % | 26.6 | % | n/m | 23.1 | % | 23.2 | % | 22.3 | % | 22.7 | % | n/m | 19.7 | % | ||
EBITDA margin | 26.2 | % | 32.1 | % | 27.7 | % | n/m | 24.1 | % | 26.4 | % | 26.6 | % | 25.6 | % | n/m | 22.2 | % | ||
EBITDA interest coverage | 14.8 | 10.0 |
Six Months Ended June 30, | ||||||||||||||||||
2021 | 2020 | |||||||||||||||||
FMT | HST | FSDP | Corporate | IDEX | FMT | HST | FSDP | Corporate | IDEX | |||||||||
Reported operating income (loss) | $126,364 | $142,613 | $87,357 | $(42,531) | $313,803 | $117,709 | $100,650 | $66,874 | $(34,698) | $250,535 | ||||||||
- Other (income) expense - net | 5,584 | (54) | 1,783 | 9,014 | 16,327 | 684 | (59) | (192) | 7,592 | 8,025 | ||||||||
+ Depreciation and amortization | 15,006 | 23,047 | 7,723 | 217 | 45,993 | 12,207 | 20,576 | 7,555 | 285 | 40,623 | ||||||||
EBITDA | 135,786 | 165,714 | 93,297 | (51,328) | 343,469 | 129,232 | 121,285 | 74,621 | (42,005) | 283,133 | ||||||||
- Interest expense | 21,981 | 23,316 | ||||||||||||||||
- Provision for income taxes | 60,644 | 46,332 | ||||||||||||||||
- Depreciation and amortization | 45,993 | 40,623 | ||||||||||||||||
Reported net income | $214,851 | $172,862 | ||||||||||||||||
Net sales (eliminations) | $494,642 | $525,381 | $320,296 | $(2,336) | $1,337,983 | $445,973 | $439,727 | $271,400 | $(1,389) | $1,155,711 | ||||||||
Reported operating margin | 25.5 | % | 27.1 | % | 27.3 | % | n/m | 23.5 | % | 26.4 | % | 22.9 | % | 24.6 | % | n/m | 21.7 | % |
EBITDA margin | 27.5 | % | 31.5 | % | 29.1 | % | n/m | 25.7 | % | 29.0 | % | 27.6 | % | 27.5 | % | n/m | 24.5 | % |
EBITDA interest coverage | 15.6 | 12.1 |
Three Months Ended June 30, | ||||||||||||||||||
2021 | 2020 | |||||||||||||||||
FMT | HST | FSDP | Corporate | IDEX | FMT | HST | FSDP | Corporate | IDEX | |||||||||
EBITDA(1)
| $65,845 | $88,206 | $44,594 | $(33,115) | $165,530 | $57,829 | $57,452 | $32,510 | $(23,031) | $124,760 | ||||||||
+ Restructuring expenses and asset impairments | 1,910 | 442 | 119 | 665 | 3,136 | 1,848 | 1,184 | 641 | 168 | 3,841 | ||||||||
+ Fair value inventory step-up charge | 1,822 | - | - | - | 1,822 | 4,107 | - | - | - | 4,107 | ||||||||
+ Loss on early debt redemption | - | - | - | 8,561 | 8,561 | - | - | - | 8,421 | 8,421 | ||||||||
+ Termination of the U.S. pension plan | 6,293 | - | 1,782 | 1,613 | 9,688 | - | - | - | - | - | ||||||||
+ Corporate transaction indemnity | - | - | - | 3,900 | 3,900 | - | - | - | - | - | ||||||||
Adjusted EBITDA | $75,870 | $88,648 | $46,495 | $(18,376) | $192,637 | $63,784 | $58,636 | $33,151 | $(14,442) | $141,129 | ||||||||
Adjusted EBITDA margin | 30.2 | % | 32.2 | % | 28.9 | % | n/m | 28.1 | % | 29.1 | % | 27.2 | % | 26.1 | % | n/m | 25.1 | % |
Adjusted EBITDA interest coverage | 17.2 | 11.3 |
Six Months Ended June 30, | ||||||||||||||||||
2021 | 2020 | |||||||||||||||||
FMT | HST | FSDP | Corporate | IDEX | FMT | HST | FSDP | Corporate | IDEX | |||||||||
EBITDA(1)
| $135,786 | $165,714 | $93,297 | $(51,328) | $343,469 | $129,232 | $121,285 | $74,621 | $(42,005) | $283,133 | ||||||||
+ Restructuring expenses and asset impairments | 2,853 | 1,067 | 216 | 1,228 | 5,364 | 1,848 | 1,184 | 641 | 168 | 3,841 | ||||||||
+ Fair value inventory step-up charge | 2,486 | - | - | - | 2,486 | 4,107 | - | - | - | 4,107 | ||||||||
+ Loss on early debt redemption | - | - | - | 8,561 | 8,561 | - | - | - | 8,421 | 8,421 | ||||||||
+ Termination of the U.S. pension plan | 6,293 | - | 1,782 | 1,613 | 9,688 | - | - | - | - | - | ||||||||
+ Corporate transaction indemnity | - | - | - | 3,900 | 3,900 | - | - | - | - | - | ||||||||
Adjusted EBITDA | $147,418 | $166,781 | $95,295 | $(36,026) | $373,468 | $135,187 | $122,469 | $75,262 | $(33,416) | $299,502 | ||||||||
Adjusted EBITDA margin | 29.8 | % | 31.7 | % | 29.8 | % | n/m | 27.9 | % | 30.3 | % | 27.9 | % | 27.7 | % | n/m | 25.9 | % |
Adjusted EBITDA interest coverage | 17.0 | 12.8 |
Three Months Ended | Six Months Ended | |||||||||
June 30, | March 31, | June 30, | ||||||||
2021 | 2020 | 2021 | 2021 | 2020 | ||||||
Cash flows from operating activities | $ | 136,272 | $ | 169,453 | $ | 109,324 | $ | 245,596 | $ | 254,213 |
- Capital expenditures | 15,984 | 8,323 | 14,609 | 30,593 | 21,085 | |||||
Free cash flow | $ | 120,288 | $ | 161,130 | $ | 94,715 | $ | 215,003 | $ | 233,128 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Net sales | $ | 685,947 | $ | 561,249 | $ | 1,337,983 | $ | 1,155,711 |
Cost of sales | 379,875 | 326,449 | 739,288 | 648,955 | ||||
Gross profit | 306,072 | 234,800 | 598,695 | 506,756 | ||||
Selling, general and administrative expenses | 144,680 | 120,365 | 279,528 | 252,380 | ||||
Restructuring expenses and asset impairments | 3,136 | 3,841 | 5,364 | 3,841 | ||||
Operating income | 158,256 | 110,594 | 313,803 | 250,535 | ||||
Other (income) expense - net | 17,175 | 6,460 | 16,327 | 8,025 | ||||
Interest expense | 11,205 | 12,439 | 21,981 | 23,316 | ||||
Income before income taxes | 129,876 | 91,695 | 275,495 | 219,194 | ||||
Provision for income taxes | 27,697 | 20,831 | 60,644 | 46,332 | ||||
Net income | $ | 102,179 | $ | 70,864 | $ | 214,851 | $ | 172,862 |
Net (income) loss attributable to noncontrolling interest | 16 | - | 52 | - | ||||
Net income attributable to IDEX | $ | 102,195 | $ | 70,864 | $ | 214,903 | $ | 172,862 |
Earnings per Common Share: | ||||||||
Basic earnings per common share attributable to IDEX | $ | 1.34 | $ | 0.94 | $ | 2.83 | $ | 2.29 |
Diluted earnings per common share attributable to IDEX | $ | 1.34 | $ | 0.93 | $ | 2.81 | $ | 2.27 |
Share Data: | ||||||||
Basic weighted average common shares outstanding | 75,968 | 75,171 | 75,930 | 75,459 | ||||
Diluted weighted average common shares outstanding | 76,429 | 75,937 | 76,385 | 76,198 |
June 30, 2021 | December 31, 2020 | |||
Assets | ||||
Current assets | ||||
Cash and cash equivalents | $ | 714,380 | $ | 1,025,851 |
Receivables - net | 356,469 | 293,146 | ||
Inventories | 360,079 | 289,910 | ||
Other current assets | 62,761 | 48,324 | ||
Total current assets | 1,493,689 | 1,657,231 | ||
Property, plant and equipment - net | 313,353 | 298,273 | ||
Goodwill and intangible assets | 2,837,156 | 2,311,137 | ||
Other noncurrent assets | 138,799 | 147,757 | ||
Total assets | $ | 4,782,997 | $ | 4,414,398 |
Liabilities and equity | ||||
Current liabilities | ||||
Trade accounts payable | $ | 178,796 | $ | 151,993 |
Accrued expenses | 230,426 | 208,828 | ||
Short-term borrowings | 41 | 88 | ||
Dividends payable | 41,096 | 38,149 | ||
Total current liabilities | 450,359 | 399,058 | ||
Long-term borrowings | 1,189,828 | 1,044,354 | ||
Other noncurrent liabilities | 469,946 | 430,660 | ||
Total liabilities | 2,110,133 | 1,874,072 | ||
Shareholders' equity | 2,672,796 | 2,540,203 | ||
Noncontrolling interest | 68 | 123 | ||
Total equity | 2,672,864 | 2,540,326 | ||
Total liabilities and equity | $ | 4,782,997 | $ | 4,414,398 |
Six Months Ended June 30, | ||||
2021 | 2020 | |||
Cash flows from operating activities | ||||
Net income | $ | 214,851 | $ | 172,862 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Asset impairments | 226 | - | ||
Depreciation and amortization | 21,480 | 20,591 | ||
Amortization of intangible assets | 24,513 | 20,032 | ||
Amortization of debt issuance expenses | 961 | 976 | ||
Share-based compensation expense | 13,245 | 13,665 | ||
Deferred income taxes | (13,982) | 2,421 | ||
Non-cash interest expense associated with forward starting swaps | 3,275 | 4,284 | ||
Termination of the U.S. pension plan | 9,688 | - | ||
Changes in (net of the effect from acquisitions): | ||||
Receivables | (46,257) | 34,253 | ||
Inventories | (20,936) | (9,529) | ||
Other current assets | 125 | (18,421) | ||
Trade accounts payable | 22,569 | (6,842) | ||
Deferred revenue | 15,502 | 20,346 | ||
Accrued expenses | 1,217 | (3,084) | ||
Other - net | (881) | 2,659 | ||
Net cash flows provided by operating activities | 245,596 | 254,213 | ||
Cash flows from investing activities | ||||
Purchases of property, plant and equipment | (30,593) | (21,085) | ||
Acquisition of businesses, net of cash acquired | (575,606) | (120,839) | ||
Note receivable from collaborative partner | (4,200) | - | ||
Proceeds from disposal of fixed assets | 242 | 2,114 | ||
Other - net | 905 | (636) | ||
Net cash flows used in investing activities | (609,252) | (140,446) | ||
Cash flows from financing activities | ||||
Borrowings under revolving credit facilities | - | 150,000 | ||
Proceeds from issuance of 3.0% Senior Notes | - | 499,100 | ||
Proceeds from issuance of 2.625% Senior Notes | 499,380 | - | ||
Payment of 4.5% Senior Notes | - | (300,000) | ||
Payment of 4.2% Senior Notes | (350,000) | - | ||
Payments under revolving credit facilities | - | (150,000) | ||
Payment of make-whole redemption premium | (6,659) | (6,756) | ||
Debt issuance costs | (4,611) | (4,166) | ||
Dividends paid | (79,242) | (76,498) | ||
Proceeds from stock option exercises | 10,687 | 13,111 | ||
Repurchases of common stock | - | (110,342) | ||
Shares surrendered for tax withholding | (5,534) | (12,148) | ||
Other - net | (60) | (251) | ||
Net cash flows provided by financing activities | 63,961 | 2,050 | ||
Effect of exchange rate changes on cash and cash equivalents | (11,776) | (2,050) | ||
Net (decrease) increase in cash | (311,471) | 113,767 | ||
Cash and cash equivalents at beginning of year | 1,025,851 | 632,581 | ||
Cash and cash equivalents at end of period | $ | 714,380 | $ | 746,348 |
Three Months Ended June 30, (a) |
Six Months Ended June 30, (a) | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Fluid & Metering Technologies | ||||||||
Net sales | $ | 251,277 | $ | 219,112 | $ | 494,642 | $ | 445,973 |
Operating income (b)
| 63,467 | 50,938 | 126,364 | 117,709 | ||||
Operating margin | 25.3 | % | 23.2 | % | 25.5 | % | 26.4 | % |
EBITDA(c)
| $ | 65,845 | $ | 57,829 | $ | 135,786 | $ | 129,232 |
EBITDA margin(c)
| 26.2 | % | 26.4 | % | 27.5 | % | 29.0 | % |
Depreciation and amortization | $ | 7,953 | $ | 6,809 | $ | 15,006 | $ | 12,207 |
Capital expenditures | 5,004 | 1,794 | 8,284 | 6,322 | ||||
Health & Science Technologies | ||||||||
Net sales | $ | 275,012 | $ | 215,668 | $ | 525,381 | $ | 439,727 |
Operating income (b)
| 75,963 | 48,007 | 142,613 | 100,650 | ||||
Operating margin | 27.6 | % | 22.3 | % | 27.1 | % | 22.9 | % |
EBITDA(c)
| $ | 88,206 | $ | 57,452 | $ | 165,714 | $ | 121,285 |
EBITDA margin(c)
| 32.1 | % | 26.6 | % | 31.5 | % | 27.6 | % |
Depreciation and amortization | $ | 12,534 | $ | 9,917 | $ | 23,047 | $ | 20,576 |
Capital expenditures | 9,565 | 4,955 | 18,694 | 10,284 | ||||
Fire & Safety/Diversified Products | ||||||||
Net sales | $ | 160,812 | $ | 127,076 | $ | 320,296 | $ | 271,400 |
Operating income (b)
| 42,797 | 28,837 | 87,357 | 66,874 | ||||
Operating margin | 26.6 | % | 22.7 | % | 27.3 | % | 24.6 | % |
EBITDA(c)
| $ | 44,594 | $ | 32,510 | $ | 93,297 | $ | 74,621 |
EBITDA margin(c)
| 27.7 | % | 25.6 | % | 29.1 | % | 27.5 | % |
Depreciation and amortization | $ | 3,851 | $ | 3,796 | $ | 7,723 | $ | 7,555 |
Capital expenditures | 1,390 | 1,310 | 3,159 | 4,194 | ||||
Corporate Office and Eliminations | ||||||||
Intersegment sales eliminations | $ | (1,154) | $ | (607) | $ | (2,336) | $ | (1,389) |
Operating income (b)
| (23,971) | (17,188) | (42,531) | (34,698) | ||||
EBITDA(c)
| (33,115) | (23,031) | (51,328) | (42,005) | ||||
Depreciation and amortization (d)
| 111 | 104 | 217 | 285 | ||||
Capital expenditures | 25 | 264 | 456 | 285 | ||||
Company | ||||||||
Net sales | $ | 685,947 | $ | 561,249 | $ | 1,337,983 | $ | 1,155,711 |
Operating income | 158,256 | 110,594 | 313,803 | 250,535 | ||||
Operating margin | 23.1 | % | 19.7 | % | 23.5 | % | 21.7 | % |
EBITDA(c)
| $ | 165,530 | $ | 124,760 | $ | 343,469 | $ | 283,133 |
EBITDA margin(c)
| 24.1 | % | 22.2 | % | 25.7 | % | 24.5 | % |
Depreciation and amortization (d)
| $ | 24,449 | $ | 20,626 | $ | 45,993 | $ | 40,623 |
Capital expenditures | 15,984 | 8,323 | 30,593 | 21,085 | ||||
Three Months Ended June 30, (a) |
Six Months Ended June 30, (a) | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Fluid & Metering Technologies | ||||||||
Net sales | $ | 251,277 | $ | 219,112 | $ | 494,642 | $ | 445,973 |
Adjusted operating income (b)(c)
| 67,199 | 56,893 | 131,703 | 123,664 | ||||
Adjusted operating margin(c)
| 26.7 | % | 26.0 | % | 26.6 | % | 27.7 | % |
Adjusted EBITDA(c)
| $ | 75,870 | $ | 63,784 | $ | 147,418 | $ | 135,187 |
Adjusted EBITDA margin(c)
| 30.2 | % | 29.1 | % | 29.8 | % | 30.3 | % |
Depreciation and amortization | $ | 7,953 | $ | 6,809 | $ | 15,006 | $ | 12,207 |
Capital expenditures | 5,004 | 1,794 | 8,284 | 6,322 | ||||
Health & Science Technologies | ||||||||
Net sales | $ | 275,012 | $ | 215,668 | $ | 525,381 | $ | 439,727 |
Adjusted operating income (b)(c)
| 76,405 | 49,191 | 143,680 | 101,834 | ||||
Adjusted operating margin(c)
| 27.8 | % | 22.8 | % | 27.3 | % | 23.2 | % |
Adjusted EBITDA(c)
| $ | 88,648 | $ | 58,636 | $ | 166,781 | $ | 122,469 |
Adjusted EBITDA margin(c)
| 32.2 | % | 27.2 | % | 31.7 | % | 27.9 | % |
Depreciation and amortization | $ | 12,534 | $ | 9,917 | $ | 23,047 | $ | 20,576 |
Capital expenditures | 9,565 | 4,955 | 18,694 | 10,284 | ||||
Fire & Safety/Diversified Products | ||||||||
Net sales | $160,812 | $ | 127,076 | $ | 320,296 | $ | 271,400 | |
Adjusted operating income (b)(c)
| 42,916 | 29,478 | 87,573 | 67,515 | ||||
Adjusted operating margin(c)
| 26.7 | % | 23.2 | % | 27.3 | % | 24.9 | % |
Adjusted EBITDA(c)
| $ | 46,495 | $ | 33,151 | $ | 95,295 | $ | 75,262 |
Adjusted EBITDA margin(c)
| 28.9 | % | 26.1 | % | 29.8 | % | 27.7 | % |
Depreciation and amortization | $ | 3,851 | $ | 3,796 | $ | 7,723 | $ | 7,555 |
Capital expenditures | 1,390 | 1,310 | 3,159 | 4,194 | ||||
Corporate Office and Eliminations | ||||||||
Intersegment sales eliminations | $(1,154) | $ | (607) | $(2,336) | $ | (1,389) | ||
Adjusted operating income (b)(c)
| (19,406) | (17,020) | (37,403) | (34,530) | ||||
Adjusted EBITDA(c)
| (18,376) | (14,442) | (36,026) | (33,416) | ||||
Depreciation and amortization(d)
| 111 | 104 | 217 | 285 | ||||
Capital expenditures | 25 | 264 | 456 | 285 | ||||
Company | ||||||||
Net sales | $ | 685,947 | $ | 561,249 | $1,337,983 | $1,155,711 | ||
Adjusted operating income(c)
| 167,114 | 118,542 | 325,553 | 258,483 | ||||
Adjusted operating margin(c)
| 24.4 | % | 21.1 | % | 24.3 | % | 22.4 | % |
Adjusted EBITDA(c)
| $ | 192,637 | $ | 141,129 | $ | 373,468 | $ | 299,502 |
Adjusted EBITDA margin(c)
| 28.1 | % | 25.1 | % | 27.9 | % | 25.9 | % |
Depreciation and amortization (d)
| $ | 24,449 | $ | 20,626 | $ | 45,993 | $ | 40,623 |
Capital expenditures | 15,984 | 8,323 | 30,593 | 21,085 | ||||
(a) |
Three and six month data includes the results of both the ABEL Pumps acquisition (March 2021) and the Flow MD acquisition (February 2020) in the Fluid & Metering Technologies segment from the date of acquisition. Three and six month data also includes the results of CiDRA Precision Services (March 2021) in the Health & Science Technologies segment through the date of disposition.
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(b) | Segment operating income excludes unallocated corporate operating expenses which are included in Corporate Office and Eliminations. | |||||||
(c) |
These are non-GAAP financial measures. For a reconciliation of these non-GAAP financial measures to their most comparable measure calculated and presented in accordance with GAAP, see the reconciliation tables above.
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(d) | Depreciation and amortization excludes amortization of debt issuance costs. |
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IDEX Corporation published this content on 28 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2021 13:43:08 UTC.