IDEX Corporation reported its financial results for the third quarter and the nine months ended September 30, 2024, showing mixed performance compared to the same periods in 2023.
For Q3 2024, net sales reached $798.2 million, a slight increase from $793.4 million in Q3 2023. Gross profit also saw a modest rise to $353.9 million from $349.6 million. However, operating income decreased to $168.0 million from $179.6 million, and income before income taxes fell significantly to $154.4 million compared to $261.8 million in the prior year. Net income attributable to IDEX for Q3 2024 was $119.1 million, down from $209.1 million in Q3 2023, resulting in basic and diluted earnings per share of $1.57, down from $2.76 and $2.75, respectively.
For the nine months ended September 30, 2024, net sales totaled $2,405.9 million, a decline from $2,485.0 million in the same period of 2023. Gross profit decreased to $1,078.1 million from $1,110.1 million, and operating income fell to $511.9 million from $572.0 million. Income before income taxes for the nine months was $488.1 million, down from $620.1 million, while net income attributable to IDEX decreased to $381.8 million from $487.5 million, leading to basic and diluted earnings per share of $5.03 and $5.02, respectively, compared to $6.44 and $6.42 in 2023.
Strategically, IDEX made significant acquisitions, including Mott Corporation for $986.2 million on September 5, 2024, funded through cash reserves and borrowings. This acquisition is expected to enhance IDEX's capabilities in the health and science technologies sector. Additionally, IDEX acquired STC Material Solutions for $200.4 million in December 2023, further expanding its portfolio in technical ceramics and hermetic sealing products.
The company also reported a notable increase in total assets, which rose to $6,967.5 million as of September 30, 2024, from $5,865.2 million at the end of 2023. This increase was accompanied by a rise in total liabilities to $3,149.2 million from $2,324.0 million, primarily due to increased long-term borrowings, which reached $2,075.1 million.
Cash and cash equivalents improved to $633.2 million from $534.3 million at the end of 2023, reflecting a strong liquidity position despite the challenges in profitability. The company also reported comprehensive income for Q3 2024 of $210.6 million, up from $150.6 million in Q3 2023, indicating some resilience in overall financial health.
About IDEX CORP /DE/
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