IDEX Corporation Reports $3.27 Billion in Net Sales for Fiscal Year 2024

IDEX Corporation reported a net sales figure of $3.27 billion for the fiscal year ending December 31, 2024, a slight decrease of 0.2% compared to $3.27 billion in 2023. The company's diluted earnings per share (EPS) fell by 15% to $6.64, down from $7.85 in the previous year. Adjusted diluted EPS, which excludes certain non-recurring items, decreased by 4% to $7.89. The company generated operating cash flow of $668.1 million, representing a 7% decline from the prior year, but still accounted for 132% of net income, an increase from 120% in 2023. Free cash flow also decreased by 4% to $603 million, maintaining a conversion rate of 101% of adjusted net income.

In 2024, IDEX completed the acquisition of Mott Corporation for $986.2 million, marking its largest acquisition to date. This acquisition was financed through a combination of cash on hand and debt, including a public offering of $500 million in senior notes. The company also divested Alfa Valvole, generating a gain of $4 million. The Health & Science Technologies (HST) segment faced challenges, with organic sales declining by 7% due to market softness, particularly in life sciences and semiconductor markets. In contrast, the Fluid & Metering Technologies (FMT) segment reported flat organic sales, while the Fire & Safety/Diversified Products (FSDP) segment saw a 4% increase in net sales, driven by recovery in fire original equipment manufacturer markets.

Operationally, IDEX's employee headcount stood at approximately 9,000 as of December 31, 2024, with a focus on enhancing workforce skills and leadership development. The company reported a strong employee engagement index of 81%, above the manufacturing industry average. Geographically, IDEX's sales were evenly split between domestic and international markets, with international sales increasing by 1% to $1.65 billion. The company continues to emphasize its commitment to innovation and customer service, which it attributes to its competitive advantage in niche markets.

Looking ahead, IDEX anticipates stable growth across most of its end markets in 2025, with particular expectations for the HST segment driven by demand for new disease therapies and energy consumption related to data centers. The FMT segment is expected to see growth primarily from its water businesses, while the FSDP segment is projected to benefit from ongoing recovery in fire safety markets. Despite current market uncertainties, IDEX remains focused on capitalizing on long-term growth trends and enhancing operational efficiencies.