IDEX Q2 sales and profit miss; cuts full-year guidance; announces $1B Mott acquisition

IDEX CORP /DE/

2024-Q2 EPS reported $3.46 revenue$1,607,700,000

Q2 sales $807M, down 5% (4% organic); GAAP EPS $1.86 (up 2%), adjusted EPS $2.06 (down 6%).
Full-year guidance cut: organic sales decline 1-2% (prior up 0-2%); GAAP EPS $6.85-$6.95, adjusted $7.80-$7.90.
Q3 guidance: organic sales flat to +1%; adjusted EPS $1.85-$1.90.
Announced $1.0B cash acquisition of Mott Corp, expected close Q3 2024.
Divested Alfa Valvole for $45.5M cash, recording a $4.6M gain.

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