IDEX Reports Second Quarter EPS of 99 Cents; Reaffirms Full Year EPS Guidance of $3.70 -- $3.75
Second Quarter 2016 Highlights
- Orders and sales were up 5 and 7 percent, respectively
-
EPS of
99 cents was up10 cents , or 11 percent -
Completed a
$200 million private placement of senior notes -
Acquired AWG Fittings for €46 million on
July 1 st
Second Quarter 2016
Orders of
Gross margin of 44.4 percent was down 60 basis points from the prior
year period, primarily due to a
Operating income of
Net income of
Cash from operations of
“In the second quarter of 2016, orders and sales increased 5 and 7 percent, respectively. Our Water, Scientific Fluidics and Dispensing platforms continue to outperform, while the North American industrial market remains challenged compared with a year ago. Recently, we have seen signs that our North American industrial markets are stabilizing, and within our Energy platform large projects that had been delayed for several quarters shipped late in the second quarter. Operating margin of 20.6 percent decreased 70 basis points compared with the prior year period, mainly due to 60 basis points of pressure from the remaining fair value inventory step-up charge related to our Akron Brass acquisition. I’m very pleased with the team’s ability to execute in this difficult organic growth environment.
Total shareholder return remains our primary focus. In the first half of
the year, we deployed over
Looking ahead, the long-term impact from the recent Brexit decision is
relatively unknown, while the stabilization of the North American
industrial market is encouraging. Considering these factors, along with
the impact of incremental interest expense from our recent private
placement and the expected impact from the AWG fair value inventory
step-up charge, we are holding our prior EPS guidance of
Chairman and Chief Executive Officer
Second Quarter 2016 Segment Highlights
Fluid & Metering Technologies
-
Sales of
$222 million reflected a 3 percent increase compared to the second quarter of 2015 (+1 percent organic and +2 percent acquisitions). -
Operating income of
$54 million was$2 million higher than the prior year period, while operating margin of 24.3 percent represented a 20 basis point increase compared with the second quarter of 2015 primarily due to higher volume within our Energy platform. -
EBITDA of
$61 million resulted in an EBITDA margin of 27.7 percent, a 50 basis point increase compared with the second quarter of 2015.
Health & Science Technologies
-
Sales of
$187 million reflected a 1 percent decrease compared to the second quarter of 2015 (-2 percent organic, +2 percent acquisitions and -1 percent foreign currency translation). -
Operating income of
$41 million was$1 million lower than the prior year period, while operating margin of 22.0 percent represented a 30 basis point decrease compared with the second quarter of 2015 primarily due to lower volume in the more industrially-exposed portions of the segment. -
EBITDA of
$53 million resulted in an EBITDA margin of 28.4 percent, a 90 basis point increase compared with the second quarter of 2015.
Fire & Safety/Diversified Products
-
Sales of
$142 million reflected a 27 percent increase compared to the second quarter of 2015 (-1 percent organic and +28 percent acquisition). -
Operating income of
$34 million was$3 million higher than the prior year period, while operating margin of 24.1 percent represented a 400 basis point decrease compared with the second quarter of 2015 primarily due to the fair value inventory step-up charge related to the Akron Brass acquisition. -
EBITDA of
$38 million resulted in an EBITDA margin of 26.9 percent, a 260 basis point decrease compared with the second quarter of 2015.
For the second quarter of 2016, Fluid & Metering Technologies contributed 40 percent of sales, 42 percent of operating income and 40 percent of EBITDA; Health & Science Technologies accounted for 34 percent of sales, 32 percent of operating income and 35 percent of EBITDA; and Fire & Safety/Diversified Products represented 26 percent of sales, 26 percent of operating income and 25 percent of EBITDA.
Non-U.S. GAAP Measures of Financial Performance
The Company supplements certain U.S. GAAP financial performance metrics with non-U.S. GAAP financial performance metrics in order to provide investors with better insight and increased transparency while also allowing for a more comprehensive understanding of the financial information used by management in its decision making. Reconciliations of non-U.S. GAAP financial performance metrics to their most comparable U.S. GAAP financial performance metrics are defined and presented below and should not be considered a substitute for, nor superior to, the financial data prepared in accordance with U.S. GAAP. There were no adjustments to U.S. GAAP financial performance metrics other than the items noted below.
- Organic orders and sales are calculated according to U.S. GAAP excluding amounts from acquired or divested businesses during the first twelve months of ownership or divestiture and the impact of foreign currency translation.
- EBITDA is calculated as net income plus interest expense plus provision for income taxes plus depreciation and amortization. We reconciled EBITDA to net income on a consolidated basis as we do not allocate consolidated interest expense or consolidated provision for income taxes to our segments.
- Free cash flow is calculated as cash flow from operating activities less capital expenditures.
Table 1: Reconciliations of Net Sales to Organic Sales
For the Three Months Ended June 30, 2016 | For the Six Months Ended June 30, 2016 | |||||||||||||||
FMT | HST | FSDP | IDEX | FMT | HST | FSDP | IDEX | |||||||||
Change in net sales | 3% | (1%) | 27% | 7% | 0% | 2% | 13% | 3% | ||||||||
- Net Impact from acquisitions/divestitures | 2% | 2% | 28% | 8% | 3% | 3% | 17% | 6% | ||||||||
- Impact from FX | 0% | (1%) | 0% | 0% | (1%) | (1%) | (1%) | (1%) | ||||||||
Organic Sales | 1% | (2%) | (1%) | (1%) | (2%) | 0% | (3%) | (2%) | ||||||||
Table 2: Reconciliations of EBITDA to Net Income (in thousands)
For the Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||||||||||||||||||||||
Corporate | Total | Corporate | Total | |||||||||||||||||||||||||||||||||||||
FMT | HST | FSDP | Office | IDEX | FMT | HST | FSDP | Office | IDEX | |||||||||||||||||||||||||||||||
Operating income (loss) | $ | 53,865 | $ | 41,125 | $ | 34,116 | $ | (16,130 | ) | $ | 112,976 | $ | 51,857 | $ | 42,060 | $ | 31,482 | $ | (15,490 | ) | $ | 109,909 | ||||||||||||||||||
- Other (income) expense - net | (47 | ) | (757 | ) | (754 | ) | (316 | ) | (1,874 | ) | (10 | ) | 661 | 18 | 158 | 827 | ||||||||||||||||||||||||
+ Depreciation and amortization | 7,587 | 11,020 | 3,250 | 318 | 22,175 | 6,649 | 10,487 | 1,529 | 422 | 19,087 | ||||||||||||||||||||||||||||||
EBITDA | 61,499 | 52,902 | 38,120 | (15,496 | ) | 137,025 | 58,516 | 51,886 | 32,993 | (15,226 | ) | 128,169 | ||||||||||||||||||||||||||||
- Interest expense | 11,205 | 10,584 | ||||||||||||||||||||||||||||||||||||||
- Provision for income taxes | 27,886 | 28,913 | ||||||||||||||||||||||||||||||||||||||
- Depreciation and amortization | 22,175 | 19,087 | ||||||||||||||||||||||||||||||||||||||
Net income | $ | 75,759 | $ | 69,585 | ||||||||||||||||||||||||||||||||||||
Net sales (eliminations) | $ | 221,810 | $ | 186,568 | $ | 141,611 | $ | (293 | ) | $ | 549,696 | $ | 215,293 | $ | 188,405 | $ | 111,941 | $ | (758 | ) | $ | 514,881 | ||||||||||||||||||
Operating margin | 24.3 | % | 22.0 | % | 24.1 | % | n/m | 20.6 | % | 24.1 | % | 22.3 | % | 28.1 | % | n/m | 21.3 | % | ||||||||||||||||||||||
EBITDA margin | 27.7 | % | 28.4 | % | 26.9 | % | n/m | 24.9 | % | 27.2 | % | 27.5 | % | 29.5 | % | n/m | 24.9 | % | ||||||||||||||||||||||
For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||||||||||||||||||||||
Corporate | Total | Corporate | Total | |||||||||||||||||||||||||||||||||||||
FMT | HST | FSDP | Office | IDEX | FMT | HST | FSDP | Office | IDEX | |||||||||||||||||||||||||||||||
Operating income (loss) | $ | 105,266 | $ | 81,824 | $ | 59,520 | $ | (31,077 | ) | $ | 215,533 | $ | 107,755 | $ | 79,517 | $ | 58,644 | $ | (34,250 | ) | $ | 211,666 | ||||||||||||||||||
- Other (income) expense - net | (214 | ) | (1,130 | ) | (844 | ) | (430 | ) | (2,618 | ) | (812 | ) | 530 | (844 | ) | 230 | (896 | ) | ||||||||||||||||||||||
+ Depreciation and amortization | 14,843 | 21,881 | 4,732 | 676 | 42,132 | 13,010 | 20,695 | 3,061 | 831 | 37,597 | ||||||||||||||||||||||||||||||
EBITDA | 120,323 | 104,835 | 65,096 | (29,971 | ) | 260,283 | 121,577 | 99,682 | 62,549 | (33,649 | ) | 250,159 | ||||||||||||||||||||||||||||
- Interest expense | 21,694 | 21,181 | ||||||||||||||||||||||||||||||||||||||
- Provision for income taxes | 52,568 | 55,842 | ||||||||||||||||||||||||||||||||||||||
- Depreciation and amortization | 42,132 | 37,597 | ||||||||||||||||||||||||||||||||||||||
Net income | $ | 143,889 | $ | 135,539 | ||||||||||||||||||||||||||||||||||||
Net sales (eliminations) | $ | 433,653 | $ | 372,911 | $ | 246,229 | $ | (525 | ) | $ | 1,052,268 | $ | 433,541 | $ | 367,525 | $ | 218,563 | $ | (2,550 | ) | $ | 1,017,079 | ||||||||||||||||||
Operating margin | 24.3 | % | 21.9 | % | 24.2 | % | n/m | 20.5 | % | 24.9 | % | 21.6 | % | 26.8 | % | n/m | 20.8 | % | ||||||||||||||||||||||
EBITDA margin | 27.7 | % | 28.1 | % | 26.4 | % | n/m | 24.7 | % | 28.0 | % | 27.1 | % | 28.6 | % | n/m | 24.6 | % | ||||||||||||||||||||||
Table 3: Reconciliations of Free Cash Flow (in thousands)
For the Three Months Ended | ||||||||||
June 30, | Mar 31, | |||||||||
2016 | 2015 | 2016 | ||||||||
Cash flow from operating activities | $ | 88,478 | $ | 99,024 | $ | 70,365 | ||||
- Capital expenditures | 8,402 | 13,749 | 8,650 | |||||||
+ Excess tax benefit from share-based compensation * | - | 863 | - | |||||||
Free cash flow | $ | 80,076 | $ | 86,138 | $ | 61,715 | ||||
* The Company early adopted ASU 2016-09 effective in the first quarter of 2016. This ASU issued in March of 2016 simplifies the accounting for share-based payments, including the presentation of the excess tax benefit on the statement of cash flows. |
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Conference Call to be Broadcast over the Internet
IDEX will broadcast its second quarter earnings conference call over the
Internet on
Forward-Looking Statements
This news release contains “forward-looking” statements within the
meaning of the Private Securities Litigation Reform Act of 1995, as
amended. These statements may relate to, among other things, capital
expenditures, acquisitions, cost reductions, cash flow, revenues,
earnings, market conditions, global economies and operating
improvements, and are indicated by words or phrases such as
“anticipate,” “estimate,” “plans,” “expects,” “projects,” “forecasts,”
“should,” “could,” “will,” “management believes,” “the company
believes,” “the company intends,” and similar words or phrases. These
statements are subject to inherent uncertainties and risks that could
cause actual results to differ materially from those anticipated at the
date of this news release. The risks and uncertainties include, but are
not limited to, the following: economic and political consequences
resulting from terrorist attacks and wars; levels of industrial activity
and economic conditions in the U.S. and other countries around the
world; pricing pressures and other competitive factors, and levels of
capital spending in certain industries – all of which could have a
material impact on order rates and IDEX’s results, particularly in light
of the low levels of order backlogs it typically maintains; its ability
to make acquisitions and to integrate and operate acquired businesses on
a profitable basis; the relationship of the U.S. dollar to other
currencies and its impact on pricing and cost competitiveness; political
and economic conditions in foreign countries in which the company
operates; interest rates; capacity utilization and the effect this has
on costs; labor markets; market conditions and material costs; and
developments with respect to contingencies, such as litigation and
environmental matters. Additional factors that could cause actual
results to differ materially from those reflected in the forward-looking
statements include, but are not limited to, the risks discussed in the
“Risk Factors” section included in the Company’s most recent annual
report on Form 10-K filed with the
About IDEX
For further information on
(Financial reports follow)
IDEX CORPORATION | |||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||
(in thousands except per share amounts) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net sales | $ | 549,696 | $ | 514,881 | $ | 1,052,268 | $ | 1,017,079 | |||||||
Cost of sales | 305,638 | 283,266 | 584,875 | 559,423 | |||||||||||
Gross profit | 244,058 | 231,615 | 467,393 | 457,656 | |||||||||||
Selling, general and administrative expenses | 131,082 | 121,706 | 251,860 | 245,990 | |||||||||||
Operating income | 112,976 | 109,909 | 215,533 | 211,666 | |||||||||||
Other (income) expense - net | (1,874 | ) | 827 | (2,618 | ) | (896 | ) | ||||||||
Interest expense | 11,205 | 10,584 | 21,694 | 21,181 | |||||||||||
Income before income taxes | 103,645 | 98,498 | 196,457 | 191,381 | |||||||||||
Provision for income taxes | 27,886 | 28,913 | 52,568 | 55,842 | |||||||||||
Net income | $ | 75,759 | $ | 69,585 | $ | 143,889 | $ | 135,539 | |||||||
Earnings per Common Share (a): | |||||||||||||||
Basic earnings per common share | $ | 1.00 | $ | 0.89 | $ | 1.89 | $ | 1.74 | |||||||
Diluted earnings per common share | $ | 0.99 | $ | 0.89 | $ | 1.87 | $ | 1.72 | |||||||
Share Data: | |||||||||||||||
Basic weighted average common shares outstanding | 75,690 | 77,466 | 75,719 | 77,731 | |||||||||||
Diluted weighted average common shares outstanding | 76,674 | 78,297 | 76,687 | 78,576 | |||||||||||
Condensed Consolidated Balance Sheets | |||||||||||||||
(in thousands) | |||||||||||||||
(unaudited) | |||||||||||||||
June 30, | December 31, | ||||||||||||||
2016 | 2015 | ||||||||||||||
Assets | |||||||||||||||
Current assets | |||||||||||||||
Cash and cash equivalents | $ | 361,488 | $ | 328,018 | |||||||||||
Receivables - net | 296,481 | 260,000 | |||||||||||||
Inventories | 257,659 | 239,124 | |||||||||||||
Other current assets | 53,656 | 35,542 | |||||||||||||
Total current assets | 969,284 | 862,684 | |||||||||||||
Property, plant and equipment - net | 250,904 | 240,945 | |||||||||||||
Goodwill and intangible assets | 1,870,638 | 1,684,366 | |||||||||||||
Other noncurrent assets | 18,530 | 17,448 | |||||||||||||
Total assets | $ | 3,109,356 | $ | 2,805,443 | |||||||||||
Liabilities and shareholders' equity | |||||||||||||||
Current liabilities | |||||||||||||||
Trade accounts payable | $ | 129,164 | $ | 128,911 | |||||||||||
Accrued expenses | 141,408 | 153,672 | |||||||||||||
Short-term borrowings | 1,233 | 1,087 | |||||||||||||
Dividends payable | 25,908 | 25,927 | |||||||||||||
Total current liabilities | 297,713 | 309,597 | |||||||||||||
Long-term borrowings | 1,054,325 | 839,707 | |||||||||||||
Other noncurrent liabilities | 260,388 | 212,848 | |||||||||||||
Total liabilities | 1,612,426 | 1,362,152 | |||||||||||||
Shareholders' equity | 1,496,930 | 1,443,291 | |||||||||||||
Total liabilities and shareholders' equity | $ | 3,109,356 | $ | 2,805,443 |
IDEX CORPORATION | ||||||||
Condensed Consolidated Statements of Cash Flow | ||||||||
(in thousands) | ||||||||
(unaudited) |
||||||||
Six Months Ended June 30, | ||||||||
2016 | 2015 | |||||||
Cash flows from operating activities | ||||||||
Net income | $ | 143,889 | $ | 135,539 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 18,986 | 17,460 | ||||||
Amortization of intangible assets | 23,146 | 20,137 | ||||||
Amortization of debt issuance costs | 758 | 860 | ||||||
Share-based compensation expense | 11,603 | 11,802 | ||||||
Deferred income taxes | 3,669 | 524 | ||||||
Excess tax benefit from share-based compensation | - | (4,083 | ) | |||||
Non-cash interest expense associated with forward starting swaps | 3,443 | 3,539 | ||||||
Changes in (net of the effect from acquisitions): | ||||||||
Receivables | (22,625 | ) | (15,274 | ) | ||||
Inventories | 11,386 | (10,473 | ) | |||||
Other current assets | (17,233 | ) | (630 | ) | ||||
Trade accounts payable | (3,367 | ) | 4,158 | |||||
Accrued expenses | (12,675 | ) | (15,886 | ) | ||||
Other — net | (2,137 | ) | 755 | |||||
Net cash flows provided by operating activities | 158,843 | 148,428 | ||||||
Cash flows from investing activities | ||||||||
Purchases of property, plant and equipment | (17,052 | ) | (23,826 | ) | ||||
Acquisition of businesses, net of cash acquired | (221,556 | ) | (173,333 | ) | ||||
Other — net | 27 | (105 | ) | |||||
Net cash flows used in investing activities | (238,581 | ) | (197,264 | ) | ||||
Cash flows from financing activities | ||||||||
Borrowings under revolving facilities | 280,391 | 350,342 | ||||||
Proceeds from 3.20% Senior Notes | 100,000 | - | ||||||
Proceeds from 3.37% Senior Notes | 100,000 | - | ||||||
Payments under revolving facilities | (266,203 | ) | (240,586 | ) | ||||
Payment of 2.58% Senior Euro Notes | - | (88,420 | ) | |||||
Debt issuance costs | (92 | ) | (1,323 | ) | ||||
Dividends paid | (51,430 | ) | (46,910 | ) | ||||
Proceeds from stock option exercises | 16,934 | 13,459 | ||||||
Excess tax benefit from share-based compensation | - | 4,083 | ||||||
Purchase of common stock | (55,971 | ) | (113,592 | ) | ||||
Unvested shares surrendered for tax withholding | (4,830 | ) | (3,202 | ) | ||||
Net cash flows provided by (used in) financing activities | 118,799 | (126,149 | ) | |||||
Effect of exchange rate changes on cash and cash equivalents | (5,591 | ) | (22,657 | ) | ||||
Net increase (decrease) in cash | 33,470 | (197,642 | ) | |||||
Cash and cash equivalents at beginning of year | 328,018 | 509,137 | ||||||
Cash and cash equivalents at end of period | $ | 361,488 | $ | 311,495 |
IDEX CORPORATION | ||||||||||||||||||||||
Company and Segment Financial Information | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||
Three Months Ended | Six months Ended | |||||||||||||||||||||
June 30, (b) | June 30, (b) | |||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||||||||
Fluid & Metering Technologies | ||||||||||||||||||||||
Net sales | $ | 221,810 | $ | 215,293 | $ | 433,653 | $ | 433,541 | ||||||||||||||
Operating income (c) | 53,865 | 51,857 | 105,266 | 107,755 | ||||||||||||||||||
Operating margin | 24.3 | % | 24.1 | % | 24.3 | % | 24.9 | % | ||||||||||||||
EBITDA | $ | 61,499 | $ | 58,516 | $ | 120,323 | $ | 121,577 | ||||||||||||||
EBITDA margin | 27.7 | % | 27.2 | % | 27.7 | % | 28.0 | % | ||||||||||||||
Depreciation and amortization | $ | 7,587 | $ | 6,649 | $ | 14,843 | $ | 13,010 | ||||||||||||||
Capital expenditures | 4,323 | 8,555 | 7,613 | 13,524 | ||||||||||||||||||
Health & Science Technologies | ||||||||||||||||||||||
Net sales | $ | 186,568 | $ | 188,405 | $ | 372,911 | $ | 367,525 | ||||||||||||||
Operating income (c) | 41,125 | 42,060 | 81,824 | 79,517 | ||||||||||||||||||
Operating margin | 22.0 | % | 22.3 | % | 21.9 | % | 21.6 | % | ||||||||||||||
EBITDA | $ | 52,902 | $ | 51,886 | $ | 104,835 | $ | 99,682 | ||||||||||||||
EBITDA margin | 28.4 | % | 27.5 | % | 28.1 | % | 27.1 | % | ||||||||||||||
Depreciation and amortization | $ | 11,020 | $ | 10,487 | $ | 21,881 | $ | 20,695 | ||||||||||||||
Capital expenditures | 2,868 | 2,677 | 7,005 | 5,562 | ||||||||||||||||||
Fire & Safety/Diversified Products | ||||||||||||||||||||||
Net sales | $ | 141,611 | $ | 111,941 | $ | 246,229 | $ | 218,563 | ||||||||||||||
Operating income (c) | 34,116 | 31,482 | 59,520 | 58,644 | ||||||||||||||||||
Operating margin | 24.1 | % | 28.1 | % | 24.2 | % | 26.8 | % | ||||||||||||||
EBITDA | $ | 38,120 | $ | 32,993 | $ | 65,096 | $ | 62,549 | ||||||||||||||
EBITDA margin | 26.9 | % | 29.5 | % | 26.4 | % | 28.6 | % | ||||||||||||||
Depreciation and amortization | $ | 3,250 | $ | 1,529 | $ | 4,732 | $ | 3,061 | ||||||||||||||
Capital expenditures | 1,164 | 1,790 | 2,271 | 3,112 | ||||||||||||||||||
Corporate Office and Eliminations | ||||||||||||||||||||||
Intersegment sales eliminations | $ | (293 | ) | $ | (758 | ) | $ | (525 | ) | $ | (2,550 | ) | ||||||||||
Operating income (loss) (c) | (16,130 | ) | (15,490 | ) | (31,077 | ) | (34,250 | ) | ||||||||||||||
EBITDA | (15,496 | ) | (15,226 | ) | (29,971 | ) | (33,649 | ) | ||||||||||||||
Depreciation and amortization | 318 | 422 | 676 | 831 | ||||||||||||||||||
Capital expenditures | 47 | 727 | 163 | 1,628 | ||||||||||||||||||
Company | ||||||||||||||||||||||
Net sales | $ | 549,696 | $ | 514,881 | $ | 1,052,268 | $ | 1,017,079 | ||||||||||||||
Operating income | 112,976 | 109,909 | 215,533 | 211,666 | ||||||||||||||||||
Operating margin | 20.6 | % | 21.3 | % | 20.5 | % | 20.8 | % | ||||||||||||||
EBITDA | $ | 137,025 | $ | 128,169 | $ | 260,283 | $ | 250,159 | ||||||||||||||
EBITDA margin | 24.9 | % | 24.9 | % | 24.7 | % | 24.6 | % | ||||||||||||||
Depreciation and amortization (d) | $ | 22,175 | $ | 19,087 | $ | 42,132 | $ | 37,597 | ||||||||||||||
Capital expenditures | 8,402 | 13,749 | 17,052 | 23,826 | ||||||||||||||||||
(a) | Calculated by applying the two-class method of allocating earnings to common stock and participating securities as required by ASC 260, Earnings Per Share. | |||||||||||||||||||||
(b) | Three and six month data includes acquisition of Alfa Valvole (June 2015) in the Fluid & Metering Technologies segment, Novotema (June 2015) and CiDRA Precision Services (July 2015) in the Health & Science Technologies segment and Akron Brass (March 2016) in the Fire & Safety/Diversified segment from the date of acquisition. Three and six month data for 2015 includes the results of Ismatec through the date of disposition (July 2015). | |||||||||||||||||||||
(c) | Segment operating income excludes unallocated corporate operating expenses which are included in Corporate Office and Eliminations. | |||||||||||||||||||||
(d) | Depreciation and amortization excludes amortization of debt issuance costs. |
View source version on businesswire.com: http://www.businesswire.com/news/home/20160718006325/en/
Source:
IDEX Corporation
Investor Contact:
Heath Mitts
Senior
Vice President and Chief Financial Officer
(847) 498-7070