Idex Corp. Q3 FY2023 results: revenue $793 million, down 3.7% on the year

Idex Corp. (IEX) reported revenue of $793 million for Q3 FY2023, the quarter ended 30 September 2023, down 3.7% on the same quarter a year earlier. Net income was $209 million, up 17.0% on the year, and diluted earnings per share $2.75. The figures are the company's own, from the 10-Q it filed with the SEC on 26 October 2023.

Revenue$793 milliondown 3.7%

Net income$209 millionup 17.0%

Diluted EPS$2.75

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	793	n/a	n/a	n/a
Cost of revenue	444	n/a	n/a	n/a
Gross profit	350	n/a	n/a	n/a
Gross margin	44.1%	n/a	n/a
Selling, general and administrative	166	n/a	n/a	n/a
Operating income	180	n/a	n/a	n/a
Operating margin	22.6%	n/a	n/a
Interest expense	13.7	n/a	n/a	n/a
Pre-tax income	262	n/a	n/a	n/a
Income tax	52.8	n/a	n/a	n/a
Effective tax rate	20.2%	n/a	n/a
Net income	209	n/a	n/a	n/a
Net margin	26.4%	n/a	n/a
Diluted EPS	$2.75	n/a	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	227	n/a	n/a	n/a
Capital expenditure	20.1	n/a	n/a	n/a
Free cash flow	206	n/a	n/a	n/a
Free cash flow margin	26.0%	n/a	n/a
Depreciation and amortisation	38.5	n/a	n/a	n/a
Share-based compensation	2.5	n/a	n/a	n/a
Buybacks	0.1	n/a	n/a	n/a
Dividends paid	48.4	n/a	n/a	n/a
Dividend per share	$0.64	n/a	n/a	n/a
Diluted shares, weighted	76m	n/a	n/a	n/a
Shares outstanding at period end	76m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Total assets	5,670	n/a	n/a	n/a
Cash and equivalents	563	n/a	n/a	n/a
Receivables	423	n/a	n/a	n/a
Inventory	447	n/a	n/a	n/a
Goodwill	2,677	n/a	n/a	n/a
Long-term debt	1,329	n/a	n/a	n/a
Operating lease liabilities	96.9	n/a	n/a	n/a
Shareholders' equity	3,387	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	793	789	800	807	798	863	814	865	879	899	887	921
Cost of revenue	444	452	443	440	444	496	445	473	488	512	489	494
Gross profit	350	337	357	367	354	367	369	392	391	387	398	427
Gross margin	44%	43%	45%	45%	44%	43%	45%	45%	44%	43%	45%	46%
SG&A	166	174	195	183	183	198	209	204	205	201	218	224
Operating income	180	160	161	183	168	165	142	188	186	184	172	200
Operating margin	23%	20%	20%	23%	21%	19%	17%	22%	21%	20%	19%	22%
Interest expense	13.7	11.6	9.4	8.1	10.3	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	262	140	154	179	154	151	124	170	170	168	157	186
Tax rate	20%	23%	21%	21%	23%	19%	23%	23%	25%	23%	24%	23%
Net income	209	109	121	141	119	123	95.5	132	128	128	120	143
Net margin	26%	14%	15%	18%	15%	14%	12%	15%	15%	14%	14%	16%
Diluted EPS	$2.75	$1.44	$1.60	$1.86	$1.57	$1.61	$1.26	$1.74	$1.70	$1.71	$1.61	$1.93
Operating cash flow	227	201	157	134	205	173	106	162	204	210	104	200
Capital expenditure	20.1	21.6	20.0	15.9	13.7	15.5	14.3	14.8	14.8	19.7	17.7	23.0
Free cash flow	206	179	137	118	192	157	91.4	147	189	190	86.0	177
Buybacks	0.1	23.1	0.0	0.0	0.0	0.0	50.0	50.0	75.0	72.8	76.3	77.1
Dividends paid	48.4	48.4	48.5	52.2	52.3	52.3	52.4	53.5	53.5	53.2	52.8	53.9
Shares outstanding	76m	76m	76m	76m	76m	76m	76m	75m	75m	74m	74m	74m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 26 October 2023, accession 0000832101-23-000048: the filing on EDGAR. All of Idex Corp.'s filings: EDGAR company page.

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