Q3 2023 Earnings Summary
Reported on Oct 26, 2023 (After Market Close)
Pre-Earnings Price$193.21Last close (Oct 26, 2023)
Post-Earnings Price$192.38Open (Oct 27, 2023)
Price Change
$-0.83(-0.43%)
- IDEX management anticipates a recovery in the semiconductor market starting in 2024, suggesting potential growth in the High Sensitivity Technology (HST) segment.
- The Fluid & Metering Technologies (FMT) segment is achieving strong margins despite declining organic sales, demonstrating effective cost management and operational efficiency.
- Leadership expresses confidence in IDEX's portfolio and agility, believing the company is well-positioned to capitalize on favorable market dynamics when they return.
- Low book-to-bill ratio below 1 in the HST segment indicates potential for organic decline in 2024 unless orders improve soon.
- Recovery in the semiconductor market is delayed further into 2024, which may impact growth in that segment.
- The company anticipates that the current favorable price-cost spread supporting margins "is probably not going to continue out into the future", and deleveraging is tough if business trends negative, potentially affecting operating margins.
Research analysts covering IDEX CORP /DE/.