EX-99.1 2 c52508exv99w1.htm EX-99.1 exv99w1
Exhibit 99.1
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IDEX Corporation Second Quarter 2009 Earnings Release July 21, 2009

 


 

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Agenda Q2 2009 Summary ?Q2 2009 Segment Performance ?Fluid & Metering ?Health & Science ?Dispensing Equipment ?Fire & Safety / Diversified ?2009 Guidance Update ?Q&A

 


 

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Replay Information Dial toll-free: 888.203.1112 ?International: 719.457.0820 ?Conference ID: #6940348 ?Log on to: www.idexcorp.com

 


 

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Cautionary Statement Under the Private Securities Litigation Reform Act This presentation and discussion will include forward-looking statements. Our actual performance may differ materially from that indicated or suggested by any such statements. There are a number of factors that could cause those differences, including those presented in our most recent annual report and other company filings with the SEC.

 


 

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Q2 2009 Financial Performance Q2 ’09Q2 ’08Var Orders $ 319 $ 402 (21)% Sales $ 336 $ 397 (15)% Adj. Op Margin* 14.9% 18.1% (320)Bp Adj. EBITDA* $ 64 $ 85 (25)% Adj. EPS* $ .37 $ .54 (31)% FCF $ 50 $ 60 (17)% *Q2’09 adjusted for $3. Solid Operating Margins and Free Cash Flow

 


 

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Fluid & Metering
Q2 ‘09Q2 ‘08Change Orders $152.0 $182.7 (17)% Sales $157.0 $177.4 (12)% -Organic (20)% -Acquisition 11% -Currency (3)% Operating Margin* 15.4% 18.6% (320)bp Op Margin excl acq* 17.2% 18.6% (140)Bp *Q2’09 Op Margin excludes restructuring 2009 Outlook 2H’09 vs 1H’09: ??Infrastructure spend slow to benefit sales (water/waste water)??Chemical segment will not improve during the 2nd half??Other end markets providing growth opportunities Continued economic pressure in the near-term; well positioned in the long term

 


 

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Health & Science Q2 ‘09Q2 ‘08Change Orders $70.3 $88.5 (21)% Sales $73.8 $87.2 (15)% -Organic (18)% -Acquisition 5% -Currency (2)% Operating Margin* 15.7% 18.2% (250)bp Op Margin excl acq* 14.9% 18.2% (330)Bp *Q2’09 Op Margin excludes restructuring expense 2009 Outlook 2H’09 vs 1H’09: ??Core markets have bottomed ??Continued economic pressure on non-core businesses HST Core business: Platform for growth

 


 

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Dispensing Equipment
Q2 ‘09Q2 ‘08 Change Orders $33.3 $50.5 (34)% Sales $45.7 $56.6 (19)% -Organic (13)% -Currency (6)% Operating Margin* 21.9% 25.2% (330)bp *Q2’09 Op Margin excludes restructuring expense 2009 Outlook 2H’09 vs 1H’09: ??1H09 replenishment order largely completed ??Lack of major capital investment from many retail customers??Low VOC chemistry driving new equipment spend Continued 2nd half market softness in North America and Europe

 


 

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Fire & Safety / Diversified Products Q2 ‘09Q2 ‘08 Change Orders $64.2 $81.7 (21)% Sales $62.1 $77.2 (20)% -Organic (14)% -Currency (6)% Operating Margin* 22.1% 24.4% (230)bp *Q2’09 Op Margin excludes restructuring expense 2009 Outlook 2H’09 vs 1H’09: ??Continued global growth opportunity for rescue tools ??Stable end markets for fire suppression ??Band clamping continued to be pressured ??In total — flat to modest sequential growth expected Global growth in fire suppression and rescue tools; pressure on band clamping

 


 

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2009 Guidance Summary FY 2009
??EPS estimate range*: $1.35 — $1.45 o?Organic growth down ~15% o?Negative Fx impact of ~3% to sales (at current rates)??Acquisitions add 5 6% to sales??Operating margins of 14.0% — 15.0% o?Guidance excludes restructuring -3 cents ??Other modeling items o?Tax rate = 34%??Capex = $23 — $25M
o?Exceed1.2x free cash conversion (to net income) Q3 2009
??EPS estimate range*: $0.33 — $0.37 o?Organic growth down ~17%
o?Negative Fx impact of ~2% to sales (at current rates)??Acquisitions add 6 7% to sales *Excludes restructuring; full year also excludes Q109 accounting charge

 


 

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Q&A