Slide 1: IDEX Corporation First Quarter 2008 Earnings Release
IDEX Corporation First Quarter 2008 Earnings Release April 22, 2008
Slide 2: Agenda
Agenda Q1 2008 Summary Segment Performance Fluid & Metering Health & Science Dispensing Equipment Fire & Safety Capital Deployment FY and Q2 2008 Outlook Q&A
Slide 3: Replay Information
Replay Information Dial toll-free: 800.642.1687 International: 706.645.9291 Conference ID: #38180500 Log on to: www.idexcorp.com
Slide 4: Cautionary Statement Under the Private Securities Litigation Reform Act
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
Slide 5: Financial Performance
Q1 2008 Financial Performance Strong Performance Q1 2008 Q1 2007 V% Orders $402 $360 12% Sales $372 $333 12% Operating Income $68 $62 11% Operating Margin 18.3% 18.5% (20)bp EBITDA Margin 21.6% 21.4% 20bp EPS $.50 $.45 11% FCF $22.1 $12.0 84% (Continuing Operations)
Slide 6: Portfolio Summary
Portfolio Summary Strategic Position/ Innovation Market Growth Global Presence Acquisition Pipeline FMT (46%) HST (23%) - Core AI/IVD/Bio (40%) - Ind/Pneumatics (60%) Dispensing (13%) FSD (18%) - Fire - Rescue - BAND-IT IDEX M&A Focus Strong Platform for Growth
Slide 7: Fluid & Metering Performance
Fluid & Metering Performance Highlights: Q1 2008 sales growth of 25% Operating margin 20.0% Excellent acquisition execution and opportunities Outlook: Continued strong end-market performance International expansion New acquisitions Strong End Markets - Well Positioned to Grow
Slide 8: Health & Science Performance
Health & Science Performance Highlights: Q1 2008 sales growth of 4% Operating margin 18.0% Outlook: Continued growth driven by strong core end markets Acquisitions performing well Strong growth in core analytical instrumentation, IVD and biotechnology markets
Slide 9: Dispensing Equipment Performance
Dispensing Equipment Performance Highlights: Q1 2008 sales growth of 4% Operating margin 22.5% Outlook: Well positioned for growth - new technology and replenishment programs (aging equipment) Stable European market conditions Continued Solid Global Performance
Slide 10: Fire & Safety / Diversified Products Performance
Fire & Safety / Diversified Products Performance Highlights: Q1 2008 sales flat vs prior year Operating margin 25.8% Outlook: Fire suppression market slowdown Continued opportunity in international markets for rescue tool products and innovation driving higher than market growth in engineered band c
Slide 11: Performance: Sales
Q1 2008 Performance Q1 '07 Q1 '08 360 401.7 Q1 '07 Q1 '08 333.3 371.7 (Continuing Operations) Double Digit Growth
Slide 12: Performance: Operating Margin and EBITDA
Q1 2008 Performance Q1 '07 Q1 '08 0.185 0.183 (Continuing Operations) EBITDA 13% Growth Q1 '07 Q1 '08 0.214 0.216
Slide 13: Performance: Income and EPS
Q1 2008 Performance Q1 '07 Q1 '08 36.8 41.4 Q1 '07 Q1 '08 0.45 0.5 Double Digit Earnings Growth (Continuing Operations) Income +12%
Slide 14: Segment Performance: Fluid & Metering Technologies
Q1 2008 Segment Performance (Continuing Operations) Q1 '08 Q1 '07 Change Orders $182.2 $145.9 25% Sales Organic Acquisition Currency $170.9 $136.7 25% 5% 17% 3% Operating Income $34.2 $29.8 15% Operating Margin 20.0% 21.8% (180)bp Fluid & Metering Technologies Continued Solid Performance
Slide 15: Segment Performance: Health & Science Technologies
Q1 2008 Segment Performance Q1 '08 Q1 '07 Change Orders $89.7 $88.3 2% Sales Organic Acquisition Currency $83.6 $80.7 4% - -2% 4% 2% Operating Income $15.1 $13.9 9% Operating Margin 18.0% 17.2% 80bp Health & Science Technologies Growth Driven by Acquisitions
Slide 16: Segment Performance: Dispensing Equipment
Q1 2008 Segment Performance Q1 '08 Q1 '07 Change Orders $56.1 $56.9 (2)% Sales - -Organic Currency $50.0 $47.9 4% (6)% 10% Operating Income $11.2 $11.7 (4)% Operating Margin 22.5% 24.4% (190)bp Dispensing Equipment Operating Margin Impacted by Lower Growth
Slide 17: Segment Performance: Fire & Safety/Diversified Products
Q1 2008 Segment Performance Q1 '08 Q1 '07 Change Orders $75.0 $70.0 7% Sales - -Organic Currency $68.7 $69.2 - % (4)% 4% Operating Income $17.7 $15.4 15% Operating Margin 25.8% 22.2% 360bp Fire & Safety/Diversified Products Strong Operating Margin Performance
Slide 18: Capital Deployment
Capital Deployment Capability to deploy over $1 billion on acquisitions and share repurchases over the next three years, while still maintaining strong capital adequacy to support our ratings Primary focus of capital deployment strategy is still acquisitive growth Authorization for up to $125M share
Slide 19: 2008 Outlook
2008 Outlook FY 2008 Sales growth: 13 - 15% 4 - 6% Organic Growth 6% Acquisitions 3% Fx (at current rates) EPS estimate range: $2.10 - $2.18 Q2 2008 Sales growth: 14 - 16% FMT and Dispensing high single digits organic growth HST and Fire & Safety / Diversified Products low single digits organic grow
Slide 20: IDEX Corporation Q&A
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