Slide 1: IDEX Corporation First Quarter 2009 Earnings Release
IDEX Corporation First Quarter 2009 Earnings Release April 21, 2009
Slide 2: Agenda
Agenda Q1 2009 Summary Q1 2009 Segment Performance Fluid & Metering Health & Science Dispensing Equipment Fire & Safety / Diversified 2009 Guidance Overview and Summary Q&A
Slide 3: Replay Information
Replay Information Dial toll-free: 888.203.1112 International: 719.457.0820 Conference ID: #3284764 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: Q1 2009 Financial Performance
Q1 2009 Financial Performance Q1 '09 Q1 '08 Var Orders $336 $402 (16)% Sales $327 $372 (12)% Adj. Op Margin* 13.6% 17.6% (400)bp Adj. EBITDA* $58 $78 (26)% Adj. EPS* $.33 $.48 (31)% FCF $13 $24 (46)% Weaker than anticipated sales; Cost reductions in place *Q1'09 adjusted for $2.3M of restructuring e
Slide 6: Fluid & Metering
Fluid & Metering *Q1'09 Op Margin excludes restructuring expense and inventory fair value expense 2009 Outlook Q2'09 vs Q1'09: Chemical end markets down, water / waste water projects constrained by budgets - flat to modest growth, global energy markets - flat to modest growth 2H'09 vs 1H'09: Do not
Slide 7: Health & Science
Health & Science *Q1'09 Op Margin excludes restructuring expense and inventory fair value expense 2009 Outlook Q2'09 vs Q1'09: Slow down in OEM demand - down slightly 2H'09 vs 1H'09: Expect leveling off of decline and flat to modest growth HST Core business: Long-term platform for growth Q1 '09 Q1 '
Slide 8: Dispensing Equipment
Dispensing Equipment 2009 Outlook Q2'09 vs Q1'09: Seasonality and large retailer replenishment order will mitigate downside 2H'09 vs 1H'09: Flat to down due to lack of retail customer capital commitment across both North American and European markets Continued market softness in North America and Eu
Slide 9: Fire & Safety / Diversified Products
Fire & Safety / Diversified Products 2009 Outlook Q2'09 vs Q1'09: Continued global demand in rescue tools, fire suppression stable, band clamping markets pressured. Overall, flat to modest decline. 2H'09 vs 1H'09: Continued global expansion for rescue tools, stable end markets for fire suppression,
Slide 10: 2009 Guidance Overview
2009 Guidance Overview Challenging economic conditions Revised cost structure requirements: Headcount reductions Prudent additional discretionary cost actions On-going contingency planning Fundamental IDEX operating initiatives on track Three scenarios analyzed No significant sequential revenue incr
Slide 11: 2009 Sales / EPS
2009 Sales / EPS Q1 Run Rate Impact of Cost Reductions Volume Normalized Seasonality Modest 2nd half recovery CORPORATION Sales EPS Op Margin Organic growth $1,308 $1.24 ° $0.07 $12 $0.04 $1,320 $1.35 13.5% - 14.0% 15% $15 $0.07 14.0% - 14.5% 14% $25, $0.13 $1,360 $1.55 15.0% -15.5% 12%
Slide 12: 2009 Guidance Summary
2009 Guidance Summary FY 2009 EPS estimate range: $1.35 - $1.55 Organic growth down 12 - 15% Negative Fx impact of 3 - 4% to sales (at current rates) Acquisitions add 5 - 7% to sales Excludes potential 3-5 cents of additional restructuring (timing TBD) Other modeling items Tax rate = 34% Capex = $20
Slide 13: Q&A
Qé&A CORPORATION