Attached files
| file | filename |
|---|---|
| EX-99.2 - EXHIBIT 99.2 - IDEX CORP /DE/ | d297295dex992.htm |
| 8-K - FORM 8-K - IDEX CORP /DE/ | d297295d8k.htm |
 Fourth Quarter 2011 Earnings Release
February 7, 2012 |
 Agenda
2
IDEX Outlook
2011 Summary
Segment Realignment
2011 Segment Performance
Fluid & Metering
Health & Science
Dispensing Equipment
Fire & Safety
2012 Guidance
Q&A |
 IDEX Proprietary & Confidential
Replay Information
Dial toll–free: 855.859.2056
International: 404.537.3406
Conference ID: #40912918
Log on to: www.idexcorp.com
3 |
 IDEX Proprietary & Confidential
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.
4 |
 IDEX Proprietary & Confidential
Total Revenue
Operating Margin*
Free Cash Flow **
EPS*
IDEX 2011 Financial Performance
Outstanding free cash flow, continued top-line growth and margin
expansion 5
Organic: 9%
29% Growth
Organic: 7%
20% Growth
* EPS / Op Margin data was adjusted for $9.4M and $12.3M of restructuring expenses
in Q411 and FY2011, respectively. Restructuring expenses were $4.7M and $11.1M in
Q4 2010 and FY2010, respectively. Additionally, EPS and Op Margin was adjusted for the CVI Melles Griot fair value inventory charge of $15.8M in FY2011.
* * Q4 and full year 2011 and 2010 Free Cash Flow was adjusted for $39M and $31M,
respectively, for the forward starting interest rate swap settlement. |
 IDEX Proprietary & Confidential
Fluid & Metering
13% organic revenue growth in 2011…
margin expanded 140 bps in 2011
6
Q4 Sales Mix:
Organic
+8%
Acquisition
-
Fx
-
Total
+8%
Q4
Summary:
Strong top line growth; reinvigorated aftermarket sales
Energy, Chemical, Agriculture continue to drive results
Water/Waste Water markets are challenged due to US muni
spend
Total Orders
Total Revenue
Operating Margin*
* Op Margin data adjusted for restructuring expense
Organic: 9%
Organic: 13%
140 bps
Improvement
Organic: 8%
Organic: (1%)
80 bps
Improvement |
 IDEX Proprietary & Confidential
Health & Science
IDEX Optics and Photonics platform integration is well underway
7
Q4 Sales Mix:
Organic
+7%
Acquisition
+44%
Fx
-
Total
+51%
Q4 Summary:
When adjusted for 2011 acquisitions operating margin is 24.6%
New products and increased content within the life science end
markets
Industrial, environmental, food and pharma markets remain
strong
HST M&A pipeline entering 2012 is robust.
Total Orders
Total Revenue
Operating Margin*
* Op Margin data adjusted for restructuring expense and the CVI Melles
Griot fair value inventory charge Organic: 9%
Organic: 9%
110 bps
Compression
280 bps
Compression
Organic: 2%
Organic: 7% |
 IDEX Proprietary & Confidential
Dispensing
Operating margins will improve through structural actions taken
8
Q4 Sales Mix:
Organic
-%
Acquisition
-
Fx
-1%
Total
-1%
Q4
Summary:
Consolidation of European sales offices completed in Q4
Structural actions taken will continue to improve margins
Holding share in N.A.; wins on retrofits and spare parts
Total Orders
Total Revenue
Operating Margin*
* Op Margin data adjusted for restructuring expense
Organic: (9%)
Organic: (11%)
20 bps
Improvement
20 bps
Compression
Organic: flat
Organic: (16%) |
 IDEX Proprietary & Confidential
Fire & Safety/
Diversified
Global penetration and continued margin improvement
9
Q4 Sales Mix:
Organic
+6%
Acquisition
-
Fx
-
Total
+6%
Q4
Summary:
Rescue’s growth driven by new product introduction and
emerging market expansion
BAND-IT continued growth through new applications in new
markets
North American Fire markets stable, penetration into
international and adjacent markets
Total Orders
Total Revenue
Operating Margin*
* Op Margin data adjusted for restructuring expense
Organic: 6%
140 bps
Improvement
Organic: 5%
Organic: 1%
150 bps
Improvement
Organic: 6% |
 IDEX Proprietary & Confidential
Outlook: 2012 Guidance Detail
10
Mid Single Digit Organic Sales Growth…Double Digit EPS Growth
2012 Organic Growth Expectations
Mid single digits
Future acquisitions not contemplated in the growth below
Sales
EPS
FY 2011 Actuals
$ 1,838
$ 2.56
Interest Expense
(0.10)
FX
(20M)
(0.03)
Full Year Optics and Photonics
70M -
80M
0.10 -
0.12
Organic Growth
85M -
100M
0.22 -
0.28
Completed Restructuring Actions
0.04
Global Investments
( 0.05)
FY 2012 Forecast
~$2B
$2.74 -2.82 |
 IDEX Proprietary & Confidential
Outlook: 2012 Guidance Summary
Q1 2012
Adjusted EPS estimate range: $0.62 –
$0.64
Organic revenue growth of 4%
Negative Fx impact of $4M to sales (at January
31 rates) FY 2012
Adjusted EPS estimate range: $2.74 –
$2.82
Organic revenue growth in the mid single digits
Operating margin of 19%
Negative Fx impact of
$20M to sales (at January 31 rates)
Positive impact of 5% from acquisitions
Other modeling items
Tax rate 30%
Interest expense of $41M
Cap Ex $40M
Free Cash Flow will exceed net income
EPS
estimate
excludes
future
restructuring,
acquisitions
and
acquisition–related
costs
11 |
 IDEX Proprietary & Confidential
Q&A
12 |