IDEX Corp cuts 2024 profit view on slowing demand for industrial equipment
July 31 (Reuters) -Industrial equipment maker IDEX Corp IEX.N lowered its 2024 profit forecast on Wednesday as demand for industrial machinery and tools fell, sending its shares down nearly 5% after the bell.
U.S. manufacturing activity contracted for a third straight month in June, as high borrowing rates and sticky inflation prompted companies to limit their expenses.
IDEX expects full-year adjusted profit between $7.80 and $7.90 per share, down from its previous forecast of $8.15 to $8.45
The Illinois-based company expects annual organic sales growth to decline 1% to 2% from the prior year, down from its previous guidance of an increase of 0% to 2%.
Quarterly earnings per share stood at $2.06, compared with Wall Street estimates of $2.04.
Total quarterly revenue was $807 million, down 5% from a year earlier. Analysts, on average, were expecting revenue of $827.8 million in the second quarter, according to LSEG data.
Reporting by Aishwarya Jain in Bengaluru; Editing by Devika Syamnath
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