IDEX Corp Q1 profit, revenue misses on lagging growth in industrial machinery
April 23 (Reuters) -Industrial equipment maker IDEX Corp IEX.N missed Wall Street estimates for first-quarter profit and revenue on Tuesday, on lower demand from its units that make metering and health & science technologies.
Northbrook, Illinois-based IDEX, manufactures and provides industrial equipment and services for diversified markets including the agricultural, semiconductor and food sectors.
The segment which makes positive pump systems and provides flow monitoring services for food, chemical, agriculture and energy industries saw an 8% fall in net sales from lower volumes.
While, its segment which makes scientific components and laboratory equipment for life-science saw a 41% drop in net sales.
Despite manufacturing activity remaining resilient during the quarter, supply chain logjams and labor constraints have hit companies across several sectors including equipment makers.
Total quarterly revenue fell 45% to $800.5 million, missing analysts' estimates of $807 million, as per LSEG data.
Net income in the quarter ended March 31 fell by 15% to $143.2 million, or $1.88 per share, compared with estimates of $135 million, or $1.76 per share.
IDEX forecasts second quarter 2024 net income between $2.00 to $2.05 per share, below estimates of $2.12 per share.
Reporting by Aishwarya Jain, Nathan Gomes and Aatreyee Dasgupta in Bengaluru; Editing by Shailesh Kuber
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