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Based in Northbrook, Illinois, IDEX Corporation (IEX) is a leading global manufacturer specializing in fluid and metering technologies, health and science technologies, and fire and safety products. With a market cap of $14.78 billion, IDEX is acclaimed for its diverse range of innovative products and solutions that enhance operational efficiency across various industries, including life sciences, industrial, and municipal markets. The company is set to announce its fiscal Q2 earnings results on Thursday, Aug. 1.
Ahead of the event, analysts expect IEX to report a profit of $2.04 per share, down 6.4% from $2.18 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports.
Its adjusted earnings of $1.88 per share for the last reported quarter surpassed the consensus estimate by 7.4%. The company beat expectations through effective cost management and operational efficiencies.
For fiscal 2024, analysts expect IEX to report EPS of $8.31, up 1.1% from $8.22 in fiscal 2023.
IEX stock is down 10% on a YTD basis, underperforming the broader S&P 500 Index's ($SPX) 17.2% gains and the Vanguard Industrials Index Fund ETF’s (VIS) 5.8% returns over the same time frame.
IEX reported its Q1 earnings on Apr. 23. The company's revenue of $800.5 million fell short of the anticipated $805 million. The stock gained 1% on the earnings release day but declined 3.3% the following day.
The consensus opinion on IEX stock is optimistic, with an overall “Moderate Buy” rating. Out of 10 analysts covering the stock, six advise a “Strong Buy” rating, one suggests a “Moderate Buy” rating, and three recommend a “Hold.” IEX's average analyst price target is $244.50, indicating a potential upside of 24.6% from the current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
