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Northbrook, Illinois-based IDEX Corporation (IEX) is an applied solutions company specializing in various applications such as fluid and metering technologies, health and science technologies, and fire, safety, and other products. With a market cap of $16 billion, IDEX operations span the Americas, Europe, and the Indo-Pacific. The industrial major is expected to release its Q3 earnings after the market closes on Tuesday, Oct. 29.
Ahead of the event, analysts expect IDEX to report a profit of $1.89 per share, down 10.9% from $2.12 per share reported in the year-ago quarter. The company has consistently surpassed Wall Street’s adjusted EPS projections in each of the past four quarters. Its adjusted EPS for the last reported quarter declined 5.5% year-over-year to $2.06, managing to exceed the consensus estimates by a small margin.
For fiscal 2024, analysts expect IDEX to report an adjusted EPS of $7.88, down 4.1% from $8.22 in fiscal 2023. However, in fiscal 2025, its adjusted EPS is expected to grow 8.9% year-over-year to $8.58.
IEX stock has declined 1.8% on a YTD basis, substantially underperforming the S&P 500 Index’s ($SPX) 22.9% gains and the Industrial Select Sector SPDR Fund’s (XLI) 22.2% returns during the same time frame.
Shares of IDEX plunged 5.9% after the release of its disappointing Q2 earnings on July 31 and maintained a downward trend for the next four trading sessions. The company reported a 4.6% year-over-year net sales decline to $807.2 million, which fell short of Wall Street’s expectations. This was due to the lackluster performance of its Fluid & Metering Technologies (FMT) and Health & Science Technologies (HST) segments.
The consensus opinion on IEX stock is moderately bullish, with an overall “Moderate Buy” rating. Out of the 11 analysts covering the stock, six recommend a “Strong Buy,” one suggests a “Moderate Buy,” and four advise a “Hold” rating.
The mean price target of $228.20 suggests a potential upside of 7% from current price levels.
On the date of publication, Aditya Sarawgi 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.
