IDEX Corporation (IEX) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

July 27, 2023 10:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Greetings and welcome to the IDEX Corporation Earnings Conference Call Second Quarter 2023. At this time, all participants are in a listen-only mode. A brief question-and-answers session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Allison Lausas, Vice-President and Chief Accounting Officer. Thank you. You may begin.

Allison Lausas

Good morning, everyone. This is Allison Lausas, Vice-President and Chief Accounting Officer for IDEX Corporation. Thank you for joining us for our discussion of the IDEX second-quarter 2023 financial highlights. Last night, we issued a press release outlining our company's financial and operating performance for the three months ending June 30, 2023. The press release, along with the presentation slides to be used during today's webcast can be accessed on our company website at idexcorp.com.

Joining me today are Eric Ashleman, our Chief Executive Officer and President; and Bill Grogan, our Chief Financial Officer. Today, we will begin with Eric providing an overview of the state of IDEX's business. Then Bill will discuss second-quarter financial results, an update on segment performance in the markets they serve, and our outlook for the third-quarter and full-year 2023. Lastly, Eric will close the call with his final remarks.

Following our prepared remarks we will open the call for your questions. If you should need to exit the call for any reason, you may access a complete replay beginning approximately two hours after the call concludes by dialing the toll-free number 877-660-6853 and entering conference ID number 13734463 or simply log on to our company's homepage for the webcast replay.

Before we begin, a brief reminder, this call may contain certain forward-looking statements that are subject to the Safe Harbor language in last night's press release and in IDEX's filings with the Securities and Exchange Commission.

With that, I will now turn this call over to our CEO and President, Eric Ashleman.

Eric Ashleman

Thank you, Allison and good morning, everyone. I'm on Slide 6. IDEX delivered record sales and adjusted earnings per share in the second-quarter along with strong free-cash flow. Our Fluid and Metering and Fire and Safety diversified products businesses delivered exceptional performance on strong market fundamentals, both posting strong organic growth and profitability, with FMT delivering an all-time high EBITDA margin.