IDEX Corp (IEX) Q1 2023 Earnings Call Transcript

IDEX Corp (NYSE:IEX) Q1 2023 Earnings Conference Call April 27, 2023 10:30 AM ET

Company Participants

Allison Lausas - VP & CAO

Eric Ashleman - CEO, President & Director

William Grogan - CFO & SVP

Conference Call Participants

Deane Dray - RBC Capital Markets

Michael Halloran - Robert W. Baird & Co.

Allison Poliniak - Wells Fargo Securities

Vladimir Bystricky - Citigroup

William Jellison - D.A. Davidson & Co.

Jeffrey Sprague - Vertical Research Partners

Brett Linzey - Mizuho Securities

Joseph Giordano - TD Cowen

Nathan Jones - Stifel, Nicolaus & Company

Operator

Greetings, and welcome to the First Quarter 2023 IDEX Corporation Earnings Conference Call. [Operator Instructions].

And it is now my pleasure to introduce to you, Allison Lausas, Vice President and Chief Accounting Officer. Thank you, Allison. 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 first quarter 2023 financial highlights.

Last night, we issued a press release outlining our company's financial and operating performance for the 3 months ending March 31, 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 IDEX first quarter financial results and update on segment performance in the markets they serve and our outlook for the second quarter and full year 2023. 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 13734462, or simply log on to our company 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'll 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. I'd like to start with some key first quarter highlights. We delivered record sales with positive organic growth across all 3 of our segments, $2.09 adjusted earnings per share and strong free cash flow. Our FMT and FSD segments performed exceptionally well, both achieving record sales and strong profitability, offsetting some pressure in our HST segment. Price/cost was positive and above IDEX historical performance.