Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - IDEX CORP /DE/ | c56178e8vk.htm |
| EX-99.2 - EX-99.2 - IDEX CORP /DE/ | c56178exv99w2.htm |
Exhibit 99.1
| IDEX Corporation |
| Fourth Quarter 2009 Earnings Release |
| February 4, 2010 |
| Agenda |
| • Q4 and FY 2009 Summary • Q4 2009 Segment Performance Fluid & Metering Health & Science Dispensing Equipment Fire & Safety • 2010 Guidance Update • Q&A |
| Replay Information |
| Dial toll-free: 888.203.1112 |
| International: 719.457.0820 |
| Conference ID: #7923468 |
| Log on to: www.idexcorp.com |
| Cautionary Statement Under the Private Securities Litigation Reform Act |
| This presentation and discussion will include forward-looking statements. Our actual performance may differ materially from that indicated or suggested by any such statements. There are a number of factors that could cause those differences, including those presented in our most recent annual report and other company filings with the SEC. |
| Q4 and FY 2009 Financial Performance |
| Q4 ‘09Q4 ‘08Var 2009 2008 Var |
| Orders $348 $336 4% $1,342 $1,493 (10)% |
| - Organic - (13)% |
| Sales $343 $355 (3)% $1,330 $1,489 (11)% |
| - Organic (7)% (14)% |
| Adj. Op Margin* 16.4% 14.2% 220bp 15.0% 17.1% (210)bp |
| Adj. EBITDA* $71 $65 9% $258 $308 (16)% |
| Adj. EPS* $.43 $.38 13% $1.53 $1.92 (20)% |
| FCF $49 $45 9% $190 $197 (4)% |
| *Q4 ‘09 adjusted for $3.8M of restructuring expense ($12.7M in Q4 ‘08); FY2009 adjusted for $12.1M of restructuring expense and $3.1M fair value inventory charge (FY2008 adjusted for $18.0M of restructuring expense and $30.1M goodwill impairment charge). |
| Solid Operating Margins and Strong Free Cash Flow |
| Fluid & Metering |
| Q4 ‘09Q4 ‘08Change |
| Orders $172.0 $168.0 2% |
| Sales $170.2 $179.2 (5)% |
| -Organic (9)% |
| -Acquisition 1% |
| -Currency 3% |
| Operating Margin* 17.9% 16.3% 160bp |
| Op Margin excl acq* 18.1% 16.3% 180bp |
| *Op Margin excludes restructuring expense in both Q4’09 and Q4’08 |
| 2010 Outlook |
| Energy & Water will continue to benefit from strong global markets Slow recovery in Chemical and general industrial markets |
| Strong global energy and water markets, slower recovery in other markets |
| Health & Science |
| Q4 ‘09Q4 ‘08 Change |
| Orders $84.1 $76.8 10% |
| Sales $80.2 $77.8 3% |
| -Organic 1% |
| -Acquisition 2% |
| Operating Margin* 22.2% 18.0% 420bp |
| Op Margin excl acq* 21.9% 18.0% 390bp |
| *Op Margin excludes restructuring expense in both Q4’09 and Q4’08 |
| 2010 Outlook |
| Core analytical instrumentation markets are improving Non-core supported by broader economic stabilization |
| Core markets improving, return to growth in segment |
| Dispensing Equipment |
| Q4 ‘09Q4 ‘08 Change |
| Orders $23.3 $23.7 (2)% |
| Sales $23.2 $25.7 (10)% |
| -Organic (17)% |
| -Currency 7% |
| Operating Margin* 12.3% (5.9)% n/m |
| *Op Margin excludes restructuring expense in both Q4’09 and Q4’08 |
| 2010 Outlook |
| Order activity in North American retail channel and European markets expected to remain slow Cost reductions will result in reasonable profitability and strong cash flow |
| Continued market softness in North America and Europe |
| Fire & Safety / Diversified Products |
| Q4 ‘09 Q4 ‘08 Change |
| Orders $69.9 $69.6 1% |
| Sales $70.2 $73.4 (4)% |
| -Organic (8)% |
| -Currency 4% |
| Operating Margin* 25.5% 24.5% 100bp |
| *Op Margin excludes restructuring expense in both Q4’09 and Q4’08 |
| 2010 Outlook |
| Strong global activity in rescue tools |
| N.A. fire suppression down significantly due to decline in OEM backlogs Band clamping markets stable and improving |
| North American fire suppression order rates down; continued global Webcast slides growth final.pdf in rescue tools; band clamping end markets improving |
| 2010 Guidance Summary |
| Q1 2010 |
| EPS estimate range: $0.40 — $0.42 |
| Organic growth up 2-3% |
| Positive Fx impact of ~3% to sales (at current rates) |
| FY 2010 |
| EPS estimate range: $1.63 — $1.73 |
| Organic growth up 2 — 4% |
| Operating margins of 15.7% — 16.2% |
| Positive Fx impact of ~1% to sales (at current rates) Tax rate = 33% |
| Other modeling |
| items Cap Ex $27-30M |
| Free Cash Flow exceeds net income |
| EPS estimate excludes potential restructuring charges of 3-4 cents |
| Q&A |