IDEX raises full-year outlook after strong quarter
Shares of industrial equipment maker IDEX Corp. (IEX.N) rose 2.7% to $230.60.
The company raised its full-year adjusted EPS forecast to $8.70-$8.85 from $8.35-$8.55 and expects organic sales to grow 5%-6%, compared with its prior forecast of 3%-4% growth.
IDEX posted second-quarter adjusted EPS of $2.32 and sales of $920.6 million, both ahead of analysts' consensus estimates of $2.11 and $905.4 million.
CEO Eric Ashleman said record quarterly orders above $1 billion and continued strong sales and earnings growth reflect robust demand across the company's key markets.
Nine of 16 brokerages rate the stock "buy" or higher, while seven rate it "hold"; the median price target is $250, according to LSEG data.
Including the session's move, the stock has risen 30.3% year to date, compared with an 8% increase in the S&P 500 (.SPX).
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