IDEX lifts annual profit outlook after upbeat second quarter on strong AI data center demand

For the full year, IDEX expects adjusted earnings per share to range between $8.70 and $8.85, compared with its earlier projection of $8.35 to $8.55 per share.

The Northbrook, Illinois-based company posted second-quarter adjusted profit of $2.32 per share, compared with analysts' average estimate of $2.11 per share, according to data compiled by LSEG.

IDEX's total revenue for the quarter ended June 30 rose to a record $920.6 million, from $865.4 million a year earlier.

Its largest HST segment, which focuses on precision fluidics, optics, and medical components for life sciences, semiconductor, and analytical instrumentation markets, posted revenue of $415 million, up from $365.3 million a year earlier.

For the third quarter, IDEX expects adjusted profit of $2.20 to $2.25 per share, above market consensus of $2.19 per share.

Industrial equipment maker IDEX Corp on Wednesday reported record second-quarter revenue and raised its full-year sales forecast, betting on sustained demand for its products used in AI data centers and the semiconductor industry.

Shares of the company were up nearly 6.4% before the bell.

The company beat estimates for second-quarter profit, driven by growth in its health and science technologies (HST) segment, as well as space and defense sectors.

Higher sales volumes in the company's businesses serving municipal water, semiconductor and mining markets were largely offset by lower sales in businesses serving energy, agriculture and chemicals sectors.