IDEX Corp cuts 2024 profit view on slowing demand for industrial equipment

IDEX

31/07/2024 22:52

July 31 (Reuters) - Industrial equipment maker IDEX Corp
 IEX.N  lowered its 2024 profit forecast on Wednesday as demand
for industrial machinery and tools fell, sending its shares down
nearly 5% after the bell. 
    U.S. manufacturing activity contracted for a third straight
month in June, as high borrowing rates and sticky inflation
prompted companies to limit their expenses.
    IDEX expects full-year adjusted profit between $7.80 and
$7.90 per share, down from its previous forecast of $8.15 to
$8.45   
    The Illinois-based company expects annual organic sales
growth to decline 1% to 2% from the prior year, down from its
previous guidance of an increase of 0% to 2%. 
    Quarterly earnings per share stood at $2.06, compared with
Wall Street estimates of $2.04.
    Total quarterly revenue was $807 million, down 5% from a
year earlier. Analysts, on average, were expecting revenue of
$827.8 million in the second quarter, according to LSEG data.

 (Reporting by Aishwarya Jain in Bengaluru; Editing by Devika
Syamnath)
 ((Aishwarya.Jain@thomsonreuters.com;))