IDEX Corp. (IEX) announced its financial results for the three- and twelve-month periods ended December 31, 2005. Orders in the fourth quarter were up 9 percent, sales increased 8 percent and net income rose 27 percent to $28.7 million. Diluted earnings per share were 54 cents versus 43 cents in the year-ago quarter. For the full year 2005, orders and sales both increased 12 percent and diluted earnings per share were $2.09, up 24 percent versus 2004.
2005 Highlights
* Orders for 2005 were $1.057 billion, 12 percent higher than a year ago; excluding foreign currency translation and acquisitions, organic growth was 10 percent.
* Full year sales of $1.043 billion rose 12 percent; excluding foreign currency translation and acquisitions, organic sales growth was 10 percent.
* Operating margins at 17.5 percent were 140 basis points higher than a year ago.
* Net income increased 27 percent to $109.8 million.
* Diluted EPS at $2.09 was 41 cents ahead of last year.
* EBITDA of $213.3 million was 20.4 percent of sales and covered interest expense by nearly 15 times.
* Free cash flow was strong at $121.2 million and 1.1 times net income.
* Operational excellence initiatives continue to fuel product innovation to drive growth.
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