The company said net income attributable to IDEX and Adjusted EBITDA were $596.1 million and $899.6 million, respectively, in 2023, both up 2% from the prior year. The company said it delivered strong price/cost and operational productivity despite lower sales volumes from customer inventory destocking.

1. 01

   The company said net income attributable to IDEX and Adjusted EBITDA were $596.1 million and $899.6 million, respectively, in 2023, both up 2% from the prior year. The company said it delivered strong price/cost and operational productivity despite lower sales volumes from customer inventory destocking.

2. 02

   IDEX said net sales in 2023 rose 3% from the prior year. Acquisitions, net of divestitures, added 5%, while organic net sales fell 1%. The company cited lower volumes tied to market conditions as the reason for the organic decline, particularly in its Health & Science Technologies business.

3. 03

   IDEX said cash flows from operating activities rose by $159.3 million to $716.7 million in 2023, and free cash flow, after capital expenditures of $89.9 million, was $626.8 million. The company attributed the improvement to lower working capital requirements from adjusting inventory levels.

4. 04

   The company said it acquired Iridian and STC for $311.8 million in 2023 and received $118.6 million from the sales of Micropump and Novotema. It also said it paid dividends of $190.7 million during the year and repurchased 124,600 shares for $24.2 million.

Key figures

Fiscal year ended December 31, 2023

Revenue

$3.3B

Operating income

$733M

Net income

$596M

EPS

$7.85

Gross profit

$1.4B

Operating cash flow

$717M

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.