2024-10-30 03:25:12 :
Oct 29 (Reuters) – Industrial equipment maker IDEX Corp raised the lower end of its 2024 profit forecast on Tuesday after third-quarter profit and revenue beat estimates, driven by recovering demand at its health and science units.
IDEX now expects its full-year adjusted profit to be in the range of $7.85 to $7.90 per share, slightly higher than its previous forecast of $7.80 to $7.90 per share.
The company’s Health and Science Technologies segment includes components and equipment used in clinical diagnostics and drug discovery, as well as in the food processing and cosmetics manufacturing industries.
The segment’s sales contracted 2.2% in the third quarter, after falling 35.7% in the second quarter. “Our Health & Science Technologies segment experienced healthy organic growth in orders, strengthening the positioning of our business,” CEO Eric Ashleman said. The uptick in demand was driven by increased demand due to COVID-19. Inventories have accumulated heavily during the -19 pandemic, with sellers looking to restock after a long destocking cycle.
Last week, peer Dover reported a 30% year-over-year increase in revenue from biopharmaceutical equipment such as connectors and pumps. The company also said inventory was “generally in line” with customer demand.
Quarterly adjusted earnings per share were $1.90, compared with Wall Street expectations of $1.88.
Total revenue for the quarter ended September 30 was $798.2 million, a year-over-year increase of 4.8%. Analysts on average expected third-quarter revenue of $791.25 million, according to data compiled by LSEG. (Reporting by Aishwarya Jain; Editing by Mohammad Safi Shamsi)
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