Idex Q4 orders up 10 percent, sales up 6 percent

Business Wire

LAKE FOREST - Idex Corp. said an increase in demand helped drive new orders for the fourth quarter of 2016 up 10 percent.

Orders for the quarter were $547 million, with the majority of the orders coming through acquisitions or divestitures. Sales for the quarter were $530 million, up 6 percent compared with the prior year period.

For 2016, orders were up 6 percent from the previous year at $2.1 billion, while sales were up 5 percent to $2.1 billion.

"We finished 2016 on a strong note with fourth quarter organic order growth of 3 percent," said Chairman and Chief Executive Officer Andrew K. Silvernail. "This organic order growth, coupled with the organic growth in the third quarter, resulted in our first consecutive quarterly organic order growth since 2014.

"We are beginning to see encouraging indicators within the North American industrial market, although sustainability is yet to be determined.," he added. "Despite the challenging market conditions in 2016, the team expanded adjusted operating margins, exclusive of the step-up charges from our recent acquisitions."