IDEX raises annual profit forecast on strong AI data center demand

IDEX Corporation

IDEX Corporation

IEX

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April 29 (Reuters) - Industrial equipment maker IDEX Corp IEX.N raised its annual profit forecast on Wednesday, betting on strong demand for its products used in data centers and other industries.

The company also beat estimates for first-quarter profit, driven by growth in its Health and Science Technologies (HST) segment, led by strong demand from AI data centers and semiconductor markets, as well as space and defense sectors.

  • For the full year, IDEX expects adjusted earnings per share to range between $8.35 and $8.55, compared with its earlier forecast of $8.15 to $8.35 per share.

  • The Northbrook, Illinois-based company posted first-quarter adjusted profit of $2 per share, compared with analysts' average estimate of $1.77 per share, according to data compiled by LSEG.

  • IDEX's total revenue for the quarter ended March 31 rose to $886.9 million compared with $814.3 million a year earlier.

  • Its largest HST segment, which focuses on precision fluidics, optics, and medical components for life sciences, semiconductor, and analytical instrumentation markets, posted a revenue of $398.4 million, up from $341.5 million a year earlier.

  • Shares of the company, which also manufactures fluid and metering technologies, were down 3.2%.


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