IDEX Corporation (NYSE:IEX) Q4 2014 Earnings Conference Call - Final Transcript

Jan 29, 2015 • 10:30 am ET

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IDEX Corporation (NYSE:IEX) Q4 2014 Earnings Conference Call - Final Transcript

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Presentation
Operator
operator

Greetings. Welcome to the Fourth Quarter 2014 IDEX Corporation Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Mr. Michael Yates, VP and Chief Accounting Officer. Thank you. Mr. Yates, you may begin.

Executive
Michael J. Yates

Thank you, Rob. Good morning, everyone. This is Mike Yates, VP and Chief Accounting Officer for IDEX Corporation. Thank you for joining us for a discussion of the IDEX fourth quarter and full-year financial highlights. Last night, we issued a press release outlining our company's financial and operating performance for the 3 and 12-month periods ended December 31, 2014.

The press release, along with the presentation slides to be used during today's webcast, can be accessed on our company's website at www.idexcorp.com. Joining me today is Andy Silvernail, our Chairman and CEO; and Heath Mitts, our CFO.

The format for our call today is as follows: We will begin with Andy providing an update on our outlook, including an update on markets, geographies and capital deployment. And then he will review the fourth quarter and full-year financial results. He will then walk you through the operating performance within each of our segments. And finally, we will wrap up with our guidance for the first quarter and full-year 2015. Following our prepared remarks, we'll then open the call for your questions.

If you should need to exit the call for any reason, you may access a complete replay beginning approximately two hours after the call concludes by dialing the toll-free number (877) 660-6853 and entering conference ID number 13598705. Or you simply may log onto our company's homepage for the webcast replay.

(Forward-Looking Cautionary Statements)

With that, I'll now turn the call over to our Chairman and CEO, Andy Silvernail.

Executive
Andrew K. Silvernail

Thanks, Mike. Good morning, everybody, and I appreciate you joining us for our fourth quarter call and a look at the full-year and our outlook. At the end of the day, IDEX had a very strong 2014. We had sales up 6% that was up 5% organically. Sales and operating margin increased in all three segments, and we delivered 16% adjusted EPS growth.

We achieved these results in a continued volatile market, and I think we all know that we're seeing that extend into early 2015. But we had outstanding execution, we overdrove productivity, and we've really continued to focus on our core products and customers. And I'm very, very proud of the results that the team has delivered.

I'm going to take a minute here and just talk about what we're seeing in the world. I'll break it down in terms of the markets and also the spaces that we play in and talk about geographies. If we look at the macro environment for 2015, I mean, obviously, we've had a couple of major changes here in the last 90 days.

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