IDEX Corporation (NYSE:IEX) Q2 2019 Earnings Conference Call Transcript

Jul 26, 2019 • 10:30 am ET

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IDEX Corporation (NYSE:IEX) Q2 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Greetings, and welcome to the IDEX Corporation Second Quarter 2019 Earnings Conference Call. [Operator Instructions]. A question-and-answer session will follow the formal presentation.

[Operator Instructions]. I would now like to turn the conference over to your host, Mr. Michael Yates, Vice President and Chief Accounting Officer for IDEX Corporation.

Thank you. You may begin.

Executive
Mike Yates

Thank you, Melissa. Good morning, everyone. This is Mike Yates, Vice President and Chief Accounting Officer for IDEX Corporation.

Let me start by saying thank you for joining us for a discussion of the IDEX second quarter financial highlights. Last night, we issued a press release outlining our company's financial and operating performance for the three months ending June 30, 2019. And later today, we will file our 10-Q. 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 Bill Grogan, our Chief Financial Officer. The format for our call today is as follows. We will begin with Andy providing an overview and an update on market conditions, geographies and capital deployment. Bill then will discuss our second quarter financial results and walk you through our operating performance within each of our segments. And finally, Andy will wrap-up with an outlook for the third quarter and the full-year 2019. Following these prepared remarks, we will 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 13684163 or you may simply log onto our company's homepage for the webcast replay.

Before we begin, a brief reminder. Today's call may contain certain forward-looking statements that are subject to the Safe Harbor language in last night's press release and in IDEX's filings with the Securities and Exchange Commission.

With that, I'll now turn our call over to our Chairman and Chief Executive Officer, Andy Silvernail.

Executive
Andrew K. Silvernail

Thank you, Mike, and good morning everyone. I appreciate you joining us to discuss our 2019 second quarter operating results. Let me start with a few summary points on the results. Q2 is solid and I'm very pleased with these performance in a choppy economic environment. Bill is going to walk you through some financial details in a bit, but overall we delivered 3% organic growth in the quarter, our 10th consecutive quarter of organic growth. The 3% was slightly below expectations, but considering the lingering trade tensions and the uncertainty in the macro environment, I was happy with the result.

Our price and productivity initiatives continue to drive outstanding margins and capital return regardless of commercial environment. We delivered another record EPS in the quarter. As we look at the balance of the year, we're confident in our ability to execute in times of volatility. As such, we're raising the low end of our full-year guidance by $0.08, our