Idex Corporation (IEX) has reported 15.37 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $57.35 million, or $0.75 a share in the quarter, compared with $67.76 million, or $0.88 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $74.01 million, or $0.96 a share compared with $72.34 million or $0.94 a share, a year ago.
Revenue during the quarter grew 6.13 percent to $530.42 million from $499.80 million in the previous year period. Gross margin for the quarter contracted 87 basis points over the previous year period to 43.83 percent. Total expenses were 84.65 percent of quarterly revenues, up from 80.34 percent for the same period last year. That has resulted in a contraction of 431 basis points in operating margin to 15.35 percent.
Operating income for the quarter was $81.41 million, compared with $98.26 million in the previous year period.
However, the adjusted operating income for the quarter stood at $108.87 million compared to $104.78 million in the prior year period. At the same time, adjusted operating margin contracted 44 basis points in the quarter to 20.53 percent from 20.96 percent in the last year period.
For fiscal year 2017, the company expects diluted earnings per share to be in the range of $3.87 to $3.95 on adjusted basis.
Operating cash flow improvesIdex Corporation has generated cash of $399.92 million from operating activities during the year, up 10.99 percent or $39.60 million, when compared with the last year. The company has spent $509.20 million cash to meet investing activities during the year as against cash outgo of $210.49 million in the last year.
Cash flow from financing activities was $46.55 million for the year as against cash outgo of $295.53 million in the last year period.
Cash and cash equivalents stood at $235.96 million as on Dec. 31, 2016, down 28.06 percent or $92.05 million from $328.02 million on Dec. 31, 2015.
Working capital declines
Idex Corporation has witnessed a decline in the working capital over the last year. It stood at $513.56 million as at Dec. 31, 2016, down 7.15 percent or $39.52 million from $553.09 million on Dec. 31, 2015. Current ratio was at 2.66 as on Dec. 31, 2016, down from 2.79 on Dec. 31, 2015.
Cash conversion cycle (CCC) was almost stable at 43 days for the quarter, when compared with the last year period. Days sales outstanding were almost stable at 24 days for the quarter, when compared with the last year period.
Days inventory outstanding was almost stable at 39 days for the quarter, when compared with the last year period. At the same time, days payable outstanding went down to 20 days for the quarter from 21 for the same period last year.
Debt moves upIdex Corporation has witnessed an increase in total debt over the last one year. It stood at $1,015.28 million as on Dec. 31, 2016, up 20.75 percent or $174.49 million from $840.79 million on Dec. 31, 2015. Total debt was 32.18 percent of total assets as on Dec. 31, 2016, compared with 29.97 percent on Dec. 31, 2015. Debt to equity ratio was at 0.66 as on Dec. 31, 2016, up from 0.58 as on Dec. 31, 2015. Interest coverage ratio deteriorated to 6.78 for the quarter from 9.61 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
