Hudson Securities Maintains Buy Rating On IDEX

According to Hudson Securities, IDEX IEX Buy rating is maintained. Hudson Securities said that IDEX reported 1Q11 of $0.57 vs $0.46 in 1Q10 and the estimate of $0.54. “Revenue increased 20% (+12% organic) vs 1Q10 to $427.1 million. Fluid & Metering Technologies revenue increased 17% (+15% organic, +2% acq) to $195.3 million, Health & Science Technologies revenue increased 43% (+19% organic, +24% acq) to $133.6 million, Dispensing Equipment revenue decreased 4% (-5% organic) to $32.2 million, Fire & Safety/Diversified revenue increased 5% (+4% organic) to $66.7 million. Operating margin expanded 140 bps to 18.2% (excluding restructuring) vs 1Q10. Fluid & Metering Technologies operating margin expanded 180 bps to 20.6%, Health & Science Technologies operating margin expanded 160 bps to 23.3%, Dispensing Equipment operating margin declined 260 bps to 17.5%, Fire & Safety/Diversified margin expanded 200 bps to 23.2%. The company raised full year 2011 EPS guidance to $2.30-$2.40 from $2.23 - $2.33 based on high single organic revenue growth and operating margin of 18%-18.5%. In 2Q11 IDEX expects EPS of $0.58-$0.60.” IDEX closed yesterday at $46.73.