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Text: This is Mike Yates, vice president and chief accounting officer for IDEX Corporation.
The format for our call today is as follows: we will begin with Eric providing an overview of the state of our business, an update on our M&A activity and an overview of our order performance and outlook for our end markets.
Bill will then discuss our first-quarter 2021 financial results and provide an update on our outlook for the second and -- quarter and full-year 2021.
Finally, Eric will conclude with an update on our sustainability, diversity, equity and inclusion programs.
Before we begin, a brief reminder.
With that, I'll now the call over to our CEO, Eric Ashleman.
Once again, our teams across IDEX should be extremely proud of the results we've achieved together.
I don't think any of us would have imagined being at this point when viewing the state of the world a year ago.
Our diverse array of high-performing businesses continues to serve us well.
We're seeing most of our end markets either largely recovered or steadily improving at this point.
We continue to build on the momentum we experienced in the fourth quarter and expect 2021 to be stronger than our expectations 90 days ago.
Although tremendous progress has been made in our recovery, there are still some areas we're keeping a close eye on.
Our day rates have accelerated, but we have yet to see larger projects in our industrial sector moving forward.
Customers are more confident in their outlook but are now trying to balance the surge in demand with capacity to make larger investments.
As for COVID, the conditions vary widely around the world.
In the U.K. and the United States, the vaccination rate has been remarkable of late.
In China, much of life has been continuing as normal for many months now.
The situation in Europe and India, where lockdowns and virus variants are still a serious issue, reminds us that we are not fully past the societal and economic impact that the pandemic has had in our businesses.
The quarter was not without challenges from safety protocols and lockdowns to sporadic shortages of parts and materials to rapidly changing logistics hurdles in a variety of staffing challenges, this was far from smooth sailing.
I'm proud that our team successfully navigated many tough hurdles to achieve these results.
The operational excellence of our teams continues to pay off.
Pivoting a moment to capital deployment.
With the closure of the ABEL Pumps transaction this quarter and the announcement of the Airtech acquisition last night, covered in more detail in a moment, we have started off 2021 on a strong note.
And we'll build on this momentum as we further invest in M&A capabilities.
We recently allocated some of our most talented resources toward focused strategy and business development roles, and we engaged external expertise to expand our ability to identify, assess, win and successfully integrate new companies into IDEX.
Our deal funnel is expanding as we look for more opportunities to acquire organizations that fit the IDEX style of competition.
We seek to both widen and deepen the moats around our best businesses as well as established positions within new market niches where the capabilities of our teams will drive the most value for customers and shareholders.
We are fortunate to have significant financial resources to deploy toward these efforts.
Moving on to Slide 7.
Yesterday, we announced our intent to acquire Airtech Vacuum Group from EagleTree Capital for $470 million.
Airtech engineers and manufactures high-performance regenerative blowers, pneumatic valves, air compressors and vacuum pumps.
Airtech had revenue of $85 million with EBITDA margin in the mid-30s range in 2020.
It is a 16x trailing deal and a 15x deal including acquired tax benefits.
Within the IDEX family of businesses, they complement and expand upon the solutions provided by Gast Manufacturing, which produces fractional horsepower, air moving products and systems that include air compressors, vacuum pumps, air motors and tank systems.
While there are some overlaps in the solutions they provide, much of Airtech's product lines will be complementary.
They will remain separate businesses within IDEX, but we anticipate collaboration and synergies from each company with shared expertise leading to further innovation.
This deal, which we expect to close in the second quarter, will then create a $200 million pneumatics platform within our Health & Science Technology segment.
Turning to our commercial results on Slide 8.
The positive momentum in order trends continued in the first quarter, both compared to prior year and sequentially, allowing us to build $59 million of backlog in the quarter.
Most of our business units are at or approaching pre-pandemic levels.
I'll go into more details in a minute.
Organic orders in the quarter exceeded the first quarter of 2020 and were an all-time high for us.
Q1 orders were also up 4% organically versus Q1 of 2019.
As we look across our segments, health and science technologies and fire and safety/diversified products delivered strong organic order growth, with fluid and metering technology slightly lagging.
As growth rates in HST and FSDP begin to naturally level off, we expect FMT will drive additional growth due to the return of project-based businesses in the energy and industrial markets in the second half of the year.
These commercial results and the strength of our rebound highlight the resilience of our businesses and the critical importance of the solutions we provide to our customers.
On Slide 9, we provide a deeper outlook for our primary end markets.
To level set, we entered the year cautiously bullish about the state of our underlying markets and the velocity of the pandemic recovery.
Our day rate businesses began to accelerate coming into the year, and we continue to leverage our diversified portfolio to aggressively pursue opportunities to drive organic growth coming out of the pandemic.
We are now measuring our markets against their pre-pandemic levels.
Many of our markets have fully recovered, and the majority of our markets are on track to have fully recovered by the end of the year.
As I mentioned earlier, we're not out of the woods yet, but even with pockets of concern around supply chain disruptions and COVID in certain geographies, we are optimistic about the outlook of our end markets.
In our fluid and metering technologies segment, industrial day rates continued to increase throughout the quarter.
As I've mentioned, we will not be at full recovery until we see large capex projects resume, but the underlying industrial markets are in a state of recovery trending back toward 2019 levels.
Agriculture continues to drive outsized growth as crop prices and customer sentiment remains strong.
Our water business is stable.
We continue to assess any subsequent impact from the pandemic on municipal funding as well as tailwinds that might come out of an infrastructure bill.
Energy markets continue to lag 2019 levels, primarily due to limited capital investment in this sector.
Moving to the health and science technologies segment.
We experienced solid growth across almost all of our markets, semicon and food and pharma continued to outperform, driven by a strong market and winning share with our differentiated technology offerings.
The overall automotive market faces many challenges, but we have won several new platforms driving our performance.
Our AI and life science markets are on the rebound as the impact of the pandemic in the United States has improved.
Day rates are improving, but projects are lacking.
One last item for HST. We do see risk with the COVID opportunities we have been taking -- talking about in this segment, specifically around testing.
The end product application is yet to receive FDA approval which will impact volumes for this year.
We do believe that the strength in the rest of the segment will be able to offset most of that risk.
Finally, in our fire and safety/diversified products segment, dispensing continues its rebound as large retailers free up capital and work through pent-up demand for equipment.
Much like our automotive exposures in HST, the auto recovery in FSD at BAND-IT is driven by new platform wins, coupled with an improved market.
In fire and rescue, we continue to assess municipal budget headwinds, especially in Europe and India as budgets have not been released, delaying tenders.
The U.S. market has been better, and we are optimistic about the impact of our businesses from increased infrastructure spending.
The other ligand category in FSD is primarily BAND-IT's energy and aerospace exposure along with some industrial applications in fire and rescue.
We continue to closely monitor market conditions and are focused on ensuring the stability of our supply chain.
This persistence in global supply chain issues threatened to create choppiness in the back half of the year.
Despite these factors, we are confident enough in our outlook to raise our organic growth expectations for the year.
I'll start with our consolidated financial results on Slide 11.
Q1 orders of $711 million were up 10% overall and up 6% organically as we built $59 million of backlog in the quarter.
Organic orders grew sequentially and year over year in each of our segments, as highlighted by Eric on the prior slide.
First-quarter sales of $652 million were up 10% overall and 6% organically.
We experienced growth across all our segments, with over 75% of our business units increasing year over year.
Strength in semicon, food and pharma and dispensing were the notable highlights in the quarter.
Q1 gross margin contracted 80 basis points to 44.9% but was up 110 basis points sequentially.
The year-over-year decrease was primarily driven by the dilutive impact of acquisitions, inventory step-up associated with ABEL, mix and onetime inventory reserves.
The inventory reserves were associated with our pandemic-related electrostatic sprayer businesses not materializing at the rate we expected.
Excluding acquisitions and the inventory reserves, gross margin would have been flat to prior year.
First-quarter operating margin was 23.9%, up 40 basis points compared to prior year.
Adjusted operating margin was 24.3%, up 80 basis points compared to last year, driven by the increased volume and the impact of cost actions taken last year, offset by the gross margin pressure I just mentioned.
I will discuss the drivers of operating income in more detail on the following slide.
Our Q1 effective tax rate was 22.6%, which was higher than the prior-year ETR of 20% due to a decrease in the excess tax benefits from share-based compensation.
This drove a $0.05 headwind on earnings per share for the quarter.
First-quarter adjusted net income was $115 million, resulting in adjusted earnings per share of $1.51, up $0.18 or 14% over prior year.
Excluding the $0.05 tax headwind, adjusted earnings per share would have been up $0.23 or 17%.
Finally, free cash flow for the quarter was $95 million, up 32% compared to prior year and was 82% of adjusted net income.
The strong performance was driven by higher earnings and the continued impact of our working capital initiatives.
Moving on to Slide 12.
As Eric mentioned, we entered the quarter cautiously optimistic about the pace of growth coming into 2021.
We knew that we were structurally well positioned to take advantage of improving market conditions from the cost actions and discretionary controls we put in place last year.
Adjusted operating income increased $18 million for the quarter compared to prior year.
Our 6% organic growth contributed approximately $13 million flowing through at our prior-year gross margin rate.
The impact of previous discretionary cost controls contributed $5 million, and we were able to net $4 million from price productivity, partially offset by inflation.
After accounting for $2 million of negative mix, our organic flow-through was extremely strong at 58%.
Flow-through was then negatively impacted by the $3 million charge related to the inventory reserve I discussed on the last slide and the dilutive impact of acquisitions and FX, getting to a reported flow-through of 32%.
As we highlighted in prior calls, we expect to reinvest aggressively in the business to drive both organic and inorganic opportunities.
We have already started those investments and expect the associated costs from these initiatives will reduce our organic flow-through in subsequent quarters.
With that, I would like to provide an update on our outlook for the second quarter and full-year 2021.
I'm on Slide 13.
For the second quarter, we are projecting earnings per share to range from $1.60 to $1.63, with organic revenue growth of 18% to 20%, and operating margins of approximately 24.5%.
The second quarter effective tax rate is expected to be about 23%, and we expect a 2% top-line benefit from the impact of FX.
Corporate costs in the second quarter are expected to be around $21 million, with the increase primarily driven by the M&A investments we discussed earlier.
Turning to the full-year outlook.
We are increasing our full-year earnings per share guidance from $5.65 to $5.95, up to $6.05 to $6.20.
We are also increasing our full-year organic revenue growth from 6% to 8%, up to 9% to 10%.
We expect operating margins of approximately 24 and a half percent.
We expect FX to provide a 1% benefit to top-line results.
Our full-year effective tax rate is expected to be around 23%.
Capital expenditures are anticipated to be around $55 million.
Free cash flow is now expected to be 115% to 120% of net income.
And corporate costs are expected to be approximately $74 million for the full year.
Finally, our earnings guidance excludes any costs or earnings associated with future acquisitions or restructuring charges.
ABEL Pump is now included in these estimates, with the deal closed in the first quarter.
Airtech is not included in these estimates.
We will update our guidance accordingly once the deal closes.
With that, I'll throw it back to Eric for some final thoughts.
I'm on the final slide, Slide 14.
We recently published our second corporate social responsibility report.
This report is our first to adopt the sustainable Accounting Standards board's sector standards, also known as SASB.
We have increased our disclosures in key areas, including health and safety, diversity and environmental impact.
Diversity, equity and inclusion continues to be a point of emphasis in our evolving company culture.
Since we last met, an outside facilitator conducted anonymous focus groups with employees from around the world, from which we learned and were able to begin developing more targeted goals for the company.
We are currently planning training sessions for all leaders to help them understand and become comfortable fostering dialogue on these important issues.
We are addressing our talent management processes, including our assessment of existing talent and our consideration of new talent through recruiting to help ensure our processes are free from unconscious bias, and we are assessing our purchasing practice to expand our use of diverse suppliers.
IDEX is a decentralized company with a diverse collection of businesses.
Our superior economic model depends upon problem-solving and decision-making at the point of impact, closest to our customers.
Our collective work within this important area, as outlined in this report, is an essential component of our next phase of business growth.

user
compname reports first quarter results; raises full year guidance; q1 orders and sales up 10 percent overall and 6 percent organically; q1 reported earnings per share was $1.48 with adjusted earnings per share of $1.51.
q1 adjusted earnings per share $1.51.
raises q2 adjusted earnings per share view to $1.60 to $1.63.
sees fy adjusted earnings per share $6.05 to $6.20.
qtrly sales of $652.0 million were up 10 percent compared with prior year period.
qtrly orders of $710.7 million were up 10 percent compared with prior year period.
increasing full year organic revenue growth expectations to 9 to 10 percent with 18 to 20 percent growth in q2.

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