May 1 (Reuters) - Industrial equipment maker IDEX Corp ( IEX )
on Thursday beat Wall Street estimates for first-quarter
profit and revenue, driven by a sustained recovery in the demand
for its health and science-related products.
Demand for such products has been rising as sellers continue
to restock their inventory after a prolonged period of drawdowns
caused by large stockpiles accumulated during the COVID-19
pandemic.
Sales at IDEX's ( IEX ) health and sciences technology segment,
which makes components used in clinical diagnostics, drug
discovery, food-processing industry, among others, rose 10% from
a year ago.
The company maintained its full-year earnings forecast of
$8.10 and $8.45 per share, citing an "additional $20 million of
cost containment actions to mitigate potential tariff-related
volume pressure."
"We recognize that there are likely to be increasing levels
of customer caution and slower decision-making ahead," CEO Eric
Ashleman said.
IDEX ( IEX ) expects its second-quarter adjusted profit to be
between $1.95 and $2.05 per share, compared with analysts'
average estimate of $2.10 per share, according to data compiled
by LSEG.
The company's first-quarter earnings stood at $1.75 per
share, above market estimates of $1.63.
Total revenue for the three months ended March 31 was $814.3
million, surpassing estimates of $807.2 million.