IDEX Corporation (IEX)

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IDEX Corporation (IEX)

Q3 2012 Results Earnings Call

October 23, 2012 10:30 AM ET


Michael Yates - Vice President and CAO

Andy Silvernail - Chairman and CEO

Heath Mitts - Vice President and CFO


Allison Poliniak - Wells Fargo

Scott Graham - Jefferies

Robert Barry - UBS

Mike Halloran - Robert W. Baird

Matt McConnell - Citi

Charlie Brady - BMO Capital Markets

Mike Wherley - Janney Capital Markets

Andrew Noorigian - Vertical Research

Jim Giannakouros - Oppenheimer

Matt Summerville - KeyBanc



Good morning. My name is Sarah, and I will be your conference operator today. At this time, I would like to welcome everyone to the IDEX Corporation Q3 2012 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. (Operator Instructions)

Thank you. Mr. Michael Yates, Vice President and Chief Accounting Officer. You may begin your conference.

Michael Yates

Thank you, Sarah. Good morning, everyone. And thank you for joining us for our discussion of the IDEX third quarter 2012 financial highlights.

Last night, we issued a press release outlining our company’s financial and operating performance for the three and nine-month period ended September 30, 2012. The press release, along with the presentation slides to be used during today’s webcast can be accessed on our company’s website at

Joining me today from IDEX management are Andy Silvernail, our Chairman and CEO; and Heath Mitts, Vice President and Chief Financial Officer.

The format for our call today is as follows, we will begin with Andy providing some insights from his first year as CEO, and a summary of our strategic planning process that was recently completed. And then, we will provide an updated view on our capital allocation strategy. Next, we will discuss the third quarter 2012 results, followed by a walk-through of our three business segments. And finally, we will wrap-up with our outlook for the reminder of the year. Following our prepared remarks, we’ll then 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 855-859-2056 and entering conference ID number 40918415 or you may simply log on to our company’s homepage for the webcast replay.

As we begin, a brief reminder. This call may contain certain forward-looking statements that are subject to the Safe Harbor language in today’s press release and in IDEX’s filings with the Securities and Exchange Commission.

With that, I’ll now turn the call over to our Chairman and CEO, Andy Silvernail. Andy?

Andy Silvernail

Thanks, Mike. Good morning, everyone. I’d like to thank you for joining us as we talk about the third quarter. In the quarter, we beat the high-end of our expectations, profitability and cash flow to good execution across the corporation. I’m proud how the team is delivering in the phase of a difficult micro-economic environment.

As Mike said, before going into the quarterly results and our outlook for the balance of the year. I’m going to take a few minutes to give some insight from my first year as CEO and a brief overview of our recently completed strategic plan.

As I stepped into the role on August 2012, excuse me, 2011, a new wave of issues started to roll through the global economy. The U.S. government faced off over the debt ceiling, Europe’s financial issues came to the front and China began an aggressive -- aggressively to work to avoid a hard landing, month-to-month and quarter-to-quarter we’ve seen markets, regions and customers want from one side to the other from rapid demand to hesitant restrained and back. This volatility has been a hallmark of the global economy since modeling out of the great recession.

I feel very good about how our team is engaging these challenges, delivering solid results, particularly in profitability and cash flow. Our attitude, the attitude we have internalized, that we need to take advantage of these times. We need to out compete to win for our customers, our shareholders and our employees and doing so, we can consistently position ourselves to be the partner of choice and earn the right to grow.

Leadership emerges in difficulty and our team has done that in 2012. This has been one of the most satisfying aspects of the past 15 months. My top priority is to foster outstanding leadership throughout IDEX. It is this dedicated leadership, leadership on the ground that drives innovation, quality, outstanding service and productivity.

In the past year, building up a strong foundation, we raised our commitment, investment and expectations in order to deepen our leadership capabilities. We have enhanced leadership development programs throughout IDEX and our most senior executives have been asked to play increasingly critical role in development and mentorship.

We have also strengthened our acquisition integration capabilities and are using our integration teams as a way to stretch and grow people, while achieving our value creation objectives. These investments will pay dividends for years to come.

A second important aspect of the past year has been the embrace of our global platform strategy. Our six strategic platforms were created to accelerate profitable growth. The platforms help us leverage innovation, applications, channels and costs. They also give us better ability to source, conduct diligence and integrate the acquisitions.

In the past year, we’ve executed three deals, all of which fit into different platforms, we are finding already that this gives a significantly more ability to achieve our strategic and financial objectives while reducing risk.

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