IDEX Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the First Quarter and Full Year of 2018
For the full year, the company's net sales were $2,287,312,000 compared to $2,113,043,000 a year ago. Operating income was $502,556,000 compared to $412,397,000 a year ago. Income before income taxes was $455,273,000 compared to $368,512,000 a year ago. Net income was $337,257,000 or $4.36 per diluted earnings share compared to $271,109,000 or $3.53 per diluted earnings share a year ago. Net cash flows provided by operating activities was $432,753,000 compared to $399,917,000 a year ago. Purchase of property, plant and equipment were $43,858,000 compared to $38,242,000 a year ago. EBITDA was $584,378,000 compared to $501,020,000 a year ago. Capital expenditures were $43,858,000 compared to $38,242,000 a year ago. Adjusted operating income was $501,738,000 compared to $438,369,000 a year ago. Adjusted EBITDA was $583,560,000 compared to $530,546,000 a year ago. Adjusted net income was $333,667,000 or $4.31 per diluted earnings share compared to $288,373,000 or $3.75 per diluted earnings share a year ago. Adjusted income before income taxes was $454,455,000. Free cash flow was $388,895,000 compared to $361,675,000 a year ago.
For the first quarter of 2018, the company expects first quarter EPS in the range of $1.20 to $1.24, with organic revenue growth of 5% to 6% and operating margins of approximately 22%. Effective tax rate is expected to be approximately 22.5%.
For the full year of 2018, the company projects approximately 5% organic revenue growth in 2018. Full year 2018 EPS is expected to be in the range of $4.90 to $5.10. At the mid-point of its expected full year 2018 guidance, EPS is up 69 cents, or 16%, compared to adjusted 2017 EPS of $4.31. Approximately 60% of the increase is due to its organic growth and operational initiatives, while the remaining 40% is the result of an expected 2018 effective tax rate in the range of 22% to 23%. Full year organic growth is expected to be approximately 5%, and full year operating margin, approximately 22.5% to 23%. Capital expenditures expected to be around $50 million. Free cash flow is expected to remain strong at approximately 115% to 120% conversion rate.