IDEX Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Earnings Guidance for the First Quarter and Full Year 2017
For the full year, the company's net sales were $2,113,043,000 compared to $2,020,668,000 a year ago. Operating income was $405,801,000 compared to $431,738,000 a year ago. Income before income taxes was $368,512,000 compared to $392,345,000 a year ago. Net income was $271,109,000 or $3.53 per diluted share compared to $282,807,000 or $3.62 per diluted share, a year ago. Net cash flows provided by operating activities was $399,917,000 compared to $360,321,000 a year ago. Additions of property, plant and equipment were $38,242,000 compared to $43,776,000 a year ago. EBITDA was $501,020,000 compared to $512,101,000 a year ago. Capital expenditures were $38,242,000 compared to $43,776,000 a year ago. Adjusted operating income was $435,327,000 compared to $424,907,000 a year ago. Adjusted net income was $288,373,000 or $3.75 per diluted share compared to $277,229,000 or $3.55 per diluted share a year ago. Adjusted EBITDA was $530,546,000 compared to $505,270,000 a year ago.
For the first quarter 2017, the company expects EPS is going to be $0.91 to $0.93, organic growth kind of 1% to 2% and operating margins ranging from 20.5% to 21%. The tax rate should be around 27%, and the company are going to see kind of a 2% FX headwind here on the top line, and this is all based on the December 31 rate.
For the full year, the company expects EPS should be $3.87 to $3.95; revenue growth, 1% to 2%; and full year operating margins at 21.5%. Again, we're going to have about a 2% FX headwind based on the December 31 rates. And finally, the tax rate should be around 27.5% based on the current U.S. tax rates and the global tax rates.