Better-than-Expected Q2 Results
IDEX teams delivered better-than-expected results in Q2 despite continued macro uncertainty. The company outperformed on both adjusted EBITDA margin and adjusted EPS.
Strong Demand in Specific Markets
Healthy demand was observed in several areas, including food and pharma applications, space and defense applications, North American fire, and data center thermal management.
Growth Examples and Strategic Acquisitions
The Airtech business, acquired in 2021, demonstrated agility and action by growing faster through customer shifts towards data center applications. The acquisition of Micro-LAM was highlighted as a strategic fit for IDEX's Materials Science Solutions platform.
Positive Cash Flow and Liquidity
Free cash flow increased by 25% year-over-year with a 94% conversion rate. The company ended the quarter with strong liquidity of approximately $1.1 billion.