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IEX
FY2026 Q2
개선
IDEX Corporation 실적 발표
Buzzberg 분석
HST orders surged 47% on AI-driven demand
IDEX delivered a strong Q2 with organic sales up 5%, adjusted EPS of $2.32, and orders up 28% organically, led by HST with 47% order growth. Management raised full-year guidance, noting robust demand in data center, semiconductor, and space & defense markets, while seeing initial signs of broader industrial recovery. HST order growth of 47% driven by data center, semiconductor, and space/defense markets, which now represent over a third of HST revenue.
Buzzberg 분석 HST orders surged 47% on AI-driven demand IDEX delivered a strong Q2 with organic sales up 5%, adjusted EPS of $2.32, and orders up 28% organically, led by HST with 47% order growth. Management raised full-year guidance, noting robust demand in data center, semiconductor, and space & defense markets, while seeing initial signs of broader industrial recovery. HST order growth of 47% driven by data center, semiconductor, and space/defense markets, which now represent over a third of HST revenue. 전체 분석 보기분석 접기
IDEX delivered a strong Q2 with organic sales up 5%, adjusted EPS of $2.32, and orders up 28% organically, led by HST with 47% order growth. Management raised full-year guidance, noting robust demand in data center, semiconductor, and space & defense markets, while seeing initial signs of broader industrial recovery. HST order growth of 47% driven by data center, semiconductor, and space/defense markets, which now represent over a third of HST revenue.
- FMT orders up 11% with strength in water and mining; FSDP orders up 19% on aerospace and fire & safety.
- Management raised full-year 2026 organic growth guidance to 5-6%, adjusted EBITDA margin to 27-27.3%, and adjusted EPS to $8.70-$8.85.
- IEPA tariff refunds provided a net $0.08 EPS benefit in Q2, which management expects to be confined to this quarter.
매출$0.9206B+4% 전분기 대비
주당순이익(EPS)$2.32+16% 전분기 대비
매출총이익률46.36%보고값
영업이익률21.71%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Demand
Backlog doubles for next year, supporting growth
Capex
Capex raised to $110M for capacity expansion
핵심 내용 3개 더 보기
Margins
Mott filtration drives 50% recurring revenue in HST semicon
Margins
IEPA refunds create one-time margin benefit
Demand
Orders show broad-based growth across all segments
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| 매출 | $0.9206B | +4% 전분기 대비 |
| 주당순이익(EPS) | $2.32 | +16% 전분기 대비 |
| 매출총이익률 | 46.36% | 보고값 |
| 영업이익률 | 21.71% | 보고값 |
| 잉여현금흐름 | $0.177B | 보고값 |
| 자본지출 | $0.023B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 자본지출 | FY2026 | $110M | $110M | 상향 |
| 주당순이익(EPS) | FY2026 | $8.70–$8.85 | $8.77 | 상향 |
| 주당순이익(EPS) | FY2026 Q3 | $2.20–$2.25 | $2.23 | 제시 |
| 영업이익률 | FY2026 Q3 | 27%–27.5% | 27.25% | 제시 |
| 영업이익률 | FY2026 | 27%–27.3% | 27.15% | 상향 |
| 매출 | FY2026 Q3 | 5%–7% | 6% | 제시 |
| 매출 | FY2026 | 5%–6% | 5.5% | 상향 |
AI, 자본지출 및 수요 분석
경영진 분석
Confident
Management expressed confidence in raised guidance, strong order momentum, and growing backlog, citing sustained demand across multiple end markets.
경영진의 AI 분석
Management highlighted significant growth driven by AI-related demand, particularly in data center power generation, semiconductor, and optical switching markets, with strong order growth and increased visibility into 2027.
투자 및 생산능력
IDEX is raising its capital expenditures forecast from $90 million to approximately $110 million to support capacity expansions in high-growth areas, mainly within HST, to meet anticipated demand in 2027 and 2028.
외부 신호
공급망 알파 · 4발표 이후 수익률
Within HST, approximately 50% of the semiconductor portfolio revenue is now recurring, driven by Mott’s filtration business growth.
근거
“Additionally, with the rapid growth of Mott's filtration business, we now have approximately 50% recurring revenues within HST's Semicon portfolio.”
A large data center order was received in Q2 for pneumatics, with volumes positioned for 2027, indicating forward capacity commitments from data center customers extend well beyond the current year.
근거
“the one exception there on the positive side is we did receive in Q2 a big chunk of data center business in the pneumatics world that's clearly positioned for 2027.”
IDEX is increasing its capex forecast by $20 million to $110 million for 2026 to support capacity expansions for the fastest-growing, high-return businesses, particularly in HST.
근거
“Additionally, we are increasing our capital expenditures forecast from $90 million to approximately $110 million as we make select investments and capacity expansions to support our highest growth and high return businesses.”
IEPA tariff refunds benefited the quarter by $0.08 adjusted EPS, but management expects this to be confined to Q2; however, customer rebates tied to the refunds reduced organic growth by 2% in the quarter.
근거
“The net impact of all this in the quarter was a benefit of 8 cents, which is included in our reported adjusted EPS of $2.32.”
방법론 및 범위
경영진 발언만 분석합니다. 검증된 기업 언급 0개를 모두 표시하며, 보고 실적과 향후 가이던스를 분리합니다. 공개 근거는 화자가 표시된 짧은 인용문 8개로 제한됩니다. AI 분석은 불완전하거나 틀릴 수 있으므로 중요한 주장은 원문에서 확인하세요.