Idex 2Q profit sinks 38 percent as orders slow

NORTHBROOK, Ill. - Pump and metering products maker Idex Corp. said on Monday its second-quarter profit declined as sales and orders remained sluggish in the tough economy.

Profit slid 38 percent to $27.9 million, or 34 cents per share, compared with $45.1 million, or 54 cents per share, last year. Results in the most recent period included 3 cents in restructuring charges.

Sales declined 15 percent to $336.5 million from $397.3 million, as orders slipped 21 percent. Revenue declined across all business segments, as well.

Analysts polled by Thomson Reuters expected 35 cents per share and revenue of $339.6 million. Analysts generally exclude one-time items from their estimates.

For the third quarter, earnings are expected between 33 cents and 37 cents per share. Full-year profit is expected between $1.35 and $1.45.

Analysts polled by Thomson Reuters expect 37 cents in earnings for the third quarter and $1.41 for the year.

Idex shares fell declined 13 cents to $26 after hours following the earnings release. In the regular session, Idex gained 79 cents, or 3.1 percent.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.