8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report: January 29, 2019

(Date of earliest event reported)

IDEX CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	1-10235	36-3555336
(State or other jurisdiction	(Commission File Number)	(IRS Employer
of incorporation)		Identification No.)

1925 W. Field Court

Lake Forest, Illinois 60045

(Address of principal executive offices, including zip code)

(847) 498-7070

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 – Results of Operations and Financial Condition.

On January 29, 2019, IDEX Corporation (the “Company”) issued a press release announcing financial results for the period ended December 31, 2018.

A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in this Current Report furnished pursuant to Item 2.02 shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. This information shall not be incorporated by reference into any registration statement pursuant to the Securities Act of 1933, as amended.

Item 7.01 – Regulation FD Disclosure.

Q4 2018 Presentation Slides

Presentation slides discussing IDEX Corporation’s quarterly and annual operating results are attached to this Current Report on Form 8-K as Exhibit 99.2 and are incorporated herein by reference.

The Securities and Exchange Commission encourages companies to disclose forward-looking information so that investors can better understand the future prospects of a company and make informed investment decisions. This Current Report and the Exhibits hereto may contain “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements may relate to, among other things, capital expenditures, acquisitions, cost reductions, cash flow, revenues, earnings, market conditions, global economies and operating improvements, and are indicated by words or phrases such as “anticipates,” “estimates,” “plans,” “expects,” “projects,” “forecasts,” “should,” “could,” “will,” “management believes,” “the company believes,” “the company intends,” and similar words or phrases. These statements are subject to inherent uncertainties and risks that could cause actual results to differ materially from those anticipated at the date of this Current Report. The risks and uncertainties include, but are not limited to, the following: economic and political consequences resulting from terrorist attacks and wars; levels of industrial activity and economic conditions in the U.S. and other countries around the world; pricing pressures and other competitive factors, and levels of capital spending in certain industries - all of which could have a material impact on order rates and the Compay's results, particularly in light of the low levels of order backlogs it typically maintains; the Company's ability to make acquisitions and to integrate and operate acquired businesses on a profitable basis; the relationship of the U.S. dollar to other currencies and its impact on pricing and cost competitiveness; political and economic conditions in foreign countries in which the Company operates; developments with respect to trade policy and tariffs; interest rates; capacity utilization and the effect this has on costs; labor markets; market conditions and material costs; and developments with respect to contingencies, such as litigation and environmental matters. Additional factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, the risks discussed in the “Risk Factors” section included in IDEX’s most recent annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) and the other risks discussed in the Company’s filings with the SEC. The forward-looking statements included in this Current Report and the Exhibits hereto are only made as of the date of this Current Report, and management undertakes no obligation to publicly update them to reflect subsequent events or circumstances, except as may be required by law. Investors are cautioned not to rely unduly on forward-looking statements when evaluating the information presented herein.

The information in this Current Report furnished pursuant to Items 7.01 and 9.01 shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. This information shall not be incorporated by reference into any registration statement pursuant to the Securities Act of 1933, as amended. The furnishing of the information in this Current Report is not intended to, and does not, constitute a representation that such furnishing is required by Regulation FD or that the information this Current Report contains is material investor information that is not otherwise publicly available.

Item 9.01 – Financial Statements and Exhibits.

(a) Exhibits

99.1 Press release dated January 29, 2019 announcing IDEX Corporation’s quarterly and annual operating results.

99.2 Presentation slides of IDEX Corporation’s quarterly operating results

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

IDEX CORPORATION
	By:	/s/  WILLIAM K. GROGAN
		William K. Grogan
		Senior Vice President and Chief Financial Officer
January 30, 2019

EXHBIT INDEX

Exhibit Number	Description
99.1	Press release dated January 29, 2019
99.2	Presentation slides of IDEX Corporation’s quarterly operating results

EX-99.1

For further information: TRADED: NYSE (IEX)                              EX-99.1

Investor Contact:

William K. Grogan

Senior Vice President and Chief Financial Officer

(847) 498-7070

TUESDAY, JANUARY 29, 2019

IDEX REPORTS RECORD FOURTH QUARTER AND FULL YEAR 2018 RESULTS;

Q4 SALES UP 5 PERCENT OVERALL AND ORGANICALLY;

Q4 REPORTED EPS WAS $1.27 WITH ADJUSTED EPS OF $1.31

LAKE FOREST, IL, JANUARY 29 - IDEX Corporation (NYSE: IEX) today announced its financial results for the three- and twelve- month periods ended December 31, 2018.

Full Year 2018 Highlights

• Orders were up 7 percent overall and 6 percent organically

• Sales were up 9 percent overall and 8 percent organically

• Reported operating margin was 22.9 percent with adjusted operating margin of 23.4 percent, up 150 bps

• Reported EPS was $5.29 with adjusted EPS of $5.41, up26 percent

• Repurchased 1.3 million shares of common stock for $174 million

• Acquired Finger Lakes Instrumentation and the intellectual property assets of Phantom Controls

Full Year 2018

Orders of $2.5 billion were up7 percent compared with the prior year (+6 percent organic and +1 percent foreign currency translation).

Sales of $2.5 billion were up9 percent compared with the prior year (+8 percent organic and +1 percent foreign currency translation).

Gross margin of 45.0 percent was up10 basis points compared with the prior year primarily due to productivity initiatives and volume leverage, partially offset by higher engineering costs.

Operating income of $569.1 million resulted in an operating margin of 22.9 percent. Excluding $12.1 million of restructuring expenses, adjusted operating income was $581.2 million with an adjusted operating margin of 23.4 percent, up150 basis points from the prior year mainly due to volume leverage. Adjusted operating income drove adjusted EBITDA of $662.7 million which was 27 percent of sales and covered interest expense by 15 times.

Provision for income taxes of $118.4 million resulted in an effective tax rate (ETR) of 22.4 percent and included the tax impact from restructuring expenses. Excluding the tax impact from restructuring expenses, provision for income taxes was $121.4 million which resulted in an adjusted ETR of 22.4 percent.

Net income was $410.6 million which resulted in EPS of $5.29. Excluding restructuring expenses, adjusted EPS of $5.41increased$1.10, or 26 percent, from prior year adjusted EPS.

Cash from operations of $479.3 million was up11 percent from the prior year and led to free cash flow of $423.3 million, which was up9 percent from the prior year and 101 percent of adjusted net income primarily due to working capital and capital expenditure investments to support long-term growth.

Fourth Quarter 2018

Orders of $610.3 million were up1 percent compared with the prior year period (+2 percent organic and -1 percent foreign currency translation).

Sales of $614.1 million were up5 percent compared with the prior year period (+5 percent organic, +1 percent acquisition/divestitures and -1 percent foreign currency translation).

Gross margin of 44.6 percent was up10 basis points compared with the prior year period primarily due to productivity initiatives and volume leverage, partially offset by higher engineering costs.

Operating income of $139.4 million resulted in an operating margin of 22.7 percent. Excluding $3.8 million of restructuring expenses, adjusted operating income was $143.2 million with an adjusted operating margin of 23.3 percent, up120 basis points from the prior year period mainly due to volume leverage. Adjusted operating income drove adjusted EBITDA of $162.0 million which was 26 percent of sales and covered interest expense by almost 15 times.

Provision for income taxes of $30.7 million resulted in an ETR of 23.8 percent and included the tax impact from restructuring expenses. Excluding the tax impact from restructuring expenses, provision for income taxes was $31.7 million which resulted in an adjusted ETR of 23.9 percent.

Net income was $98.1 million which resulted in EPS of $1.27. Excluding restructuring expenses, adjusted EPS of $1.31increased19 cents, or 17 percent, from the prior year period adjusted EPS.

Cash from operations of $153.6 million was up13 percent from the prior year period and led to free cash flow of $137.4 million, which was up14 percent from the prior year period and 136 percent of adjusted net income.

The Company repurchased 917 thousand shares of common stock for $122 million in the fourth quarter of 2018.

“Strong demand in the industrial market coupled with solid execution drove a second consecutive record year for IDEX. We delivered annual all-time highs in orders, sales, operating income, operating margin, EPS and free cash flow. Annual organic order and sales growth were 6 and 8 percent, respectively. The 8 percent annual organic sales growth was our highest annual rate in 7 years. I'm very impressed with these growth rates, and I am especially encouraged with the diversity of the growth across all segments. FMT's annual organic revenue growth was 9 percent, FSDP delivered 7 percent and HST achieved 6 percent. Adjusted operating margin increased 150 basis points with robust expansion across each of the segments and we achieved record adjusted EPS of $5.41, up 26 percent from the prior year. Overall, I am extremely pleased with our team’s performance in 2018.
We continue to invest in our best organic growth opportunities as evidenced by the record capital expenditures of $56 million in 2018. M&A remains a key priority, we continue to work our solid funnel, and we will remain committed to our disciplined approach to capital deployment. In 2018, we deployed $174 million on stock repurchases, with $122 million occurring in the fourth quarter. We also returned $127 million to our shareholders via dividends in 2018, achieving our goal of distributing over 30 percent of earnings back to our shareholders.
Looking forward to 2019, although trade tensions persist and the geopolitical environment remains uncertain, we are confident in our outlook given our market leading positions in our diversified portfolio and our track record of strong execution in volatile times. Consistent with our long-term strategic objective to grow faster than underlying market growth, we are projecting 4 to 5 percent organic revenue growth in 2019. Full year 2019 EPS is expected to be in the range of $5.60 to $5.80 with first quarter EPS in the range of $1.35 to $1.38, which include approximately 15 cents and 6 cents of foreign currency headwind, respectively."
	Andrew K. Silvernail
	Chairman and Chief Executive Officer

Fourth Quarter 2018 Segment Highlights

Fluid & Metering Technologies

• Sales of $237.2 million reflected a 7 percent increase compared to the fourth quarter of 2017 (+8 percent organic and -1 percent foreign currency translation).

• Operating income of $67.9 million resulted in an operating margin of 28.6 percent. Excluding $1.1 million of restructuring expenses, adjusted operating income was $69.0 million with an adjusted operating margin of 29.1 percent, a 70 basis point increase compared to the prior year period primarily due to higher volume and productivity initiatives.

• EBITDA of $73.1 million resulted in an EBITDA margin of 30.8 percent. Excluding $1.1 million of restructuring expenses, adjusted EBITDA of $74.2 million resulted in an adjusted EBITDA margin of 31.3 percent, a 50 basis point increase compared to the prior year period.

Health & Science Technologies

• Sales of $225.5 million reflected an 8 percent increase compared to the fourth quarter of 2017 (+7 percent organic, +2 percent acquisition and -1 percent foreign currency translation).

• Operating income of $52.2 million resulted in an operating margin of 23.1 percent. Excluding $0.6 million of restructuring expenses, adjusted operating income was $52.8 million with an adjusted operating margin of 23.4 percent, a 110 basis point increase compared to the prior year period primarily due to higher volume and productivity initiatives, partially offset by higher engineering costs.

• EBITDA of $62.2 million resulted in an EBITDA margin of 27.6 percent. Excluding $0.6 million of restructuring expenses, adjusted EBITDA of $62.8 million resulted in an adjusted EBITDA margin of 27.8 percent, a 10 basis point decrease compared to the prior year period.

Fire & Safety/Diversified Products

• Sales of $151.7 million reflected a 2 percent decrease compared to the fourth quarter of 2017 (-1 percent organic and -1 percent foreign currency translation).

• Operating income of $38.4 million resulted in an operating margin of 25.3 percent. Excluding $1.8 million of restructuring expenses, adjusted operating income was $40.2 million with an adjusted operating margin of 26.5 percent, flat compared to the prior year period primarily due to productivity initiatives offset by lower volume.

• EBITDA of $42.1 million resulted in an EBITDA margin of 27.8 percent. Excluding $1.8 million of restructuring expenses, adjusted EBITDA of $43.9 million resulted in an adjusted EBITDA margin of 28.9 percent, a 30 basis point increase compared to the prior year period.

For the fourth quarter of 2018, Fluid & Metering Technologies contributed 39 percent of sales, 43 percent of operating income and 41 percent of EBITDA; Health & Science Technologies accounted for 37 percent of sales, 33 percent of operating income and 35 percent of EBITDA; and Fire & Safety/Diversified Products represented 24 percent of sales, 24 percent of operating income and 24 percent of EBITDA.

Corporate Costs

Corporate costs decreased to $18.7 million in the fourth quarter of 2018 from $21.2 million in the fourth quarter of 2017 as a result of lower outside consulting costs.

Corporate costs increased to $78.7 million in 2018 compared to $74.2 million in 2017 as a result of a stamp duty tax in Switzerland associated with the restructuring of intercompany loans and higher stock compensation.

Restructuring Actions

The Company recorded $3.8 million and $12.1 million of restructuring expenses in the fourth quarter and full year 2018, respectively, as part of initiatives that support the implementation of key strategic efforts designed to facilitate long-term, sustainable growth through cost reduction actions, primarily consisting of employee reductions and facility rationalization. A portion of the restructuring expenses also relates to expenses associated with the consolidation of three facilities into our Optics Center of Excellence in Rochester, New York. The consolidation of these facilities is expected to be completed by early 2019.

Non-U.S. GAAP Measures of Financial Performance

The Company supplements certain U.S. GAAP financial performance metrics with non-U.S. GAAP financial performance metrics in order to provide investors with better insight and increased transparency while also allowing for a more comprehensive understanding of the financial information used by management in its decision making. Reconciliations of non-U.S. GAAP financial performance metrics to their most comparable U.S. GAAP financial performance metrics are defined and presented below and should not be considered a substitute for, nor superior to, the financial data prepared in accordance with U.S. GAAP. There were no adjustments to U.S. GAAP financial performance metrics other than the items noted below.

• Organic orders and sales are calculated excluding amounts from acquired or divested businesses during the first twelve months of ownership or divestiture and the impact of foreign currency translation.

• Adjusted operating income is calculated as operating income plus restructuring expenses plus or minus the net loss or gain on sale of businesses.

• Adjusted operating margin is calculated as adjusted operating income divided by net sales.

• Adjusted net income is calculated as net income plus restructuring expenses plus or minus the net loss or gain on sale of businesses, net of the statutory tax expense or benefit.

• EBITDA is calculated as net income plus interest expense plus provision for income taxes plus depreciation and amortization. We reconciled EBITDA to net income on a consolidated basis as we do not allocate consolidated interest expense or consolidated provision for income taxes to our segments.

• Adjusted EBITDA is calculated as EBITDA plus restructuring expenses plus or minus the net loss or gain on sale of businesses.

• Free cash flow is calculated as cash flow from operating activities less capital expenditures.

Table 1: Reconciliations of the Change in Net Sales to Organic Net Sales

	For the Quarter Ended December 31, 2018								For the Year Ended December 31, 2018
	FMT		HST		FSDP		IDEX		FMT		HST		FSDP		IDEX
Change in net sales	7	%	8	%	(2	)%	5	%	8	%	9	%	8	%	9	%
- Net impact from acquisitions/divestitures	—	%	2	%	—	%	1	%	(2	)%	2	%	—	%	—	%
- Impact from FX	(1	)%	(1	)%	(1	)%	(1	)%	1	%	1	%	1	%	1	%
Change in organic net sales	8	%	7	%	(1	)%	5	%	9	%	6	%	7	%	8	%

Table 2: Reconciliations of Reported-to-Adjusted Operating Income and Margin (dollars in thousands)

	For the Quarter Ended December 31,
	2018															2017
	FMT			HST			FSDP			Corporate			IDEX			FMT			HST			FSDP			Corporate			IDEX
Reported operating income (loss)	$	67,911		$	52,160		$	38,439		$	(19,069	)	$139,441			$	61,200		$	44,962		$	41,006		$	(11,920	)	$135,248
+ Restructuring expenses	1,145			606			1,757			324			3,832			1,808			1,668			182			—			3,658
+ Gain on sale of business	—			—			—			—			—			—			—			—			(9,273		)	(9,273		)
Adjusted operating income (loss)	$	69,056		$	52,766		$	40,196		$	(18,745	)	$	143,273		$	63,008		$	46,630		$	41,188		$	(21,193	)	$	129,633
Net sales (eliminations)	$	237,206		$	225,515		$	151,723		$	(350	)	$	614,094		$	222,052		$	208,916		$	155,504		$	(568	)	$	585,904
Reported operating margin	28.6		%	23.1		%	25.3		%	n/m			22.7		%	27.6		%	21.5		%	26.4		%	n/m			23.1		%
Adjusted operating margin	29.1		%	23.4		%	26.5		%	n/m			23.3		%	28.4		%	22.3		%	26.5		%	n/m			22.1		%

	For the Year Ended December 31,
	2018															2017
	FMT			HST			FSDP			Corporate			IDEX			FMT			HST			FSDP			Corporate			IDEX
Reported operating income (loss)	$	275,060		$	205,679		$	168,601		$	(80,252	)	$569,088			$	241,030		$	179,567		$	147,028		$	(65,069	)	$502,556
+ Restructuring expenses	2,458			5,904			2,184			1,537			12,083			3,374			4,696			255			130			8,455
+ Gain on sale of business	—			—			—			—			—			—			—			—			(9,273		)	(9,273		)
Adjusted operating income (loss)	$	277,518		$	211,583		$	170,785		$	(78,715	)	$	581,171		$	244,404		$	184,263		$	147,283		$	(74,212	)	$	501,738
Net sales (eliminations)	$	951,552		$	896,419		$	637,028		$	(1,333	)	$	2,483,666		$	880,957		$	820,131		$	587,533		$	(1,309	)	$	2,287,312
Reported operating margin	28.9		%	22.9		%	26.5		%	n/m			22.9		%	27.4		%	21.9		%	25.0		%	n/m			22.0		%
Adjusted operating margin	29.2		%	23.6		%	26.8		%	n/m			23.4		%	27.7		%	22.5		%	25.1		%	n/m			21.9		%

Table 3: Reconciliations of Reported-to-Adjusted Net Income and EPS(in thousands, except EPS)

	For the Quarter Ended December 31,						For the Year Ended December 31,
	2018			2017			2018			2017
Reported net income	$	98,137		$	93,746		$	410,573		$	337,257
+ Restructuring expenses	3,832			3,658			12,083			8,455
+ Tax impact on restructuring expenses	(1,029		)	(1,243		)	(3,032		)	(2,772		)
+ Gain on sale of business	—			(9,273		)	—			(9,273		)
+ Tax impact on gain on sale of business	—			—			—			—
Adjusted net income	$	100,940		$	86,888		$	419,624		$	333,667

	For the Quarter Ended December 31,						For the Year Ended December 31,
	2018			2017			2018			2017
Reported EPS	$	1.27		$	1.21		$	5.29		$	4.36
+ Restructuring expenses	0.05			0.05			0.16			0.11
+ Tax impact on restructuring expenses	(0.01		)	(0.02		)	(0.04		)	(0.04		)
+ Gain on sale of business	—			(0.12		)	—			(0.12		)
+ Tax impact on gain on sale of business	—			—			—			—
Adjusted EPS	$	1.31		$	1.12		$	5.41		$	4.31
Diluted weighted average shares	77,100			77,597			77,563			77,333

Table 4: Reconciliations of EBITDA to Net Income(dollars in thousands)

	For the Quarter Ended December 31,
	2018															2017
	FMT			HST			FSDP			Corporate			IDEX			FMT			HST			FSDP			Corporate			IDEX
Reported operating income (loss)	$	67,911		$	52,160		$	38,439		$	(19,069	)	$	139,441		$	61,200		$	44,962		$	41,006		$	(11,920	)	$	135,248
- Other (income) expense - net	295			(912		)	(120		)	317			(420		)	300			(892		)	296			973			677
+ Depreciation and amortization	5,469			9,079			3,581			185			18,314			5,764			10,840			3,603			203			20,410
EBITDA	73,085			62,151			42,140			(19,201		)	158,175			66,664			56,694			44,313			(12,690		)	154,981
- Interest expense													11,036															10,969
- Provision for income taxes													30,688															29,856
- Depreciation and amortization													18,314															20,410
Reported net income													$	98,137														$	93,746
Net sales (eliminations)	$	237,206		$	225,515		$	151,723		$	(350	)	$	614,094		$	222,052		$	208,916		$	155,504		$	(568	)	$	585,904
Reported operating margin	28.6		%	23.1		%	25.3		%	n/m			22.7		%	27.6		%	21.5		%	26.4		%	n/m			23.1		%
EBITDA margin	30.8		%	27.6		%	27.8		%	n/m			25.8		%	30.0		%	27.1		%	28.5		%	n/m			26.5		%

	For the Year Ended December 31,
	2018															2017
	FMT			HST			FSDP			Corporate			IDEX			FMT			HST			FSDP			Corporate			IDEX
Reported operating income (loss)	$	275,060		$	205,679		$	168,601		$	(80,252	)	$	569,088		$	241,030		$	179,567		$	147,028		$	(65,069	)	$	502,556
- Other (income) expense - net	1,351			(1,192		)	(3,444		)	(700		)	(3,985		)	1,007			(795		)	1,959			223			2,394
+ Depreciation and amortization	22,370			39,939			14,493			742			77,544			23,587			45,287			14,541			801			84,216
EBITDA	296,079			246,810			186,538			(78,810		)	650,617			263,610			225,649			159,610			(64,491		)	584,378
- Interest expense													44,134															44,889
- Provision for income taxes													118,366															118,016
- Depreciation and amortization													77,544															84,216
Reported net income													$410,573															$337,257
Net sales (eliminations)	$	951,552		$	896,419		$	637,028		$	(1,333	)	$	2,483,666		$	880,957		$	820,131		$	587,533		$	(1,309	)	$	2,287,312
Reported operating margin	28.9		%	22.9		%	26.5		%	n/m			22.9		%	27.4		%	21.9		%	25.0		%	n/m			22.0		%
EBITDA margin	31.1		%	27.5		%	29.3		%	n/m			26.2		%	29.9		%	27.5		%	27.2		%	n/m			25.5		%

Table 5: Reconciliations of EBITDA to Adjusted EBITDA(dollars in thousands)

	For the Quarter Ended December 31,
	2018															2017
	FMT			HST			FSDP			Corporate			IDEX			FMT			HST			FSDP			Corporate			IDEX
EBITDA	$	73,085		$	62,151		$	42,140		$	(19,201	)	$	158,175		$	66,664		$	56,694		$	44,313		$	(12,690	)	$	154,981
+ Restructuring expenses	1,145			606			1,757			324			3,832			1,808			1,668			182			—			3,658
+ Gain on sale of business	—			—			—			—			—			—			—			—			(9,273		)	(9,273		)
Adjusted EBITDA	$	74,230		$	62,757		$	43,897		$	(18,877	)	$	162,007		$	68,472		$	58,362		$	44,495		$	(21,963	)	$	149,366
Adjusted EBITDA margin	31.3		%	27.8		%	28.9		%	n/m			26.4		%	30.8		%	27.9		%	28.6		%	n/m			25.5		%

	For the Year Ended December 31,
	2018															2017
	FMT			HST			FSDP			Corporate			IDEX			FMT			HST			FSDP			Corporate			IDEX
EBITDA	$	296,079		$	246,810		$	186,538		$	(78,810	)	$	650,617		$	263,610		$	225,649		$	159,610		$	(64,491	)	$	584,378
+ Restructuring expenses	2,458			5,904			2,184			1,537			12,083			3,374			4,696			255			130			8,455
+ Gain on sale of business	—			—			—			—			—			—			—			—			(9,273		)	(9,273		)
Adjusted EBITDA	$	298,537		$	252,714		$	188,722		$	(77,273	)	$	662,700		$	266,984		$	230,345		$	159,865		$	(73,634	)	$	583,560
Adjusted EBITDA margin	31.4		%	28.2		%	29.6		%	n/m			26.7		%	30.3		%	28.1		%	27.2		%	n/m			25.5		%

Table 6: Reconciliations of Free Cash Flow(in thousands)

	For the Quarter Ended						For the Year Ended December 31,
	December 31,				September 30,
	2018		2017		2018		2018		2017
Cash flow from operating activities	$	153,592	$	136,173	$	133,327	$	479,345	$	432,753
- Capital expenditures	16,233		15,804		18,888		56,089		43,858
Free cash flow	$	137,359	$	120,369	$	114,439	$	423,256	$	388,895

Conference Call to be Broadcast over the Internet

IDEX will broadcast its fourth quarter earnings conference call over the Internet on Wednesday, January 30, 2019 at 9:30 a.m. CT. Chairman and Chief Executive Officer Andy Silvernail and Senior Vice President and Chief Financial Officer William Grogan will discuss the Company’s recent financial performance and respond to questions from the financial analyst community. IDEX invites interested investors to listen to the call and view the accompanying slide presentation, which will be carried live on its website at www.idexcorp.com. Those who wish to participate should log on several minutes before the discussion begins. After clicking on the presentation icon, investors should follow the instructions to ensure their systems are set up to hear the event and view the presentation slides, or download the correct applications at no charge. Investors will also be able to hear a replay of the call by dialing 877.660.6853 (or 201.612.7415 for international participants) using the ID #13684161.

Forward-Looking Statements

This news release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements may relate to, among other things, capital expenditures, acquisitions, cost reductions, cash flow, revenues, earnings, market conditions, global economies and operating improvements, and are indicated by words or phrases such as “anticipates,” “estimates,” “plans,” “expects,” “projects,” “forecasts,” “should,” “could,” “will,” “management believes,” “the Company believes,” “the Company intends,” and similar words or phrases. These statements are subject to inherent uncertainties and risks that could cause actual results to differ materially from those anticipated at the date of this news release. The risks and uncertainties include, but are not limited to, the following: economic and political consequences resulting from terrorist attacks and wars; levels of industrial activity and economic conditions in the U.S. and other countries around the world; pricing pressures and other competitive factors and levels of capital spending in certain industries, all of which could have a material impact on order rates and the Company's results, particularly in light of the low levels of order backlogs it typically maintains; the Company's ability to make acquisitions and to integrate and operate acquired businesses on a profitable basis; the relationship of the U.S. dollar to other currencies and its impact on pricing and cost competitiveness; political and economic conditions in foreign countries in which the Company operates; developments with respect to trade policy and tariffs; interest rates; capacity utilization and the effect this has on costs; labor markets; market conditions and material costs; and developments with respect to contingencies, such as litigation and environmental matters. Additional factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, the risks discussed in the “Risk Factors” section included in the Company’s most recent annual report on Form 10-K filed with the SEC and the other risks discussed in the Company’s filings with the SEC. The forward-looking statements included here are only made as of the date of this news release, and management undertakes no obligation to publicly update them to reflect subsequent events or circumstances, except as may be required by law. Investors are cautioned not to rely unduly on forward-looking statements when evaluating the information presented here.

About IDEX

IDEX is a global fluidics leader serving high growth specialized markets. We are best known for our expertise in highly engineered fluidics systems and components, as well as for our expertise in fire and safety products including the Jaws of Life® family of rescue and recovery tools. Our products touch lives every day. Whether it’s a life-saving rescue operation, dispensing fresh juice to a first grader or fueling aircraft, IDEX is a leader in creating enabling technology used in many of the most common everyday activities. For more information, please visit www.idexcorp.com. IDEX shares are traded on the New York Stock Exchange under the symbol “IEX”.

(Financial reports follow)

IDEX CORPORATION

Condensed Consolidated Statements of Operations

(in thousands except for per share amounts)

(unaudited)

	For the Quarter Ended December 31,						For the Year Ended December 31,
	2018			2017			2018			2017
Net sales	$	614,094		$	585,904		$	2,483,666		$	2,287,312
Cost of sales	340,451			325,022			1,365,771			1,260,634
Gross profit	273,643			260,882			1,117,895			1,026,678
Selling, general and administrative expenses	130,370			131,249			536,724			524,940
Gain on sale of business	—			(9,273		)	—			(9,273		)
Restructuring expenses	3,832			3,658			12,083			8,455
Operating income	139,441			135,248			569,088			502,556
Other (income) expense - net	(420		)	677			(3,985		)	2,394
Interest expense	11,036			10,969			44,134			44,889
Income before income taxes	128,825			123,602			528,939			455,273
Provision for income taxes	30,688			29,856			118,366			118,016
Net income	$	98,137		$	93,746		$	410,573		$	337,257
Earnings per Common Share:
Basic earnings per common share	$	1.29		$	1.23		$	5.36		$	4.41
Diluted earnings per common share	$	1.27		$	1.21		$	5.29		$	4.36
Share Data:
Basic weighted average common shares outstanding	76,128			76,283			76,412			76,232
Diluted weighted average common shares outstanding	77,100			77,597			77,563			77,333

IDEX CORPORATION

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

	December 31, 2018		December 31, 2017
Assets
Current assets
Cash and cash equivalents	$	466,407	$	375,950
Receivables - net	314,753		294,166
Inventories	279,995		259,724
Other current assets	31,377		74,203
Total current assets	1,092,532		1,004,043
Property, plant and equipment - net	281,220		258,350
Goodwill and intangible assets	2,081,282		2,118,904
Other noncurrent assets	15,765		18,331
Total assets	$	3,470,799	$	3,399,628
Liabilities and shareholders' equity
Current liabilities
Trade accounts payable	$	143,196	$	147,067
Accrued expenses	187,536		184,705
Short-term borrowings	483		258
Dividends payable	33,446		28,945
Total current liabilities	364,661		360,975
Long-term borrowings	848,335		858,788
Other noncurrent liabilities	264,627		293,323
Total liabilities	1,477,623		1,513,086
Shareholders' equity	1,993,176		1,886,542
Total liabilities and shareholders' equity	$	3,470,799	$	3,399,628

IDEX CORPORATION

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

	For the Year Ended December 31,
	2018			2017
Cash flows from operating activities
Net income	$	410,573		$	337,257
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on sale of fixed assets - net	946			315
Gain on sale of business	—			(9,273		)
Depreciation and amortization	39,049			38,314
Amortization of intangible assets	38,495			45,902
Amortization of debt issuance expenses	1,332			1,320
Share-based compensation expense	24,754			24,405
Deferred income taxes	(4,346		)	(33,742		)
Non-cash interest expense associated with forward starting swaps	6,475			6,655
Changes in (net of the effect from acquisitions and divestitures):
Receivables	(26,063		)	(15,803		)
Inventories	(23,031		)	760
Other current assets	27,806			(20,031		)
Trade accounts payable	(1,220		)	12,556
Accrued expenses	4,148			19,710
Other - net	(19,573		)	24,408
Net cash flows provided by operating activities	479,345			432,753
Cash flows from investing activities
Purchases of property, plant and equipment	(56,089		)	(43,858		)
Purchase of intellectual property	(4,000		)	—
Acquisition of businesses, net of cash acquired	(20,205		)	(38,161		)
Proceeds from sale of business	—			21,795
Proceeds from fixed asset disposals	363			6,011
Other - net	(1,500		)	(533		)
Net cash flows used in investing activities	(81,431		)	(54,746		)
Cash flows from financing activities
Borrowings under revolving credit facilities	—			33,000
Payments under revolving credit facilities	(11,284		)	(200,618		)
Dividends paid	(127,478		)	(111,172		)
Proceeds from stock option exercises	27,639			22,935
Purchases of common stock	(173,926		)	(29,074		)
Shares surrendered for tax withholding	(11,555		)	(6,228		)
Settlement of foreign exchange contracts	6,593			13,736
Net cash flows used in financing activities	(290,011		)	(277,421		)
Effect of exchange rate changes on cash and cash equivalents	(17,446		)	39,400
Net increase in cash	90,457			139,986
Cash and cash equivalents at beginning of year	375,950			235,964
Cash and cash equivalents at end of period	$	466,407		$	375,950

IDEX CORPORATION

Company and Segment Financial Information - Reported

(dollars in thousands)

(unaudited)

	For the Quarter Ended December 31, (a)						For the Year Ended December 31, (a)
	2018			2017			2018			2017
Fluid & Metering Technologies
Net sales	$	237,206		$	222,052		$	951,552		$	880,957
Operating income (b)	67,911			61,200			275,060			241,030
Operating margin	28.6		%	27.6		%	28.9		%	27.4		%
EBITDA	$	73,085		$	66,664		$	296,079		$	263,610
EBITDA margin	30.8		%	30.0		%	31.1		%	29.9		%
Depreciation and amortization	$	5,469		$	5,764		$	22,370		$	23,587
Capital expenditures	4,399			6,059			19,541			18,218
Health & Science Technologies
Net sales	$	225,515		$	208,916		$	896,419		$	820,131
Operating income (b)	52,160			44,962			205,679			179,567
Operating margin	23.1		%	21.5		%	22.9		%	21.9		%
EBITDA	$	62,151		$	56,694		$	246,810		$	225,649
EBITDA margin	27.6		%	27.1		%	27.5		%	27.5		%
Depreciation and amortization	$	9,079		$	10,840		$	39,939		$	45,287
Capital expenditures	8,743			4,851			26,039			16,340
Fire & Safety/Diversified Products
Net sales	$	151,723		$	155,504		$	637,028		$	587,533
Operating income (b)	38,439			41,006			168,601			147,028
Operating margin	25.3		%	26.4		%	26.5		%	25.0		%
EBITDA	$	42,140		$	44,313		$	186,538		$	159,610
EBITDA margin	27.8		%	28.5		%	29.3		%	27.2		%
Depreciation and amortization	$	3,581		$	3,603		$	14,493		$	14,541
Capital expenditures	3,086			2,185			10,318			6,363
Corporate Office and Eliminations
Intersegment sales eliminations	$	(350	)	$	(568	)	$	(1,333	)	$	(1,309	)
Operating income (b)	(19,069		)	(11,920		)	(80,252		)	(65,069		)
EBITDA	(19,201		)	(12,690		)	(78,810		)	(64,491		)
Depreciation and amortization	185			203			742			801
Capital expenditures	5			2,709			191			2,937
Company
Net sales	$	614,094		$	585,904		$	2,483,666		$	2,287,312
Operating income	139,441			135,248			569,088			502,556
Operating margin	22.7		%	23.1		%	22.9		%	22.0		%
EBITDA	$	158,175		$	154,981		$	650,617		$	584,378
EBITDA margin	25.8		%	26.5		%	26.2		%	25.5		%
Depreciation and amortization (c)	$	18,314		$	20,410		$	77,544		$	84,216
Capital expenditures	16,233			15,804			56,089			43,858

IDEX CORPORATION

Company and Segment Financial Information - Adjusted

(dollars in thousands)

(unaudited)

		For the Quarter Ended December 31, (a)						For the Year Ended December 31, (a)
		2018			2017			2018			2017
	Fluid & Metering Technologies
	Net sales	$	237,206		$	222,052		$	951,552		$	880,957
	Adjusted operating income (b)	69,056			63,008			277,518			244,404
	Adjusted operating margin	29.1		%	28.4		%	29.2		%	27.7		%
	Adjusted EBITDA	$	74,230		$	68,472		$	298,537		$	266,984
	Adjusted EBITDA margin	31.3		%	30.8		%	31.4		%	30.3		%
	Depreciation and amortization	$	5,469		$	5,764		$	22,370		$	23,587
	Capital expenditures	4,399			6,059			19,541			18,218
	Health & Science Technologies
	Net sales	$	225,515		$	208,916		$	896,419		$	820,131
	Adjusted operating income (b)	52,766			46,630			211,583			184,263
	Adjusted operating margin	23.4		%	22.3		%	23.6		%	22.5		%
	Adjusted EBITDA	$	62,757		$	58,362		$	252,714		$	230,345
	Adjusted EBITDA margin	27.8		%	27.9		%	28.2		%	28.1		%
	Depreciation and amortization	$	9,079		$	10,840		$	39,939		$	45,287
	Capital expenditures	8,743			4,851			26,039			16,340
	Fire & Safety/Diversified Products
	Net sales	$	151,723		$	155,504		$	637,028		$	587,533
	Adjusted operating income (b)	40,196			41,188			170,785			147,283
	Adjusted operating margin	26.5		%	26.5		%	26.8		%	25.1		%
	Adjusted EBITDA	$	43,897		$	44,495		$	188,722		$	159,865
	Adjusted EBITDA margin	28.9		%	28.6		%	29.6		%	27.2		%
	Depreciation and amortization	$	3,581		$	3,603		$	14,493		$	14,541
	Capital expenditures	3,086			2,185			10,318			6,363
	Corporate Office and Eliminations
	Intersegment sales eliminations	$	(350	)	$	(568	)	$	(1,333	)	$	(1,309	)
	Adjusted operating income (b)	(18,745		)	(21,193		)	(78,715		)	(74,212		)
	Adjusted EBITDA	(18,877		)	(21,963		)	(77,273		)	(73,634		)
	Depreciation and amortization	185			203			742			801
	Capital expenditures	5			2,709			191			2,937
	Company
	Net sales	$	614,094		$	585,904		$	2,483,666		$	2,287,312
	Adjusted operating income	143,273			129,633			581,171			501,738
	Adjusted operating margin	23.3		%	22.1		%	23.4		%	21.9		%
	Adjusted EBITDA	$	162,007		$	149,366		$	662,700		$	583,560
	Adjusted EBITDA margin	26.4		%	25.5		%	26.7		%	25.5		%
	Depreciation and amortization (c)	$	18,314		$	20,410		$	77,544		$	84,216
	Capital expenditures	16,233			15,804			56,089			43,858
(a)	Three and twelve months data include the results of Finger Lakes Instrumentation (July 2018) and thinXXS (December 2017) in the Health & Science Technologies segment from the date of acquisition and the results of Faure Herman (October 2017) in the Fluid & Metering Technologies segment through the date of disposition.
(b)	Segment operating income excludes unallocated corporate operating expenses which are included in Corporate Office and Eliminations.
(c)	Depreciation and amortization excludes amortization of debt issuance costs.

EX-99.2

Fourth Quarter & Full Year 2018 Earnings January 30, 2019 IDEX Proprietary & Confidential

AGENDA • IDEX’s Overview and Outlook • Q4 & 2018 Financial Performance • Segment Performance • Fluid & Metering Technologies • Health & Science Technologies • Fire & Safety / Diversified Products • 2019 Guidance • Bridge • Summary • Q&A Brand names shown in this presentation are registered trademarks of IDEX Corporation and/or its subsidiaries IDEX Proprietary & Confidential 1

Replay Information • Dial toll–free: 877.660.6853 • International: 201.612.7415 • Conference ID: #13684161 • Log on to: www.idexcorp.com Brand names shown in this presentation are registered trademarks of IDEX Corporation and/or its subsidiaries IDEX Proprietary & Confidential 2

Cautionary Statement Under the Private Securities Litigation Reform Act; Non-GAAP Measures This presentation and discussion will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements may relate to, among other things, capital expenditures, acquisitions, cost reductions, cash flow, revenues, earnings, market conditions, global economies and operating improvements, and are indicated by words or phrases such as “anticipates,” “estimates,” “plans,” “expects,” “projects,” “forecasts,” “should,” “could,” “will,” “management believes,” “the company believes,” “the company intends,” and similar words or phrases. These statements are subject to inherent uncertainties and risks that could cause actual results to differ materially from those anticipated at the date of this news release. The risks and uncertainties include, but are not limited to, the following: economic and political consequences resulting from terrorist attacks and wars; levels of industrial activity and economic conditions in the U.S. and other countries around the world; pricing pressures and other competitive factors, and levels of capital spending in certain industries – all of which could have a material impact on order rates and IDEX’s results, particularly in light of the low levels of order backlogs it typically maintains; its ability to make acquisitions and to integrate and operate acquired businesses on a profitable basis; the relationship of the U.S. dollar to other currencies and its impact on pricing and cost competitiveness; political and economic conditions in foreign countries in which the company operates; interest rates; capacity utilization and the effect this has on costs; labor markets; market conditions and material costs; and developments with respect to contingencies, such as litigation and environmental matters. Additional factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, the risks discussed in the “Risk Factors” section included in the company’s most recent annual report on Form 10-K filed with the SEC and the other risks discussed in the company’s filings with the SEC. The forward-looking statements included in this presentation and discussion are only made as of today’s date, and management undertakes no obligation to publicly update them to reflect subsequent events or circumstances, except as may be required by law. Investors are cautioned not to rely unduly on forward-looking statements when evaluating the information in this presentation and discussion. This presentation contains non-GAAP financial information. Reconciliations of non-GAAP measures are included either in this presentation or our earnings release for the three and twelve-month period ending December 31, 2018, which is available on our website. Brand names shown in this presentation are registered trademarks of IDEX Corporation and/or its subsidiaries IDEX Proprietary & Confidential 3

IDEX 2018 Financial Performance (Dollars in millions, excl. EPS) Sales Adjusted EPS* Organic: 8% increase 26% increase $2,484 $5.41 $2,287 $6.00 $4.31 $2,500 $5.00 $2,000 Organic: 5% increase $4.00 17% increase $1,500 $586 $614 $3.00 $1.12 $1.31 $1,000 $2.00 $500 $1.00 $0 $0.00 Q4 Year Q4 Year 2017 2018 2017 2018 Adjusted Operating Margin* Free Cash Flow 101% conversion 150 bps increase 120 bps increase $423 $389 26.0% $500 23.3% 23.4% 22.1% $400 136% conversion 24.0% 21.9% $300 $137 22.0% $120 $200 20.0% $100 18.0% $0 Q4 Year Q4 Year 2017 2018 2017 2018 * Operating margin and EPS data adjusted for restructuring expenses ($3.8M in Q4 2018 and $12.1M in FY 2018; $3.7M in Q4 2017 and $8.5M in FY 2017) Record fiscal year operating results in all four categories Brand names shown in this presentation are registered trademarks of IDEX Corporation and/or its subsidiaries IDEX Proprietary & Confidential 4

Fluid & Metering Technologies (Dollars in millions) Orders Sales Adjusted Operating Margin* Organic: 7% increase Organic: 9% increase 150 bps increase 70 bps increase $947 $952 $893 $881 29.1% 29.2% $1,000 $1,000 29.5% 28.4% $800 $800 29.0% Organic: 2% increase Organic: 8% increase 28.5% $600 $600 27.7% $226 $227 $222 $237 28.0% $400 $400 27.5% $200 $200 27.0% $0 $0 26.5% Q4 Year Q4 Year Q4 Year 2017 2018 2017 2018 2017 2018 Q4 Sales Mix: Organic 8% Q4 Highlights:  Acquisition - Industrials remain strong driven by US distribution market  Oil price fluctuations in Q4 postponed some investment but market is FX -1% showing improvement recently due to increasing oil prices  Q4 Ag orders slowed down due to pre-season order timing; maintaining a Reported Sales 7% cautious outlook  Water market positioned for target growth opportunities * Operating margin data adjusted for restructuring expenses ($1.1M in Q4 2018 and $2.5M in FY 2018; $1.8M in Q4 2017 and $3.4M in FY 2017). Fiscal year organic orders up 7 percent and sales up 9 percent Brand names shown in this presentation are registered trademarks of IDEX Corporation and/or its subsidiaries IDEX Proprietary & Confidential 5

Health & Science Technologies (Dollars in millions) Orders Sales Adjusted Operating Margin* Organic: 7% increase Organic: 6% increase 110 bps increase $920 $896 110 bps increase $841 $820 23.6% $1,000 $1,000 24.0% 23.4% $800 $800 23.5% Organic: 9% increase Organic: 7% increase $600 $600 23.0% 22.3% 22.5% $238 $216 $226 $400 $400 $209 22.5% $200 $200 22.0% $0 $0 21.5% Q4 Year Q4 Year Q4 Year 2017 2018 2017 2018 2017 2018 Q4 Sales Mix: Organic 7% Q4 Highlights:  IVD/Bio and Life Science Optics businesses are performing well driven Acquisition 2% by New Product Development  Industrial market drove strong results FX -1%  MPT performing well on strong execution within the pharma & food markets Reported Sales 8%  Sealing Solution favorable due to continued strength within the Oil & Gas and Industrial markets * Operating margin data adjusted for restructuring expenses ($0.6M in Q4 2018 and $5.9M in FY 2018; $1.7M in Q4 2017 and $4.7M in FY 2017). Strong revenue growth across all businesses drove margin expansion of 110 bps in 2018 Brand names shown in this presentation are registered trademarks of IDEX Corporation and/or its subsidiaries IDEX Proprietary & Confidential 6

Fire & Safety / Diversified Products (Dollars in millions) Orders Sales Adjusted Operating Margin* Flat 170 bps increase Organic: 4% increase Organic: 7% increase $637 26.8% $631 26.5% 26.5% $599 $700 $588 27.0% $700 $600 26.5% $600 $500 26.0% $500 Organic: 1% decrease Organic: 8% decrease 25.1% $400 $400 25.5% $152 $161 $145 $300 $156 $300 25.0% $200 $200 24.5% $100 $100 24.0% $0 $0 Q4 Year Q4 Year Q4 Year 2017 2018 2017 2018 2017 2018 Q4 Sales Mix: Organic -1% Q4 Highlights:  Acquisition - Fire business showing growth across most products and geographies  Rescue strong on solid project business in emerging markets FX -1%  Band-IT continues to perform well with contributions from transportation, energy and industrial Reported Sales -2%  Dispensing sales were lower in Q4 due to timing of projects * Operating margin data adjusted for restructuring expenses ($1.8M in Q4 2018 and $2.2M in FY 2018; $0.2M in Q4 2017 and $0.3M in FY 2017). Strong organic sales growth drove a 170 bps operating margin improvement in 2018 Brand names shown in this presentation are registered trademarks of IDEX Corporation and/or its subsidiaries IDEX Proprietary & Confidential 7

2019 Guidance Bridge Brand names shown in this presentation are registered trademarks of IDEX Corporation and/or its subsidiaries IDEX Proprietary & Confidential 8

2019 Guidance Summary Q1 2019 – EPS estimate range: $1.35 – $1.38 – Organic revenue growth: 4 – 5% – Operating margin: ~ 23.0% – Tax rate: ~ 22.5% – FX impact: ~ 1.0% topline headwind based on December 31, 2018 FX rates – Corporate costs: $20 – $22 million FY 2019 – EPS estimate range: $5.60 – $5.80 – Organic revenue growth: 4 – 5% – Operating margin: 23.5 – 24.0% – FX impact: ~ 1.0% topline headwind based on December 31, 2018 FX rates – Other modeling items: • Tax rate: ~22.5% • Cap Ex: > $60M • Free cash flow will be approximately 105 to 110% of net income • Corporate costs: $80 – $84 million • EPS estimate excludes all future acquisitions and associated costs and any future restructuring expenses Brand names shown in this presentation are registered trademarks of IDEX Corporation and/or its subsidiaries IDEX Proprietary & Confidential 9