IDEX board of directors resolve 2016 report, issues Q1 2017 results
The financial statements are consistent with the preliminary financial statements for 2016 that IDEX issued in February, which reported revenues of NOK 38.6 million (US$4.6 million) in 2016 compared to NOK 0.3 million (US$36,000) in 2015.
The company also recently issued its financial report for Q1 2017, which shows strong results driven by healthy year-over-year increase in earnings and revenues.
IDEX’s GAAP earnings for the reported quarter were $75.9 million compared with $68.1 million in Q1 2016, an improvement that was driven mostly by top-line growth.
Excluding non-recurring items, the company’s adjusted net income for Q1 2017 was $79.2 million compared with $68.1 million in the year-earlier quarter.
Meanwhile, net sales increased to $553.6 million from $502.6 million in the year-earlier quarter with record level orders.
IDEX saw significantly higher demand in the North American industrial markets with a marked improvement in larger capital projects.
The company reported an organic growth of 5 percent in Q1 2017, marking its first such growth since Q4 2014. IDEX attributes the growth primarily to a diligent execution of operational plans.
Adjusted operating income for Q1 2017 was $120.5 million compared with $103.3 million in Q1 2016 for respective margins of 21.8 percent and 20.6 percent.
In addition, the company saw an EBITDA of $136.7 million compared with $123.3 million in the year-ago quarter.
The company board also announced it will hold the annual general meeting on May 12.