IDEX Corporation announced its financial results for the quarter ended March 31, 2007. From continuing operations, orders in the first quarter were up 23 percent, sales increased 25 percent, and income rose 25 percent to $36.8 million. Diluted earnings per share from continuing operations were 68 cents versus 55 cents in the year-ago quarter.

First Quarter 2007 Highlights

-Orders in the first quarter of 2007 were $362.8 million, 23 percent higher than a year ago; excluding foreign currency translation and acquisitions, organic orders growth was 9 percent.
-First quarter sales of $333.3 million rose 25 percent; excluding foreign currency translation and acquisitions, organic sales growth was 10 percent.
-Operating margins at 18.5 percent were 60 basis points higher than a year ago (90 basis points adjusted for severance costs within our Dispensing business).
-Income increased 25 percent to $36.8 million.
-Diluted EPS at $0.68 was 13 cents or 24 percent ahead of last year.
-EBITDA of $71.2 million was 21 percent of sales and covered interest expense by more than 11 times.
-First quarter free cash flow was $12.1 million.
-The acquisition of Faure Herman was completed in a strategic expansion of the company's refined fuels & gas business.
-The Board of Directors approved a three-for-two stock split and 20 percent increase in the quarterly cash dividend.

Chairman and Chief Executive Officer Lawrence D. Kingsley said:
"Our company continued to perform extremely well through the first quarter of 2007. Our results were highlighted by total sales growth of 25 percent, organic sales growth of 10 percent and continued operating margin expansion of 90 basis points adjusted for severance costs within our Dispensing business. We delivered organic sales growth across all four business segments, led by Fluid & Metering Technologies at 12 percent and Dispensing Equipment at 10 percent. Within Fire & Safety/Diversified Products and Health & Science Technologies, organic growth was solid at 9 percent and 7 percent, respectively.

We completed the previously-announced acquisition of Faure Herman, a leading provider of ultrasonic and helical turbine flow meters used in the custody transfer and control of high value fluids and gases. This is another strategic addition to our energy markets focus within our Fluid & Metering business. As we move forward, we are well positioned in attractive product segments buoyed by strong underlying industry fundamentals. We are leveraging commercial and operational excellence to effectively serve our customers, expand our market position and generate profitable growth."