(Reuters) – Industrial equipment maker IDEX Corp reported a better-than-expected quarterly profit on Tuesday, driven by strong sales of its health and science technology segment products.
Quarterly sales in IDEX’s health and sciences technology segment, which includes components and equipment used in clinical diagnostics and drug discovery, as well as in the food processing and cosmetic manufacturing industries, rose 19.3%.
The rise in demand was led by sellers seeking to replenish inventories following an extended destocking cycle triggered by large stockpiles during the COVID-19 pandemic.
Quarterly adjusted earnings per share stood at $2.04, compared with Wall Street estimates of $2.02, according to data compiled by LSEG.
Total revenue for the fourth quarter ended Dec. 31 was $862.9 million, up about 9% from a year earlier. Analysts, on average, were expecting revenue of $863.8 million in the fourth quarter.
(Reporting by Aishwarya Jain and Nathan Gomes; Editing by Mohammed Safi Shamsi)
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