Net Sales Of Which: Industrial/Automotive Contractor Lubrication
731.7
605.0
367.1 305.3 59.3
274.6 278.7 51.7
Operating Earnings
191.1
161.5
Net Earnings
125.9
108.7
COMMENT Twelve-month Contractor Equipment sales were US$305.3 million, up 10% on 2004’s US$278.7 million. This rise was driven by higher sales in both the paint store and home center channels in the Americas and increased sales in Europe. In the Industrial/ Automotive Equipment Division, 2005 sales were US$367.1 million compared with US$274.6 million in 2004, a 34% increase. Acquired businesses contributed 25 percentage points of the increase while growth throughout most of the major product categories and all geographic regions contributed 9 percentage points. Lubrication Equipment Division sales were US$59.3 million versus US$51.7 million a year ago, a 15% rise.
8
This double-digit increase was primarily driven by higher sales in the Americas. Fourth quarter Contractor Equipment sales were US$72.6 million, up 4% from a year earlier. Higher sales in both the professional paint channel and home center channel as well as strong sales in Europe were the primary drivers for this gain. Industrial/ Automotive Equipment’s fourth quarter sales were US$97.4 million versus US$77.5 million last year, a 26% increase. Acquired businesses contributed 24 percentage points of the rise. Lubrication Equipment sales in the fourth quarter were US$15.5 million, 13% up on last year’s US$13.8 million, reflecting strong sales in the Americas. ■
2005
2004
Net Sales Of Which: Pump Products
261.5
242.6
157.5
144.8
Cost of Sales
155.3
146.4
Operating Income Of Which: Pump Products
47.3
38.3
30.8
25.1
Net Income
28.7
22.7
5.8
6.3
3.0
4.1
Capital Expenditures Of Which: Pump Products
Year ended 31.12 2005
2004
1043.3
928.3
620.7
542.3
Cost of Sales
619.4
557.5
Operating Income Of Which: Pump Products
182.8
149.4
114.4
93.4
Net Income
109.8
86.4
23.0
21.1
13.8
14.0
Net Sales Of Which: Pump Products
Capital Expenditures Of Which: Pump Products
COMMENT Pump Products sales in the fourth quarter of US$157.5 million reflected 10% organic growth. For the full year, the Pump Products Group contributed 59% of sales and 54% of operating income. “We’re driving operational excellence and innovation to better serve the needs of our increasingly global and exacting customer base,” said Lawrence Kingsley, Idex president and CEO. Kingsley said. “Our more holistic approach to operational
management, particularly the use of our new mixed model manufacturing and business process tools, will enable us to reduce lead times and cost, improve efficiency and leverage our plant investment. Full year savings from Idex’s operational excellence tools of Lean and Six Sigma were US$10.2 million, while the net savings from global sourcing initiatives totaled US$12.9 million, an improvement of 25% over prior sources. ■