IDEX Corporation stock research
FY2023 Q3
IDEX (IEX) Gross Margin — Quarter Ended Sep 30, 2023
In the current quarter, revenue and gross profit declined, while cost of revenue decreased at a slower pace, leading to a weakened gross margin. The company’s filing notes that its operations are influenced by industrial activity and economic conditions.
Gross margin takeaway
Quarter ended Sep 30, 2023 · FY2023 Q3
In the current quarter, revenue and gross profit declined, while cost of revenue decreased at a slower pace, leading to a weakened gross margin. The company’s filing notes that its operations are influenced by industrial activity and economic conditions.
- The gross margin was lower than both the prior quarter and the same quarter last year, as the decline in revenue was not accompanied by a proportional reduction in cost of revenue.
- Compared to the immediately preceding quarter, gross margin weakened, and it was also lower than the same quarter one year earlier.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
44.1%
Gross profit
$349.6M
Revenue
$793.4M
Cost of revenue
$443.8M
Quarter-over-quarter change
-0.6 pts
Year-over-year change
-2.3 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2023 | $845.4M | $382.5M | $462.9M | 45.2% |
| Jun 30, 2023 | $846.2M | $378.0M | $468.2M | 44.7% |
| Sep 30, 2023 | $793.4M | $349.6M | $443.8M | 44.1% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2023
-0.6 pts
Year-over-year change
Sep 30, 2022
-2.3 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin was lower than both the prior quarter and the same quarter last year, as the decline in revenue was not accompanied by a proportional reduction in cost of revenue.
Compared to the immediately preceding quarter, gross margin weakened, and it was also lower than the same quarter one year earlier.
Monitor the trend in cost of revenue relative to revenue in upcoming quarters.