Eric, to and be rejoining here thanks It's everyone Thanks, to and welcoming be me great for back to great IDEX. organization. a
our against are unless on year in XX% and down organically. $XXX in Moving consolidated stabilized period fourth at markets organic by level results the each We of Slide Orders as otherwise. an experienced overall the X. the quarter on were FSDP X HST declined post to stated about FMT XX% X% All recalibration. contracted mid-single million segments. of down prior decrease digits, comparisons and a while new financial
down X% were orders down overall organically. year, and XX% the For
inventory coming calibration stunted the and China new contracted included to set of for sharp a level expectations targets out segment during experienced the of XX% customers demand upwards HST year near-term that pandemic. as growth Our
overall were a they were FSDP a as X% FMT sales down while HST, grew X% by organic down decrease and XX% segments smaller quarter also digits much recalibration, FMT low in experienced X% We $XXX both scale. Fourth FSDP at organically. although experienced single and Our down and organically. of million
by were and driven $X.X by markets, largely driven on of offset and HST Full partially organically. price grew mid-single FMT by year down basis, higher XX% X% capture semiconductor strong by billion life X% instrumentation on overall sales up slightly an and volumes. sciences article FSDP declining digits, price. organic and contracted
gross of acquisitions flat also and adjusted strong contracted while essentially adjusted XX Both and lower for basis was offset EBITDA described. XX.X%, productivity. impact points contracted gross same dilutive volume mix at margin, due adjusted was unfavorable XX.X% divestitures, basis margin points margin partially down leverage, full I XXX margin the XX by which to year Fourth quarter Fourth price the quarter cost XX.X%, and gross points. margin just gross operational reasons of and basis XX.X% was
basis, presentation. quarter bridge be XX appendix the EBITDA I on found drivers XX.X%. margin will On of can fourth next year the contracted EBITDA discuss of year basis EBITDA adjusted full points a in A the to full slide. the adjusted of this adjusted
prior our XXXX of absence delivered XX.X% on it volume and realized loss cost pressure, these effective On Despite type impact in price QX currency unprecedented funding recorded XXXX, was year. the the benefits tax which of foreign in of of tax fourth acquisition well basis, on in which last onetime to primarily effective the significantly as declines. of muting operational Novotema the GAAP productivity, versus effective year's The no of a significant teams impact due XX.X% sale rate quarter a tax year tax Muon due of flat our related the rate XX.X% during of consolidated connection of with volume increased of of benefit participated. the to rate with the GAAP group realized as the was
included both XXXX XXXX favorable events. discrete However, and
income X% million, income, $XXX EPS $XXX million $X.XX fourth adjusted the million, was income was net of adjusted million $X.XX, generating with year net $XXX prior quarter. in EPS from from income $X.XX. was EPS Adjusted or quarter of of $X.XX, of year $XXX $X.XX Full year. adjusted net EPS $X.XX, down generating up Fourth last net resulting
free adjusted driven year flow performance improved We net net $XXX income, of mainly million, Finally, by quarter working the achieved over capital of for period. conversion lower XX% a cash XXX% rate was despite the adjusted up income. prior
quarter million organic drove an inventory and than through saw $XX more reduction we inventory our improve. reduction we On turns of efforts, the targeted basis, in
For on million higher the net for we record net future. achieved and capital versus XXX% almost net adjusted levels higher income. year adjusted organic focus We coming year, in as of million, year-over-year driven expenditure free by inventory this achieved we maintain at investing reduced $XX despite XX% we capital of as mainly the by working and income, cash last up $XXX flow delivered lower
down We capital working continue further to inventory XXXX. and optimize in levels will drive levels
Slide by $XX details decreased Adjusted on the compared Moving million X, adjusted quarter which driver the quarter EBITDA to EBITDA. of of fourth our to fourth XXXX.
through. These to a Our in year was Price/cost compensation unfavorable $X by our organic results Reductions X% $X organic EBITDA $XX we XX% employee-related million was margin and impacted drove benefit flow Mix rate. adjusted margins million sales inflation. the unfavorably contributed that in negative variable operational of offset at reduction accretive adjusted yielded through quarter. million. flowing gross productivity by prior
declines. our cost positioned dynamics and effectively of our contributed acquisitions The Overall, of managed net IDEX turn team's well FX market stronger impact on reallocation when back to quarter. and focus divestitures in grow million adjusted EBITDA and recover resource is favorable. than the containment $X of has before revenue
acquired given flow-through volume than the deleveraging, higher they are margins who of as However, divestiture our Micropump of in. were lowered assets the those markets newly play the experiencing end
on look Slide deeper will I'm segment at provide I performance. XX. that, With our a
Let me you our markets. through end as walk to our it relates outlook
short-cycle in quarter, businesses began First, continued the Technology as and the and improvement our fourth some Industrial see I Metering consider by underlying meet term expect sequential customer to as served near segment. the stability our markets Fluid in demand. we
order We chain continue and book-and-bill normalized see patterns normalized given to lead dynamics. supply times shorter
within cautiously hold, into monitor due as will the XXXX, initiatives to and evaluate to is expectations optimistic longer-term these as rates see this mining. domestic short-cycle we will we exposure. to continue market most are We anticipate continue infrastructure move to tailwinds patterns we day though As we
XXXX. project to remains new solutions of favorably challenges. and opportunities, positioned is winning funding activity Municipal deliver delays, for no signs funnel critical we continue share to as businesses water water the Our enter project strong healthy with be with
America remain is fuel well declining by heating businesses energy seasons and down prices steady driven Europe. markets mild North new flat, fuel and even production in are as and Our
less, industry delayed, infrastructure running. dynamics for infrastructure production. businesses keep our These more to new projects energy consolidation customers' market occurs existing see drive within the As and profile impact as same they funding as we doing our favorably operators for remain this demand replacements with need using meet
growth. by area pharma in chemical agriculture providing about China for market we applications to segment, for In see FMT overall results of The with market, business. experiencing The headwinds mid-single of digits softness to the equates is being the pronounced U.S. which across of opportunities the is continue FMT mitigated battery and rest is this size Europe one XX% and Asia. positive IDEX.
projections prices. income crop We destocking continue declining and stepped and as have farm to due continued their see OEMs headwinds down to net
the offset be to differentiator to continues challenges. we are with pressure on automated current and its acquisition market technology, of share KZValve targeted valve Our a actuation focused gain
Moving on Science to segment. Health and Technologies the
see laser continue space, stemming results which by Iridium's our positive We are to technological from bolstered broadband communication capabilities. initiatives,
grow markets We are in in FMT's segment industrial in this expectations. businesses to HST served by the expect line The space with experiencing XXXX. signals
business enter the Our in improvement technology production to material with our a year, is biopharma-related signs to and share new we development processing technologies within see are in of step-up as where new continue gaining positioned. orders vaccine battery we uniquely
emerging in strength particular markets. see We
we to initial exited of semiconductor, we signs XXXX. For began improvement see as
driven by look expect tailwinds will for by in growth automotive out, somewhat in driven artificial demand we intelligence, to and Further continued memory this for an driven to devices. to chips by We due recover improved market semicon outlook long-term continue secular electrification. forward 'XX,
towards point signs of XX% that life area not HST and growth, about which our instrumentation of of XX% yet While represents markets within and markets, these is IDEX. showing analytical overall in sciences recovery nearly the is HST
However, the long-term growth changed. not drivers have
a we forecasted be not to XXXX. stabilizing, appear yet orders positive While have for inflection
on challenges, this navigates we industry eye our to While the have future. immediate-term continue
solution. are we We to sciences and are businesses across our to innovation for on growth with recover. customers we as our innovating these tomorrow's focus customers actively With our markets operational are from partnered uniquely to scale prototyping life and closely provide production, support positioned
Products. our to Safety/Diversified Fire and Turning
refreshment recently customers will in down to slightly be their headwinds FSDP multiyear XXXX, expect cycle. dispensing by as We in completed key flattish driven
and driven be strategic to focused are We to on. expect gain share end Fire teams remain Safety growth stable and markets initiatives by our
that offerings continues We win on throughput. year-over-year expect basis. standardized higher demand remain Overall, continue bandwidth systems a through and and OEM growth we to value-added integrated technology and to strong, enable
for With outlook that, and update Slide provide year the to on I'd our full I'm quarter first like XXXX. on an XX.
uncertainty of in and my from the X growth FMT single-digit markets majority the growing, We of year expect the our organic recovery with reflects full I X% to our business. timing nature of as acknowledgment includes end market commentary. and stable growth given This highlighted to of and outlook range of short-cycle low in scale
as growth across low the HST, instrumentation expect are analytical we For sciences by moderated life its broader lack space. markets year-over-year of in the for growth and visibility expectations single-digit
equals as FSDP lower expect and by overall will organic to Safety cycle to guide year refreshment of of expected from rate for earnings price/cost, to X% down. volumes. stemming depending will and we step And volume be we in anticipate BAND-IT. completed offsets on Fire has that the $X.XX IDEX expected results positive and is down This The the growth $X.XX, line share dispensing per growth top pressure growth organic the and slightly and space includes which be and dispensing mix by contraction dynamic
of EPS more will offset pressure productivity inflation provide from $X.XX $X.XX and wage-related than operational to growth. our expect we Additionally,
and variable acquisition growth. a XXXX of reset of levels prospects drive and divestitures invest provides in adjusted to to efforts contributes to champion during $X.XX of needed the challenging growth of the our and our impact make outperformance. investments the people to $X.XX next while we're year compensation growth resource The always, the expect recent chapter $X.XX of As EPS investing incremental as future headwind, the after we $X.XX in a committed
Finally, tax $X.XX rate due growth, the These FX of expected year-over-year in nonoperational provide events, adjusted of of of considering than to $X.XX certain in rate EPS items, benefit by to more offset to and also expect as half debt a of we The few includes 'XX paydowns produce effective which the basis, tax are lower XXXX. $X.XX EPS. discrete levels are XXXX increase to XXXX on an adjusted $X.XX compared EPS to yield second benefit. to headwinds effective creating a in
in not do certain increasing mix rate tax as a conversely, benefits performance and with higher includes rates geographical well of of repeat legislative improved XX% regions Those in heavier the global XXXX, tax. as projected changes, XXXX
the revenue of EPS up essentially adjusted expectations year. to pressure compensation $X.XX X% in the growth tax X% for X% So variable growth EPS summary, $X.XX down we X% rate lending of X% projecting are over and organic XXXX. to in The to rewards of range or year-over-year,
XXXX and details range $X.XX our guidance projecting to quarter provide Slide I'll XX. we both additional In year. EPS Moving from and is be margins to due range to X% expected to about XX%. decline $X.XX X% adjusted to are GAAP Organic to regarding for full our from EBITDA and to are $X.XX. adjusted QX, to to revenue year-over-year first EPS tough $X.XX estimated comps
you factor a year. compensation remind related have in year-over-year to accelerated like first to of comparability, we first quarter, not is it impacting headwind sequential While recognition I would basis, the on primarily a from the results a that quarter walking each $X.XX when quarter to of share-based of fourth
investments footprint EBITDA over $X.XX. anticipated XXXX expansion variable In is normalized of the certain is automation margin to market expected $XX also $X.XX summary, to XXX% costs Turning EPS year as be from income. factory year Capital compensation EPS XXXX. to current expectations. are approximately Corporate adjusted million and to of the we And flat to GAAP full to revenue be approximately $XX million, in market Adjusted net upon completion of free XXXX. cash expenditures of are about $X.XX yield of emerging to resets XX%. full adjusted expected approximately by be be $XX up million, to flow and X% $X.XX estimate organic to to up expected
that, it to over Eric remarks. With turn closing for I'll
