Leading engineering company, IMI, has announced a 3% increase in organic revenue for the third quarter. This positive performance has prompted the company to revise its adjusted earnings per share guidance, reflecting the current market conditions.
Upgraded Guidance for Adjusted Earnings per Share
IMI’s adjusted earnings per share, a key metric that excludes exceptional and one-off items, is now projected to fall within the range of 114 pence to 118 pence. This represents an upward revision from the previous guidance range of 112 pence to 117 pence.
Strong Q3 Performance and Strategic Initiatives
The recent return of IMI to the prestigious FTSE 100 index after nine years highlights the company’s strong performance in Q3. IMI continues to focus on reducing complexity, expanding its aftermarket opportunity within the automation division, and driving growth across its end markets.
Challenges in Life Science and Fluid Control Division
Despite overall positive results, IMI acknowledges a 13% decline in organic revenue within the life science and fluid control division. This decline can be attributed to customer destocking and reduced demand. The company expects this trend to persist into the fourth quarter.
Restructuring Program and Future Benefits
IMI remains committed to its restructuring program, which is on track to deliver £20 million ($24.6 million) of benefits for the full year. Furthermore, the company anticipates additional benefits of £13 million in 2024 and £9 million in 2025.