July 30 (Reuters) - IDEX Corp IEX.N on Thursday trimmed its forecast for annual profit, anticipating slowing demand for industrial equipment due to growing economic uncertainty.
U.S. President Donald Trump's sweeping import tariffs have sparked fears of an economic recession in the country, prompting businesses to reconsider their spending on products such as industrial equipment.
"Order trends in our rapid-turn businesses downshifted slightly exiting the second quarter... (and) in this uncertain macro-environment, several customers are taking a more cautious stance on larger orders," said CEO Eric Ashleman.
In June, the Institute for Supply Management's manufacturing PMI came in at 49, marking the fourth consecutive month of contraction in the sector. A reading below 50 signals shrinking activity, while one above 50 indicates growth.
IDEX, whose end-markets include industrials, energy, automotives and chemicals, expects its 2025 adjusted profit to be between $7.85 and $7.95 per share, compared with a prior view of between $8.10 and $8.45.
The company's quarterly earnings stood at $2.07 per share, compared to an estimated profit of $1.99, according to data compiled by LSEG.
Its total revenue rose 7.2% to $865.4 million for the quarter ended June from a year earlier.
(Reporting by Aishwarya Jain in Bengaluru; Editing by Vijay Kishore)
((Aishwarya.Jain@thomsonreuters.com;))
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