Roper Technologies, Inc.
Roper Technologies Announces Record First Quarter Results
Sarasota, Florida, April 25, 2019 ... Roper Technologies, Inc. (NYSE: ROP), a leading diversified technology company, reported financial results for the first quarter ended March 31, 2019.
First quarter GAAP and adjusted revenue increased 7% to $1.29 billion, and organic revenue increased by 6%. GAAP and adjusted gross margin were 63.0%, expanding 60 basis points and 50 basis points, respectively. EBITDA increased 13% to $438 million and EBITDA margin expanded 170 basis points to 34.0%.
GAAP earnings before taxes grew 64% to $419 million and adjusted earnings before taxes grew 15% to $382 million. GAAP diluted earnings per share (“DEPS”) was $3.53, a 74% increase, while adjusted DEPS was $3.30, a 26% increase. GAAP and adjusted results include a discrete tax benefit of $43 million, or $0.41 per share.
GAAP operating cash flow was $290 million, which included tax payments associated with the gain on sale from the Scientific Imaging businesses, completed in the quarter. Excluding these tax payments, adjusted operating cash flow increased 17% to $330 million.
“Our diversified portfolio of businesses delivered another excellent quarter, highlighted by strong organic growth, operating leverage, and cash flow performance,” said Neil Hunn, Roper’s President and CEO. “EBITDA grew 13% for the enterprise and margins expanded in each of our four segments, demonstrating the strength and breadth of our asset-light, niche market business model.”
“We completed the acquisition of Foundry last week, welcoming another industry-leading, niche software business to the Roper family. We remain well positioned and confident in our ability to continue compounding cash flow through a combination of organic growth and disciplined capital deployment,” concluded Mr. Hunn.
Increasing 2019 Guidance
The Company now expects full year Adjusted DEPS of $12.70 - $13.00, compared to previous guidance of $12.00 - $12.40.
For the second quarter of 2019, the Company expects Adjusted DEPS of $3.00 - $3.04.
The Company’s guidance excludes the impact of unannounced future acquisitions or divestitures.
The following information was filed by Roper Technologies Inc (ROP) on Thursday, April 25, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.