Engineered products maker Roper Industries, Inc. (ROP) reported Monday a 22 percent increase in first-quarter profit, helped by a 10 percent growth in revenues and improved margins. Earnings per share and revenues exceeded analysts' expectations. The company also lifted its full year outlook based on the strong first quarter and improved visibility into the second half of the year.
Brian Jellison, chairman, president and CEO of the company said, "Our businesses performed exceptionally well in the quarter, as strong operating leverage led to double-digit operating profit growth in all four segments...Gross margin reached 55%, reflecting growth in our medical and software platforms and our enterprise-wide focus on technology and application engineering expertise."
In the first quarter, the company's net earnings rose to $108.31 million or $1.09 per share from $88.98 million or $0.91 per share in the previous year. On average, 10 analysts polled by Thomson Reuters expected the company to earn $1.04 per share for the quarter. Analysts' estimates typically exclude special items.
Industrial Technology operating profit increased to $57.51 million from $46.19 million a year ago and Energy Systems & Controls posted an operating profit of $35.66 million, up from $29.04 million a year ago.
Operating profit from Medical & Scientific Imaging was $43.36 million, higher than $35.04 million last year , while, RF Technology generated $50.35 million, compared to $44.95 million in the preceding year.
Net sales for the quarter grew 10 percent to $711.07 million from $645.31 million in the same quarter last year, which also exceeded analysts' consensus estimate of $704.27 million. Organic revenue growth was 8 percent.
Operating margin was 24 percent, up 200 basis point from the prior year. Total orders increased to $729.39 million from $702.3 a year earlier.
In addition, the company raised its full year 2012 earnings guidance to a range of $4.75 to $4.91 per share from the prior outlook of $4.67 to $4.87 per share. Analysts expect the company to report earnings of $ 4.78 per share for 2012. ROP is currently trading at $99.35, up $1.21 or 1.23 percent, on a volume of 205 thousand shares on the NYSE.
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