Roper Industries, Inc. (ROP), a diversified machinery company, Monday reported higher profit for the fourth quarter, as sales improved with strong growth in the Medical & Scientific Imaging business. Adjusted earnings topped Wall Street estimates, while revenues fell short of expectations. The company issued first quarter earnings per share outlook below analysts' estimates.
Net earnings for the quarter increased to $143.53 million from $121.68 million. Earnings per share grew to $1.44 from $1.23. Adjusted earnings totaled $1.48 per share in the quarter. On average, 8 analysts polled by Thomson Reuters expected earnings of $1.46 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales rose to $809.91 million from $739.20 million. Analysts expected revenues of $819.19 million. Non-GAAP revenue, which excludes a fair value adjustment to acquired deferred revenue, was $816 million in the just concluded quarter.
Segment-wise, sales at Medical & Scientific Imaging climbed 38 percent to $217.63 million. Energy Systems & Controls generated $184.61 million in the quarter, up 7 percent from the prior year.
RF Technology sales nearly unchanged at $210.52 million. Industrial Technology sales were slightly lower at $197.15 million. Brian Jellison, Roper's Chairman, President and CEO, said, ''Our businesses performed exceptionally well in the fourth quarter, as we established records for revenue, orders, gross margin, operating profit, net earnings and cash flow."
For the full year, net earnings climbed to $483.36 million from $427.25 million. Net sales advanced to $2.99 billion from $2.8 billion in the prior year.
Looking ahead, first quarter adjusted earnings per share are estimated between $1.19 and $1.23. Wall Street expects earnings of $1.30 per share for the quarter.
Roper expects 2013 full year earnings per share between $5.60 and $5.82 while analysts have a consensus estimate of $5.69 per share.
ROP closed on Friday at $118.83.
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