NEW YORK - Roper Technologies, Inc. (NASDAQ:ROP) reported a robust first quarter for 2024, surpassing analyst expectations with an adjusted earnings per share (EPS) of $4.41, which was $0.07 higher than the consensus estimate of $4.34. The company's revenue saw a significant increase of 14% to $1.68 billion, exceeding the $1.65 billion forecast by analysts.
The company's performance was marked by a 33% increase in GAAP diluted earnings per share (DEPS) to $3.54 and a 34% rise in GAAP net earnings, which reached $382 million. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) also grew by 16% to $676 million. Roper's operating cash flow improved by 14%, amounting to $531 million.
President and CEO Neil Hunn attributed the strong quarter to a combination of total revenue growth, organic revenue growth, EBITDA growth, and a high free cash flow margin. He highlighted the company's strategic acquisition of Procare and the continued demand for Roper's mission-critical solutions as key factors in their success.
Looking ahead, Roper Technologies has raised its full-year 2024 adjusted DEPS guidance to a range of $18.05 to $18.25, up from the previous forecast of $17.85 to $18.15. This updated guidance reflects the company's confidence in its growth trajectory and the expansion of its recurring revenue base. For the second quarter of 2024, the company expects adjusted DEPS to be between $4.42 and $4.46, slightly below the analyst consensus of $4.49.
Mr. Hunn expressed optimism about the company's position, stating, "With significant M&A capacity and a robust pipeline of attractive acquisition opportunities, we remain well positioned to execute our disciplined and process-driven capital deployment strategy."
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.