Roper Industries Announces Record Third Quarter Results
SARASOTA, Fla., Oct. 25 /PRNewswire-FirstCall/ -- Roper Industries, Inc. (NYSE: ROP ) reported record results for its third quarter ended September 30, 2010.
Net earnings for the third quarter were $84 million, a 49% increase over the third quarter of 2009, and diluted earnings per share (DEPS) were $0.87 compared to $0.61 in the prior year third quarter. Orders increased 31% to $654 million and sales increased 25% to $605 million, representing a 1.08 book-to-bill ratio. Operating Cash Flow was a record $139 million.
Free cash flow represented 21.9% of sales and 158% of net earnings. Third quarter gross margin expanded 260 basis points to 53.2% and operating margin increased 230 basis points to 21.2%. EBITDA grew to $163 million, or 27.0% of sales.
“Roper performed exceptionally well in the third quarter,” said Brian Jellison, Roper’s Chairman, President and CEO. “We achieved record levels in orders, sales, net earnings, DEPS, EBITDA and cash flow. Our continued growth in orders and backlog gives us confidence that we will finish 2010 with record performance and enter 2011 with significant momentum.”
Third quarter results include the acquisition of iTradeNetwork which was completed on July 27, 2010. “Our integration and international market development with iTradeNetwork is off to a good start, and we are excited about the growth prospects we see in all of our software businesses,” said Mr. Jellison. “We saw substantial order growth in our businesses, led by Medical & Imaging (+81%), Industrial Technology (+35%) and Energy Systems & Controls (+29%). Our backlog finished the third quarter at a record $770 million, up 39% from the prior year.”
Fourth Quarter and Full Year GuidanceRoper is increasing its full year