Roper Technologies lifts annual forecasts on steady software demand, acquisitions
(Reuters) -Roper Technologies on Monday raised its annual forecasts for revenue and profit after beating Wall Street estimates for first-quarter results, helped by acquisitions and strong demand for its enterprise software services.
Companies have taken a cautious approach to their spending as budgets tighten amid economic uncertainties, but Roper has seen steady demand thanks to its specialized software products that are critical to enterprise operations across a wide range of industries.
Roper has also driven growth through acquisitions spanning across sectors including healthcare, transportation and education.
The Sarasota, Florida-based company last year acquired cloud-based software firm Procare Solutions, which provides services for early childhood education centers, and campus technology and payment solutions provider Transact Campus.
Roper last month also expanded its healthcare technology portfolio with the acquisition of CentralReach, a provider of software for autism and developmental disability care, for about $1.65 billion.
The company now expects adjusted earnings per share between $19.80 and $20.05 for the full year, compared with its previous guidance of $19.75 to $20.00. It also forecast a current-quarter per-share profit of $4.80 to $4.84, compared with $4.86 estimated by analysts, according to LSEG data.
It also expects annual revenue growth to be about 12%, compared with its previous outlook of 10%.
"Despite an uncertain macroeconomic backdrop, we are increasing our full year outlook. This is underpinned by resilient demand for our mission critical solutions and our expanding recurring revenue base," CEO Neil Hunn said in a statement.
Roper reported revenue of $1.88 billion for the first quarter, up 12% from a year ago. Analysts on average had estimated $1.82 billion.
The company earned $4.78 per share in the three months ended March 31, beating estimate of $4.74.
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