Roper Technologies, Inc. (NASDAQ:ROP) reported financial results for the second quarter ended June 30.
Second-quarter 2023 highlights: Revenue increased 17% to $1.53 billion; organic revenue +9%; GAAP net earnings were $361 million; Adjusted EBITDA increased 20% to $617 million; Operating cash flow was $320 million; adjusted operating cash flow +20%
“Our businesses continued to deliver excellent results in the second quarter, highlighted by 17% total revenue growth, 9% organic revenue growth, and 17% free cash flow growth,” said CEO Neil Hunn. “Roper’s strong second quarter and first half performance were fueled by broad-based contributions across our diversified portfolio of market leading software and technology enabled product businesses that provide mission critical solutions for our customers.”
“The enhanced quality of our enterprise, ongoing expansion of our recurring revenue base, and continued positive momentum across our businesses provide the foundation for our increased full year outlook,” said Mr. Hunn. “With substantial M&A firepower, we continue to evaluate many high-quality acquisition opportunities and remain well positioned to deploy capital utilizing our disciplined and process-driven methodology.”
Roper now expects full year 2023 adjusted DEPS of $16.36 – $16.50, compared to previous guidance of $16.10 – $16.30.
For the third quarter of 2023, the Company expects adjusted DEPS of $4.16 – $4.20.
The Company’s guidance excludes the impact of unannounced future acquisitions or divestitures.
ROP shares popped $17.20, or 3.6%, to $498.79.