Roper (ROP) Beats On Q3 Earnings, Buys ConstructConnect
Zacks Investment Research | Oct 30, 2016 10:24PM ET
Roper Technologies, Inc. (NYSE:ROP) reported third-quarter 2016 adjusted earnings per share of $1.65, beating the Zacks Consensus Estimate of $1.62 and increasing 2.5% year over year. Though revenues of $945.1 million were up 6.9% year over year, it fell short of the Zacks Consensus Estimate of $960.2 million as energy markets continued to be a drag.
Organic revenues were up 2% driven by software, water meter technology, medical, toll and traffic businesses. Net orders increased 4% year over year to $929 million in the quarter.
Roper also announced the acquisition of cloud company, ConstructConnect for $632 million. The acquisition, which will be completed by the end of this week, is expected to add $150 million to the top line in 2017. The company also announced that its subsidiary, TransCore has clinched New York City’s MTA project. The project involves conversion of nine bridges/tunnels of MTA into All Electronic Tolling by Nov 2017.
Segment Revenue Details
Revenues from Medical & Scientific Imaging increased 12.8% year over year to $338 million.
Revenues from RF Technology went up 19.7% from the year-ago quarter to $303.6 million.
Revenues from Industrial Technology however decreased 4.2% year over year to $178.3 million.
Also, revenues from Energy Systems & Controls declined nearly 13.4% year over year to $125.2 million.
ROPER TECHNOLGS Price, Consensus and EPS Surprise
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