Roper Technologies, Inc. (NASDAQ: ROP) shares fell hard Friday, after the company reported financial results for the first quarter ended March 31, 2024. The results in this press release are presented on a continuing operations basis.
First-quarter 2024 highlights include: Revenue increased 14% to $1.68 billion; organic revenue increased 8%; GAAP DEPS increased 33% to $3.54; adjusted DEPS increased 13% to $4.41; GAAP net earnings increased 34% to $382 million; Adjusted EBITDA increased 16% to $676 million; Operating cash flow increased 14% to $531 million.
"We had a great start to 2024, highlighted by 14% total revenue growth, 8% organic revenue growth, 16% EBITDA growth, and a 31% free cash flow margin," said CEO Neil Hunn. "Our businesses continued to execute at a high level, while further innovating and investing to drive durable, long-term growth. We completed our acquisition of Procare during the first quarter and remain excited about the value creation opportunity this represents for Roper."
Roper now expects full year 2024 adjusted DEPS of $18.05 - $18.25, compared to previous guidance of $17.85 - $18.15.
For the second quarter of 2024, the Company expects adjusted DEPS of $4.42 - $4.46.
The Company’s guidance excludes the impact of unannounced future acquisitions or divestitures.
ROP shares tumbled $5.46, or 1%, to $534.94.
