Roper Technologies raises annual profit forecast on AI software demand
Roper Technologies, Inc. ROP | 0.00 |
July 23 (Reuters) - Roper Technologies ROP.O raised its full-year adjusted profit forecast and revenue growth outlook on Thursday, betting on strong demand for its AI-integrated software products.
Shares of the Sarasota, Florida-based company rose 4.2% in premarket trading. They have fallen about 24% this year.
Here are some details:
Roper, which makes management and networking softwares for sectors such as healthcare, transportation and education, has benefited as businesses turned to AI to automate routine and administrative tasks.
CEO Neil Hunn said the company launched multiple AI-enabled products during the quarter, expanding its addressable markets.
The company raised its full-year adjusted profit per share forecast to between $22.15 and $22.30, up from its prior expectations of $21.80 to $22.05.
Roper also increased its full-year total revenue growth outlook to more than 8%, in line with analysts' average estimate of 8.1%, according to the data compiled by LSEG.
Second-quarter revenue of $2.11 billion beat estimates of $2.10 billion.
Adjusted EPS of $5.38 also exceeded estimates of $5.28.
Roper expects third-quarter adjusted EPS of $5.75 to $5.80, above analysts' estimate of $5.66.
Roper has expanded through acquisitions, deploying nearly $9 billion on deals over the past three years.
