Roper Technologies raises annual profit forecast on steady software demand

Software firm Roper Technologies ROP raised its forecast for annual profit on Friday as clients dial up spending on its products amid an easing economic outlook.

Roper has been experiencing strong demand for its services across a variety of markets, including healthcare, law, and data analytics, with firms looking to automate and streamline operations.

"With significant M&A capacity and a robust pipeline of attractive acquisition opportunities, we remain well positioned to execute our disciplined and process-driven capital deployment strategy," said Roper Technologies CEO Neil Hunn.

The Sarasota, Florida-based company now expects full year 2024 adjusted profit per share of $18.05 to $18.25 per share, up from its prior projection of $17.85 to $18.15 per share.

Roper has been leveraging acquisitions to expand its vast product portfolio and drive inorganic growth, deploying $2.1 billion towards software acquisitions last year.

It completed the acquisition of software firm Procare Solutions, which it bought for $1.75 billion, during the first quarter.

The company reported revenue of $1.68 billion, beating average analysts' estimate of $1.65 billion, according to LSEG data.

It reported earnings per share of $3.54, compared with $2.66 per share, a year ago.

The company also forecast second-quarter adjusted diluted earnings per share in the range of $4.42 to $4.46 per share, compared with estimates of $4.49 per share.