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Roper Industries Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 5, 2011 04:29PM

Roper Industries Inc. (ROP) filed Quarterly Report for the period ended 2011-03-31. Roper Industries Inc. has a market cap of $7.99 billion; its shares were traded at around $83.82 with a P/E ratio of 23.1 and P/S ratio of 3.3. The dividend yield of Roper Industries Inc. stocks is 0.5%. Roper Industries Inc. had an annual average earning growth of 16.7% over the past 10 years. GuruFocus rated Roper Industries Inc. the business predictability rank of 4-star.



Highlight of Business Operations:

Net sales for the quarter ended March 31, 2011 were $645.3 million as compared to $534.4 million in the prior year quarter, an increase of 21%. The increase was the result of internal growth of 17% and a 4% increase in sales from 2010 acquisitions.

In our Industrial Technology segment, net sales were up 26% to $170.0 million in the first quarter of 2011 as compared to $135.3 million in the first quarter of 2010. The increase was due to broad-based strength across all businesses and end markets within this segment. Gross margins increased to 50.4% for the first quarter of 2011 as compared to 49.9% in the first quarter of 2010 due to operating leverage from higher sales volume. Selling, general and administrative (“SG&A”) expenses as a percentage of net sales decreased to 23.3% in the current year quarter from 26.4% in the prior year quarter due to operating leverage on higher sales volume. The resulting operating profit margins were 27.2% in the first quarter of 2011 as compared to 23.5% in the first quarter of 2010.

Net sales in our Energy Systems & Controls segment increased by 23% to $129.6 million during the first quarter of 2011 compared to $105.7 million in the first quarter of 2010 due to increased sales in all businesses within the segment. Gross margins increased to 54.1% in the first quarter of 2011 compared to 50.6% in the first quarter of 2010 due to operating leverage on higher sales volume. SG&A expenses as a percentage of net sales were 31.7% compared to 32.7% in the prior year quarter due to operating leverage on higher sales volume. As a result, operating margins were 22.4% in the first quarter of 2011 as compared to 17.9% in the first quarter of 2010.

Our Medical & Scientific Imaging segment net sales increased by 12% to $145.3 million in the first quarter of 2011 as compared to $130.2 million in the first quarter of 2010 due to increased sales in the medical and electron microscopy businesses. Gross margins increased to 62.8% in the first quarter of 2011 from 59.5% in the first quarter of 2010 due primarily to the inclusion of a $3.9 million inventory step-up charge in the first quarter of 2010. SG&A as a percentage of net sales was 38.7% in the first quarter of 2011 as compared to 37.0% in the first quarter of 2010 due to investments in new products, primarily in the medical businesses. As a result, operating margins were 24.1% in the first quarter of 2011 as compared to 22.5% in the first quarter of 2010.

In our RF Technology segment, net sales were $200.4 million in the first quarter of 2011 as compared to $163.2 million in the first quarter of 2010, an increase of 23%. The increase included internal growth of 11% as well as an increase of 12% from acquisitions. Gross margins increased to 51.4% as compared to 49.7% in the prior year quarter due to a more favorable mix in tolling and traffic management products and services. SG&A as a percentage of sales in the first quarter of 2011 decreased slightly to 29.0% as compared to 29.9% in the prior year due to operating leverage on higher sales volume. As a result, operating profit margins were 22.4% as compared to 19.7% in 2010.

Net orders were $702.3 million for the quarter, 24% higher than the first quarter 2010 net order intake of $567.2 million. Orders increased across all of our segments as the economic recovery continued throughout the first quarter of 2011. Acquisitions made in 2010 contributed 4% to the current quarter orders. Overall, our order backlog at March 31, 2011 was up 43% as compared to March 31, 2010.

Read the The complete Report



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