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Roper Industries Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 2, 2011 02:28PM

Roper Industries Inc. (ROP) filed Quarterly Report for the period ended 2011-09-30. Roper Industries Inc. has a market cap of $7.58 billion; its shares were traded at around $78.92 with a P/E ratio of 19 and P/S ratio of 3.2. 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 in our Energy Systems & Controls segment increased by 22% to $150.4 million during the third quarter of 2011 compared to $123.5 million in the third quarter of 2010. Organic growth accounted for 18% of the increase in sales, with the remaining 4% from foreign exchange. The increase in organic sales was due to increased demand in industrial process end markets and growth in our diesel engine safety systems. Gross margins increased to 54.4% in the third quarter of 2011 compared to 53.1% in the third quarter of 2010 due to operating leverage on higher sales volume. SG&A expenses as a percentage of net sales were 28.7% in the third quarter of 2011, compared to 30.0% in the prior year quarter due to operating leverage on higher sales volume. As a result, operating margins were 25.7% in the third quarter of 2011 as compared to 23.2% in the third quarter of 2010.

In our Medical & Scientific Imaging segment net sales increased by 16% to $156.5 million in the third quarter of 2011 as compared to $134.4 million in the third quarter of 2010. The increase was comprised of organic growth of 7%, a 7% increase from acquisitions, and 2% from foreign exchange. The organic growth was due to increased sales in our electron microscopy and medical businesses. Gross margins increased to 63.3% in the third quarter of 2011 from 61.5% in the third quarter of 2010 due primarily to operating leverage on higher sales volume. SG&A as a percentage of net sales increased to 38.6% in the third quarter of 2011 as compared to 38.2% in the third quarter of 2010. As a result, operating margins were 24.7% in the third quarter of 2011 as compared to 23.2% in the third quarter of 2010.

In our RF Technology segment, net sales were $220.6 million in the third quarter of 2011 as compared to $186.0 million in the third quarter of 2010, an increase of 19%. The increase included organic growth of 15%, an increase of 3% from acquisitions, and 1% from foreign exchange. The increase in organic growth was due to strength in sales to colleges and universities and growth in our toll and traffic solutions. Gross margins increased to 50.1% in the third quarter ended September 30, 2011, as compared to 49.0% in the prior year quarter due to a more favorable mix between products and software in the current year quarter. SG&A as a percentage of sales in the third quarter of 2011 was 26.2% as compared to 29.0% in the prior year due to operating leverage on higher sales volume. As a result, operating profit margins were 23.8% in the third quarter of 2011 as compared to 20.0% in the third quarter of 2010.

Net sales in our Energy Systems & Controls segment increased by 22% to $425.8 million during the first nine months of 2011 compared to $348.5 million in the first nine months of 2010. Organic sales increased by 19% due to growth in all businesses within the segment, along with a 3% increase from foreign exchange. Gross margins were 54.6% in the first nine months of 2011, compared to 52.8% in the first nine months of 2010, due to operating leverage from higher sales volume. SG&A expenses as a percentage of net sales were 29.8% as compared to 30.8% in the prior year nine month period due to operating leverage from higher sales volume. Operating margins were 24.8% in the first nine months of 2011 as compared to 22.0% in first nine months of 2010.

In our Medical & Scientific Imaging segment net sales increased 15% to $452.8 million in the first nine months of 2011 as compared to $393.2 million in the first nine months of 2010. The increase was comprised of organic growth of 10%, a 3% increase from acquisitions, and 2% from foreign exchange. The increase in organic sales was due primarily to increased sales in our electron microscopy and medical businesses. Gross margins increased to 63.0% in the first nine months of 2011 from 60.6% in the first nine months of 2010, due primarily to operating leverage on higher sales volume. SG&A as a percentage of net sales increased to 38.9% in the nine month period ended September 30, 2011 as compared to 38.2% in the prior year period due to investments in new products, primarily in the medical businesses. Operating margins were 24.1% in the first nine months of 2011 as compared to 22.5% in the first nine months of 2010.

Read the The complete Report



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