Roper Industries Inc. (ROP, Financial) filed Quarterly Report for the period ended 2010-03-31.
Roper Industries Inc. has a market cap of $5.43 billion; its shares were traded at around $57.98 with a P/E ratio of 21.2 and P/S ratio of 2.7. The dividend yield of Roper Industries Inc. stocks is 0.6%. Roper Industries Inc. had an annual average earning growth of 17.1% over the past 10 years. GuruFocus rated Roper Industries Inc. the business predictability rank of 4-star.ROP is in the portfolios of Louis Moore Bacon of Moore Capital Management, LP, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, Chuck Royce of Royce& Associates.
In our Industrial Technology segment, net sales were up 3.6% to $135.3 million in the first quarter of 2010 as compared to $130.6 million in the first quarter of 2009. The increase was due primarily to sales growth in our materials testing businesses as customer manufacturing facilities which had experienced slowdowns or temporary shutdowns in 2009 came back on line or increased production. Gross margins increased to 49.9% for the first quarter of 2010 as compared to 48.0% in the first quarter of 2009 due to operating leverage from higher sales volume. Selling, general and administrative (“SG&A”) expenses as a percentage of net sales increased from 26.1% in the prior year quarter to 26.4% in the current year quarter, which included a 1% impact due to the resolution of a long-standing customer issue. The resulting operating profit margins were 23.5% in the first quarter of 2010 as compared to 21.9% in the first quarter of 2009.
Net sales in our Energy Systems & Controls segment decreased by 0.9% to $105.7 million during the first quarter of 2010 compared to $106.6 million in the first quarter of 2009. The decrease in sales was due to a decline in orders in our control valve and vibration testing businesses, partially offset by a rebound in industrial process end markets. Gross margins decreased to 50.6% in the first quarter of 2010 compared to 51.9% in the first quarter of 2009 due to negative operating leverage on lower sales volume. SG&A expenses as a percentage of net sales were 32.7% compared to 35.5% in the prior year quarter due to lower cost levels resulting from the prior year restructuring activities. As a result, operating margins were 17.9% in the first quarter of 2010 as compared to 16.4% in the first quarter of 2009.
Our Scientific & Industrial Imaging segment net sales increased by 54.8% to $130.2 million in the first quarter of 2010 as compared to $84.1 million in the first quarter of 2009. Acquisitions completed in 2009 added 42.5%, with 9.2% resulting from organic growth, primarily from increased sales in our camera businesses, as well as a positive 3.1% impact from foreign currency. Gross margins increased to 59.5% in the first quarter of 2010 from 54.4% in the first quarter of 2009 due primarily to operating leverage on higher sales volume and higher gross margin contributions from 2009 acquisitions. SG&A as a percentage of net sales was 37.0% in the first quarter of 2010 as compared to 35.3% in the first quarter of 2009 due to higher SG&A expenses for 2009 acquisitions offset partially by operating leverage on higher sales volume. As a result, operating margins were 22.5% in the first quarter of 2010 as compared to 19.1% in the first quarter of 2009.
In our RF Technology segment, net sales were $163.2 million in the first quarter of 2010 as compared to $184.1 million in the first quarter of 2009, a decrease of 11.3%, due to the completion of a large traffic project in the prior year quarter and lower violation and traffic volumes in the current year. Gross margins increased to 49.7% as compared to 47.4% 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 2010 was 29.9% up from 27.1% in the prior year due to negative operating leverage on lower sales volume. As a result, operating profit margins were 19.7% as compared to 20.3% in 2009.
Net orders were $567.2 million for the quarter, 20.3% higher than the first quarter 2009 net order intake of $471.6 million. Orders increased across all of our segments as the economic recovery strengthened throughout the first quarter of 2010. Acquisitions made in 2009 contributed 8% to the current quarter orders. Overall, our order backlog at March 31, 2010 was up 7.9% as compared to March 31, 2009.
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Roper Industries Inc. has a market cap of $5.43 billion; its shares were traded at around $57.98 with a P/E ratio of 21.2 and P/S ratio of 2.7. The dividend yield of Roper Industries Inc. stocks is 0.6%. Roper Industries Inc. had an annual average earning growth of 17.1% over the past 10 years. GuruFocus rated Roper Industries Inc. the business predictability rank of 4-star.ROP is in the portfolios of Louis Moore Bacon of Moore Capital Management, LP, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Net sales for the quarter ended March 31, 2010 were $534.4 million as compared to $505.4 million in the prior year quarter, an increase of 5.7%. Our first quarter 2010 results included $33.4 million, or a 6.6% increase, in sales from 2009 acquisitions. We experienced a 3.0% decline in organic growth offset partially by a positive 2.2% impact from foreign currency.In our Industrial Technology segment, net sales were up 3.6% to $135.3 million in the first quarter of 2010 as compared to $130.6 million in the first quarter of 2009. The increase was due primarily to sales growth in our materials testing businesses as customer manufacturing facilities which had experienced slowdowns or temporary shutdowns in 2009 came back on line or increased production. Gross margins increased to 49.9% for the first quarter of 2010 as compared to 48.0% in the first quarter of 2009 due to operating leverage from higher sales volume. Selling, general and administrative (“SG&A”) expenses as a percentage of net sales increased from 26.1% in the prior year quarter to 26.4% in the current year quarter, which included a 1% impact due to the resolution of a long-standing customer issue. The resulting operating profit margins were 23.5% in the first quarter of 2010 as compared to 21.9% in the first quarter of 2009.
Net sales in our Energy Systems & Controls segment decreased by 0.9% to $105.7 million during the first quarter of 2010 compared to $106.6 million in the first quarter of 2009. The decrease in sales was due to a decline in orders in our control valve and vibration testing businesses, partially offset by a rebound in industrial process end markets. Gross margins decreased to 50.6% in the first quarter of 2010 compared to 51.9% in the first quarter of 2009 due to negative operating leverage on lower sales volume. SG&A expenses as a percentage of net sales were 32.7% compared to 35.5% in the prior year quarter due to lower cost levels resulting from the prior year restructuring activities. As a result, operating margins were 17.9% in the first quarter of 2010 as compared to 16.4% in the first quarter of 2009.
Our Scientific & Industrial Imaging segment net sales increased by 54.8% to $130.2 million in the first quarter of 2010 as compared to $84.1 million in the first quarter of 2009. Acquisitions completed in 2009 added 42.5%, with 9.2% resulting from organic growth, primarily from increased sales in our camera businesses, as well as a positive 3.1% impact from foreign currency. Gross margins increased to 59.5% in the first quarter of 2010 from 54.4% in the first quarter of 2009 due primarily to operating leverage on higher sales volume and higher gross margin contributions from 2009 acquisitions. SG&A as a percentage of net sales was 37.0% in the first quarter of 2010 as compared to 35.3% in the first quarter of 2009 due to higher SG&A expenses for 2009 acquisitions offset partially by operating leverage on higher sales volume. As a result, operating margins were 22.5% in the first quarter of 2010 as compared to 19.1% in the first quarter of 2009.
In our RF Technology segment, net sales were $163.2 million in the first quarter of 2010 as compared to $184.1 million in the first quarter of 2009, a decrease of 11.3%, due to the completion of a large traffic project in the prior year quarter and lower violation and traffic volumes in the current year. Gross margins increased to 49.7% as compared to 47.4% 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 2010 was 29.9% up from 27.1% in the prior year due to negative operating leverage on lower sales volume. As a result, operating profit margins were 19.7% as compared to 20.3% in 2009.
Net orders were $567.2 million for the quarter, 20.3% higher than the first quarter 2009 net order intake of $471.6 million. Orders increased across all of our segments as the economic recovery strengthened throughout the first quarter of 2010. Acquisitions made in 2009 contributed 8% to the current quarter orders. Overall, our order backlog at March 31, 2010 was up 7.9% as compared to March 31, 2009.
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