Roper Technologies, Inc. (NASDAQ: ROP) has reported its financial results for the third quarter ended September 30, 2024. The company's revenue increased by 13% to $1.76 billion, with organic revenue growing by 4%. On a GAAP basis, diluted earnings per share (DEPS) increased by 6% to $3.40, while adjusted DEPS increased by 7% to $4.62. GAAP net earnings increased by 6% to $368 million, and adjusted net earnings increased by 7% to $499 million. Adjusted EBITDA also saw a notable increase, rising by 10% to $717 million.
Operating cash flow for the quarter was $755 million, and adjusted operating cash flow increased by 17%. Roper Technologies' CEO, Neil Hunn, attributed the solid quarter to the company's market-leading technology businesses, highlighting a 13% total revenue growth, 10% EBITDA growth, and 15% free cash flow growth.
As a result of the strong performance, Roper Technologies has updated its 2024 guidance. The company now expects full-year 2024 adjusted DEPS to be in the range of $18.21 to $18.25, compared to the previous guidance of $18.10 to $18.25. The full-year total revenue growth outlook has been increased to 13% or more, with expected organic revenue growth of approximately 6%. For the fourth quarter of 2024, Roper Technologies anticipates adjusted DEPS of $4.70 to $4.74.
In terms of non-GAAP financial information, the company provided reconciliations of non-GAAP measures to their most directly comparable GAAP measures. Additionally, Roper Technologies highlighted that it makes non-GAAP adjustments for the impacts associated with its minority investments in Indicor and Certinia.
The company's portfolio expansion was also noted, as during the third quarter, Roper Technologies completed the acquisition of Transact Campus, which has been combined with its CBORD business. This acquisition adds another high-quality vertical software business to the company's portfolio.
Roper Technologies' disciplined and process-driven capital deployment strategy, along with its significant M&A firepower and a robust pipeline of acquisition opportunities, positions the company well for future growth.
The financial results and updated guidance demonstrate Roper Technologies' continued growth and strong performance in the market, showcasing the company's ability to deliver value to its shareholders. Today the company's shares have moved -2.3% to a price of $539.66. For the full picture, make sure to review Roper Technologies's 8-K report.
