SARASOTA, Fla., July 28, 2020 (GLOBE NEWSWIRE) -- Roper Technologies, Inc. (NYSE: ROP), a leading diversified technology company, reported financial results for the second quarter ended June 30, 2020.
Second quarter GAAP and adjusted revenue each decreased 2% to $1.30 billion and $1.31 billion, respectively. Organic revenue decreased 3%. GAAP and adjusted gross margin were 64.7%, expanding 80 basis points and 70 basis points, respectively. GAAP diluted earnings per share (“DEPS”) was $2.08 and adjusted DEPS was $2.94.
“I am extremely proud of our business leaders for prioritizing the health and safety of our employees while executing at a high level during these challenging times,” said Neil Hunn, Roper’s President and CEO. “Despite the complexities associated with operating in the COVID-19 environment, we continued to invest for durable organic growth while generating outstanding cash flow. All-in-all, this was a very strong quarter for Roper.”
EBITDA decreased 2% to $461 million and EBITDA margin was 35.3%, flat versus the prior year. GAAP operating cash flow increased 49% to $449 million. Excluding $124 million of income tax payments deferred due to COVID-19, adjusted operating cash flow increased 8% to $325 million and adjusted free cash flow increased 10% to $315 million.
“Given our consistent cash flow generation, exceptionally strong balance sheet, and active pipeline of high-quality acquisition opportunities, we remain confident in our ability to continue executing our proven cash compounding strategy,” concluded Mr. Hunn.
Updating 2020 Guidance
The Company now expects full year adjusted DEPS of $11.90 - $12.40, compared to previous guidance of $11.60 - $12.60.
For the third quarter of 2020, the Company expects adjusted DEPS of $2.90 - $3.00.
The Company’s guidance excludes the impact of unannounced future acquisitions or divestitures.
About Roper Technologies
Roper Technologies is a constituent of the S&P 500, Fortune 1000, and the Russell 1000 indices. Roper operates businesses that design and develop software (both license and software-as-a-service) and engineered products and solutions for a variety of niche end markets. Additional information about Roper is available on the Company’s website at www.ropertech.com.
