SARASOTA, Fla. (AP) — Roper Industries Inc., a medical and industrial equipment maker, said Monday that its first-quarter net income increased 15 percent and boosted its profit prediction for the full year.
The earnings beat Wall Street predictions, while the revenue fell short. Its shares slipped in morning trading.
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The Sarasota, Fla.-based company earned $124.9 million, or $1.25 per share, up from $108.3 million, or $1.09 per share, in the same quarter the year before. Excluding one-time items, the company said it earned $1.27 per share for the recent quarter.
Revenue rose 4 percent to $737.1 million from $711.1 million. Excluding a fair value adjustment to acquired deferred revenue, the company said it posted adjusted revenue of $741 million.
Analysts, on average, expected a profit of $1.22 per share on $776.6 million in revenue, according to FactSet.
Orders increased 9 percent to $794 million.
Medical and scientific imaging revenue increased 23 percent to $200.4 million, while industrial technology revenue fell 7 percent to $182.2 million.
Roper boosted its full-year adjusted profit prediction to a range of $5.76 to $5.94 per share. It previously projected a profit of $5.60 to $5.82 per share. Analysts expect earnings of $5.74 per share.
Its shares fell $1.22 to $122.09 in morning trading. They are down 4 percent from a 52-week high of $127.42 in late March. They traded as low as $92.53 in mid-July 2012.
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