RTTNews | Jul 28, 2020 08:26AM EDT

08:26 Tuesday, July 28, 2020 (RTTNews.com) - Roper Technologies Inc. (ROP) revised up its fiscal 2020 adjusted earnings forecast, while reporting better-than-expected second-quarter results.

The company now expects full year adjusted earnings of $11.90 - $12.40 per share, compared to the previous guidance range of $11.60 - $12.60 per share. Eleven Wall Street analysts have a consensus earnings estimate of $12.18 per share for fiscal 2020.

For the third quarter of 2020, the company projects adjusted earnings to be in the range of $2.90 - $3.00 per share. Analysts expect earnings of $3.09 per share for the quarter.

Q2 Results

The company's Q2 net income was $219.2 million or $2.08 per share compared to $249.7 million or $2.38 per share last year.

On an adjusted basis, earnings amounted to $2.94 per share, a decline of 4% compared to the previous year's $3.07 per share.

Net revenues declined to $1.31 billion from $1.33 billion generated the prior year period.

Analysts polled by Thomson Reuters expected earnings of $2.67 per share on revenue of $1.25 billion for the quarter. Analysts' estimate typically exclude certain special items.

Neil Hunn, Roper's President and CEO, said, "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."

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