Roper Technologies raises 2023 profit forecast on increased software adoption

July 21 (Reuters) – Industrial software maker Roper Technologies ROP.O raised its annual profit forecast on Friday on robust demand for software, as automation adoption grows across industries grappling with labor shortages.

Companies such as Roper have benefited from high demand for software from industries, including health and logistics, which are looking to enhance efficiency and streamline operations by bringing in more automation.

Roper now expects a full-year adjusted profit of $16.36 to $16.50 per share, compared to its previous outlook of $16.10 to $16.30 per share.

The Sarasota, Florida-based company reported an adjusted profit of $4.12 per share, beating analysts’ average expectations of $3.99 per share.

Shares of the company were up 2.8% in low volumes during premarket trading.

Revenues from Application Software, the company’s biggest unit that provides services to the healthcare and finance industries, rose 22.8%, to $770.3 million in the quarter.

Total revenues rose 16.8% to $1.53 billion, compared to a Wall Street consensus of $1.50 billion.

(Reporting by Shivansh Tiwary in Bengaluru; Editing by Pooja Desai)

SOURCE: REUTERS