What changed
Roper beat consensus with adjusted DEPS of $5.38, +10% YoY and $0.10 above estimates (+1.9%). Revenue of $2.11B (+9%) was driven by 5% organic growth and 3% from acquisitions, while full-year adjusted DEPS guidance was raised to $22.15-$22.30 from $21.80-$22.05. The market may miss that GAAP DEPS surged 233% to $11.62, largely due to non-operating gains from the Indicor divestiture, masking the steady 10% adjusted EPS growth and 11% free cash flow expansion.