Declined sales of Roper´s Fluid Handling
Roper Industries reports that the net sales of the Fluid Handling segment declined 16% to $105 million in 2002, primarily resulting from the collapse of the semiconductor market.
A slowdown in power generation, industrial and oil & gas exploration markets also affected full year results and contributed to a 7% decline in fourth quarter sales from the prior year to $27 million. 2002 segment bookings of $104 million were down 14% from the prior year; fourth quarter bookings fell 10% as compared with the prior year period.
Gross margins in 2002 were 46.2%, and operating margins remained strong at 20.4%, despite the decrease in revenues. In response to declining revenues, segment employment levels were trimmed 5% during the year.
Record Cash Flow in Fourth Quarter;
Q4 Earnings of $0.60 Per Share Met Guidance;
Record Performance Expected in 2003
For the whole group Roper Industries, Inc. (NYSE: ROP) announced earnings of $0.60 per share (diluted) in the fourth quarter, in-line with Company guidance and 11% higher than the prior year period. For the full year, earnings before a change in accounting principle were $2.16 per share, excluding a non-recurring Euro-debt currency exchange loss of $0.08 per share incurred in the third quarter. Earnings per share before the cumulative effect of a change in accounting principle related to goodwill increased 18% over the prior year, from $1.77 to $2.08.
Source: Roper Technologies, Inc