Roper Industries, Inc. Third Quarter 2001 Results Beat Consensus Expectations, Quarterly Cash Dividend Announced

29.08.2001

  • Earnings per share increase 14% to $0.41 in the third quarter

  • Revenues increase 11% to $138 million

  • Cash flow from operations up 43% to $25 million

  • Operating margins expand

  • Diversification strategy positions Roper for continued growth
  • Fluid Handling Segment

    The Fluid Handling segment's net sales were $30 million in the quarter,

    down 12% over the prior year period, with continued strong demand for

    engineered pumps in the water/wastewater market being overshadowed by the

    downturn in the semiconductor industry. Pro forma net sales declined 15%.

    Net sales for the first nine months of $97 million increased 11% over the

    prior year period. Pro forma net sales for the first three quarters of the

    year were down 3%.

    Fluid Handling segment bookings of $30 million were down 18% over the

    prior year quarter. Pro forma bookings for businesses not serving the

    semiconductor market increased 4%, while total pro forma bookings declined by

    21% driven by the downturn in the semiconductor capital equipment market. For

    the first nine months of the year, bookings were flat compared with the same

    period last year, while pro forma bookings eased by 13%.

    In response to difficult economic conditions, cost reduction initiatives

    have been implemented throughout all the businesses and employment levels

    within the segment have been reduced 8% since the beginning of the fiscal

    year.

    Operating profits of $6 million in the quarter declined 20% over the prior

    year period due to lower sales into the semiconductor capital equipment

    market; 180 margin basis points were gained by the remainder of the segment on

    favorable product mix changes and cost reduction efforts. Year-to-date

    operating profit of $21 million, before restructuring charges, is

    approximately consistent with the first nine months of 2000.

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