Roper Technologies announced Thursday that it is lifting its full-year adjusted profit forecast and revenue growth outlook, citing robust demand for software products that incorporate artificial intelligence.
Shares of the Sarasota, Florida-based company jumped 4.2% in premarket trading, though the stock remains down roughly 24% so far this year.
The company develops management and networking software for industries including healthcare, transportation, and education, and has seen growing business as companies increasingly turn to AI to handle routine and administrative work.
CEO Neil Hunn noted that the company rolled out several AI-powered products during the quarter, which he said opened up new markets for the business.
Roper now expects full-year adjusted earnings per share to fall between $22.15 and $22.30, an improvement over its previous guidance of $21.80 to $22.05.
The company also lifted its full-year total revenue growth target to above 8%, which aligns with the analyst average estimate of 8.1%, according to data from LSEG.
For the second quarter, Roper reported revenue of $2.11 billion, edging past analyst expectations of $2.10 billion. Adjusted earnings per share came in at $5.38, topping the $5.28 estimate.
Looking ahead, Roper is guiding for third-quarter adjusted earnings per share of $5.75 to $5.80, which exceeds the analyst consensus estimate of $5.66.
The company has been aggressively expanding through acquisitions, spending close to $9 billion on deals over the past three years.
