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Roper Industries' CEO Discusses Q2 2012 Results - Earnings Call Transcript

Now, if you please turn to slide three, I’ll turn the call over to Brian Jellison, Chairman, President and Chief Executive Officer. And after his prepared remarks, we’ll take questions from our telephone participants. Brian?

Brian Jellison

Well, good morning everybody. Today, we’ll go through the enterprise financial results for the quarter, talk a little bit about specific segment detail on the outlook for each of the segments, give you an overview of the Sunquest acquisition, and then established our third quarter and full year guidance and take your questions. I think we had indicated in our first quarter call that we expected going into the second quarter would be our most difficult challenge for the year.

We had really an outstanding quarter compared to what we expected, because we had quite a few headwinds this quarter. I’ve certainly had the uncertain economy and we’re able to blow through that. We had very difficult comps going into Q2, because of the Gaz de France. Revenue last year and outsized performance in toll tag shipments last year in our Gatan technology business that we knew wouldn’t be repeated. And then of course, we had currency which became a bigger surprise and we expect it cost us about a $0.01 a share versus our guidance and about $0.02 a share versus the prior year. That said let’s look at what we did in Q2, next slide.

We had record results in the second quarter, pretty well across the board, the highest level of orders in our history, highest level of sales in our history in the second quarter, biggest backlog that we’ve entered the second quarter with record net earnings and record EBITDA performance for the quarter. Our orders were up 8% and revenue was up 4% despite those headwinds and the effect of currency.

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