Our book-to-bill ratio was actually quite high at 1.05%. Our gross margins reached 54.9% in the quarter and our operating margin was really quite spectacular, it came up 130 basis points to 24.7%. If you look at the incremental OP and the incremental sales, our operating leverage in the quarter was 59%. And there is no smoke and mirrors in that, it’s just 59%.Our EBITDA was up $214 million – sorry, was $214 million and our EBITDA margin reached 29.5%. Operating cash flow in the quarter was $119 million, slightly lower than we would expect in the second quarter, but we had a higher cash tax rate and that would happen again in the rest of the year. Our first half operating cash flow was $261 million and we’ll project what we believe will be for the full year later this morning. Our diluted earnings per share were $1.15 versus a $1.03 last year, that $1.15 would have been $0.01 higher based on our guidance if it weren’t for the currency scenario, and the $1.03 is the number that we use with the re-measurement gain last year, you might remember, was about $0.05 a share, so on GAAP, it would have been $1.08, but was really adjusted at $1.03.
Roper Industries' CEO Discusses Q2 2012 Results - Earnings Call Transcript
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