July 24 (Reuters) - Software firm Roper Technologies ( ROP )

forecast third-quarter profit below estimates on

Wednesday, owing to weak spending and delayed contract renewals

by its target industries.

An uncertain economy and high borrowing costs are forcing

businesses to spend cautiously, delaying contract signing and

renewals by clients and impacting firms such as Roper.

The company forecast third-quarter adjusted diluted earnings

per share in the range of $4.50 to $4.54, the mid-point of which

was below analysts' average estimate of $4.63 per share,

according to LSEG data.

Roper runs businesses that design and develop vertical

software and technology-enabled products for a variety of

markets, including healthcare, law and data analytics.

It operates in three segments - application software,

network software and the technology-enabled products segment.

All its segments reported revenue below analysts' average

estimates.

Revenue from the application software business, Roper's

biggest, was $931.8 million for the quarter ended June 30, below

analysts' estimate of $933.6 million.

The Sarasota, Florida-based company reported revenue of

$1.72 billion in the second quarter, missing analysts' average

estimate of $1.73 billion.

It also reported an adjusted profit of $4.48 per share,

missing an estimate of $4.46 per share.

However, hoping for a recovery in demand for enterprise

software, the company updated the lower end of its full-year

adjusted diluted earnings-per-share forecast for 2024 to between

$18.10 and $18.25, compared to the previous forecast of $18.05

to $18.25.