Dover 1Q net rises, affirms 2013 guidance

Dover 1Q posts higher earnings as energy and electronics businesses grow

Associated Press

DOWNERS GROVE, Ill. (AP) -- Equipment-maker Dover Corp. said Wednesday that first-quarter net income rose as business picked up in the energy and consumer electronics businesses.

Net income rose 7.1 percent to $210 million, or $1.20 per share, from $196.1 million, or $1.05 per share, a year earlier. Revenue rose 4.3 percent to $2.04 billion.

The company said its earnings from continuing operations, with other adjustments, would have been $1.10 per share. Analysts surveyed by FactSet expected profit of $1.09 per share on revenue of $2.07 billion.

The revenue gain was driven by acquisitions. Without those, revenue would have fallen 1 percent. Dover said revenue declined in some businesses because of less refrigeration activity with one major retailer as well as slower European industrial markets.

Dover still expects full-year revenue to grow 7 to 9 percent — suggesting 2013 revenue of $8.67 billion to $8.83 billion. Earnings per share from continuing operations should be $5.05 to $5.35. Analysts expect full-year profit of $5.23 per share with revenue of about $8.73 billion.

Dover, based in Downers Grove, Ill., makes communications equipment, machinery used in oil and gas drilling and printing and identification technology. It recently bought refrigeration company Anthony International.

Shares fell $2.84, or 3.9 percent, to $69.38 in morning trading amid a broad market sell-off.

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