Dover 4Q net income tumbles 43 pct on charges

Dover posts 43 pct drop in 4th-qtr net income, but adjusted profit beats predictions

Associated Press

DOWNERS GROVE, Ill. (AP) -- Dover's fourth-quarter net income fell 43 percent, pulled down by hefty losses related to two businesses that it plans to sell this year, but the manufacturer's adjusted profit edged out Wall Street predictions and it stood by its guidance for all of 2013.

Dover $159.9 million, or 90 cents per share, down from $278.3 million, or $1.51 per share, in the same quarter last year.

Excluding losses related to a pair of businesses serving the electronic assembly and test markets that the company plans to sell, along with a gain from a tax benefit, Dover posted an adjusted profit of $1.09 per share for the recent quarter.

Acquisitions helped push revenue up 6 percent to $2.01 billion, in line with Wall Street expectations.

Analysts, on average, expected a profit of $1.08 per share, according to FactSet.

For the full year, the company earned $811.1 million, or $4.41 per share, down from $895.2 million, or $4.74 per share, in 2011. Revenue rose to $8.1 billion from $7.37 billion.

Dover backed its previous full-year guidance of a profit from continuing operations of $5.05 to $5.35 per share on revenue growth of 7 percent to 9 percent. Based on the company's 2012 revenue, the guidance implies 2013 revenue of $8.67 billion to $8.83 billion.

Analysts expect a 2013 profit of $5.24 per share on $8.76 billion in revenue.

Dover Corp., based in Downers Grove, Ill., makes products including communications equipment, machinery used in oil and gas drilling and printing and identification technology. In morning trading, its shares fell $1.66, or 2 percent, to $66.50.

View Comments