DOWNERS GROVE, Ill. (AP) -- Dover Corp. on Monday cut its 2012 profit prediction to account for expenses related to the closing of certain businesses and costs related to an acquisition.
The Downers Grove, Ill.-based diversified manufacturer reduced its profit prediction by 19 cents per share, saying that it now expects to post full-year earnings per share of $4.36 to $4.46 per share.
Dover said that 18 cents of the reduction is related to its decision to discontinue certain businesses serving the electronic assembly and test markets, while 2 cents per share is related to costs from a recent acquisition.
Fourth-quarter stock buybacks offset those costs by 1 cent per share, the company said.
Analysts, on average, expected a profit of $4.62 per share, according to a FactSet poll. Analysts' estimates usually exclude one-time charges.
Dover also said that it expects to post a 2013 profit from continuing operations of $5.05 to $5.35 per share. Analysts expect earnings of $5.24 per share. This company estimates full-year revenue growth of 7 to 9 percent.
Dover shares rose 14 cents to $63.87 in afternoon trading.
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