Industrial equipment maker Dover beats quarterly profit estimates
Feb 1(Reuters) - Dover Corp beat Wall Street estimates for fourth-quarter profit on Thursday, led by strong demand for its industrial equipment in sectors such as HVAC, aerospace and waste-handling.
U.S. manufacturing has shown some signs of recovery, as indicted by an ISM report that showed the pace of decline in the sector slowed in December, alongside a modest rebound in production and improvement in factory employment.
The recovery bodes well for Dover Corp and peers Trane Technologies, Fortive Corp and IDEX Corp, which manufacture and provide industrial equipment and services for diversified markets.
"We expect demand conditions to progressively improve from the fourth quarter exit rate through the year on solid underlying end markets across most of the portfolio, supported by the recent positive year-over-year order momentum," Chief Executive Officer Richard Tobin said.
The industrial conglomerate forecast its 2024 adjusted profit to be in the range of $8.95 to $9.15 per share. Analysts were expecting $9.24 per share, according to LSEG data.
Illinois-based Dover posted total revenue of $2.12 billion for the fourth quarter, falling short of analysts' average estimate of $2.16 billion.
Adjusted net income rose 13% to $345 million, or $2.45 per share, in the quarter ended Dec. 31, exceeding analysts' expectations of $2.42 per share.
(Reporting by Mehr Bedi in Bengaluru; Editing by Sriraj Kalluvila and Dhanya Ann Thoppil)
