Dover Q1 Profit Declines; Reaffirms 2015 Outlook - Quick Facts

(RTTNews) - Dover Corp. (DOV), a diversified manufacturer of specialized products and components, reported that net earnings for the first quarter dropped to $209.51 million or $1.28 per share from $160.14 million or $0.93 per share in the year-ago quarter.

Earnings from continuing operations for the quarter decreased to $117.19 million or $0.72 per share from $170.04 million or $0.99 per share in the prior-year quarter.

Excluding items, adjusted earnings from continuing operations for the quarter was $0.72 per share, compared to last year's $0.97 per share.

On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $0.71 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter declined 5 percent to $1.72 billion from $1.80 billion in the same quarter last year. Fifteen analysts estimated revenues of $1.72 billion for the quarter.

The decrease in revenue was driven by an organic revenue decline of 6 percent and a 4 percent unfavorable impact from foreign exchange, offset in part by 5% growth from acquisitions.

Looking ahead to fiscal 2015, the company continues to expect earnings from continuing operations to be in the range of $4.20 to $4.40 per share on a revenue decline of 4 to 6 percent. Street is currently looking for full-year 2015 earnings of $4.22 per share on annual revenue decline of 5.1 percent to $7.36 billion.