Dover Q1 Profit Down; Reaffirms 2014 Outlook - Quick Facts

(RTTNews) - Dover Corp. (DOV), a diversified manufacturer of specialized products and components, reported that its net earnings for the first quarter of 2014 dropped to $160.1 million or $0.93 per share, from $210.0 million or $1.20 per share in the same quarter last year.

2014 results reflected a loss from discontinued operations of $16.2 million, or $0.09 per share, which included $25.8 million in spin off costs. 2013 results included earnings from discontinued operations of $42.8 million, or $0.24 per share.

Earnings from continuing operations were $176.3 million or $1.02 earnings per share, compared to $167.2 million or $0.95 per share in the prior year period.

Adjusted earnings per share from continuing operations for the first quarter of 2014 was $1.01, reflecting an increase of 9% over an adjusted Earnings per share of $0.93 in the prior year period. Analysts polled by Thomson Reuters expected the company to report earnings of $1.01 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly revenue was $1.9 billion, an increase of 7% over the prior year. The revenue increase was driven by organic growth of 4% and an increase of 3% from acquisitions. Fifteen analysts estimated revenues of $1.87 billion for the quarter.

Looking forward, the company's view of 2014 remains unchanged. It continues to expect full year organic revenue growth of 3% to 4%, complemented by growth from completed acquisitions of 3%, resulting in total revenue growth of 6% to 7%. Its full year segment margin expectations of around 18% are also unchanged. As a result, the company re-affirmed its full year earnings per share to be in the range of $4.60 to $4.80. Street currently is looking for fiscal year 2014 earnings of $4.79 per share on annual revenues of $7.96 billion.