Dover Q2 Profit Beats Estimate - Quick Facts

(RTTNews) - Dover Corp. (DOV), a diversified manufacturer of specialized products and components, reported a rise in second-quarter net earnings to $330.05 million, or $1.91 a share, from $214.1 million, or $1.15 a share, in the year-ago quarter. Excluding tax benefits of $0.36 and Knowles spin off costs of $0.02, adjusted earnings from continuing operations were $1.36 per share in the second quarter of 2013. On average, 20 analysts polled by Thomson Reuters expected earnings per share of $1.28 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly revenue totaled $2.23 billion, a 9% increase over the previous year's $2.04 billion, driven by an organic growth of 5%, an increase of 4% from acquisitions, and a minor impact from foreign exchange. Analysts estimated revenues of $2.19 billion for the quarter.

Looking ahead, earnings per share from continuing operations are likely to be in the range of $5.56 - $5.71 after raising the low end of the range, and including tax benefits and incurred spin off costs. This range excludes any prospective Knowles spin off costs to be incurred in the next several quarters. The firm still sees full-year organic revenue growth of 3% to 5%, complemented by acquisition growth of 4%, resulting in total revenue growth of 7% to 9%.