Dover Q3 Profit Down, Revenues Rise; Cuts FY EPS Outlook - Update

(RTTNews) - Diversified manufacturer Dover Corp. (DOV) Thursday reported a decline in third-quarter profit, reflecting a loss from discontinued operations. Revenues, however, grew 8 percent from last year. The company also lowered the upper end of its earnings per share guidance range for the full year.

For the quarter, net earnings declined to $231.84 million or $1.38 per share from $269.11 million or $1.56 per share in the previous year.

Earnings from continuing operations were $1.38 per share, compared to $1.31 per share in the prior-year period.

Adjusted earnings per share from continuing operations were $1.35 for the quarter, while the firm posted $1.25 per share last year.

On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $1.31 for the quarter. Analysts' estimates typically exclude special items.

Revenues grew 8 percent to $2.09 billion from $1.94 billion a year earlier, driven by organic growth of 4 percent and an increase of 4 percent from acquisitions, with a negligible impact from foreign exchange. Analysts expected revenue of $2.04 billion for the quarter.

President and Chief Executive Officer Robert Livingston said, "The result for the quarter was revenue and bookings growth at all segments. Most notably, Fluids delivered 17% growth, while Energy and Engineered Systems each grew 8%. In all, we generated revenue growth of 8%, grew bookings 10%, and saw our backlog increase 14%."

For full year 2014, the company now expects adjusted earnings per share to be in the range of $4.75 to $4.80, compared to the earlier outlook of $4.75 to $4.85 per share. Analysts expect the company to report full year earnings per share of $4.75.

Dover now anticipates total revenue growth of about 8 percent and organic growth to be about 4 percent.

DOV is currently trading at $72.05, down 0.01 percent.