Dover Q4 Earnings Down, Reaffirms FY16 EPS View; Sees Lower Revenue

(RTTNews) - Dover Corp. (DOV) Tuesday announced a decline in fourth quarter earnings to $141.83 million from $169.29 million last year. On a per share basis, earnings declined to $0.91 from $1.02 a year ago.

Revenue for the quarter were down at $1.694 billion from $1.977 billion in the previous year.

Robert Livingston, president and chief executive officer, said, "Fourth quarter and full year results continued to be impacted by tough business conditions, particularly in oil & gas markets. In this environment, we delivered fourth quarter adjusted EPS of $0.81, driven by solid execution, as our teams continued to pursue customer wins, cost actions and productivity initiatives.

Further, the company reaffirmed its earnings per share guidance for 2016 in a range of $3.85 to $4.05, while revenue is expected to decline by one to four percent, down one point than the earlier projection. The company said the weaker oil and gas markets impacted its results.