Dover Q4 Profit Rises As Revenue Climbs - Quick Facts

(RTTNews) - Dover Corp. (DOV), a diversified manufacturer of specialized products and components, Thursday said fourth-quarter net earnings increased to $193.96 million from $159.86 million in the prior year. Earnings per share improved to $1.13 from $0.89. Earnings from continuing operations climbed to $1.22 from $1.16. Adjusted earnings per common share from continuing operations totaled $1.28, while it was $1.09 last year.

On average, 18 analysts polled by Thomson Reuters expected earnings of $1.28 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue increased to $2.209 billion from $2.014 billion in the prior year. Wall Street expected revenues of $2.17 billion.

According to the company, the revenue increase was driven by organic growth of 5 percent and a 5 percent increase from acquisitions.

Dover said the planned spin-off of Knowles remains on track and is expected to be finalized before the end of the first quarter 2014.

Dover's CEO Robert Livingston, said, "I am very pleased with our fourth quarter results as we achieved solid organic growth in all segments. Our broad-based order and shipment activity was particularly strong at our businesses serving the refrigeration and food equipment, fast moving consumer goods, fluids, drilling and downstream energy markets.''

The company expects full year earnings per share from continuing operations in the range of $4.60 - $4.80 on a pro forma basis excluding Knowles and related spin-off costs. Analysts look for annual earnings of $5.97 per share.

Full year organic growth of 3 to 4 percent, complemented by acquisition growth of 2 percent, is expected to lead to revenue growth of 5 to 6 percent.