Dover Reports Q2 Adj. EPS From Cont. Ops. Of $1.29; Raises Full Year Guidance

(RTTNews) - Dover Corp. (DOV) reported second-quarter net earnings of $214.0 million, or $1.27 per share, compared to $330.0 million, or $1.91 per share, for the same period of 2013. Earnings from continuing operations were $217.4 million, or $1.29 per share, compared to $258.1 million, or $1.49 per share, in the prior year period. Adjusted earnings per share from continuing operations was $1.29 for the quarter.

On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $1.28 for the quarter. Analysts' estimates typically exclude special items.

Revenue was $2.05 billion, compared to $1.93 billion, prior year. The company said the revenue increase was driven by organic growth of 3% and an increase of 3% from acquisitions. Analysts expected revenue of $2.07 billion for the quarter.

Dover's CEO, Robert Livingston, said, "Our second quarter results reflect the positive momentum we continue to experience across the majority of our businesses. Second quarter results were driven by solid revenue and earnings growth in our Fluids, Engineered Systems and Energy segments. We also generated strong broad-based order activity across all segments, resulting in total bookings growth of 11%. Overall, we are pleased with our performance in the first half of 2014, and our growing bookings and backlog reflect more positive market conditions."

For the full year, the company now expects organic growth to be about 4%, near the high end of its previously communicated range of 3% to 4%, principally driven by a more favorable mix. The company now expects its full year earnings per share to be in the range of $4.75 to $4.85. Analysts expect the company to report full year earnings per share of $4.81.