Dover Earnings Cheat Sheet: Revenues Rise 23.7%, Boosting Shares

S&P 500 (NYSE:SPY) component Dover Corp (NYSE:DOV) reported net income above Wall Street’s expectations for the first quarter. Dover Corporation operates a portfolio of manufacturing companies providing innovative components and equipment, specialty systems and support services for a variety of applications to global customers.

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Dover Earnings Cheat Sheet for the First Quarter

Results: Net income for the diversified machinery company rose to $194.9 million ($1.03/share) vs. $108.1 million (57 cents/share) YoY. A rise of 80.3% from the year earlier quarter.

Revenue: Rose 23.7% to $1.96 billion YoY.

Actual vs. Wall St. Expectations: DOV (NYSE:DOV) beat the mean analyst estimate of 90 cents/share. Estimates ranged from 86 cents per share to 94 cents per share.

Quoting Management: Commenting on the first quarter results, Dover’s President and Chief Executive Officer, Robert A. Livingston, said, “Building upon the momentum of last year, 2011 is off to a great start. Revenue, earnings, bookings and backlog were all up significantly over the prior year.”

Key Stats: The company has enjoyed double-digit year-over-year revenue growth for the past five quarters. Over that span, the company has averaged growth of 23.5%, with the biggest boost coming in the second quarter of the last fiscal year when revenue rose 28.5% from the year earlier quarter.

The company has now seen net income rise in three-straight quarters. In the fourth quarter of the last fiscal year, net income rose more than twofold and in the third quarter of the last fiscal year, the figure rose more than twofold.

Competitors to Watch: Cooper Industries plc (NYSE:CBE), Ingersoll-Rand Plc (NYSE:IR), Illinoi Tool Works (NYSE:ITW), Danaher (NYSE:DHR), Spectrum Control (NASDAQ:SPEC), Actuant (NYSE:ATU), Gardner Denver (NYSE:GDI), 3M (NYSE:MMM), IDEX Corp (NYSE:IEX), The LGL Group (AMEX:LGL), AMETEK (NYSE:AME) and Weatherford International Ltd. (NYSE:WFT).

Today’s Performance: Shares of DOV closed trading at $67.80 per share:


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