Dover Earnings: Everything You Must Know Now

Dover Corp. (NYSE:DOV) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.

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Dover Corp. Earnings Cheat Sheet

Results: Adjusted Earnings Per Share increased 10% to $1.1 in the quarter versus EPS of $1.00 in the year-earlier quarter.

Revenue: Decreased 1.18% to $2.04 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Dover Corp. reported adjusted EPS income of $1.1 per share. By that measure, the company beat the mean analyst estimate of $1.08. It missed the average revenue estimate of $2.07 billion.

Quoting Management: Commenting on the first quarter results, Dover’s President and Chief Executive Officer, Robert A. Livingston, said, “We were pleased with our first quarter results. We achieved solid revenue growth from our businesses serving the production and downstream energy markets and the consumer electronics market. These results helped offset the anticipated revenue decline driven by a lower North American rig count and reduced refrigeration activity, principally associated with a major retailer, as well as soft European industrial markets. In addition, our recently acquired refrigeration business, Anthony International, is off to a great start and we are enthusiastic about Dover’s continued strength in that market. We also made progress on our $1 billion share repurchase program, repurchasing 4 million shares in the first quarter.”

Key Stats (on next page)…

Revenue increased 21.68% from $1.68 billion in the previous quarter. EPS increased 0.92% from $1.09 in the previous quarter.

Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $1.3 to a profit $1.31. For the current year, the average estimate has moved down from a profit of $5.24 to a profit of $5.23 over the last ninety days.

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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)

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