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Dover (DOV) Reduces 2012 Earnings Forecast; Guides 2013

 December 10, 2012 01:44 PM

(By Balachander) Dover Corp. (NYSE: DOV) reduced its earnings outlook for the full year 2012 with the diversified manufacturer mainly citing a 18-cent drop from discontinuing certain businesses serving the electronic assembly and test markets.

Downers Grove, Illinois-based Dover also guided 2013 earnings per share (EPS) from continuing operations of $5.05 to $5.35 on revenue growth of 7 percent to 9 percent.

2013 forecast is based on organic revenue growth of 3 percent to 5 percent and acquisition growth of 4 percent.

Wall Street analysts, on average, expect EPS of $4.62 for 2012 and $5.21 for 2013.

[Related -Weekly Options Constructive On Home Depot]

The company's 2012 updated forecast also reflects a 2 cent reduction related to certain one-time costs associated with the recent Anthony acquisition and accretion of one cent from fourth quarter share repurchase activity.

The company operates in four segments: Communication Technologies, Energy, Engineered Systems and Printing & Identification.

DOV shares dropped 0.47 percent to trade at $63.43 on Monday. Over the past year, shares have been trading between $50.27 and $67.20.

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