logo
  Join        Login             Stock Quote

Dover (DOV) 4Q Earnings Beat Estimates; Reaffirms 2013 Forecast

 January 24, 2013 08:20 AM
 


(By Balaseshan) Dover Corp. (NYSE: DOV) reported a 6% rise in quarterly earnings from continuing operations driven by organic growth and an increase from acquisitions. Results exceeded consensus, and the company reaffirmed its fiscal 2013 forecast.

Earnings from continuing operations for the fourth quarter were $208.2 million or $1.16 per share, up from $197.3 million or $1.05 per share last year. Adjusted earnings per share (EPS) from continuing operations rose to $1.09 from $1.02.

Due to loss from discontinued operations, earnings dropped 42.6% to $159.86 million. Two non-core businesses serving the electronic assembly and test markets were reclassified to discontinued operations during the fourth quarter, with the plan to divest these businesses in 2013.

[Related -Weekly Options Constructive On Home Depot]

Revenue increased 6% to $2.01 billion, driven by a 2% rise in organic and a 5% increase from acquisitions, offset in part by a 1% unfavorable impact from foreign exchange.

Analysts, on average, polled by Thomson Reuters had expected a profit of $1.07 per share on revenue of $2.0 billion for the fourth quarter.

Looking ahead into the fiscal 2013, the company reaffirmed its revenue growth guidance of 7% to 9% and EPS from continuing operations forecast of $5.05 to $5.35, while Street predicts EPS of $5.23 on revenue growth of 7.30%.

Dover still expects full year organic growth of 3% to 5% complemented by acquisition growth of 4%. The company said the benefits of leverage on volume coupled with a lower share count from its repurchase program will help it deliver solid earnings growth.

[Related -Attractively Valued Blue-Chip Dividend Champions For Your Retirement Portfolios]

DOV closed Wednesday's regular session down 0.12% at $68.16. The stock has been trading between $50.27 and $68.55 for the past 52 weeks.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageUpbeat Forecasts For US Housing Sales In March

The Fiscal Times advises that the “the housing market is about to perk up.” One of the reasons for the read on...

article imageHappy Birthday, Moore's Law - Pearls of Wisdom for Investors

As Moore’s Law turns 50, we reflect on technology’s incredible history and limitless read on...

article imageIndex Investing Is Not Inherently Socialistic

How does capital get allocated to the public stock read on...

article imageDon't Let Fear of a 'Grexit' Keep You Out of European Stocks

After nearly three years of extremely weak economic growth, the European Central Bank is finally delivering read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.