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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.

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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.

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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.

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