UPDATE 1-Dover profit up; raises '12 revenue outlook
* Q1 EPS from cont ops $1.05 vs est. $1.02
* Sees 2012 revenue growth of 10-12 pct
* Raises lower end of profit outlook
April 18 (Reuters) - U.S. industrial conglomerate Dover Corp posted a higher-than-expected quarterly profit on strong demand from energy, refrigeration and food equipment markets, and the company raised its 2012 revenue forecast.
The company now expects revenue to grow 10-12 percent for the year, up from its earlier forecast of 7-10 percent growth.
Dover also raised the lower end of its 2012 forecast for earnings from continuing operations. It now expects earnings of $4.80 per share to $5 per share, compared with its prior outlook of $4.70 per share to $5 per share.
Dover -- whose businesses range from industrial pumps to food packaging equipment, drilling tools to garbage trucks and microphones for consumer electronics -- said acquisitions would contribute about 5 percent of revenue growth in 2012.
It spent a total of $1.4 billion on nine acquisitions in 2011.
Dover's first-quarter net income was $196.8 million from continuing operations, or $1.05 per share, up from $174.8 million, or 92 cents per share, a year ago.
Revenue jumped 14 percent to $2.1 billion.
Analysts expected earnings of $1.02 per share on revenue of $2.00 billion, according to Thomson Reuters I/B/E/S.
Total backlog at the end of the quarter was $1.70 billion.
Shares of Downers Grove, Illinois-based Dover closed at $62.43 on Tuesday on the New York Stock Exchange.
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