Dover profit beats analysts' expectations
Jan 24 (Reuters) - U.S. industrial conglomerate Dover Corp's quarterly profit beat analysts' estimates, helped by strong performance in its energy and engineered systems businesses.
Net income from continuing operations rose to $208.2 million, or $1.16 per share, in the fourth quarter from $197.3 million, or $1.05 per share, a year earlier.
Total revenue at the company, whose businesses range from industrial pumps to food packaging equipment and microphones for consumer electronics, rose about 6 percent to $2.01 billion.
Analysts on average had expected earnings of $1.07 per share on revenue of about $2 billion, according to Thomson Reuters I/B/E/S.
Revenue at Dover's energy business rose almost 6 percent to about $540 million. Refrigeration revenue rose almost 8 percent to $613 million.
"Our energy segment demonstrated its resiliency by posting modest organic growth despite a lower North American rig count," Chief Executive Robert Livingston said in a statement.
Total backlog at the end of the quarter was $1.45 billion.
Dover maintained its 2013 earnings forecast of $5.05 to $5.35 per share on revenue growth of 7 to 9 percent. Analysts were expecting earnings of $5.23 on revenue of $8.76 billion.
Shares of Downers Grove, Illinois-based Dover closed at $68.16 on Wednesday on the New York Stock Exchange.