(Adds CEO comment, details, background)
April 17 Diversified industrial products maker
Dover Corp posted a higher-than-expected quarterly
revenue as sales rose across its engineered systems and energy
The company's sales from engineered systems, its largest
business, rose 7.3 percent to $649.8 million in the first
quarter ended March 31.
The unit, which makes products for the aerospace and
automobile industries, contributed 34 percent to Dover's total
Dover, a maker of garbage truck compactors, car washes,
drill bits for oil rigs and other industrial products, spun off
its telecom products unit in February to focus on its more
The unit makes advanced micro-acoustic products for the
Chief Executive Robert Livingston said in March that Dover
was looking for acquisitions in the range of $500 million to $1
"Our pipeline remains active and we are working on several
small to medium size deals," Livingston said on a post-earnings
conference call on Thursday.
Acquired companies contributed 3 percent to Dover's total
revenue in the quarter.
Dover, which completed a $1 billion share buyback in the
quarter, has authorization to buy back up to 4 million shares
more, Livingston said.
The company's net income fell to $160.1 million, or 93 cents
per share in the first quarter from $210 million, or $1.20 cents
per share, a year earlier.
Excluding items, the company earned $1.01 per share from
Revenue rose 7 percent to $1.89 billion.
Analysts on average had expected earnings of $1.01 per share
on revenue of $1.87 billion, according to Thomson Reuters
Dover reaffirmed its full-year earnings forecast of
$4.60-$4.80 per share.
The company's shares were up 1 percent at $84.06 in noon
trading on the New York Stock Exchange.
The stock has risen about 16 percent since the company's
board approved a spinoff of its telecom products business.
(Reporting by Rohit T. K. in Bangalore; Editing by Kirti