(Adds CEO comment, details, background)
April 17 (Reuters) - Diversified industrial products maker Dover Corp posted a higher-than-expected quarterly revenue as sales rose across its engineered systems and energy equipment businesses.
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 revenue.
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 profitable businesses.
The unit makes advanced micro-acoustic products for the telecom industry.
Chief Executive Robert Livingston said in March that Dover was looking for acquisitions in the range of $500 million to $1 billion.
“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 continuing operations.
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 I/B/E/S.
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 Pandey)