Jan 24 U.S. industrial conglomerate Dover Corp's
quarterly profit beat analysts' estimates, helped by
strong performance in its energy and engineered systems
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
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.