Dover profit, outlook below Wall St view
NEW YORK (Reuters) - Dover Corp (DOV.N) reported a bigger-than-expected decline in first-quarter profit on Wednesday, citing slowing electronic assembly and infrastructure markets, and the industrial conglomerate cut its full-year profit forecast to below Wall Street's expectations.
Net earnings fell 64 percent to $53.4 million, or 29 cents per share, from $147.2 million, or 76 cents per share, a year earlier.
Excluding charges and a loss from discontinued operations, Dover earned 45 cents a share, 2 cents below the analysts' average forecast, according to Reuters Estimates.
New York-based Dover -- whose products range from pumps and valves to supermarket equipment, garbage trucks, and tools used to assemble electronics -- said revenue fell 26 percent to $1.4 billion, also below Wall Street forecasts.
Each of Dover's four segments posted double-digit sales and profit declines, with its electronic technologies segment reporting an operating loss. Dover said electronic assembly and telecom markets are expected to remain weak through the second quarter.
The company will close 20 facilities this year with the loss of 4,800 jobs. It estimated 2009 restructuring costs of $73 million.
Dover expects 2009 earnings of $2 to $2.30 per share, down from its January range of $2.75 to $3.05.
Analysts were expecting Dover to earn $2.45 a share for the year.
(Reporting by Nick Zieminski; Editing by Lisa Von Ahn and Derek Caney)
