January 30, 2008 / 11:50 AM / 12 years ago

UPDATE 1-Dover fourth-quarter profit tops forecasts

NEW YORK, Jan 30 (Reuters) - Dover Corp (DOV.N), a diversified manufacturer whose interests range from garbage trucks to supermarket equipment, reported higher-than-expected fourth-quarter profit on Wednesday, citing strength in most of its markets.

Net earnings jumped 56 percent to $185.4 million, or 94 cents per share, from $118.5 million, or 58 cents per share, a year earlier, when results included a loss from discontinued operations.

Earnings from continuing operations were 86 cents per share, 4 cents ahead of the analysts’ average forecast, according to Reuters Estimates.

Quarterly sales rose 11 percent to $1.86 billion, exceeding forecasts for $1.8 billion. Acquisitions accounted for about half the sales growth, and a weak U.S. dollar contributed about 3 percentage points.

The strongest growth was in Dover’s engineered systems division. Sales there increased by 24 percent, and operating profit rose 35 percent, reflecting demand for food equipment, heating and air conditioning technology, and product identification technology.

Sales and earnings also rose at Dover’s fluid management and industrial products divisions.

The electronic technologies segment, however, had lower profit, reflecting flat telecommunications markets and soft spending by the computer chip industry.

Dover said it expected earnings to grow by at least 10 percent this year, with sales from existing businesses increasing at a mid-single-digit percentage rate.

The New York-based company has reduced its exposure to North American markets while playing a bigger role in higher-growth businesses like energy and product identification, it said in slides provided ahead of an earnings conference call. (Reporting by Nick Zieminski; Editing by Lisa Von Ahn)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below