Dover Q2 Profit Up On Sale Gain; Backs FY View - Quick Facts

(RTTNews) - Diversified global manufacturer Dover Corp. (DOV) Tuesday reported that its net earnings for the second quarter rose to $332.4 million or $2.07 per share from $214.0 million or $1.27 per share a year ago.

The results of the quarter under review included a gain of $177.8 million or $1.11 per share, resulting from the disposition of a business held for sale, while last year included gain of $3.4 million or $0.02 per share. .

Excluding these gains from discontinued operations, earnings from continuing operations slid to $155.6 million or $0.97 per share from last year's $210.6 million or $1.25 per share.

On average, 15 analysts polled by Thomson Reuters expected earnings of $0.99 per share. Analysts' estimates typically exclude special items.

For the quarter, revenue slid 10 percent to $1.8 billion, driven by an organic revenue decline of 10 percent and a 4 percent unfavorable impact from foreign exchange, partially offset by 4% growth from acquisitions. Wall Street expected revenues of $1.77 billion.

Looking forward, the company said it is reiterating its forecast for the full year. The firm continues to expect revenue to decline 8 - 9 percent and adjusted earnings per share of $3.75 - $3.90, inclusive of $0.16 - $0.19 of restructuring charges. Analysts currently foresee earnings per share of $3.78 for the year.