Dover Q2 Results Down, Miss Estimates; Cuts FY16 EPS View Below Market

(RTTNews) - Dover Corp. (DOV), a diversified global manufacturer, reported Thursday that its second-quarter net earnings were $118.29 million or $0.76 per share, lower than last year's $332.4 million or $2.07 per share. On a continuing operations basis, earnings fell 24 percent from $155.6 million or $0.97 per share last year.

On average, 17 analysts polled by Thomson Reuters expected earnings of $0.85 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue was $1.69 billion, a decrease of 4 percent from the prior year's $1.76 billion. Analysts were looking for revenues of $1.71 billion.

Organic revenue declined 7 percent and acquisition revenue, net of dispositions, provided 3 percent growth in the quarter.

Robert Livingston, President and Chief Executive Officer, said, "Our second quarter results, excluding deal costs and certain one-time items, were generally in-line with our expectations, but disappointing nonetheless."

Looking ahead, for fiscal 2016, earnings per share is expected to be in the range of $3.35 to $3.45, as compared to the prior forecast of $3.51 to $3.66. Analysts expects earnings of $3.47 per share for the year.

The company now expects full-year revenue to decline approximately 3 percent to 5 percent as compared to prior forecast of a revenue decline of 2 percent to 5 percent. Within this forecast, organic revenue is now expected to decline 6 percent to 8 percent, versus prior year view of organic decline of 5 percent to 8 percent.