Dover Q2 Results Top Estimates, Lifts Full-year View - Update

(RTTNews) - Dover Corp. (DOV), a diversified manufacturer of specialized products and components, Thursday reported a rise in second-quarter profit, reflecting higher revenues. Earnings per share and revenues beat analysts' expectations.

Based on its solid second quarter performance, the company lifted its earnings per share outlook for full-year 2013 and reaffirmed revenue growth view of 7 to 9 percent.

Robert Livingston, president and chief executive officer of the company stated, "The quarter was driven by broad-based growth, particularly among our businesses serving the consumer electronics and refrigeration markets, with solid contribution from our energy and fluids businesses."

In the second quarter, the company's net earnings increased to $330.05 million or $1.91 per share from $214.10 million or $1.15 a share in the prior. Earnings from continuing operations were $1.70 per share, compared to $1.10 per share a year earlier.

Excluding tax benefits of $0.36 and Knowles spin off costs of $0.02, adjusted earnings from continuing operations were $1.36 per share in the second quarter of 2013. Adjusted earnings in the prior year was $1.10 per share.

On average, 20 analysts polled by Thomson Reuters expected earnings per share of $1.28 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly revenues grew 9 percent to $2.23 billion and came above analysts' estimate of $2.19 billion. Revenues were driven by an organic growth of 5 percent, an increase of 4 percent from acquisitions, and a minor impact from foreign exchange, the firm said.

For full-year 2013, the company now expects earnings per share from continuing operations to be in the range of $5.56 to $5.71, that include tax benefits and incurred spin off costs. This range excludes any prospective Knowles spin off costs to be incurred in the next several quarters. Earlier, the company forecast profit per share from continuing operations in the range of $5.05 to $5.35.

The firm still sees full-year organic revenue growth of 3 to 5 percent, complemented by acquisition growth of 4 percent, resulting in total revenue growth of 7 to 9 percent.

Analysts are looking for earnings of $5.24 per share, on revenues of $8.71 billion for the year. DOV is currently trading at $83.34, up 3.64 percent.