Dover Earnings: Despite Topping Analyst Estimates, Shares Fall on Net Income
Dover Corp. (NYSE:DOV) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. Even though analyst estimates were exceeded, investors were disappointed by the net income drop. Shares are down 1.36%.
Dover Corp. Earnings Cheat Sheet
Results: Net income decreased -42.54% to $159.9 million (90 cents per diluted share) in the quarter versus a net gain of $278.29 million in the year-earlier quarter.
Revenue: Rose 9.97% to $2.01 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Dover Corp. reported adjusted net income of $1.09 per share. By that measure, the company beat the mean analyst estimate of $1.07. It beat the average revenue estimate of $2 billion.
Quoting Management: Dover’s President and Chief Executive Officer, Robert A. Livingston, said, “Looking ahead, our full year view of 2013 is unchanged from our December 10, 2012 investor day guidance. We expect full year organic growth of 3% to 5% complemented by acquisition growth of 4%, resulting in revenue growth of 7% to 9%…