UPDATE: Dover Posts 40% Rise In Q3 Profit, Lowers Full-Year Forecast

Dover DOV reported a 40% rise in its third-quarter net profit and cut its forecast for full-year. It now expects earnings from continuing operations of $4.55 to $4.65 per share, versus its earlier forecast of $4.70 to $4.85 per share. Dover's quarterly profit surged to $241 million, or $1.31 per share, versus $172.3 million, or $0.91 per share, in the year-ago period. Its earnings from continuing operations climbed to $1.32 from $1.19 per share. Dover's revenue rose 3.3% to $2.21 billion, while organic revenue increased 1%. However, analysts were expecting earnings of $1.27 per share on revenue of $2.25 billion. Its gross margin rose to 38.3% from 37.7%. Dover shares closed at $57.18 yesterday.