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