UPDATE: Dover Posts Better-Than-Expected Q2 Profit, Raises Outlook
Dover (NYSE: DOV) reported better-than-expected fiscal second-quarter earnings and lifted its forecast for the year.
The Downers Grove, Illinois-based company posted a quarterly profit of $214 million, or $1.27 per share, versus a year-ago profit of $330 million, or $1.91 per share. The last year results included discrete tax benefits of $0.36 per share. Excluding the last year's one-time tax gain, the company's earnings from continuing operations rose 14% to $1.29 per share from adjusted earnings of $1.13 per share in the year-ago period.
Its total revenue rose 6% to $2.05 billion. However, analysts were projecting earnings of $1.27 per share on revenue of $2.07 billion.
Dover's sales in the engineered-systems segment climbed to $699 million versus $639.4 million.
Its selling and administrative expenses surged to $456.1 million.
Dover's President and Chief Executive Officer, Robert A. Livingston, said, "Our second quarter results reflect the positive momentum we continue to experience across the majority of our businesses.”
Dover now projects 2014 earnings of $4.75 to $4.85 per share, versus its earlier forecast of $4.60 to $4.80 per share.
Dover shares gained 0.93% to close at $88.94 yesterday.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.