UPDATE: Dover Posts Drop In Q2 Profit, Raises Outlook

Dover

reported a 35% drop in its 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. Its total revenue rose 6% to $2.05 billion. However, analysts were projecting earnings of $1.27 per share on revenue of $2.06 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.