UPDATE: Dover Posts Stronger-Than-Expected Q3 Profit, Narrows FY14 Earnings Outlook

Dover DOV reported better-than-expected profit for the third quarter, but the company narrowed its earnings forecast for the year. Dover now expects full-year earnings of $4.75 to $4.80 per share, versus its earlier forecast of $4.75 to $4.85 per share. The Downers Grove, Illinois-based company posted a quarterly profit of $231.8 million, or $1.38 per share, versus a year-ago profit of $269.1 million, or $1.56 per share. Its adjusted earnings came in at $1.35 per share. Its revenue gained 7.8% to $2.09 billion. However, analysts were expecting earnings of $1.31 per share on revenue of $2.04 billion. Dover's sales in the engineered-systems segment climbed 8%, while sales from the fluids segment jumped 17% in the quarter. Dover's President and Chief Executive Officer, Robert A. Livingston, said, "I was pleased with our strong finish to the third quarter, during which business activity significantly improved in September after softness in July and August. The result for the quarter was revenue and bookings growth at all segments.” Dover shares rose 0.06% to close at $72.06 yesterday.