UPDATE: Dover Posts Better-Than-Expected Q4 Earnings, Lowers FY15 Forecast

reported stronger-than-expected earnings for the fourth quarter, but the company lowered its forecast for the year. For the year, Dover now projects earnings of $4.70 to $4.95 per share, on revenue growth of 1% to -2%. The company had estimated earnings of $5.05 to $5.30 per share on revenue growth of 3% to 6%. The Downers Grove, Illinois-based company posted quarterly net earnings of $169.3 million, or $1.02 per share, compared to $194 million, or $1.13 per share, in the year-ago quarter. Adjusted EPS from continuing operations came in at $1.01 in the quarter. Its revenue gained 11% to $1.98 billion. However, analysts were expecting earnings of $0.94 per share on revenue of $2.04 billion. Dover's President and Chief Executive Officer, Robert A. Livingston, said, "We finished the year with a very strong fourth quarter, achieving 11% revenue growth and earnings growth that exceeded expectations. We saw robust topline growth at each segment led by Energy and Fluids at 20% and 10%, respectively, and achieved solid volume leverage.” Dover shares closed at $70.96 yesterday.