Dover Corporation (
DOV - Free Report) is an industrial conglomerate producing wide range of specialized industrial products and manufacturing equipment. The company reported adjusted earnings of $1.36 per share in third-quarter 2018, beating the Zacks Consensus Estimate of $1.29. Earnings also improved 14% year over year mainly driven by strong demand in the Engineered Systems and Fluids segments.
Revenue: Dover posted revenues of $1.75 billion, which fell short of the Zacks Consensus Estimate of $1.76 billion. Strong overall demand in the quarter drove organic revenue increases of 5% in Engineered Systems and 9% in Fluids, offsetting continued weak demand in Refrigeration & Food Equipment.
Outlook: Dover narrowed its adjusted earnings per share guidance for full-year 2018 to $4.80-$4.85 from the previous guidance of $4.75-$4.85. The guidance includes full-year revenue growth of 2%, comprising organic growth of 3%, acquisition growth of 1% and a favorable foreign exchange impact of 1%, partially offset by a 3% impact from dispositions.
Estimate Trend & Surprise History
Investors should note that the earnings estimate revisions for Dover for the third quarter have moved south ahead of the earnings release. The Zacks Consensus Estimate currently stands at $1.29 for the quarter.
As regards earnings surprise, Dover has outpaced the Zacks Consensus Estimate in each of the past four quarters, with an average beat of 5.81%.
Dover Corporation Price and EPS Surprise
Market Reaction: Dover’s shares were inactive following the release. It would be interesting to see how the market reacts to the results during the trading session today.
Check back later for our full write up on this Dover earnings report later!
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