Dover Corp. (DOV) Reports In-Line Q1 EPS; Reaffirms FY
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Dover Corp. (NYSE: DOV) reported Q1 EPS of $1.01, in-line with the analyst estimate of $1.01. Revenue for the quarter came in at $1.9 billion versus the consensus estimate of $1.87 billion.
Dover Corp. reaffirms FY2014 EPS of $4.60-$4.80, versus the consensus of $4.79.
Commenting on the first quarter results, Dover's President and Chief Executive Officer, Robert A. Livingston, said, "Our strong first quarter results were highlighted by solid revenue growth, broad-based bookings growth, and building momentum as we moved through the quarter. Revenue growth was led by Fluids and Engineered Systems, along with solid growth in Energy. Our book-to-bill of 1.09 was driven by strong order activity at Refrigeration & Food Equipment, Fluids and Engineered Systems. The combination of a strong first quarter, growing bookings and backlog, and our positioning with customers give me great confidence that Dover will have an outstanding year."
"In addition to our strong results, we also completed several important initiatives in the first quarter. We successfully spun off Knowles, completed our $1 billion share repurchase program, and realigned our businesses into a new segment structure organized around our key end-markets to better focus on growth strategies. Our new structure will also provide greater opportunities to leverage scale and capitalize on productivity initiatives."
"Looking forward, our view of 2014 remains unchanged. We continue to expect full year organic revenue growth of 3% to 4%, complemented by growth from completed acquisitions of 3%, resulting in total revenue growth of 6% to 7%. Our full year segment margin expectations of around 18% are also unchanged. As a result, we are re-affirming our full year EPS to be in the range of $4.60 to $4.80."
For earnings history and earnings-related data on Dover Corp. (DOV) click here.
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