Dover Corp. (DOV) Trims FY15 EPS Outlook; Initiates FY16 EPS Guidance

Dover (NYSE: DOV) today announced that, in connection with its investor meeting scheduled for 6:30pm ET today, the Company is providing an update on current market trends, revising its 2015 earnings per share from continuing operations ("EPS") forecast and providing guidance for 2016 revenue and EPS from continuing operations.

Robert A. Livingston, President and Chief Executive Officer of Dover, said, "We are encouraged with the actions taken this year, which we believe position Dover well for 2016 as we continue to contend with difficult market conditions, especially in our oil & gas and China exposed markets. Although our full-year 2015 results will be below our prior expectations due to a challenging fourth quarter, our restructuring activities this year will provide us with meaningful benefits as we head into 2016. Further, the accretion from our recently announced acquisitions and carryover benefits from our share repurchase activities will also be of significant benefit in 2016, and provide a path for solid EPS growth."

Dover now expects full-year 2015 EPS from continuing operations to be approximately $3.62 versus the prior forecast range of $3.73 to $3.80, driven by weaker market conditions, and the impact of completed acquisitions and incremental restructuring. This revised forecast includes an expected $0.03 impact from recently completed acquisitions, including purchase accounting and deal-related costs, and also includes an estimated $0.04 impact from incremental restructuring, above the Company's prior estimate.

*** The Street see FY15 EPS of $3.73.

Dover is initiating guidance of $3.85 to $4.05 for full-year 2016 EPS from continuing operations. This EPS guidance is based on expected full-year revenue growth in the range of 2% to 5%, comprised of an organic revenue decline of (3%) to 0%, acquisition growth of 7% and a 2% impact from currency.

*** Consensus estimates call for FY16 EPS of $4.02.

The presentation materials for the investor meeting will be available on the Company's website at www.dovercorporation.com. Additionally, the meeting will be available live to all interested parties via webcast and audio dial in, beginning at 6:30 pm ET. The webcast can be accessed on the Company's website at www.dovercorporation.com. To listen via audio dial in, please dial 1-866-868-8070 (domestic) or 1-720-634-9961, reservation number 1978989.

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