Dover Corp. (DOV) Reports In-Line Q1 EPS; Reaffirms

Dover Corp. (NYSE: DOV) reported Q1 EPS of $0.72, including restructuring charges of $0.10, in-line with the analyst estimate of $0.72. Revenue for the quarter came in at $1.7 billion versus the consensus estimate of $1.72 billion.

Dover Corp. sees FY2015 EPS of $4.20-$4.40, versus the consensus of $4.22.

Commenting on the first quarter results, Dover's President and Chief Executive Officer, Robert A. Livingston, said, "Our businesses continued to perform well against the backdrop of significant headwinds in our energy-related markets, as well as the ongoing FX impact of the strengthening US dollar and slower than expected activity in our core refrigeration case and systems markets. To better align our costs with anticipated demand, we incurred $24 million in restructuring charges in the quarter, primarily in Energy. These restructuring actions were in addition to $37 million in charges incurred in the fourth quarter of 2014. We expect to pursue additional cost reduction actions as we move through the year."

"As we deal with these headwinds we will remain focused on growth investments, as well as investment in productivity initiatives, including supply chain optimization and shared infrastructure. I am confident the combination of these actions positions us well to continue our long-term track record of strong performance."

"Looking forward, we are re-affirming our recently updated 2015 guidance. We expect full-year revenue to decline 4% to 6%. Within our revenue forecast, organic growth is anticipated to decline 2% to 4%, completed acquisitions will provide approximately 2% growth, and FX is expected to be a 4% headwind. In total, full year adjusted EPS is expected to be in the range of $4.20 to $4.40, inclusive of $0.15 to $0.18 of restructuring charges."

For earnings history and earnings-related data on Dover Corp. (DOV) click here.

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