Dover Corp. (DOV) Tops Q1 EPS by 9c, Raises FY EPS Guidance

Dover Corp. (NYSE: DOV) reported Q1 EPS of $0.70, $0.09 better than the analyst estimate of $0.61. Revenue for the quarter came in at $1.81 billion versus the consensus estimate of $1.77 billion.

GUIDANCE:

Dover Corp. sees FY2017 EPS of $4.05-$4.20, versus the consensus of $3.61.

"As a result of the solid first quarter performance, higher expectations in Energy, and overall strong bookings activity, we are raising our full year revenue and EPS guidance. We now expect full year diluted earnings per share to be in the range of $4.05 to $4.20, versus our prior guidance of $3.40 to $3.60. Our revised guidance includes the gain from our recent disposition. Further, this revised guidance is based on full year revenue growth of 11% to 13% versus our prior forecast of 10% to 12%, and is comprised of organic growth of 4% to 6% and acquisition growth of approximately 10%, partially offset by a 2% impact from the dispositions and a 1% headwind from FX. Our revised revenue forecast is primarily driven by a one point increase in organic growth. The combined impact of acquisitions, dispositions, and FX is essentially unchanged from our prior forecast."

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

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