Dover Corp. (DOV) Tops Q4 EPS by 14c, Revenues Beat; Offers FY19 EPS Guidance Above Consensus

Dover Corp. (NYSE: DOV) reported Q4 EPS of $1.43, $0.14 better than the analyst estimate of $1.29. Revenue for the quarter came in at $1.81 billion versus the consensus estimate of $1.77 billion.

Dover's President and Chief Executive Officer, Richard J. Tobin, said, "Dover's solid results for the quarter and the year reflect broad-based demand strength in Engineered Systems and Fluids, which posted 2018 annual organic growth of 5.8% and 8.7%, respectively, and more than offset weak demand in Refrigeration & Food Equipment. Our $7.0 billion of revenue for the year reflects an organic growth rate of 3.7%, while adjusted net earnings and adjusted EPS improved 15% and 20%, respectively.

"Dover enters 2019 with solid momentum as represented by our Q4 organic growth rate, solid order backlogs across most of our portfolio, and margin expansion being driven by volume and cost initiatives. Our productivity and footprint initiatives are underway with several in the execution phase, and we have begun to reinvest a portion of our savings from rightsizing initiatives into our digital capabilities and customer-facing platforms.

"We believe we are well-positioned to deliver top-line growth and strong double-digit EPS accretion in 2019. Our guidance reflects a constructive demand environment, continued focus on our margin improvement and rightsizing programs, as well as disciplined deployment of capital, underscored by our recent acquisition of Belanger."

GUIDANCE:

Dover Corp. sees FY2019 EPS of $5.65-$5.85, versus the consensus of $5.60.

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

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