NEW YORK, April 23 /PRNewswire-FirstCall/ -- Dover
Corporation (NYSE: DOV) announced today that for the first quarter
ended March 31, 2010, earnings from
continuing operations were $121.5
million or $0.65 diluted
earnings per share ("EPS"), compared to $61.1 million or $0.33 EPS from continuing operations in the
prior-year period, representing increases of 99% and 97%,
respectively. Revenue for the first quarter of 2010 was
$1.6 billion, an increase of 15% over
the prior-year period. The revenue increase was driven by organic
revenue growth of 7%, a 5% increase from prior year acquisitions
and a 3% favorable impact from foreign exchange.
Commenting on the first quarter results, Dover's President and
Chief Executive Officer, Robert A.
Livingston, said, "After a difficult 2009, I am encouraged
by our solid first quarter performance. Volume increases in
Electronic Technologies, Fluid Management and Product ID, coupled
with the benefits of restructuring, resulted in segment margins of
15%, which helped to essentially double our earnings from the prior
year. Revenue growth of 15% was above the high-end of our
expectations and broad-based. Order trends continued to
improve throughout the quarter for the majority of our businesses,
with particular strength exhibited by Engineered Systems and
Electronic Technologies. Clearly, we are seeing evidence of a
global economic recovery across a wide portion of our portfolio and
we expect these trends to benefit us next quarter and for the
year.
"Looking forward, the strength of our first quarter, combined
with our book-to-bill of 1.12 and a positive business climate so
far, leads us to believe full-year results will be higher than
those previously anticipated. We now estimate full year
revenue growth will be 10% - 13%, comprised of organic revenue
growth of 7% - 10%, and 3% growth from 2009 acquisitions.
Based on these revenue assumptions, we now anticipate
full-year earnings per share will be in the range of $2.70 - $2.95. Our business leaders have
done a fine job leveraging volume improvements in the first
quarter, and we expect this trend to continue."
Net earnings for the first quarter of 2010 were $108.1 million or $0.58 EPS, including a loss from discontinued
operations of $13.4 million or
$0.07 EPS, compared to net earnings
of $53.4 million or $0.29 EPS for the same period of 2009, which
included a loss from discontinued operations of $7.7 million or $0.04 EPS.
Dover will host a webcast of its first quarter 2010 conference
call at 9:00 A.M. Eastern Time on
Friday, April 23, 2010. The webcast
can be accessed at the Dover Corporation website at
www.dovercorporation.com. The conference call will also be made
available for replay on the website. Additional information on
Dover's first quarter 2010 results and its operating companies can
also be found on the Company website.
Dover Corporation is a global portfolio of manufacturing
companies providing innovative components and equipment, specialty
systems and support services for a variety of applications in the
industrial products, engineered systems, fluid management and
electronic technologies markets. For more information, please
visit www.dovercorporation.com.
This press release contains "forward-looking" statements within
the meaning of the Securities Exchange Act of 1934, as amended, and
the Private Securities Litigation Reform Act of 1995. Such
statements relate to, among other things, income, earnings, cash
flows, changes in operations, operating improvements, industries in
which Dover companies operate and the U.S. and global economies.
Statements in this press release that are not historical may
be indicated by words or phrases such as "anticipates," "expects,"
"believes," "indicates," "suggests," "will," "plans," "supports,"
"projects," "should," "would," "could," "hope," "forecast" and
"management is of the opinion," use of future tense and similar
words or phrases. Forward-looking statements are subject to
inherent risks and uncertainties that could cause actual results to
differ materially from current expectations, including, but not
limited to, current economic conditions and uncertainties in the
credit and capital markets; the Company's ability to achieve
expected savings from integration, synergy and other cost-control
initiatives; the ability to identify and successfully consummate
value-adding acquisition opportunities; increased competition and
pricing pressures in the markets served by Dover's operating
companies; the ability of Dover's companies to expand into new
geographic markets and to anticipate and meet customer demands for
new products and product enhancements; increases in the cost of raw
materials; changes in customer demand; political events that could
impact the worldwide economy; the impact of natural disasters and
their effect on global energy markets; a downgrade in Dover's
credit ratings; international economic conditions including
interest rate and currency exchange rate fluctuations; the relative
mix of products and services which impacts margins and operating
efficiencies; short-term capacity constraints; domestic and foreign
governmental and public policy changes including environmental
regulations and tax policies (including domestic and international
export subsidy programs, R&E credits and other similar
programs); unforeseen developments in contingencies such as
litigation; protection and validity of patent and other
intellectual property rights; the cyclical nature of some of
Dover's companies; domestic housing industry weakness; and
continued events in the Middle
East and possible future terrorist threats and their effect
on the worldwide economy. Dover Corporation refers you to the
documents that it files from time to time with the Securities and
Exchange Commission, such as its reports on Form 10-K, Form 10-Q
and Form 8-K, for a discussion of these and other risks and
uncertainties that could cause its actual results to differ
materially from its current expectations and from the
forward-looking statements contained in this press release. Dover
Corporation undertakes no obligation to update any forward-looking
statement.
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SOURCE Dover Corporation