DOW JONES NEWSWIRES
Dover Corp.'s (DOV) first-quarter net income fell 64%, below
Wall Street's expectations, amid $35.2 million in restructuring
charges and falling demand, especially in the electronics and
infrastructure markets.
The manufacturing holding company - which makes and services
everything from printers to garbage trucks - also cut its 2009
earnings target to $2 to $2.30 a share from January's view of $2.75
to $3.05. The latest view includes $35 million of restructuring
charges, much of which is likely to be recorded in the second
quarter.
President and Chief Executive Robert A. Livingston said
Wednesday that orders trends improved from the prior quarter, but
Dover doesn't expect a "meaningful recovery" in demand this
year.
Dover, which last year shed 6% of its work force, posted
first-quarter net income of $53.4 million, or 29 cents a share,
from $147.2 million, or 76 cents a share, a year earlier. The
latest results included 12 cents of restructuring charges and a
4-cent loss from discontinued operations.
Revenue decreased 26% to $1.4 billion.
An average of analysts surveyed by Thomson Reuters called for
earnings of 47 cents a share on $1.53 billion in revenue.
Dover's shares closed at $31.79 on Tuesday and weren't active
premarket. The stock is down nearly 40% since Labor Day.
-By Joan E. Solsman and Tess Stynes, Dow Jones Newswires;
201-938-5500; joan.solsman@dowjones.com