Dover Corp. (DOV), a manufacturer of industrial products and components, Friday, reported lower fourth-quarter profit, as revenue declined in all its business segments except Engineered Systems. On a continuing operations basis, earnings slid 40%, but managed to come in above analysts' forecast. Going forward, Dover provided earnings and revenue growth outlook for fiscal 2010.
The company's fourth-quarter net earnings were $99.05 million or $0.53 per share, compared with $120.73 million or $0.65 per share a year ago.
The results included a loss from discontinued operations of $3.4 million or $0.02 per share, in comparison with a loss from discontinued operations of $48.9 million or $0.26 per share in the previous year. The company's fourth-quarter and full-year losses from discontinued operations largely reflect a loss provision for a business expected to be sold in 2010.
Earnings from continuing operations declined 40% to $102.44 million or $0.55 per share from $169.58 million or $0.91 per share in the prior-year quarter.
On average, 8 analysts polled by Thomson Reuters expected earnings per share of $0.49 for the quarter. Analysts' estimate typically excludes one-time items.
For the preceding third quarter, the New York-based manufacturer of truck bodies, car wash systems and internal engine components had reported net earnings of $106.88 million or $0.57 per share.
The company's quarterly revenues totaled $1.51 billion, a decrease of 12.7% from $1.73 billion in the previous-year quarter. Two analysts estimated revenues of $1.46 billion for the quarter. Organic revenue declined 19.3%, partially offset by 4.4% net growth from acquisitions and a 2.2% favorable foreign exchange impact. The company had posted revenues of $1.50 billion for the sequential third quarter.
Commenting on the results, Dover's President and Chief Executive Officer Robert Livingston, said, "We had a solid fourth quarter performance as a result of continued modest recovery in several of our key end-markets, including those served by Electronic Technologies, Energy and Product Identification…We also closed four add-on acquisitions in the fourth quarter which will enhance our positions in energy, product identification, refrigeration and food service equipment."
Based on segments, Industrial Products generated revenue of $408.01 million, down from $564.11 million a year earlier. Engineered Systems revenue rose to $473.04 million from $447.75 million in the prior-year quarter.
Fluid Management revenue was $335.62 million, compared with $414.44 million last year. Electronic Technologies revenue reached $291.70 million, lower than $301.97 million in the same period of fiscal 2008.
For fiscal 2009, Dover earned $356.44 million or $1.91 per share, compared with $590.83 million or $3.12 per share last year. Earnings from continuing operations fell 46% to $371.89 million or $1.99 per share from $694.76 million or $3.67 per share in the prior year.
The company's full-year revenue totaled $5.78 billion, down 23.7% from $7.57 billion in fiscal 2008. Organic revenue declined 23.9% and foreign exchange had a negative impact of 1.7%, partially offset by a favorable impact of 1.9% in net growth from acquisitions.
Wall Street analysts projected full-year earnings of $1.94 per share on revenues of $5.71 billion.
Amongst others in the sector, Cooper Industries Plc (CBE) has reported a 16% increase in its profit for the fourth quarter from last year, as lower costs and charges helped the company to offset a 17.5% decline in revenues. Cooper's net income increased to $128.8 million or $0.76 per share from $111.1 million or $0.65 per share a year ago. Quarterly revenues were $1.26 billion, down from $1.52 billion in the comparable quarter of fiscal 2008.
Weatherford International Ltd. (WFT) has posted a loss for the fourth quarter of fiscal 2009, reflecting lower revenues, loss for investigation and exit costs and a tax provision. The Geneva, Switzerland-based group incurred a loss from continuing operations attributable to Weatherford of $30.39 million or $0.04 per share versus a net profit of $348.11 million or $0.50 per share a year ago. Weatherford's net revenues totaled $2.42 billion, down from $2.63 billion in the prior-year quarter.
Another rival, Ingersoll-Rand Plc (IR) is set announce is fourth-quarter results on February 12. Analysts are of the view that the company will earn $0.53 per share on revenues of $3.35 billion.
Moving forward, Dover expects fiscal 2010 earnings per share from continuing operations of $2.35 to $2.65. Analysts anticipate full-year earnings of $2.38 per share.
Dover also projects full-year 2010 revenue growth of 7% to 9%, representing organic revenue growth of 4% to 6% and growth of 3% from acquisitions completed in 2009.
DOV is trading at $44.21, up $1.69 or 3.97%, on a volume of 262,780 shares.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.