Dover Corp. (DOV) reported fourth-quarter net earnings stood at $99.0 million or $0.53 per share compared with $120.7 million or $0.65 per share for the same period of 2008.
Earnings from continuing operations were $102.4 million or $0.55 per share compared with $169.6 million or $0.91 per share in the prior-year period, each representing a 40% decline. 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.
Revenue from continuing operations for the fourth quarter of 2009 was $1.5 billion, a decrease of 12.7% over the earlier year period. Two analysts estimated revenues of $1.46 billion for the quarter.
Additionally, the company expects 2010 full-year earnings per share from continuing operations to be in range of $2.35 - $2.65. Eight analysts anticipate full-year 2010 earnings per share of $2.38.
Looking forward, Dover Corp. projects full-year 2010 revenue growth of 7% - 9%, representing organic revenue growth of 4% - 6%, plus growth of 3% from acquisitions completed in 2009.
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