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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Dover Corp | TG:DOV | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.75 | 0.38% | 196.20 | 195.70 | 196.65 | 0.00 | 22:50:15 |
Dover Corp.'s (DOV) second-quarter profit dropped 28% as demand woes persist despite signs of a recovery, prompting the manufacturing holding company to again cut its 2009 earnings outlook.
Dover - which makes and services everything from printers to garbage trucks - now expects earnings of $1.75 to $2 a share for the year, down from April's reduced view of $2 to $2.30 a share.
Though order rates stabilized across most of the company's businesses, Chief Executive Robert A. Livingston he still doesn't anticipate a "meaningful" second-half recovery. Sequential improvements in operating margin and earnings before taxes among other things suggest "a more stable demand environment."
Dover has cut jobs and has been restructuring as order rates fall more sharply than expected. In May, moving to bolster its position in the commercial-refrigeration market, it acquired assets of Carrier's Tyler refrigeration unit.
Dover's earnings fell to $97.1 million, or 52 cents a share, from $135.3 million, or 71 cents a share, a year earlier. The results included losses from discontinued operations of 2 cents and 27 cents, respectively.
Revenue tumbled 31% to $1.4 billion.
Gross margin fell to 35.5% from 36.8%, as sales and margins dropped in all four business segments.
Bookings fell 32% from a year ago and 30% from the prior quarter.
An average of analysts surveyed by Thomson Reuters called for earnings of 46 cents a share on revenue of $1.46 billion.
Dover's shares closed Thursday at $36.52 and were inactive premarket.
-By Mike Barris, Dow Jones Newswires; 212-416-2330; mike.barris@dowjones.com
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