Dover (DOV) Earnings And Revenues Trump Estimates In Q4
Zacks Investment Research | Jan 28, 2019 10:34PM ET
Dover Corporation (NYSE:DOV) reported fourth-quarter 2018 adjusted earnings per share from continuing operations of $1.43. The figure improved 25% from $1.14 in the prior-year quarter, mainly driven by a lower annualized effective tax rate (ETR) and discrete tax items. Earnings also beat the Zacks Consensus Estimate of $1.29.
On a reported basis, Dover posted earnings per share of $1.07 in the quarter, down 42% year over year. Earnings included acquisition-related amortization costs of 18 cents and rightsizing costs of 20 cents.
Total revenues in the quarter came in at $1,809 million, up 3.2% from prior-year quarter. Revenues also beat the Zacks Consensus Estimate of $1,775 million. Strong overall demand in the quarter drove 5.8% organic revenue growth at the Engineered Systems segment and 8.7% at Fluids segment, offsetting weak demand in the Refrigeration & Food Equipment segment. Overall organic growth in the quarter was 6.2%.
2018 Performance
Dover reported adjusted earnings per share of $4.97 for 2018, up 20% from $4.15 per share recorded in the prior year Earnings also surpassed the Zacks Consensus Estimate of $4.84.
Revenues grew 3% year over year to $7 billion from $6.8 billion in 2017 buoyed by organic growth of 3.7%. Revenues beat the Zacks Consensus Estimate of $6.96 billion.
Costs and Margins
Cost of sales grew 5.6% to $1,164 million in the fourth quarter. Gross profit dropped 0.6% year over year to $645 million.
Selling, general and administrative expenses contracted 8.4% to $426 million from $465 million in the prior-year quarter. Operating profit increased 18.4% to $219 million from $185 million in the year-ago quarter.
Dover Corporation Price, Consensus and EPS Surprise
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