) has completed the acquisition of Italy-based MS Printing
Solutions S.r.l., a leading designer, manufacturer and
distributor of innovative digital ink jet printing systems and
associated consumables, catering to the textile and specialty
MS Printing Solutions will now become part of Dover's Printing
and Identification (DPI) segment. The acquisition will help
expand the segment's served markets beyond fast moving consumer
goods and industrial markets into the textile market.
Digital printing technology is currently in demand in the
textile market with immense growth potential. The acquisition
will also provide synergistic opportunities and allow the segment
to share and leverage technology across its operations.
Dover reported fourth-quarter 2013 adjusted earnings from
continuing operations of $1.28 per share, up 17% year over year.
Organic growth across all segments, strength in refrigeration and
food equipment, fast moving consumer goods, fluids, drilling and
downstream energy markets helped the year-over-year increase.
Total revenue rose 10% year on year to $2.21 billion in the
quarter, which includes organic growth of 5% and a 5%
contribution from acquisitions.
DPI segment revenues were $276 million in the quarter compared
with $254 million in the prior-year quarter. The segment reported
an operating income of $44 million, increasing 8% from $40.6
million a year ago.
With expected revenues of $70 million in 2014, the acquisition
of MS Printing Solutions will boost revenues in the DPI segment.
Dover will continue to benefit from its acquisitions and growth
in bookings and orders. In addition, focus on oil and gas,
plastics and petrochemicals and hygiene markets will fuel Dover's
growth in the near term. However, volatile raw material costs and
rising macroeconomic uncertainty will remain headwinds for
Dover currently holds a short-term Zacks Rank #5 (Strong
Sell). Some better-performing stocks in the sector include
Barnes Group Inc.
). While Middleby and Xylem carry a Zacks Rank #1 (Strong Buy),
Barnes Group carries a Zacks Rank #2 (Buy).
BARNES GRP (B): Free Stock Analysis Report
DOVER CORP (DOV): Free Stock Analysis Report
MIDDLEBY CORP (MIDD): Free Stock Analysis
XYLEM INC (XYL): Free Stock Analysis Report
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