In the fourth-quarter 2014, Dover's adjusted earnings grew 2% year
over year to $1.01 per share, driven by revenue growth across all
segments and strong volume leverage. Total revenue rose 11% year
over year to $2 billion. Dover now expects total revenue growth of
-2% to 1% in fiscal 2015, which mainly reflects a new Energy
revenue estimate of -9% to -6%. This reflects the impact of lower
oil prices, share repurchase activity and foreign exchange
volatility. Dover will benefit from its focus on expanding business
in key markets. Moreover, the company strives to innovate its
products as per customer needs in order to gain market share.
Hence, we have maintained our Neutral recommendation on Dover with
a target price of $74.
Incorporated in 1955, New York-based Dover Corporation (DOV) is
an industrial conglomerate producing a wide range of specialized
industrial products and manufacturing equipment. It operates
primarily in the U.S. and has subsidiaries and affiliates in
Canada, France, Germany, the Netherlands, Sweden, China and the
United Kingdom. Dover caters to a diverse clientele, principally
spread across the Americas, Europe and Asia.
The company operated its business under four segments - Fluids
(18% of total revenue in the third quarter of 2014), Engineered
Systems (33%), Energy (24%) and Refrigeration & Food Equipment
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