Dover Corporation reported adjusted earnings of $1.29 per share in
the second quarter of 2014, in line with the Zacks Consensus
Estimate. While earnings improved 14% year over year, driven by
solid revenue growth, strength in bookings, and an increase in
earnings across all segments. Total revenue also rose 6% year over
year to $2 billion, but lagged the Zacks Consensus Estimate. Dover
raised full year 2014 earnings guidance to the new range of $4.75
$4.85 per share and expects revenue growth of 6% 7%. Dover's
continuous focus on the development and delivery of products, and
solutions to customers will drive growth. However, volatile raw
material costs and rising macroeconomic uncertainties might put
margins under pressure. Thus, we are reaffirming our Neutral
recommendation Dover Corporation with a target price of $91.
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.
Starting fiscal 2014, the company operated its business under
four segments - Fluids (18% of total revenue in the first quarter
of 2014), Engineered Systems (35%), Energy (25%) and Refrigeration
& Food Equipment (22%).
Dover Corporation (DOV): Read the Full Research
Want the latest recommendations from Zacks Investment Research?
Today, you can download 7 Best Stocks for the Next 30 Days.
Click to get this free report
DOVER CORP (DOV): Free Stock Analysis Report
To read this article on Zacks.com click here.