Dover Cuts Fiscal 2012 EPS Guidance Below Consensus

By IndustrialsFOXBusiness

Dover Corp. (NYSE:DOV) lowered its fiscal 2012 earnings guidance on Monday, citing macroeconomic headwinds, sending its shares down about 1.3%.

The Downers Grove, Ill.-based diversified manufacturer sees full-year earnings in the range of $4.70 to $4.85 a share, compared with its earlier view of $4.80 to $5.

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Analysts in a Thomson Reuters poll are looking for a slightly higher profit of $4.89 a share.

The company said the decline primarily reflects a broadly weaker European economy, the exchange rate impact of foreign currencies and a slightly higher tax rate. The majority of the decrease was due to second-quarter headwinds, including the timing of orders.

In a statement, Dover CEO Robert Livingston said that while some of the business remains subject to macroeconomic challenges, the company expects to deliver "a stronger second half of the year." He said the rebound will be led by its participation in the handset, refrigeration and food equipment, and energy markets.

Shares of Dover ticked more than 1% lower Monday to about $51.85.