Dover's (NYSE:DOV) profit dropped in the second quarter.
Earnings and Revenue The company posted an EPS above analyst expectations, though revenues fell short of predictions. The company reported EPS of $1.15 a share versus the $1.14 a share estimate and revenues of $2.16 billion versus the $2.19 billion estimate. The estimates of 11 analysts ranged from profit of $1.10 to profit of $1.22.
The company's net income for the quarter fell 14.3% to $214.1 million. Revenue climbed 8.1% from $2.16 billion in the same period last year.
Company Fundamental Trends With last quarter's falling profit, The company breaks a streak of two consecutive quarters of year-over-year profit increases.
History Against Expectations The company has now topped analyst estimates for at least the last four quarters. It beat by 4 cents in the first quarter, 5 cents in the fourth quarter of the last fiscal year and 8 cents in the third quarter of the last fiscal year.
Official Comment: Commenting on the second quarter results, Dover's President and Chief Executive Officer, Robert A. Livingston, said, "Our strong positions in the energy, handset and refrigeration & food equipment markets enabled us to offset significant macroeconomic headwinds, most notably a weak European economy. While our second quarter results were less than we expected, business activity remains solid in most of our businesses as evidenced by our 0.99 book-to-bill." "I was especially encouraged with increasing order rates for our new products connected with OEM handset launches. The continuation of this activity, coupled with our solid outlook for our businesses serving the oil production, downstream energy, fast moving consumer goods and U.S. industrial markets, give me confidence that we will be able to deliver a stronger second half of 2012."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.