Dover Corporation Reports First Quarter 2010 Results

NEW YORK, April 23 /PRNewswire-FirstCall/ -- Dover Corporation (NYSE: DOV) announced today that for the first quarter ended March 31, 2010, earnings from continuing operations were $121.5 million or $0.65 diluted earnings per share ("EPS"), compared to $61.1 million or $0.33 EPS from continuing operations in the prior-year period, representing increases of 99% and 97%, respectively.  Revenue for the first quarter of 2010 was $1.6 billion, an increase of 15% over the prior-year period. The revenue increase was driven by organic revenue growth of 7%, a 5% increase from prior year acquisitions and a 3% favorable impact from foreign exchange.  

Commenting on the first quarter results, Dover's President and Chief Executive Officer, Robert A. Livingston, said, "After a difficult 2009, I am encouraged by our solid first quarter performance. Volume increases in Electronic Technologies, Fluid Management and Product ID, coupled with the benefits of restructuring, resulted in segment margins of 15%, which helped to essentially double our earnings from the prior year.  Revenue growth of 15% was above the high-end of our expectations and broad-based.  Order trends continued to improve throughout the quarter for the majority of our businesses, with particular strength exhibited by Engineered Systems and Electronic Technologies.  Clearly, we are seeing evidence of a global economic recovery across a wide portion of our portfolio and we expect these trends to benefit us next quarter and for the year.

"Looking forward, the strength of our first quarter, combined with our book-to-bill of 1.12 and a positive business climate so far, leads us to believe full-year results will be higher than those previously anticipated.  We now estimate full year revenue growth will be 10% - 13%, comprised of organic revenue growth of 7% - 10%, and 3% growth from 2009 acquisitions.  Based on these revenue assumptions, we now anticipate full-year earnings per share will be in the range of $2.70 - $2.95.  Our business leaders have done a fine job leveraging volume improvements in the first quarter, and we expect this trend to continue."

Net earnings for the first quarter of 2010 were $108.1 million or $0.58 EPS, including a loss from discontinued operations of $13.4 million or $0.07 EPS, compared to net earnings of $53.4 million or $0.29 EPS for the same period of 2009, which included a loss from discontinued operations of $7.7 million or $0.04 EPS.  

Dover will host a webcast of its first quarter 2010 conference call at 9:00 A.M. Eastern Time on Friday, April 23, 2010. The webcast can be accessed at the Dover Corporation website at www.dovercorporation.com. The conference call will also be made available for replay on the website. Additional information on Dover's first quarter 2010 results and its operating companies can also be found on the Company website.

Dover Corporation is a global portfolio of manufacturing companies providing innovative components and equipment, specialty systems and support services for a variety of applications in the industrial products, engineered systems, fluid management and electronic technologies markets.  For more information, please visit www.dovercorporation.com.

This press release contains "forward-looking" statements within the meaning of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995.  Such statements relate to, among other things, income, earnings, cash flows, changes in operations, operating improvements, industries in which Dover companies operate and the U.S. and global economies.  Statements in this press release that are not historical may be indicated by words or phrases such as "anticipates," "expects," "believes," "indicates," "suggests," "will," "plans," "supports," "projects," "should," "would," "could," "hope," "forecast" and "management is of the opinion," use of future tense and similar words or phrases.  Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from current expectations, including, but not limited to, current economic conditions and uncertainties in the credit and capital markets; the Company's ability to achieve expected savings from integration, synergy and other cost-control initiatives; the ability to identify and successfully consummate value-adding acquisition opportunities; increased competition and pricing pressures in the markets served by Dover's operating companies; the ability of Dover's companies to expand into new geographic markets and to anticipate and meet customer demands for new products and product enhancements; increases in the cost of raw materials; changes in customer demand; political events that could impact the worldwide economy; the impact of natural disasters and their effect on global energy markets; a downgrade in Dover's credit ratings; international economic conditions including interest rate and currency exchange rate fluctuations; the relative mix of products and services which impacts margins and operating efficiencies; short-term capacity constraints; domestic and foreign governmental and public policy changes including environmental regulations and tax policies (including domestic and international export subsidy programs, R&E credits and other similar programs); unforeseen developments in contingencies such as litigation; protection and validity of patent and other intellectual property rights; the cyclical nature of some of Dover's companies; domestic housing industry weakness; and continued events in the Middle East and possible future terrorist threats and their effect on the worldwide economy.  Dover Corporation refers you to the documents that it files from time to time with the Securities and Exchange Commission, such as its reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks and uncertainties that could cause its actual results to differ materially from its current expectations and from the forward-looking statements contained in this press release. Dover Corporation undertakes no obligation to update any forward-looking statement.  

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SOURCE Dover Corporation