Dover Corp in Downer's Grove reports 9 percent 2Q revenue increase
Dover Corp. in Downers Grove reported revenue for the second quarter of 2013 of $2.2 billion, a 9 percent increase over the same period last year.
The revenue increase was driven by organic growth of 5 percent, an increase of 4 percent from acquisitions, and a minor impact from foreign exchange, the diversified global manufacturer said in a release. Earnings from continuing operations were $294.4 million, or $1.70 diluted earnings per share, compared to $205.2 million, or $1.10 earnings per share, in the prior year period, representing increases of 43% and 55%, respectively. EPS from continuing operations includes discrete tax items of $0.36 EPS and Knowles spin off costs of $0.02 EPS recognized in the current quarter. Excluding these items, adjusted EPS from continuing operations for the second quarter of 2013 was $1.36, reflecting an increase of 24% over EPS of $1.10 in the prior year period.
"The quarter was driven by broad-based growth, particularly among our businesses serving the consumer electronics and refrigeration markets, with solid contribution from our energy and fluids businesses," said Dover President and Chief Executive Officer, Robert A. Livingston, "In all, we posted strong revenue growth of 9 percent. Segment margin also expanded, where improved performance at Printing & Identification and Engineered Systems helped drive segment margin to 17.3 percent, a 30 basis point improvement over last year.
"We also made progress on several important strategic actions in the quarter," Livingston added. "We continued to execute on our share repurchase program, completed four small synergistic acquisitions, and most importantly, announced our intention to spin off several businesses within our Communication Technologies segment to our shareholders, which is progressing as planned. Taken together, these actions demonstrate Dover's ongoing commitment to create significant shareholder value."
Revenue for the six months ending June 30 was $4.3 billion, an increase of 7 percent over the prior year, reflecting organic growth of 2 percent, a 5 percent increase from acquisitions, and a minor impact from foreign exchange. Earnings from continuing operations for the six months ending June 30 were $491.3 million, or $2.82 earnings per share, compared to $391.6 million, or $2.10 earnings per share in the prior year period, representing increases of 25 percent and 34 percent, respectively.
"Looking ahead, 2013 remains largely consistent with the view we previously shared. We continue to expect full year organic revenue growth of 3 percent to 5 percent, complemented by acquisition growth of 4 percent resulting in total revenue growth of 7 percent to 9 percent," Livingston said.
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