Dover Corp. 2Q revenues increase 8 percent

DOWNERS GROVE — Global manufacturer Dover Corp. reported a second quarter revenue of $2.2 billion, an 8 percent increase over the prior-year period.

The company said the increase was driven by growth of 3 percent, with a 7 percent increase from acquisitions, offset in part by a 2 percent unfavorable impact from foreign exchange.

Earnings from continuing operations were $212.9 million, or $1.15 diluted earnings per share, compared to $239.2 million, or $1.26 EPS, in the prior-year period, representing decreases in earnings from continuing operations and EPS of 11% and 9%, respectively. Excluding $0.12 of tax benefits in the prior-year period, EPS from continuing operations increased 1% in the 2012 second quarter.

“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,” said Dover President and CEO Robert A. Livingston. “While our second quarter results were less than we expected, business activity remains solid in most of our businesses.

“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,” he added.