Posted April 23, 2010
Dover's earnings jump 99 percent
Dover Corporation announced first quarter earnings of $121.5 million or 65 cents diluted earnings per share, compared to $61.1 million or 33 cents in the prior-year period, representing increases of 99% and 97%, respectively.
Revenue 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 CEO, 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."
Net earnings for the first quarter of 2010 were $108.1 million or 58 cents per share, compared to $53.4 million or 29 cents per share for the same period of 2009.
