10.19.17
Dover announced that for the third quarter ended Sept. 30, 2017, revenue was $2.0 billion, an increase of 17% from the prior year. The increase in the quarter was driven by organic growth of 9%, acquisition growth of 10% and a favorable impact from foreign exchange (FX) of 1%, partially offset by a 3% impact from dispositions.
Net earnings were $178.9 million, an increase of 38% as compared to $130.1 million for the prior year period. Diluted net earnings per share (EPS) for the third quarter ended Sept. 30, 2017, were $1.14, compared to $0.83 EPS in the prior year period, representing an increase of 37%. EPS for the third quarter ended Sept. 30, 2017 included disposition and Wellsite separation related costs of $0.02. Excluding these costs, adjusted EPS for the third quarter ended Sept. 30, 2017 was $1.16, an increase of 40% over the comparable prior year period.
“We posted broad-based organic growth in the quarter, which included particularly strong growth at our digital printing, waste handling, bearings & compression and pumps platforms,” said Robert A. Livingston, Dover’s president and CEO. “In all, our revenue growth and margin improvement were largely in line with our expectations.
“We continue to make strides in simplifying our portfolio,” Sanders added. “Along with our planned Wellsite separation, we recently signed an agreement to sell the consumer and industrial winch business of Warn for $250 million. This deal marks another step in streamlining our business and focusing on our core growth platforms. The Warn sale is expected to close in the fourth quarter, subject to closing conditions.”
Photo courtesy Dover
Net earnings were $178.9 million, an increase of 38% as compared to $130.1 million for the prior year period. Diluted net earnings per share (EPS) for the third quarter ended Sept. 30, 2017, were $1.14, compared to $0.83 EPS in the prior year period, representing an increase of 37%. EPS for the third quarter ended Sept. 30, 2017 included disposition and Wellsite separation related costs of $0.02. Excluding these costs, adjusted EPS for the third quarter ended Sept. 30, 2017 was $1.16, an increase of 40% over the comparable prior year period.
“We posted broad-based organic growth in the quarter, which included particularly strong growth at our digital printing, waste handling, bearings & compression and pumps platforms,” said Robert A. Livingston, Dover’s president and CEO. “In all, our revenue growth and margin improvement were largely in line with our expectations.
“We continue to make strides in simplifying our portfolio,” Sanders added. “Along with our planned Wellsite separation, we recently signed an agreement to sell the consumer and industrial winch business of Warn for $250 million. This deal marks another step in streamlining our business and focusing on our core growth platforms. The Warn sale is expected to close in the fourth quarter, subject to closing conditions.”
Photo courtesy Dover