07.22.19
Dover announced its financial results for the second quarter ended June 30, 2019.
For the second quarter ended June 30, 2019, revenue was $1.8 billion, an increase of 0.7% over the prior year. The increase in the quarter was driven by organic growth of 2.9% and acquisition growth of 0.8%, partially offset by a 2.5% unfavorable impact from foreign exchange (FX) and 0.5% due to dispositions.
Earnings from continuing operations of $198.1 million included acquisition-related amortization costs of $26.2 million and rightsizing and other costs of $5.1 million, representing $0.18 and $0.03 of diluted earnings per share from continuing operations (EPS), respectively. Excluding these items, adjusted earnings from continuing operations for the quarter were $229.4 million (15% over the comparable period in 2018), and adjusted EPS was $1.56 (20% over the comparable period in 2018).
For the six month period ended June 30, 2019, revenue was $3.5 billion, an increase of 2.9% over the comparable period in the prior year. The increase was driven by organic growth of 5.5% and acquisition growth of 0.7% partially offset by a 3.0% unfavorable impact from FX and 0.3% due to dispositions.
Earnings from continuing operations of $303.8 million included acquisition-related amortization costs of $52.9 million and rightsizing and other costs of $8.2 million, representing $0.36 and $0.06 of EPS, respectively
“Our results for the second quarter reflect a continued constructive demand environment across a significant portion of our portfolio that, when coupled with our ongoing productivity improvement actions, drove a 190 bps increase in operating margins on a comparable basis,” said Richard J. Tobin, Dover’s president and CEO. “Our Fluids segment posted a solid quarter with organic growth of 7%, with our fueling & transport, pumps, and process solutions businesses each delivering significant improvements in operating margin. Engineered Systems’ organic growth of 2% was primarily driven by the industrial platform, offsetting the expected lower activity in digital printing, which we expect to reaccelerate into the second half.”
For the second quarter ended June 30, 2019, revenue was $1.8 billion, an increase of 0.7% over the prior year. The increase in the quarter was driven by organic growth of 2.9% and acquisition growth of 0.8%, partially offset by a 2.5% unfavorable impact from foreign exchange (FX) and 0.5% due to dispositions.
Earnings from continuing operations of $198.1 million included acquisition-related amortization costs of $26.2 million and rightsizing and other costs of $5.1 million, representing $0.18 and $0.03 of diluted earnings per share from continuing operations (EPS), respectively. Excluding these items, adjusted earnings from continuing operations for the quarter were $229.4 million (15% over the comparable period in 2018), and adjusted EPS was $1.56 (20% over the comparable period in 2018).
For the six month period ended June 30, 2019, revenue was $3.5 billion, an increase of 2.9% over the comparable period in the prior year. The increase was driven by organic growth of 5.5% and acquisition growth of 0.7% partially offset by a 3.0% unfavorable impact from FX and 0.3% due to dispositions.
Earnings from continuing operations of $303.8 million included acquisition-related amortization costs of $52.9 million and rightsizing and other costs of $8.2 million, representing $0.36 and $0.06 of EPS, respectively
“Our results for the second quarter reflect a continued constructive demand environment across a significant portion of our portfolio that, when coupled with our ongoing productivity improvement actions, drove a 190 bps increase in operating margins on a comparable basis,” said Richard J. Tobin, Dover’s president and CEO. “Our Fluids segment posted a solid quarter with organic growth of 7%, with our fueling & transport, pumps, and process solutions businesses each delivering significant improvements in operating margin. Engineered Systems’ organic growth of 2% was primarily driven by the industrial platform, offsetting the expected lower activity in digital printing, which we expect to reaccelerate into the second half.”