Dover Corporation Confirms 2016 EPS to be within Previous Range

Dover announced that, in connection with its investor meeting, the company is providing an update on current market trends, updating its 2016 earnings per share from continuing operations (EPS) forecast and providing guidance for 2017 revenue and EPS from continuing operations.
 
“I am pleased with our fourth quarter business activity and results which, excluding special items, will be within our prior guidance range,” Robert Livingston, president and CEO of Dover, said. “Further, we are very encouraged to see the start of a recovery in our shorter cycle drilling and artificial lift markets, along with continued strong activity in our Printing & Identification platform. These solid markets helped offset continued soft conditions in our longer cycle oil and gas markets, and ongoing challenges in retail refrigeration. We are also pleased to have completed the Wayne acquisition during the quarter ,which will enable us to begin to capture market opportunities and synergies ahead of our prior timing expectations.
 
“Turning to 2017, we expect the majority of our businesses to post revenue and earnings growth, and anticipate the recovery in North American upstream oil & gas markets to continue,” Livingston added. “Further, we expect our recently announced acquisitions to deliver meaningful accretion in 2017, and our 2016 restructuring activities to provide us with significant carryover benefits in the new year. Taken together, these factors position Dover well for double-digit EPS growth in 2017.”
 
Dover now expects full-year 2016 EPS from continuing operations to be in the range of $3.17 – $3.22. This updated forecast includes a $0.31 net benefit from the fourth quarter disposition of Tipper Tie, offset in part by a $0.05 dilutive impact from the recently completed Wayne acquisition, and a charge of $0.09 related to an anticipated voluntary recall of a standard product.
 
Dover is initiating guidance of $3.40 to $3.60 for full-year 2017 EPS from continuing operations. This EPS guidance is based on expected full-year revenue growth in the range of 10% to 12%, comprised of organic revenue growth of 3% to 5%, and acquisition growth of approximately 10%, offset in part, by a 2% impact from currency, and a 1% impact from dispositions.