01.31.18
Dover announced its financial results for the fourth quarter and full year ended Dec. 31, 2017.
For the fourth quarter ended Dec. 31, 2017, Dover’s revenue was $2.0 billion, an increase of 13% from the prior year. The increase in the quarter was driven by organic growth of 8%, acquisition growth of 6% and a favorable impact from foreign exchange of 2%, partially offset by a 3% impact from dispositions.
Net earnings were $296.4 million, an increase of 84% as compared to $161.2 million for the prior year period. Diluted net earnings per share (EPS) for the fourth quarter ended December 31, 2017, were $1.88, compared to $1.03 EPS in the prior year period, representing an increase of 83%.
For the year ended Dec. 31, 2017, Dover’s revenue was $7.8 billion, an increase of 15% from the prior year. This increase includes organic growth of 8%, acquisition growth of 10%, partially offset by a 3% impact from dispositions. Net earnings were $811.7 million, an increase of 59% as compared to $508.9 million for the prior year period. EPS for the year ended Dec. 31, 2017, was $5.15, compared to $3.25 EPS in the prior year period, representing an increase of 58%.
“Our fourth quarter performance reflects strong global markets which drove broad-based revenue growth,” said Robert A. Livingston, Dover’s president and CEO. “Volume gains, combined with our cost and productivity actions, resulted in significant adjusted margin improvement. We had particularly strong growth in our waste handling, food equipment and pumps businesses, as well as in our Wellsite business. In all, our team’s strong execution delivered a solid quarter, while at the same time making significant progress on the Wellsite spin-off, rightsizing and several other commercial initiatives.”
For the fourth quarter ended Dec. 31, 2017, Dover’s revenue was $2.0 billion, an increase of 13% from the prior year. The increase in the quarter was driven by organic growth of 8%, acquisition growth of 6% and a favorable impact from foreign exchange of 2%, partially offset by a 3% impact from dispositions.
Net earnings were $296.4 million, an increase of 84% as compared to $161.2 million for the prior year period. Diluted net earnings per share (EPS) for the fourth quarter ended December 31, 2017, were $1.88, compared to $1.03 EPS in the prior year period, representing an increase of 83%.
For the year ended Dec. 31, 2017, Dover’s revenue was $7.8 billion, an increase of 15% from the prior year. This increase includes organic growth of 8%, acquisition growth of 10%, partially offset by a 3% impact from dispositions. Net earnings were $811.7 million, an increase of 59% as compared to $508.9 million for the prior year period. EPS for the year ended Dec. 31, 2017, was $5.15, compared to $3.25 EPS in the prior year period, representing an increase of 58%.
“Our fourth quarter performance reflects strong global markets which drove broad-based revenue growth,” said Robert A. Livingston, Dover’s president and CEO. “Volume gains, combined with our cost and productivity actions, resulted in significant adjusted margin improvement. We had particularly strong growth in our waste handling, food equipment and pumps businesses, as well as in our Wellsite business. In all, our team’s strong execution delivered a solid quarter, while at the same time making significant progress on the Wellsite spin-off, rightsizing and several other commercial initiatives.”
