For the third quarter ended Sept. 30, 2018, Dover’s revenue was $1.7 billion, driven by organic growth of 3%. Net earnings for the third quarter were $157.3 million, compared to net earnings of $178.9 million in the prior year period. The third quarter 2017 results include earnings from discontinued operations of $19.5 million attributable to Apergy, which the company spun off in the second quarter of 2018.
Earnings from continuing operations were $157.3 million, a decrease of 1% as compared to $159.5 million for the prior year period, largely driven by forecasted rightsizing costs incurred in the period. Diluted earnings per share from continuing operations (EPS) on a GAAP basis for the third quarter ended September 30, 2018, were $1.05, compared to $1.01 for the comparable period.
Dover tightened its guidance for adjusted diluted earnings per share from continuing operations to the upper end of the previous range, and is now $4.80 to $4.85. This guidance is based on full year revenue growth of approximately 2%, which is comprised of organic growth of 3%, acquisition growth of 1%, and a favorable impact from FX of 1%, partially offset by a 3% impact from dispositions.
“Dover’s solid results reflect broad-based demand strength in Engineered Systems and Fluids, which posted organic growth of 5% and 9%, respectively, and more than offset the forecasted weak demand conditions in Refrigeration & Food Equipment,” Richard J. Tobin, Dover’s president and CEO, said. “We are on track to complete our rightsizing initiatives as disclosed at our September investor day, and have made good progress in our footprint optimization projects, some of which we expect to begin to implement in the fourth quarter.”