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Dover Gains as Strong Sales Boost EPS Forecast for Third Time
© Reuters.
Investing.com – Dover Corporation stock (NYSE:DOV) rose 3% Tuesday as the company lifted its annual EPS forecast for the third time after its July-September sales and earnings beat analysts’ estimates.
The company now expects its adjusted profit per share for the year to come in between $7.45 and $7.50 compared to the $7.35 estimate at midpoint it had put out in July. It attributed the revision to its record order book that stood at $2.82 billion at close of the quarter, more than 10% higher from the end of June.
The first forecast for the ongoing financial year, given in January, had pegged the adjusted EPS at $6.35.
The revised guidance came as the company grew its revenue and order book across all its five operating segments, namely engineered products, fueling solutions, imaging and identification, pumps and process solutions and refrigeration and food equipment.
It improved its margins year-over-year despite supply chain, logistics, and labor availability challenges that adversely impacted shipment timing in several businesses, most notably in most notably in refrigeration and food equipment and engineered products segments.
Dover warned that it does not expect the third-quarter challenges to abate but said it is counting on its strong order book that provides near-term visibility for the remainder of the year and into 2022.
Revenue in the third quarter rose 15% on-year to $2.01 billion. Adjusted diluted EPS was 24% higher at $1.98.
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