Dover Corp. (DOV) Tops Q1 EPS by 14c, Reaffirms 2019 Guidance

Dover Corp. (NYSE: DOV) reported Q1 EPS of $1.24, $0.14 better than the analyst estimate of $1.10. Revenue for the quarter came in at $1.7 billion versus the consensus estimate of $1.69 billion.

Management Commentary:

Dover's President and Chief Executive Officer, Richard J. Tobin, said, "Our solid results for the first quarter of 2019 were driven by our businesses winning with their customers and executing on their productivity and cost structure initiatives.

"Revenue growth was driven primarily by constructive trading conditions across our Fluids and Engineered Systems segments, which posted comparable organic growth rates of 15.1% and 5.8%, respectively, as a result of healthy backlogs and increased throughput in our retail fueling platforms. Refrigeration and Food Equipment organic revenue was up 0.7% in the first quarter, with Dover Food Retail posting a 1.9% organic revenue increase as a result of the modestly improved demand conditions as we had forecasted.

"As a result of our encouraging start in 2019, Dover is reaffirming our full year 2019 adjusted EPS guidance of $5.65 to $5.85."

For earnings history and earnings-related data on Dover Corp. (DOV) click here.

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