WASHINGTON (dpa-AFX) - (Adds Outlook)
Dover Corp (DOV) reported a profit for its first quarter that increased from last year and beat the Street estimates.
The company's bottom line totaled $229 million, or $1.63 per share. This compares with $226 million, or $1.56 per share, in last year's first quarter.
Excluding items, Dover Corp reported adjusted earnings of $273 million or $1.94 per share for the period.
Analysts on average had expected the company to earn $1.92 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter rose 1.3% to $2.079 billion from $2.052 billion last year.
Outlook:
Looking ahead, for full year 2023, based on an annual revenue growth of 3% to 5%, the company expects its earnings in line with analysts' expectations.
DOV expects net earnings per share of $7.81 - $8.01 for the year, with an adjusted income per share of $8.85 to $9.05. On average, 20 analysts polled by Thomson Reuters, project the firm to report earnings per share of $8.94, with revenue of $8.79 billion, for the year. Analysts' estimates typically exclude special items.
Dover Corp Q1 earnings at a glance (GAAP) :
-Earnings (Q1): $229 Mln. vs. $226 Mln. last year. -EPS (Q1): $1.63 vs. $1.56 last year. -Analyst Estimate: $1.92 -Revenue (Q1): $2.079 Bln vs. $2.052 Bln last year.
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