LONDON, February 13, 2015 /PRNewswire/ --
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Investor-Edge.com has issued free earnings coverage on Dover Corp. (NYSE: DOV). On January 27, 2015, the company reported its Q4 FY14 and full-year FY14 financial results (period ended December 31, 2014). Click on http://get.Investor-Edge.com/pdf/?c=Dover&d=13-Feb-2015&s=DOV to read our free earnings review on Dover Corporation (Dover). During FY14, the company's revenue and adjusted earnings per share (EPS) from continuing operations increased 8% Y-o-Y and 10% Y-o-Y, respectively. President and CEO of Dover, Robert A. Livingston, stated that the company finished the year with a very strong Q4, achieving 11% revenue growth and earnings growth that exceeded expectations. Dover saw a robust topline growth at each segment led by Energy and Fluids at 20% and 10%, respectively, and achieved solid volume leverage, he added. Our free coverage report can be accessed at:
http://get.Investor-Edge.com/pdf/?c=Dover&d=13-Feb-2015&s=DOV
Earnings Overview
During Q4 FY14, Dover's revenue increased to $1.98 billion from $1.79 billion in Q4 FY13. The company's revenue in Q4 FY14 was below Bloomberg analysts' forecasts of $2.04 billion. Dover's Q4 FY14 revenue growth was driven by organic growth of 6% and an increase of 7% from acquisitions and partially offset by a 2% impact from foreign exchange (FX). Free research on DOV can be downloaded in PDF format at:
http://get.Investor-Edge.com/pdf/?c=Dover&d=13-Feb-2015&s=DOV
For Q4 FY14, Dover's net earnings were $169.29 million, or $1.02 per diluted common share, compared to $193.96 million, or $1.13 per diluted common share, in Q4 FY13. Analysts from Bloomberg had expected net earnings of $169.00 million, or $0.99 per diluted common share, in the reported quarter. Furthermore, earnings from continuing operations were $171.84 million, or $1.03 per diluted common share, in Q4 FY14 compared to $172.23 million, or $1.00 per diluted common share, in Q4 FY13.
In Q4 FY14, Dover completed one acquisition within the Energy segment and made a total of seven acquisitions for consideration totaling $802.3 million in FY14.
Mr. Livingston informed that in Q4 FY14 management made the decision to divest Sargent and, as previously announced, Datamax O'Neil. While both are excellent companies with strong positions, they serve markets where others have greater scale, he stated. The company expects after-tax proceeds of the divestitures to be used for share repurchases and growth opportunities, he added. Sign up and read the free analyst's notes on DOV at:
http://get.Investor-Edge.com/pdf/?c=Dover&d=13-Feb-2015&s=DOV
In FY14, Dover purchased a total of approximately 7.5 million shares of its common stock in the open market at a total cost of $601.1 million, or $80.50 per share. As of December 31, 2014, the company had approximate 38,041 shares available for repurchase under its May 2012 share repurchase authorization.
Dover's FY14 revenues were $7.75 billion as compared to $7.16 billion reported in FY13. The company's revenue in FY14 was below Bloomberg analysts' forecasts of $8.06 billion. Dover's FY14 revenue reflected organic growth of 4% and a 4% increase from acquisitions, with FX having a negligible impact.
During FY14, the company's net earnings came in at $775.24 million, or $4.59 per diluted common share, compared to net earnings of $1,003.13 million, or $5.78 per diluted common share, in FY13. Analysts from Bloomberg had expected net earnings of $776.20 million, or $4.59 per diluted common share, in FY14. Moreover, Dover's earnings from continuing operations came in at $778.14 million, or $4.61 per diluted common share, in FY14 compared to $797.53 million, or $4.60 per diluted common share, in FY13.
Mr. Livingston informed that the company is updating its guidance for FY15 so as to reflect the anticipated combined impact of lower oil prices, discontinued operations, share repurchase activity and FX. The company now expects total revenue growth of 1% to (2)%, principally reflecting its new Energy revenue estimate of (6%) to (9%), a 15 point reduction from its prior forecast, he stated. Mr. Livingston also said that within Dover's total revenue forecast, organic growth is anticipated to be approximately 1% to (2)%, completed acquisitions will provide approximately 2% growth and FX is expected to be a 2% headwind. In total, the company expects full-year adjusted EPS to be in the range of $4.70 to $4.95, a $0.35 reduction to its prior guidance, he concluded. Visit Investor-Edge and access the latest research on DOV at:
http://get.Investor-Edge.com/pdf/?c=Dover&d=13-Feb-2015&s=DOV
Stock Performance
On the day of the earnings release, January 27, 2015, Dover's stock edged 0.44% lower to end the session at $70.65. Since then, the stock has moved both ways with gains outperforming losses. On the last close, Thursday, February 12, 2015, the stock finished 1.66% higher at $73.28, after vacillating between $72.23 and $73.37. A total of 1.11 million shares were traded which was below its three months average volume of 2.27 million shares. Over the past three months, Dover's shares have lost 9.63%. However, the stock has advanced 0.34% in the previous three trading sessions and 6.60% in the last one month.
Sneak Peek to Corporate Insider Trading
In the last one month, Dover has reported only one corporate insider transaction to the U.S. Securities and Exchange Commission (SEC). On February 05, 2015, Michael B. Stubbs, Director at Dover, disposed 69,000 shares at a price of $72.73 per share and for a total value of $5.02 million. Complimentary in-depth research on DOV is available at:
http://get.Investor-Edge.com/pdf/?c=Dover&d=13-Feb-2015&s=DOV
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