DOWNERS GROVE, Ill. - Dover (NYSE: NYSE:DOV), a diversified global manufacturer, reported first-quarter earnings that surpassed analyst estimates, with adjusted EPS at $1.95, which is $0.08 higher than the expected $1.87. The stock was up 0.5% in premarket trading.
Revenue for the quarter also exceeded expectations, coming in at $2.09 billion against the consensus estimate of $2.04 billion. This represents a 1% increase in revenue compared to the same period last year, despite a 1% organic revenue decline.
The company's GAAP net earnings saw a significant surge of 177% to $632 million, and GAAP diluted EPS also jumped by 177% to $4.52. On an adjusted basis, net earnings remained flat at $273 million, and adjusted diluted EPS increased by 1%.
President and Chief Executive Officer Richard J. Tobin commented on the quarter's performance, noting the company's satisfaction with the success of its organic growth platforms and strong order trends. He highlighted the strong growth in several key markets and improving performance in biopharma components, which are expected to contribute to a favorable sequential margin mix throughout the year.
Looking ahead, Dover has narrowed its full-year adjusted EPS guidance to the higher end of the range, forecasting GAAP EPS between $10.78 and $10.93 and adjusted EPS between $9.00 and $9.15. This guidance is based on anticipated full-year revenue growth of 2% to 4%, with organic growth contributing 1% to 3%. The projected GAAP EPS includes the gain from the sale of De-Sta-Co.
The midpoint of the adjusted EPS guidance range is $9.075, which is slightly below the current analyst consensus of $9.15. However, Dover's management remains confident in the company's full-year outlook and will continue to evaluate full-year targets as the year progresses, should present demand trends persist.
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