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NEW YORK – Dover Corp. reported second-quarter revenues exceeded $2 billion, up 10% over last year and a record for the company.
For the quarter, net earnings from continuing operations increased 7% to $187 million. Operating margins were up 20 basis points over the prior year and 170 basis points sequentially to 15.8%.
Bookings were $2 billion, up 6% year-over-year, led by strong growth in the Electronic Technologies unit. Backlogs were flat with last year at $1.6 billion, but up 8% from 2007 year-end.
Electronic Technologies, which accounts for 19% of Dover's revenue, posted its best earnings since the fourth quarter 2006. Earnings were $51 million, up 13%, on a 12% hike in revenue to $380 million. Margins improved 10 basis points to 13.4%. Bookings at quarter’s end were $385 million and the book-to-bill was 1.01. In a press conference, Dover credited the quarter's strong performance to Knowles, Everett Charles and the Ceramic Products Group, primarily on gains in Asia. Everett Charles saw increase demand in the second quarter across all its businesses with the exception of the semiconductor test group, said Bob Livingston, Dover’s newly minted chief operating officer and president.
Electronic Technologies also includes DEK and OK International, among others.
“Electronics certainly has a nice comeback in the quarter where we would like to think that we'll see some of that hold up, but that's always a bit of a variable market,” added chief executive Ron Hoffman. “But we still feel pretty good about the economy right now. It's been a pretty strong year so far.”
Dover expects 4 to 5% organic growth through 2008, Hoffman said. |
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