DOWNERS GROVE, IL -- Dover reported third-quarter earnings from continuing operations were up 107% to $222.8 million.

For the period ended Sept. 30, revenue was up 26% from last year to $1.9 billion on a 25% spike in organic growth. Free cash flow was $157.3 million, or 8% of revenue.

Sales at the company's Electronic Technologies unit were up 10% sequentially and 39% year-over-year to $381 million. Bookings for the unit, which includes DEK, OK International and Everett-Charles among others, were up 2% from the second quarter and 42% from last year. The operating margin was 18.3%, up 440 basis points.

Year to date, overall revenue is up 23% to $5.3 billion. Earnings from continuing operations were up 92% to $516.1 million. .

Dover president and chief executive Robert Livingston said the conglomerate is raising its outlook. "We now estimate full year revenue growth will be 20% - 21%, comprised of organic revenue growth of 16.5% - 17.5%, and growth from acquisitions of 3.5%.  Given our strong third quarter performance, we now anticipate full-year earnings per share will be in the range of $3.50 - $3.55, inclusive of the $0.20 third quarter tax benefit."

 

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