DOWNERS GROVE, IL -- Dover Corp. lowered its 2012 full-year diluted earnings forecast, citing weakness in Europe and other vectors.

The company now expects full-year EPS to be in the range of $4.70 - $4.85, as compared to prior guidance of $4.80 - $5.00. In a press release, Dover said the main factors behind the revision are a broadly weaker European economy, the exchange rate impact of foreign currencies and a slightly higher tax rate. The majority of this revised forecast impact will be felt in the second quarter reflecting the above factors and the timing of orders, the company said.

Dover president and chief executive Bob Livingston said, "While some of our businesses will continue to face macroeconomic headwinds, we expect to deliver a stronger second half of the year led by our participation in the handset, refrigeration & food equipment and energy markets."

Dover is the parent company of Everett-Charles Technologies, DEK, OK International and other leading suppliers to the printed circuit board assembly and semiconductor test markets.

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