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DOWNERS GROVE, Ill. - On Thursday, Dover Corporation (NYSE:DOV) the diversified manufacturer reported better-than-expected second quarter results and raised its full-year earnings guidance, driven by strong operational execution and improved shipment growth.
The company’s shares jumped 3.71% in pre-market trading after the announcement.
The company posted adjusted earnings per share of $2.44 for the second quarter, exceeding analyst estimates of $2.39. Revenue rose to $2.05 billion, up 5% from $1.95 billion in the same period last year and slightly above the consensus estimate of $2.04 billion. Organic revenue grew 1% YoY, with acquisitions contributing 3% to the overall growth.
Dover’s second quarter performance was highlighted by record consolidated segment margins, with total segment earnings margin reaching 23.2%. The Pumps & Process Solutions segment continued to be the strongest performer with a 30.6% margin, while Clean Energy & Fueling posted 19.7% margin on revenue growth of 8% organically.
"Dover’s second quarter results were solid, driven by excellent production performance and execution in the face of a highly dynamic global trading environment," said Richard J. Tobin, Dover’s President and CEO. "Top line performance accelerated in the quarter on broad-based shipment growth in short cycle components and continued strength in our secular-growth-exposed end markets."
Based on its strong first-half performance, Dover raised its full-year adjusted EPS guidance to $9.35-$9.55 from the previous range of $9.20-$9.40, compared to analyst consensus of $9.36. The company continues to expect full-year revenue growth of 4% to 6%.
The company also reported positive order momentum, which management said bolsters confidence in the second half outlook, with a majority of third quarter revenue already in the backlog. During the quarter, Dover completed two acquisitions in its high-priority Pumps & Process Solutions segment.
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