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Dover Q2 profit falls YOY

Dover Corp. said its normalized net income for the second quarter amounted to 87 cents per share, compared with the S&P Capital IQ consensus estimate of 99 cents per share.

EPS declined 22.4% year over year from $1.12.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $139.4 million, a decrease of 26.3% from $189.1 million in the prior-year period.

The normalized profit margin fell to 7.9% from 9.6% in the year-earlier period.

Total revenue decreased 10.4% year over year to $1.76 billion from $1.96 billion, and total operating expenses decreased 7.8% on an annual basis to $1.50 billion from $1.63 billion.

Reported net income decreased 26.3% on an annual basis to $155.6 million, or 97 cents per share, from $211.1 million, or $1.25 per share.