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Dover Q1 profit climbs 13.1% YOY

Dover Corp. said its first-quarter normalized net income was 59 cents per share, compared with the S&P Capital IQ consensus estimate of 61 cents per share.

EPS increased 12.2% year over year from 52 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $92.4 million, an increase of 13.1% from $81.7 million in the prior-year period.

The normalized profit margin climbed to 5.1% from 5.0% in the year-earlier period.

Total revenue climbed 11.8% year over year to $1.81 billion from $1.62 billion, and total operating expenses increased 11.6% on an annual basis to $1.63 billion from $1.46 billion.

Reported net income rose 71.7% from the prior-year period to $171.6 million, or $1.09 per share, from $99.9 million, or 64 cents per share.