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Dover Q2 profit climbs 34.6% YOY

Dover Corp. said its second-quarter normalized net income amounted to 92 cents per share, compared with the S&P Capital IQ consensus estimate of $1.00 per share.

EPS climbed 33.8% year over year from 69 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $145.4 million, an increase of 34.6% from $108.1 million in the prior-year period.

The normalized profit margin increased to 7.3% from 6.4% in the year-earlier period.

Total revenue increased 18.2% on an annual basis to $1.99 billion from $1.69 billion, and total operating expenses grew 16.4% year over year to $1.73 billion from $1.48 billion.

Reported net income increased 37.6% on an annual basis to $163.8 million, or $1.04 per share, from $119.0 million, or 76 cents per share.