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Dover Q3 profit falls YOY

Dover Corp. said its normalized net income for the third quarter came to $1.02 per share, compared with the S&P Capital IQ consensus estimate of $1.07 per share.

EPS fell 13.7% year over year from $1.19.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $160.3 million, a decline of 19.7% from $199.7 million in the year-earlier period.

The normalized profit margin fell to 9.0% from 9.9% in the year-earlier period.

Total revenue decreased 11.0% year over year to $1.79 billion from $2.01 billion, and total operating expenses declined 9.7% from the prior-year period to $1.50 billion from $1.66 billion.

Reported net income decreased 17.4% year over year to $186.3 million, or $1.19 per share, from $225.6 million, or $1.34 per share.