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Dover reports dip in quarterly earnings

Dover Corp.'s earnings from continuing operations fell to $157.3 million in the third quarter from $159.5 million a year ago.

The industrial products maker attributed the decline to costs incurred in the period related to employee reductions, facility consolidation and site closures, and product line divestitures and exits.

Excluding acquisition and other expenses, adjusted earnings improved to $1.36 per share in the three months to September from $1.19 per share a year ago.

Revenue was virtually unchanged at $1.75 billion. Gross profit slipped to $646.5 million from $649.2 million.

"In the fourth quarter, we expect our Fluids segment to be a more meaningful contributor to our profits as a result of top line growth conversion and improved operational performance in our retail fueling operations," said President and CEO Richard Tobin in a statement. "This, coupled with our cost containment actions, will more than offset weaker demand conditions in our Refrigeration & Food Equipment segment, which are expected to continue through the balance of the year."

The company tightened its full-year guidance for adjusted EPS to between $4.80 and $4.85, the upper end of its previous guidance of between $4.75 and $4.85.