Dover Corp. said its normalized net income for the first quarter was 71 cents per share, compared with the S&P Capital IQ consensus estimate of 71 cents per share.
EPS decreased 19.7% year over year from 88 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $115.7 million, a decline of 23.7% from $151.7 million in the prior-year period.
The normalized profit margin dropped to 6.7% from 8.4% in the year-earlier period.
Total revenue fell on an annual basis to $1.72 billion from $1.80 billion, and total operating expenses declined from the prior-year period to $1.50 billion from $1.52 billion.
Reported net income declined 30.9% from the prior-year period to $117.6 million, or 72 cents per share, from $170.3 million, or 99 cents per share.
