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Dover Q1 profit falls YOY

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.