The 10-second takeaway
For the quarter ended Sep. 30 (Q3), Dover missed slightly on revenues and met expectations on earnings per share.
Compared to the prior-year quarter, revenue was unchanged and GAAP earnings per share grew significantly.
Margins grew across the board.
Dover booked revenue of $2.21 billion. The 12 analysts polled by S&P Capital IQ predicted revenue of $2.25 billion on the same basis. GAAP reported sales were 0.2% higher than the prior-year quarter's $2.20 billion.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $1.30. The 16 earnings estimates compiled by S&P Capital IQ forecast $1.29 per share. GAAP EPS of $1.31 for Q3 were 44% higher than the prior-year quarter's $0.91 per share. (The prior-year quarter included -$0.30 per share in earnings from discontinued operations.)
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 38.3%, 90 basis points better than the prior-year quarter. Operating margin was 16.8%, 70 basis points better than the prior-year quarter. Net margin was 10.9%, 310 basis points better than the prior-year quarter.
Next quarter's average estimate for revenue is $2.12 billion. On the bottom line, the average EPS estimate is $1.14.
Next year's average estimate for revenue is $8.55 billion. The average EPS estimate is $4.62.
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 281 members out of 294 rating the stock outperform, and 13 members rating it underperform. Among 77 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 77 give Dover a green thumbs-up, and give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Dover is outperform, with an average price target of $69.44.
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