Industrial parts and equipment maker Dover Corp. said it remains confident in its ability to increase earnings per share by at least 12 percent in 2008, implying that it could beat current Wall Street expectations.
"Despite escalating material costs and an unsettled economic environment, activity levels remain positive across the majority of our businesses and our backlog remains healthy," Dover Chief Executive Ronald L. Hoffman said in a statement.
Dover reported full-year earnings of $3.26 per share in 2007. Based on the company's outlook it could earn at least $3.65 per share in 2008. Analysts polled by Thomson Financial expect profit of $3.63 per share for the year, on average.
The company also said second-quarter profit fell 21 percent as it took a loss from discontinued operations related to its Long Beach, Miss.-based Triton ATM manufacturing business, which is up for sale. But results beat Wall Street expectations as earnings from continuing operations climbed.
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