Dover 2Q profit falls 21 percent, beats estimates

Industrial parts and equipment maker Dover Corp. 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 the company beat Wall Street expectations as earnings from continuing operations climbed.

Net income fell to $135.3 million, or 71 cents per share in the second quarter, down from $172.2 million or 84 cents per share, in the same period last year. The 2008 second quarter included a loss from discontinued operations of $51.6 million, or 27 cents per share. Earnings from continuing operations rose 7 percent to $186.9 million, or 98 cents per share, the company said.

Revenue rose 10 percent to $2 billion as sales rose in all of its segments.

Analysts surveyed by Thomson Financial expected profit of 95 cents per share on revenue of $1.94 billion, on average.

The company said market trends stayed positive during the quarter buoyed by strength in its Energy, Fluid Solutions and Product Identification platforms and that it remains confident in its ability to increase earnings by at least 12 percent on an earnings per share basis for the year. The company reported full-year profit of $3.26 per share in 2007.

(This version CORRECTS the story and extended headline to indicate Triton is for sale, not closed)