Dover Corporation (NYSE:DOV) reported its third quarter earnings results on Tuesday 20th October 2020 before market open.
The manufacturer of diversified equipment and components, reported $ 1.38 income per share for the quarter
On adjusted basis, Dover Corporation reported income for the quarter of $ 1.60 per share, beat the consensus estimate of $ 1.32 income per share by $ 0.28 or 21.21 percent.
The quarterly earnings fell 1.43 percent compared with the same quarter last year.
Dover Corporation had revenue of $ 1,748.26 million for the quarter, compared to the consensus estimate of $ 1643.43 million. The revenues out-shined analysts estimates by $ 104.83 million or 6.38 percent.
The financial report showed revenues contracted 4.22 percent versus third quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
Richard J. Tobin, said, President and Chief Executive Officer, Our third quarter results reflect the continued recovery in most of the markets we serve, as well as strong execution by our teams around the world. Operationally, we executed well in the quarter, which allowed us to respond effectively to the improved demand environment, deliver on the backlogs in our long-cycle businesses and positively impact the results for the quarter.
Further, the company raised 2020 adjusted earnings estimate to a range of $ 5.40 ~ $ 5.45 per share. The consensus estimates for 2020 are income of $ 5.24 per share from $ 6500.99 million in revenue.
