Dover Announces Third Quarter Earnings Expectations
NEW YORK, Sep 27, 2001 /PRNewswire/ -- Dover Corporation (NYSE: DOV) expects earnings per share in the third fiscal quarter ending September 30, 2001 to be in the range of $.15 to $.18 (before anticipated inventory reserve items discussed below). Dover reported comparable earnings of $.25 per share in the second quarter 2001, and earnings of $.67 per share in the third quarter last year.
At the end of the second quarter, Dover expressed optimism that continued expected weakness in the electronics markets impacting Dover Technologies would be offset by improvements in its other business segments. At that time, Dover said it expected losses in its Technologies' Circuit Board Assembly and Test (CBAT) business in the third quarter to be in the same range as the second quarter and that it expected earnings in the Specialty Electronics Components (SEC) businesses to decline. The company now expects that losses in CBAT in the third quarter will have increased from the second quarter and that SEC will report a small loss. Earnings in the other three segments will, in aggregate, decline modestly.
In addition, Dover expects reported earnings in the third quarter will be materially negatively impacted by increased inventory reserves, primarily in the Technologies segment, where the magnitude of the market decline has been particularly severe.
Dover will issue its third quarter earnings release on October 15, 2001 and will conduct a conference call regarding third quarter results and the business outlook at 9:00 a.m. EST on October 16, 2001. The conference call will be simulcast on the Dover Corporation website at
Source: Dover Corporation