Dover Reports Second Quarter 2003 Results

18.07.2003

Dover Corporation earned $73.4 million or $.36 diluted earnings per share (DEPS) from continuing operations in the second quarter ended June 30, 2003, compared to $65.3 million or $.32 DEPS from continuing operations in the comparable period last year, an increase of 12%.

Net earnings for the second quarter of 2003 were $72.8 million or $.36 DEPS, which included $0.6 million of losses from discontinued operations, compared to $55.2 million or $.27 DEPS, for the second quarter of 2002 which included $10.1 million or $.05 DEPS in losses from discontinued operations primarily related to a loss on the sale of Vectron GmbH of $7.3 million. Sales in the second quarter of 2003 were $1,124.2 million, an increase of 4% as compared to $1,081.8 million for the second quarter last year.Dover Corporation earned $131.8 million or $.65 DEPS from continuing operations for the six months ended June 30, 2003, compared to $113.7 million or $.56 DEPS from continuing operations in the comparable period last year, an increase of 16%. Net earnings before cumulative effect of accounting changes for the first six months of 2003 were $132.3 million or $.65 DEPS, including $0.4 million of earnings from discontinued operations, compared to $100.3 million or $.49 DEPS, for the same period of 2002 which included $13.4 million or $.07 DEPS in losses from discontinued operations. Sales in the first six months of 2003 were $2,152.0 million, an increase of 4% as compared to $2,076.4 million for the comparable period last year.

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