Dover Reports Second Quarter 2005 Results
Dover Corporation earned $123.5 million or $0.61 diluted earnings per share from continuing operations for the second quarter ended June 30, 2005, compared to $108.0 million or $0.53 EPS from continuing operations in the prior year, an increase of 14% and 15%, respectively.
Net earnings for the second quarter of 2005 were $173.2 million or $0.85 EPS, including $49.7 million or $0.24 EPS from the sale of a discontinued operation, compared to $112.3 million or $0.55 EPS for the same period of 2004, which included $4.2 million earnings from discontinued operations or $0.02 EPS. Sales for the second quarter of 2005 were a record $1,584.5 million, an increase of 16%, and earnings and earnings per share are at their highest level since the fourth quarter of 2000.
The full text of the second quarter earnings release as well as additional information on Dover's second quarter 2005 results and its operating companies can also be found on the company website.
Both sales and earnings of Fluid Solutions, part of Dover Resources, increased 17% due to strength in the rail car, chemical processing and environmental markets and from the Almatec acquisition, partially offset by softness in the petroleum transport and industrial markets. Bookings increased 3%, the book-to-bill ratio was 0.97, and backlog was essentially flat.
Dover Corporation (NYSE: DOV) is a multi-billion dollar diversified manufacturer of a wide range of proprietary products and components for industrial and commercial use. Dover is comprised of over 50 individual businesses that are organized in six "Market Segments" in which their financial results are reported to Dover Shareholders. The Fluid Handling group is part of Dover Resources and includes the companies Blackmer, OPW Fluid Transfer Group, OPW Fueling Components, RPA Process Technologies and Wilden.
Source: Dover Corporation