Dover Tightens 2018 Earnings Guidance - Quick Facts

(RTTNews) - Dover (DOV) tightened its full year 2018 guidance for adjusted diluted earnings per share from continuing operations to $4.75 to $4.85, representing an increase of approximately 16% over the prior year, on a comparable basis. The guidance is based on full year revenue growth of 2% to 3%, which is comprised of organic growth of 3% to 4%, acquisition growth of 1%, and a favorable impact from FX of 1%, partially offset by a 3% impact from dispositions. Dover noted that its updated 2018 guidance for adjusted EPS from continuing operations excludes acquisition-related amortization costs of $0.72, rightsizing and other costs of $0.06 and any additional second half cost reduction actions that may be undertaken.

For the second-quarter, adjusted EPS was $1.30, an increase of 21% over an adjusted EPS of $1.07 in the prior year period, on a comparable basis. For the second quarter ended June 30, 2018, Dover's revenue was $1.8 billion, an increase of 3% from the prior year. The company said the increase in the quarter was driven by organic growth of 3% and a favorable impact from foreign exchange of 2%, partially offset by a net 2% impact from previous acquisitions and dispositions.