DEK, OKI Business Unit Produces Stellar Q4 PDF Print E-mail
Written by Mike Buetow   
Friday, 28 January 2011 09:04

DOWNERS GROVE, IL -- Dover Corp.'s Electronic Technologies unit reported fourth-quarter net earnings almost doubled as sales rose 39% to $405 million.

 

For the period ended Dec. 31, the unit, which includes printed circuit board equipment OEMs DEK, Everett-Charles Technologies and OK International, among others, reported earnings of $76.3 million, bringing the total for fiscal 2010 to $250.4 million, up 199% from 2009. Operating margin was 18.8%, up 520 basis points from last year and 50 basis points from the third quarter.

Dover's overall revenue for the quarter was $1.9 billion, up 24% year-over-year. The increase was driven by organic growth of 23%, 2% increase from acquisitions, and a 1% unfavorable impact from foreign exchange. Net earnings were $198.3 million, compared to $99 million for the same period of 2009. Earnings from continuing operations were $191.8 million, compared to $102.4 million in the prior-year.

Revenue for the year was $7.1 billion, up 24%. Earnings from continuing operations were $707.9 million, up 90%.

President and chief executive Robert Livingston said, "Looking forward, we expect full year 2011 revenue growth of 9% - 11%, representing organic revenue growth of 6% to 8%, plus growth from acquisitions of 3%."

DEK and OKI make screen printing and rework equipment, respectively, for the SMT market, while ECT is a provider of testers and fixtures.

Last Updated on Friday, 28 January 2011 09:16
 

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