Electronics Demand Boosting Dover Rebound
NEW YORK -- Dover Corp. reported first-quarter revenue rose 15% over the prior year to $1.6 billion.
Higher sales were driven by organic revenue growth of 7%, a 5% increase from prior year acquisitions and a 3% favorable impact from foreign currency exchange.
For the first quarter ended March 31, earnings from continuing operations were $121.5 million, almost twice that of the prior-year period. Net earnings were $108.1 million, including a loss from discontinued operations of $13.4 million.
The firm's Electronic Technologies group, which includes Everett-Charles, DEK, OK International and other leading electronics manufacturing suppliers, saw revenue rise 36% year-over-year to $291 million, and it swung to a profit of $45 million after losing $12 million a year ago. Gross margins rose some 2110 basis points to 15.4%, and bookings were up 60% to $358 million, with the book-to-bill 1.23.
The firm raised its full-year outlook to 10 to 13% growth, of which organic revenue growth will be 7 to 10%.
