Dover's second-quarter profit rises on strong engineered product demand

Dover

25/07/2024 13:47

July 25 (Reuters) - Diversified manufacturer Dover Corp
 DOV.N  posted a 16% rise in its second-quarter profit on
Thursday, helped by sustained demand for its engineered
products, sending its shares up about 2% in premarket trading.
    The Grove, Illinois-based company's Engineered Products
unit, which serves the automotive, aerospace and defense
sectors, reported an about 5.5% rise in sales from a year ago.  
    Dover manufactures consumable supplies, aftermarket parts,
software and digital solutions to serve a variety of industries.
It has been streamlining its portfolio to focus on higher margin
operations, after earlier saying that it was taking a
constructive approach in the second half of the year. 
    In July, the company agreed to sell its environmental
solutions unit, which builds machinery and other ancillary
equipment for the waste collection industry, to Terex Corp
 TEX.N  in an all-cash deal valued at $2 billion. 
    Dover's net income in the quarter ended June 30 rose to $282
million, or $2.04 per share, compared with $242 million, or
$1.72 per share a year ago.
    The company reported a 4% rise in quarterly revenue, to
about $2.2 billion, from a year ago.

 (Reporting by Nathan Gomes in Bengaluru; Editing by Pooja
Desai)
 ((Nathan.Gomes@thomsonreuters.com;))