Dover beats Q1 profit estimates on manufacturing activity strength

Dover

25/04/2024 12:20

April 25 (Reuters) - Industrial equipment maker Dover
 DOV.N  beat Wall Street estimates for quarterly profit on
Thursday, helped by stronger manufacturing activity.
    Manufacturers across the U.S. have been ramping up
production, lifting equipment makers such as Dover and peers
Trane Technologies  TT.N , Fortive  FTV.N  and IDEX  IEX.N ,
which manufacture and provide industrial equipment and services
for diversified markets.   
    Dover reported a quarterly adjusted profit of $1.95 per
share, compared with analysts estimates of $1.87 per share,
according to LSEG data. 
    "Our order rate momentum and healthy underlying demand
conditions across the portfolio support the outlook for
continued volume and profit improvement through the year," Dover
CEO Richard Tobin said.
    The company raised the lower end of its 2024 adjusted profit
guidance and now expects it to be in the range of $9.00 to $9.15
per share, compared to its prior outlook of $8.95 to $9.15 per
share.       
    Overall quarterly revenue rose 1% to $2.09 billion, compared
to analysts' estimates of $2.03 billion, as per LSEG data.
  

 (Reporting by Nathan Gomes and Aishwarya Jain in Bengaluru;
Editing by Tasim Zahid)
 ((Nathan.Gomes@thomsonreuters.com;))