Dover cuts full-year profit, revenue forecasts

Dover

24/10/2024 13:01

Oct 24 (Reuters) - Diversified manufacturer Dover Corp
 DOV.N  cut its annual profit and revenue forecast on Thursday,
hurt by headwinds in polymer processing and beverage can-making.
    Shares of the company fell 2.7% in premarket trading.
    The Grove, Illinois-based company produces consumable
supplies, aftermarket parts, software and digital solutions to
serve a variety of industries, and has flagged persistent snags
related to polymer processing and heat exchangers as drags on
performance.
    Dover's pumps and process unit, which contributes over 20%
to overall revenue, makes engineered precision components for
several industries and is heavily reliant on polymer production.
    The company has also been involved in a bigger push to
streamline its portfolio and focus on higher-margin operations.
    In July, Dover also said that it was entering an 18-month
period of buying opportunity for assets including "many private
equity-owned businesses that are overdue for exits."
    Dover now expects its annual profit per share to be between
$10.11 and $10.21, compared to its prior range of $10.80 to
$10.95. The company sees revenue in the year growing between 1%
and 3%, compared to its prior expectation of between 3% and 4%.
    The company's net income in the quarter ended Sept. 30 rose
to $313 million, or $2.26 per share, compared with $262 million,
or $1.86 per share a year ago.
    Dover reported a 1% rise in quarterly revenue to about $1.98
 billion from a year ago.

 (Reporting by Nathan Gomes in Bengaluru;  Editing by Maju
Samuel)
 ((Nathan.Gomes@thomsonreuters.com;))