Dover rises after Q1 profit beat

Dover

25/04/2024 16:10

** Shares of industrial equipment maker Dover  DOV.N  rise
4.8% to $179.63 
    ** Co reports Q1 adj. profit of $1.95/shr, compared with
analysts estimates of $1.87/shr - LSEG 
    ** Quarterly revenue rose 1% to $2.09 bln, beating analysts'
estimates of $2.03 bln
    ** Co raises lower end of its 2024 adj. profit forecast, now
expects it to be in a range of $9.00 to $9.15/shr from $8.95 to
$9.15/shr previously    
    ** "Our order rate momentum and healthy underlying demand
conditions across the portfolio support the outlook for
continued volume and profit improvement through the year," said
CEO Richard Tobin 
    ** 11 of 17 brokerages rate the stock "buy" or higher, 6
"hold"; their median PT is $180
    ** YTD, company's stock up 17%

 (Reporting by Abhinav Parmar in Bengaluru)
 ((Abhinav.parmar@thomsonreuters.com))