Industrial equipment maker Dover beats quarterly profit estimates

Dover

01/02/2024 12:19

Feb 1(Reuters) - Dover Corp  DOV.N  beat Wall Street
estimates for fourth-quarter profit on Thursday, led by strong
demand for its industrial equipment in sectors such as HVAC,
aerospace and waste-handling.
    U.S. manufacturing has shown some signs of recovery, as
indicted by an ISM report that showed the pace of decline in the
sector slowed in December, alongside a modest rebound in
production and improvement in factory employment.
    The recovery bodes well for Dover Corp and peers Trane
Technologies  TT.N , Fortive Corp  FTV.N  and IDEX Corp  IEX.N ,
which manufacture and provide industrial equipment and services
for diversified markets.
    "We expect demand conditions to progressively improve from
the fourth quarter exit rate through the year on solid
underlying end markets across most of the portfolio, supported
by the recent positive year-over-year order momentum," Chief
Executive Officer Richard Tobin said.
    The industrial conglomerate forecast its 2024 adjusted
profit to be in the range of $8.95 to $9.15 per share. Analysts
were expecting $9.24 per share, according to LSEG data.
    Illinois-based Dover posted total revenue of $2.12 billion
for the fourth quarter, falling short of analysts' average
estimate of $2.16 billion.
    Adjusted net income rose 13% to $345 million, or $2.45 per
share, in the quarter ended Dec. 31, exceeding analysts'
expectations of $2.42 per share.
        
  
    
    

 (Reporting by Mehr Bedi in Bengaluru; Editing by Sriraj
Kalluvila and Dhanya Ann Thoppil)
 ((Mehr.Bedi@thomsonreuters.com;))