Dover Expects Strong Double-digit EPS Accretion In 2019 - Quick Facts

(RTTNews) - Dover (DOV) announced, in 2019, the company expects to generate adjusted EPS in the range of $5.65 to $5.85. The guidance is based on full year revenue growth of 2% to 3%, comprised of 2% to 4% organic growth and a 1% impact from completed acquisitions, partially offset by an estimated 2% unfavorable impact from foreign currency exchange.

Dover's CEO, Richard Tobin, said, "Dover enters 2019 with solid momentum as represented by our Q4 organic growth rate, solid order backlogs across most of our portfolio, and margin expansion being driven by volume and cost initiatives. Our productivity and footprint initiatives are underway with several in the execution phase, and we have begun to reinvest a portion of our savings from rightsizing initiatives into our digital capabilities and customer-facing platforms. We believe we are well-positioned to deliver top-line growth and strong double-digit EPS accretion in 2019."

For the fourth quarter ended December 31, 2018, excluding items, adjusted earnings from continuing operations were $211.0 million (up 17% over the comparable period in 2017), and adjusted EPS was $1.43 (up 25% over the comparable period in 2017). The company noted that its adjusted EPS in the quarter was positively impacted by $0.08 due to a lower annualized effective tax rate and discrete tax items.

For the fourth quarter ended December 31, 2018, Dover's revenue was $1.8 billion, which represents organic growth of 6.2%.
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