Dover Reports First Quarter 2006 Results
NEW YORK, April 27 /PRNewswire-FirstCall/ -- Dover Corporation (NYSE: DOV) announced that for the first quarter ended March 31, 2006, it had earnings from continuing operations of $133.5 million or $0.65 diluted earnings per share ("EPS"), compared to $95.4 million or $0.47 EPS from continuing operations in the prior-year period, representing an increase of 40%. Revenue for the first quarter of 2006 was a record $1,668.4 million, an increase of 22% over the prior-year period. Earnings from continuing operations for the first quarter of 2006 included $0.025 EPS related to the expensing of stock options and appreciation rights.
Net earnings for the first quarter of 2006 were $203.8 million or $0.99 EPS, including earnings from discontinued operations of $70.3 million or $0.34 EPS, compared to net earnings of $98.1 million or $0.48 EPS for the same period of 2005, which included earnings from discontinued operations of $2.7 million or $0.01 EPS. The increase in earnings from discontinued operations for the first quarter of 2006 included a gain on the previously announced sale of Tranter PHE of approximately $85.1 million, net of tax, partially offset by impairments related to businesses discontinued during the quarter of approximately $14.4 million, net of tax, and a loss related to a business sold in the Electronics segment of $2.2 million, net of tax.
During the three months ended March 31, 2006, the Company discontinued and sold one business in the Electronics segment and discontinued one operating company in the Resources segment, which is comprised of two businesses. For the quarter ended March 31, 2006, these businesses had revenue of $14.7 million and no impact on operating earnings, excluding gains/losses on sales and write-offs. All continuing operations information has been restated to reflect the discontinuance of these companies.
The full text of the first quarter earnings release as well as additional information on Dover's first quarter 2006 results and its operating companies can be found on the company website at http://www.dovercorporation.com and in the Company's Form 10-Q filed after this release. Dover will host a Webcast of its first quarter 2006 conference call at 9:00 A.M. Eastern Time on Friday, April 28, 2006. The Webcast can be accessed at the Dover Corporation website at http://www.dovercorporation.com. The conference call will also be made available for replay on the website.
SOURCE: Dover Corporation
CONTACT: Robert G. Kuhbach, Vice President Finance & Chief Financial
Officer of Dover Corporation, +1-212-922-1640
Web site: http://www.dovercorporation.com