Dover Reports Second Quarter 2003 Results
NEW YORK, July 17 /PRNewswire-FirstCall/ -- Dover Corporation (NYSE: DOV) earned $73.4 million or $.36 diluted earnings per share (DEPS) from continuing operations in the second quarter ended June 30, 2003, compared to $65.3 million or $.32 DEPS from continuing operations in the comparable period last year, an increase of 12%. Net earnings for the second quarter of 2003 were $72.8 million or $.36 DEPS, which included $0.6 million of losses from discontinued operations, compared to $55.2 million or $.27 DEPS, for the second quarter of 2002 which included $10.1 million or $.05 DEPS in losses from discontinued operations primarily related to a loss on the sale of Vectron GmbH of $7.3 million. Sales in the second quarter of 2003 were $1,124.2 million, an increase of 4% as compared to $1,081.8 million for the second quarter last year.
Dover Corporation earned $131.8 million or $.65 DEPS from continuing operations for the six months ended June 30, 2003, compared to $113.7 million or $.56 DEPS from continuing operations in the comparable period last year, an increase of 16%. Net earnings before cumulative effect of accounting changes for the first six months of 2003 were $132.3 million or $.65 DEPS, including $0.4 million of earnings from discontinued operations, compared to $100.3 million or $.49 DEPS, for the same period of 2002 which included $13.4 million or $.07 DEPS in losses from discontinued operations. Sales in the first six months of 2003 were $2,152.0 million, an increase of 4% as compared to $2,076.4 million for the comparable period last year.
The full text of the second quarter earnings release, as well as additional information on Dover's second quarter results and its operating companies, can be found on the company website, (http://www.dovercorporation.com). The Dover website will host a webcast of the second quarter conference call at 9:00 a.m. Eastern Time on Friday, July 18, 2003. 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 /