Dover Reports Third Quarter 2003 Results
NEW YORK, Oct 16, 2003 /PRNewswire-FirstCall via COMTEX/ -- Dover Corporation (NYSE: DOV) earned $75.3 million or $.37 diluted earnings per share (DEPS) from continuing operations in the third quarter ended September 30, 2003, compared to $58.5 million or $.29 DEPS from continuing operations in the comparable period last year, an increase of 28%. Net earnings for the third quarter of 2003 were $84.4 million or $.41 DEPS, which included $9.1 million of earnings from discontinued operations or $.04 DEPS compared to net earnings of $56.4 million or $.28 DEPS for the third quarter of 2002 which included $2.0 million or $.01 DEPS in losses from discontinued operations. Sales in the third quarter of 2003 were $1,153.7 million, an increase of 9% as compared to $1,062.5 million for the third quarter last year.
Dover Corporation earned $207.1 million or $1.02 DEPS from continuing operations for the nine months ended September 30, 2003, compared to $172.2 million or $.85 DEPS from continuing operations in the comparable period last year, an increase of 20%. Net earnings before cumulative effect of accounting changes for the nine months of 2003 were $216.6 million or $1.07 DEPS, including $9.5 million of earnings or $.05 DEPS from discontinued operations compared to $156.8 million or $.77 DEPS, for the same period of 2002 which included $15.5 million or $.08 DEPS in losses from discontinued operations. Sales in the first nine months of 2003 were $3,305.8 million, an increase of 5% as compared to $3,138.9 million for the comparable period last year.
The full text of the third quarter earnings release, as well as additional information on Dover's third 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 third quarter conference call at 9:00 a.m. Eastern Time on Friday, October 17, 2003. The conference call will also be made available for replay on the website.
CONTACT: READ IT ON THE WEB Robert G. Kuhbach http://www.dovercorporation.com Vice President Finance & Chief Financial Officer (212) 922-1640
SOURCE Dover Corporation
Robert G. Kuhbach, Vice President Finance & Chief Financial Officer of Dover Corporation, +1-212-922-1640