Research Desk Line-up: Crane Post Earnings Coverage

LONDON, UK / ACCESSWIRE / October 26, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Dover Corp. (NYSE: DOV), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=DOV, following the Company's release of its third quarter fiscal 2017 operating results on October 18, 2017. The industrial conglomerate outperformed top- and bottom-line expectations and re-affirmed its FY17 earnings guidance. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Diversified Machinery industry. Pro-TD has currently selected Crane Co. (NYSE: CR) for due-diligence and potential coverage as the Company reported on October 23, 2017, its financial results for Q3 2017. Register for a free membership today, and be among the early birds that get access to our report on Crane when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on DOV; also brushing on CR. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=DOV

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Earnings Reviewed

For the third quarter ended September 30, 2017, Dover announced revenues of $2.01 billion, reflecting a growth of 17% compared to revenues of $1.71 billion in Q3 2016, driven by an organic growth of 9%, an acquisition growth of 10%, and a favorable impact from foreign exchange (FX) of 1%, partially offset by a 3% impact from dispositions. The Company's revenue numbers exceeded analysts' estimates of $1.98 billion.

For Q3 2017, Dover's net earnings surged 38% to $178.9 million compared to $130.1 million for Q3 2016. The Company's diluted net earnings per share (EPS) was $1.14 compared to $0.83 in the prior year's same period; representing an increase of 37% on a y-o-y basis. Dover's EPS included disposition and Wellsite separation related costs of $0.02 for Q3 2017. Excluding these costs, the Company's adjusted EPS was $1.16 for the reported quarter; representing a growth of 40% on a y-o-y basis and was also ahead of Wall Street's estimates of $1.11 per share.

Segment Results

During Q3 2017, Dover's Engineered Systems segment's revenue grew 7% on a y-o-y basis to $645.83 million; reflecting a broad-based growth. The segment's earnings totaled $98.35 million compared to $97.24 million in the year-ago corresponding period. The segment's Printing & Identification platform's revenue increased 4% organically, driven by continued strong growth in digital printing and solid activity in marking and coding markets.

In the Industrial platform unit, revenue increased 18% to $372.89 million, including an acquisition growth of 14% and a 9% organic growth. The organic growth was broad-based with strong performance in waste handling. The Engineered Systems' bookings increased 10% overall, including organic bookings growth of 3%. The Company's book-to-bill ratio for each of the platforms and overall for the segment was 0.98.

For Q3 2017, Dover's Fluids segment's revenue increased 36% on a y-o-y basis to $562.82 million; principally driven by solid retail fueling, strong industrial pump, and pharma and hygienic markets. The segment's earnings surged 32% to $87.16 million, largely driven by volume growth, including acquisitions and productivity gains, while the segment margin was 15.5%, up 220 basis points sequentially. The Fluids division's bookings grew 39%, driven by acquisitions and a 10% organic growth, while book-to-bill ratio was 1.02.

During Q3 2017, Dover's Refrigeration & Food Equipment division's revenue increased 2% to $438.79 million. The segment's earnings grew 2% to $65.41 million on y-o-y basis, or 7% when excluding the impact from a prior disposition, while margin expanded 70 basis points y-o-y, reflecting volume leverage, offset in part by business mix. In the reported quarter, the Refrigeration & Food Equipment division's bookings decreased 11% organically; reflecting a general slowdown in the retail refrigeration markets and the timing of orders in can-shaping machinery.

For Q3 2017, Dover's Energy unit's revenue surged 31% to $359.30 million; reflecting a growth in the US rig count and an increased well completion activity. The segment's earnings were $52 million and segment's margin was 14.5%, both significantly improved over the last year. These results were largely driven by y-o-y improvements in the US rig count, increased well completion activity and continued strong results in bearings and compression, which grew 9%. The Energy segment's bookings advanced 36% on a y-o-y basis and book-to-bill ratio finished at 1.03.

Cash Matters

Dover's overall backlog increased 18% to $1.3 billion. On an organic basis, the Company's backlog increased 12% compared to the year-ago same period. For Q3 2017, Dover generated free cash flow of $214 million, representing a sequential growth of $64 million.

Outlook

Dover re-affirmed its full-year 2017 EPS forecasts. The Company noted that its EPS guidance of $4.23 to $4.33 is based on a full year revenue growth of 14% to 15% versus the Company's prior forecasts of 12% to 14%. Within this guidance, organic growth of 6% to 7%, acquisition growth of 10%, and a negative 2% impact from dispositions all remain largely unchanged.

Stock Performance

Dover's share price finished yesterday's trading session at $95.00, slightly down 0.93%. A total volume of 1.55 million shares have exchanged hands, which was higher than the 3-month average volume of 1.04 million shares. The Company's stock price soared 13.28% in the last three months, 19.29% in the past six months, and 39.77% in the previous twelve months. Additionally, the stock surged 26.78% since the start of the year. Shares of the Company have a PE ratio of 22.09 and have a dividend yield of 1.98%. The stock currently has a market cap of $14.80 billion.

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