Intraday Mover: Dover Corporation (NYSE: DOV)

On Tuesday, Shares of Dover Corporation (NYSE: DOV) declined -0.87% to $100.62. The stock recorded $100.19 as its minimum price and hit the max level of $102.82, during its most recent trading session. It traded total volume of 856,527 shares lower than the average volume of 1.10M shares.

Dover (DOV), a diversified global manufacturer, declared its financial results for the fourth quarter and full year ended December 31, 2017.

Fourth Quarter and Full Year 2017 Financial Results:

For the fourth quarter ended December 31, 2017, Dover’s revenue was $2.00B, a boost of 13% from the prior year. The increase in the quarter was driven by organic growth of 8%, acquisition growth of 6% and a favorable impact from foreign exchange (“FX”) of 2%, partially offset by a 3% impact from dispositions. Net earnings were $296.40M, a boost of 84% as contrast to $161.20M for the prior year period. Diluted net earnings per share (“EPS”) for the fourth quarter ended December 31, 2017, were $1.88, contrast to $1.03 EPS in the prior year period, representing a boost of 83%.

For the year ended December 31, 2017, Dover’s revenue was $7.80B, a boost of 15% from the prior year. This increase includes organic growth of 8%, acquisition growth of 10%, partially offset by a 3% impact from dispositions. The impact of FX was negligible. Net earnings were $811.70M, a boost of 59% as contrast to $508.90M for the prior year period. EPS for the year ended December 31, 2017, was $5.15, contrast to $3.25 EPS in the prior year period, representing a boost of 58%.

Impact of the Tax Cuts and Jobs Act:

In the fourth quarter ended December 31, 2017, Dover recorded a net benefit of $50.90M, or $0.32 EPS regarding the enactment of the Tax Cuts and Jobs Act. This benefit was mainly derived from the revaluation of deferred tax liabilities, offset in part, by the recognition of a U.S. tax charge for the deemed repatriation of foreign earnings. On a go-forward basis, Dover anticipates its effective tax rate will be 22% to 23%, 4 to 5 points lower than its prior effective rate, principally as a result of the Tax Cuts and Jobs Act.

DOV has the market capitalization of $15.67B and its EPS growth ratio for the past five years was 6.40%. The return on assets ratio of the Company was 7.80% while its return on investment ratio stands at 11.40%. Price to sales ratio was 2.00 while 91.80% of the stock was owned by institutional investors.

Leon Constant

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