Dover's 1Q Profit Down As End-markets Shrink

NEW YORK (AP) — Dover Corp. said Wednesday its first-quarter profit fell nearly two-thirds as the diversified manufacturer continued to feel the grip of the recession on its markets, particularly electronic assembly and infrastructure.

The New York-based company, which makes refrigeration products, pumps and all-wheel drive powertrain systems, said that due to deteriorating markets it expects 2009 profit to be below Wall Street expectations.

Net income for the period ended March 31 fell to $53.4 million, or 29 cents per share, from $147.2 million, or 76 cents per share, a year earlier.

The results included unspecified pre-tax restructuring charges of $35.2 million, or 12 cents per share, and a loss from discontinued operations of $7.7 million, or 4 cents per share. Excluding items, it earned 33 cents per share.

Analysts surveyed by Thomson Reuters, who typically exclude one-time items from their estimates, expected earnings of 47 cents per share.

Revenue declined 26 percent, to $1.4 billion, falling short of Wall Street's expectations, amid a sharper than expected drop in orders. Weaker margins and a stronger dollar also hurt results. Analysts were looking for $1.53 billion in revenue.