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. ...