Dover Corporation (DOV – Free Report) reported first-quarter 2017 adjusted earnings per share from continuing operations of 70 cents, which increased 25% from 56 cents recorded in the prior-year quarter. Earnings also beat the Zacks Consensus Estimate of 62 cents.
Including one-time items, earnings came in at $1.09 per share, up from the prior-year figure of $0.64.
Total revenue increased 11.8% year over year to $1.813 billion in the quarter, which came ahead of the Zacks Consensus Estimate of $1.770 billion. The year-over-year increase was driven by acquisition growth of 12% and organic growth of 4%, partly offset by a 3% impact from dispositions, and an unfavorable impact from foreign exchange of 1%.
Costs and Margins
Cost of sales increased 11.5% year over year to $1.15 billion in the reported quarter. Gross profit rose 12% year over year to $661 million and subsequently gross margin expanded 20 basis points (bps) to 36.5%.
Selling, general and administrative expenses increased to $485.3 million from $443.4 million in the prior-year quarter. Operating profit grew 20.6% to $175.9 million from $145.8 million in the year-ago quarter. Operating margin expanded 70 bps to 9.7%.
Dover Corporation Price, Consensus and EPS Surprise
Dover Corporation Price, Consensus and EPS Surprise | Dover Corporation Quote
