Dover reports Q4 and FY 2005 results - revenue and earnings up
Jan 27, 2006
Dover Corporation (NYSE: DOV) announced that for the fourth quarter ended December 31, 2005, it had revenue of $1,613.6 million, an increase of 19% over the prior-year period, and earnings from continuing operations of $125.1 million or $0.61 diluted earnings per share ("EPS"), compared to $96.3 million or $0.47 EPS from continuing operations in the prior year, both representing an increase of 30%.
Net earnings for the fourth quarter of 2005 were $116.1 million or $0.57 EPS, including a net loss of $8.9 million or $0.04 EPS from discontinued operations, compared to $97.1 million or $0.47 EPS for the same period of 2004, which included earnings from discontinued operations of $0.8 million or less than $0.01 EPS. In the fourth quarter, discontinued businesses had a net operating loss (excluding gains/losses on sales and write-offs) of $0.7 million, with no impact on EPS.
For the year ended December 31, 2005, Dover had revenue of $6,078.4 million and earnings from continuing operations of $474.5 million, or $2.32 EPS, up 17% and 21%, respectively, compared to revenue of $5,217.1 million and earnings from continuing operations of $394.2 million, or $1.92 EPS for 2004. Net earnings for the full year were $510.1 million or $2.50 EPS, including net earnings of $35.7 million or $0.17 EPS from discontinued operations, compared to $412.8 million or $2.02 EPS, including $18.6 million or $0.09 EPS for the prior year. During the year ended December 31, 2005, seven businesses were classified as discontinued. These businesses had net operating earnings of $7.7 million or $0.04 EPS for the year. All continuing operations information has been restated to reflect the discontinuance of these companies.
The full text of the fourth quarter earnings release as well as additional information on Dover's fourth quarter 2005 results and its operating companies can also be found on the company website at http://www.dovercorporation.com. Dover will host a Webcast of its fourth quarter 2005 conference call at 9:00 A.M. Eastern Time on Friday, January 27, 2006. The Webcast can be accessed at the Dover Corporation website at http://www.dovercorporation.com. The conference call will also be made available for replay on the website.