Dover reports declining sales, earnings
July 28, 2009
Filed under Features
Dover Corp., which includes aftermarket manufacturers Wiseco and Warn among others, saw its second-quarter revenue decrease by 31 percent over the year-ago quarter.
The revenue decrease — total sales amounted to $1.4 billion — was driven by a decline in core business revenue of 29 percent, a negative impact of foreign exchange of 3 percent and a 1 percent increase from net acquisitions, Dover reported.
Earnings also fell significantly. Dover reported earnings of $100.9 million compared to $186.9 million for the year-ago period.
“Despite tepid market conditions, we continued to execute on our objectives of delivering double-digit margins and focusing on cash flow,” Dover’s CEO Robert Livingston said in a press release. “I am pleased that we achieved 11 percent-plus operating margins and generated free cash flow of $165.5 million in the quarter.”