Stephen Simpson, CFA
Stephen Simpson, CFA
Fri, Jun. 10, 3:39 PM
- Dover (DOV -1.9%) is lower despite earning an upgrade to Outperform from Market Perform with an $87 price target at Bernstein, which believes the oil-related headwinds the company has been experiencing have peaked.
- DOV's non-oil business now accounts for 93% of its earnings, up from ~60% previously, and Bernstein expects the units to generate low to mid single digit percentage organic growth.
- The firm says it is extremely upbeat about DOV's acquisition of Wayne Fueling Systems, believing the deal increases the value of the stock by $7/share.
Mon, Mar. 14, 6:09 PM
- Dover (NYSE:DOV) -2.1% AH after saying its oil and gas related markets have weakened, pushing the company's Q1 financial results "well below prior expectations."
- DOV says it is increasing its restructuring and cost management activities to help mitigate the impact of the historically weak market conditions.
- DOV says sales of its food and refrigeration equipment "remained very solid" in Q1.
Dec. 15, 2015, 4:45 PM
- Dover (NYSE:DOV) -1.9% AH after issuing downside guidance for FY 2015, seeing EPS of $3.62 from prior guidance of $3.73-$3.80, which may not be comparable to $3.74 analyst consensus estimate.
- DOV cites weaker market conditions and internal restructuring for the reduced outlook; guidance includes ~$0.07/share in acquisition-related costs and incremental restructuring.
- DOV issues in-line guidance for FY 2016, seeing EPS of $3.85-$.05 vs. $4.02 analyst consensus, based on expected full-year revenue growth of 2%-5%, comprised of a flat to 3% decline in organic revenue, acquisition growth of 7% and a 2% impact from currency.
Jul. 9, 2015, 5:40 PM
Jul. 9, 2015, 4:47 PM
- Dover (NYSE:DOV) -4% AH after cutting its full-year forecast for earnings and revenue, citing continued weak fundamentals in the North American oil and gas markets, and generally weaker capital spending in retail refrigeration and certain industrial end-markets.
- DOV now expects FY 2015 revenue to fall 8%-9%, implying $7.05B-$7.13B vs. $7.26 analyst consensus estimate, vs. its prior forecast of a 4%-6% drop; full-year EPS is seen at $3.75-$3.90 vs. prior guidance of $4.20-$4.40 and below $4.16 consensus.
Apr. 9, 2015, 4:45 PM
- Dover (NYSE:DOV) -1.5% AH lowers its FY 2015 guidance for earnings and revenues, citing weaker North American oil and gas markets, the exchange rate impact of foreign currencies and slower capital spending within DOV's core retail refrigeration end markets.
- DOV says it now sees 2015 EPS of $4.20-$4.40, below its earlier outlook for $4.70-$4.95 and below $4.68 analyst consensus estimate, and expects full-year revenue to fall 4%-6%, down from its prior forecast between a 1% increase and 2% decline, which equates to $7.29B-$7.44B vs. $7.60-$7.83 prior and $7.67B consensus.
- DOV says it will continue to aggressively pursue restructuring initiatives to better align our cost base with the anticipated demand environment in 2015.
Dec. 8, 2014, 9:07 AM
- Dover (NYSE:DOV) -2.5% premarket after lowering its FY 2014 earnings guidance and issues in-line FY 2015 guidance.
- For FY 2014, DOV sees EPS of $4.55-$4.62 vs. $4.77 analyst consensus estimate, down from prior guidance of $4.75-$4.80, reflecting the impact of restructuring actions taken during Q4 and other one-time items.
- For FY 2015, DOV sees EPS of $5.05-$5.30 vs. $5.21 consensus, based on full-year revenue growth of 3%-6%, comprised of organic growth of 1%-4%, acquisition growth of 3% and a 1% impact from currency.
Dec. 2, 2014, 2:26 PM
- The pain caused by falling oil prices isn’t just for energy companies, as industrial companies with exposure to the industry also have started to sink under the strain: Dover (DOV +2.2%) shares have slipped 4.3% during the past month, while Kennametal (KMT -0.3%) has shed 8% and MRC Global (MRC -6.1%) has tumbled 12%.
- Seeing "potentially disastrous implications for U.S. energy and production companies and their suppliers," Global Hunter downgraded the three companies today; the firm says MRC has 46% exposure to U.S. upstream capex after previously estimated the company’s North American market share at ~24%, "exposing it broadly to the ups and downs of the broader market.”
- Earlier: Dover moves higher despite Goldman downgrade to Sell
Sep. 23, 2014, 2:27 PM
- Dover (DOV -2.3%) is down after saying in an investor presentation that it sees Q3 EPS coming in ~$0.08 below its own expectations, impacted by a modest but measurable impact from costs associated with recently completed deals and those in the pipeline, as well as lower Canada/Australia volume in its energy bearings market.
- Reaffirms guidance for FY 2014, seeing EPS of $4.75-$4.85 vs. $4.83 analyst consensus estimate; sees favorable trends heading into 2015, including strong U.S. oil and gas dynamics.
Mar. 3, 2014, 12:45 PM
Feb. 25, 2014, 9:12 AM
- 8x8 Inc. (EGHT) +4.8% premarket and Universal Insurance (UVE) +2.7% as the companies are selected to join the S&P SmallCap 600 after the close of trading Feb. 28; EGHT and UVE will replace Prospect Capital (PSEC) and Avid Technology (AVID), respectively.
- Also, Knowles Corp. will be added to the S&P MidCap 400 as it is spun off from S&P 500 constituent Dover (DOV) to shareholders, effective after the close of trading Feb. 28; DOV will remain in the S&P 500 after the spinoff; Knowles, which will use the ticker symbol KN, is replacing Apollo Investment (AINV).
Dec. 2, 2013, 3:50 PM
- Dover (DOV -1.2%) trades lower on the heels of a Morgan Stanley downgrade.
- Analyst Nigel Coe cuts the shares to Equalwieght from Overweight noting that "for the last year, [Morgan Stanley has] argued that DOV's FY13 guidance (which embedded 17% Y/Y mid-point EPS growth) was achievable and that this would lead to above-average multiple expansion. This has effectively played out."
- Price target is now $94.
Sep. 6, 2013, 1:11 PM
- LTX-Credence (LTXC +28%) pays $93.5M to acquire two businesses from Dover Corp. (DOV +0.2%), as it seeks to bolster its share of the semiconductor test cell and expand its access in the electronics-manufacturing industry.
- The electronic-test-equipment company buying Multitest, a maker of test equipment for computer chips, and Everett Charles Technologies, a developer of test products for advanced technology boards.
- The purchase price is broken down into $73.5M in cash plus a $20M promissory note.
- LTXC expects the combined company to have trailing 12-month revenue of about $420M, and the deal is seen immediately accretive to earnings.
May 23, 2013, 12:13 PM
Dover (DOV +4.8%) is upgraded to Buy from Neutral with a $90 price target at BAML following news it is spinning its Knowles and Sound Solutions businesses into a new public company. The firm had been concerned about DOV's exposure to Nokia (NOK) and Blackberry (BBRY) platforms as well as the pace of the value ramp up on Apple's (AAPL) iPhone.| May 23, 2013, 12:13 PM
Apr. 8, 2013, 3:19 PMGE's "stunning" $3.3B purchase price for Lufkin (LUFK +37.5%) means Weatherford's (WFT +3.5%) similar business could be worth even more, given its size and global scale, Cowen says. Credit Suisse says the deal reflects the increasing importance of artificial-lift technology as firms pursue oil using unconventional methods. Dover (DOV +1.5%), a third company in the sector, also is up. | Apr. 8, 2013, 3:19 PM
Nov. 14, 2012, 11:36 AMBarron's likes prospective double-digit earnings growth at Dover (DOV +1.7%) as well as strong cash flow supporting a 2.3% dividend yield and more small acquisitions, and it thinks shares could pop on a sale of its electronic assembly and test businesses. Shares are undervalued partly due to missteps on newly-acquired Sound Solutions, but it seems finally to be on the path to growth. | Nov. 14, 2012, 11:36 AM | 1 Comment