Fri, May 22, 8:00 AM
Thu, Apr. 23, 5:49 PM
- At least a half-dozen major industrial companies - including GE, Caterpillar (NYSE:CAT) Siemens (OTCPK:SIEGY), Honeywell (NYSE:HON), Dover (NYSE:DOV), Danaher (NYSE:DHR) and Emerson Electric (NYSE:EMR) - are said to be weighing offers for oilfield services assets worth $5B-$10B that Halliburton (NYSE:HAL) is preparing to sell ahead of its pending merger with Baker Hughes (NYSE:BHI), Bloomberg reports.
- HAL reportedly will send offering materials to those companies, as well as P-E firms and rival oilfield services providers, in the coming weeks; first up likely will be the drill bits unit and another that uses data to track and steer the direction of drills.
- These companies could own an edge over oilfield services companies that analysts have pegged as logical bidders for HAL’s castoffs - such as National Oilwell Varco (NYSE:NOV) and Superior Energy Services (NYSE:SPN) - because HAL might not want to give any more market share to companies that already offer the same services, preferring to sell to new players entering the market.
Tue, Apr. 21, 7:04 AM
Mon, Apr. 20, 5:30 PM
Thu, Apr. 9, 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.
Thu, Mar. 26, 4:43 PM
- RBC Bearings (NASDAQ:ROLL) agrees to acquire Dover's (NYSE:DOV) Sargent Aerospace & Defense business for $500M.
- RBC says Sargent supplies highly engineered products to a customer base it already knows well, and that Sargent's manufacturing processes and design expertise align well with and complement those of RBC.
- RBC estimates EPS accretion of $0.25-$0.35 for the first year of operations as a combined company.
- Shares halted.
Mon, Mar. 23, 3:18 PM
- Barclays sours on the multi-industry conglomerate sector, downgrading Dover (NYSE:DOV), Israel Chemical (NYSE:ICL), Wesco (NYSE:WCC), W.W. Grainger (NYSE:GWW), Xylem (NYSE:XYL) to Neutral from Outperform, seeing a scenario where stock returns are limited to mid-single-digit levels in 2015 and only slightly better in 2016, while rising cycle risks cap any upside to P/E multiples.
- However, the firm offers plenty of praise for Outperform-rated General Electric (NYSE:GE), which it says is "in the midst of positive change" thanks to the simplification of GE's industrial holdings, a shrinking asset base in GE Capital, outsized margin improvements, best-in-class dividend yield, and potential for management change.
- Barclays believes that in a year in which the S&P may stumble and lower commodity prices and forex headwinds will mean muted EPS growth in the multi-industry group, GE’s industrial earnings growth can move into the sector's top quartile.
Mon, Mar. 2, 9:55 AM
- Expanding into the $1.5B global barcode printing segment, Honeywell (HON +1%) has completed its $185M acquisition of Datamax-O'Neil (DOV -0.5%), a global manufacturer of fixed and mobile printers.
- Honeywell also announced that it will be partnering with satellite internet startup OneWeb to expand the high-speed data services it offers to aircraft.
- OneWeb, whose investors include the Virgin Group and Qualcomm, plans to build a network of 648 low-orbit satellites capable of beaming fast internet around the world starting in 2019.
Tue, Jan. 27, 8:58 AM
- Dover (NYSE:DOV) easily beat Q4 earnings expectations but lowered its guidance for FY 2015, citing the combined impact of lower oil prices, discontinued operations, share repurchase activity and foreign exchange losses.
- DOV now expects to post EPS of $4.70-$4.95 this year, below the $5.00 analyst consensus estimate, while projecting that revenue could fall as much as 2% or grow by up to 1%, principally reflecting a new energy revenue estimate of losses of 6%-9%, a 15 point reduction from its prior forecast.
- DOV had expected to earn $5.05-$5.30 per share this year, to go along with revenue growth of 3%-6%.
- Plans to divest its Sargent Aerospace business, while also reviewing further restructuring moves.
Tue, Jan. 27, 7:11 AM
Mon, Jan. 26, 5:30 PM
Tue, Jan. 6, 6:51 AM
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
Dec. 2, 2014, 11:56 AM
- Dover (DOV +1.2%) is downgraded to Sell from Neutral with a $69 price target, lowered from $82, at Goldman Sachs, which cites a lower rig count, limited balance sheet flexibility, weak oil prices and high decremental margins.
- Three key points underpins Goldman's Sell thesis: the consensus underestimates the impact of lower oil prices to DOV’s energy business, growth and margins for DOV’s remaining segments is uninspiring vs. coverage, and balance sheet flexibility is more limited than perceived.
- As a result, the firm lowers its 2015 and 2016 EPS estimates by 8% each to below-consensus $4.95 and $5.45.
Dec. 1, 2014, 5:49 PM
- General Electric (NYSE:GE) was the day's biggest loser among the Dow 30, as J.P. Morgan analysts Stephen Tusa and Rajat Gupta include GE among among industrial companies confronted with big risks through their exposure to oil drilling.
- "The game has changed," the analysts say in now seeing a spread in EPS growth between those that have material exposure to energy and those that do not to a range of ~800 bps; regarding GE, JPM drops oil/gas growth to -2% from +5% and power/water growth to zero from +3% on the back of distributed power weakness, which it pegs at mid-single digit declines for two years, along with the onset of a decline in gas turbines.
- The firm also downgrades Dover (NYSE:DOV) to Underweight, reaffirms its Underweight on Rockwell Automation (NYSE:ROK), and continues to avoid Emerson Electric (NYSE:EMR), SPX Corp. (NYSE:SPW) and GE; it still likes a few with oil/gas exposure, such as Pentair (NYSE:PNR) given ongoing execution/margin potential, and Honeywell (NYSE:HON), given less direct impact and a strong balance sheet story.
DOV vs. ETF Alternatives
Dover Corp owns and operates a portfolio of manufacturing companies providing components and equipment, specialty systems and support services for a variety of applications in the industrial products, engineered systems, fluid management.
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