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Dover Reports 4Q, Full Year 2016 Results

Reports quarterly revenue of $1.8 billion, an increase of 5% from the prior year.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

Dover announced that for the fourth quarter ended Dec. 31, 2016, revenue was $1.8 billion, an increase of 5% from the prior year. The increase in the quarter was driven by acquisition growth of 11%, offset by an organic revenue decline of 2%, a 3% impact from dispositions, and an unfavorable impact from foreign exchange of 1%.
 
Earnings from continuing operations were $161.2 million, an increase of 18% as compared to $136.6 million for the prior year period. Diluted earnings per share (EPS) from continuing operations for the fourth quarter ended Dec. 31, 2016, were $1.03, compared to $0.87 EPS in the prior year period, representing an increase of 18%.
 
Revenue for the year ended Dec. 31, 2016 was $6.8 billion, a decrease of 2% from the prior year, reflecting an organic revenue decline of 5%, a 3% impact from dispositions, and an unfavorable impact from foreign exchange of 1%, offset by acquisition growth of 7%.
 
Earnings from continuing operations for the year ended Dec. 31, 2016, were $508.9 million, a decrease of 15% as compared to $595.9 million for the prior year period. Diluted EPS for the year ended Dec. 31, 2016, was $3.25, compared to $3.74 EPS in the prior year period, representing a decrease of 13%.
 
“I was pleased with our fourth quarter business activity and results,” Robert Livingston, Dover’s president and CEO, said. “And, I was especially pleased we were able to close the Wayne transaction earlier than previously expected.
 
“Among the highlights in the quarter were a continued recovery in our shorter cycle drilling and artificial lift markets, along with strong results in our Printing & Identification platform,” he added.

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