Dover cuts full-year profit, revenue forecasts
Oct 24 (Reuters) -Diversified manufacturer Dover Corp DOV.N cut its annual profit and revenue forecast on Thursday, hurt by headwinds in polymer processing and beverage can-making.
Shares of the company fell 2.7% in premarket trading.
The Grove, Illinois-based company produces consumable supplies, aftermarket parts, software and digital solutions to serve a variety of industries, and has flagged persistent snags related to polymer processing and heat exchangers as drags on performance.
Dover's pumps and process unit, which contributes over 20% to overall revenue, makes engineered precision components for several industries and is heavily reliant on polymer production.
The company has also been involved in a bigger push to streamline its portfolio and focus on higher-margin operations.
In July, Dover also said that it was entering an 18-month period of buying opportunity for assets including "many private equity-owned businesses that are overdue for exits."
Dover now expects its annual profit per share to be between $10.11 and $10.21, compared to its prior range of $10.80 to $10.95. The company sees revenue in the year growing between 1% and 3%, compared to its prior expectation of between 3% and 4%.
The company's net income in the quarter ended Sept. 30 rose to $313 million, or $2.26 per share, compared with $262 million, or $1.86 per share a year ago.
Dover reported a 1% rise in quarterly revenue to about $1.98 billion from a year ago.
Reporting by Nathan Gomes in Bengaluru; Editing by Maju Samuel
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