Manufacturing company Dover (NYSE:DOV) will be announcing earnings results this Thursday before market hours. Here’s what to expect.
Dover missed analysts’ revenue expectations by 0.7% last quarter, reporting revenues of $1.87 billion, flat year on year. It was a slower quarter for the company, with a significant miss of analysts’ adjusted operating income estimates and a slight miss of analysts’ organic revenue estimates.
Is Dover a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Dover’s revenue to grow 4.5% year on year to $2.04 billion, improving from the 1.8% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $2.39 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings.
Looking at Dover’s peers in the industrial machinery segment, some have already reported their Q2 results, giving us a hint as to what we can expect. GE Aerospace delivered year-on-year revenue growth of 21.2%, beating analysts’ expectations by 15.6%, and 3M reported a revenue decline of 1.6%, topping estimates by 0.9%. GE Aerospace traded down 1.1% following the results while 3M was also down 4%.
Read our full analysis of GE Aerospace’s results here and 3M’s results here.
There has been positive sentiment among investors in the industrial machinery segment, with share prices up 7.9% on average over the last month. Dover is up 7% during the same time and is heading into earnings with an average analyst price target of $206.41 (compared to the current share price of $189.90).
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