Dover Corporation (DOV) has reported 73.36 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $172.25 million, or $1.09 a share in the quarter, compared with $99.36 million, or $0.64 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $110.53 million, or $0.70 a share compared with $88.13 million or $0.56 a share, a year ago. Revenue during the quarter grew 11.78 percent to $1,813.37 million from $1,622.27 million in the previous year period. Gross margin for the quarter expanded 14 basis points over the previous year period to 36.46 percent. Total expenses were 90.30 percent of quarterly revenues, down from 91.01 percent for the same period last year. This has led to an improvement of 71 basis points in operating margin to 9.70 percent.
Operating income for the quarter was $175.88 million, compared with $145.82 million in the previous year period.
Dovers president and chief executive officer, Robert A. Livingston, said, "I am very pleased with our first quarter business activity and results. The revenue growth of 12% was broad-based and bookings grew 21%, resulting in a strong book-to-bill of 1.12. Of particular note, organic revenue and bookings grew 4% and 12%, respectively.
For fiscal year 2017, the company expects diluted earnings per share to be in the range of $4.05 to $4.20.
Operating cash flow drops significantlyDover Corporation has generated cash of $78.07 million from operating activities during the quarter, down 41.48 percent or $ 55.34 million, when compared with the last year period. Cash flow from investing activities was $81.78 million for the quarter as against cash outgo of $425.86 million in the last year period.
The company has spent $93.29 million cash to carry out financing activities during the quarter as against cash inflow of $178.51 million in the last year period.
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