Dover Corp slashes its profit and revenue outlook for the full year, shares down


Dover Corp (NYSE:DOV) cut its earnings and sales guidance for the full year. The company is now anticipating earnings in a range of $3.00 per share to $3.05 per share for the year, as compared to its previous forecast in between $3.35-$3.45 per share.

The Illinois-based company is expecting revenue to drop in a range of 4 percent to 5 percent. Earlier, it projected a revenue decline in between 3 percent and 5 percent.

Dover shares are trading lower today following the news. The stock fell more than 5 percent in the mid-day trading on Monday.

Chief Executive Officer, Robert Livingston said ‘’while our upstream drilling and production businesses showed solid improvement in the third quarter, and our printing & identification businesses continued to perform well, our overall results were well below our expectations.’’

The company also revealed that it expects pending purchase of Wayne Fueling Systems to close in the Q1 next year. The delay comes as U.K. regulators refer the deal for a Phase II investigation.