At Sabela Ojea
Dover Corp. on Thursday posted better-than-expected earnings and revenue growth for its latest quarter, boosted by solid levels of order backlogs and demand across its portfolio.
The conglomerate manufacturer of industrial products said net income for the third quarter rose to $286 million, or $2.00 a share, compared with $264 million, or $1.81 a share, a year earlier.
Stripping out one-off items, the company’s earnings came in at $2.26 a share. Analysts polled by FactSet had been forecasting adjusted earnings of $2.18 a share.
Revenue rose 6.9% to $2.16 billion. Analysts polled by FactSet had forecast revenue of $2.16 billion.
“The supply chain challenges that we have endured for the past 18 months continued to improve in the quarter, which has allowed us to deplete our backlog at a faster rate and reduce our order conversion lead times closer to pre-pandemic levels,” Chief Executive Richard J. Tobin said.
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