Dover Shares Fall 9% After Quarterly Revenue Miss, Guidance Raise

According to CNBC, Dover Corporation shares fell more than 9% on Thursday to around $195 apiece after the industrial conglomerate reported second-quarter revenue of $2.19 billion, below the $2.21 billion consensus. Adjusted earnings per share were $2.74, topping estimates by a penny, while total orders rose 16% and free cash flow increased 24% to $188 million. Dover raised its full-year outlook for organic growth and adjusted EPS, now expecting revenue growth of 6% to 8%, organic growth of 4% to 6% and adjusted EPS of $10.55 to $10.75. The stock hit its lowest level of the year and remains below its Feb. 20 all-time closing high of $233.31.