Shares of Dover Corporation are plummeting on Thursday after the industrial conglomerate delivered disappointing quarterly results.
Their days in our portfolio are numbered
Revenue in the second quarter rose 6.8% on an annual basis to $2.19 billion, coming up short of the $2.21 billion consensus, according to LSEG. Adjusted earnings per share (EPS) in the three months ended in June totaled $2.74, topping expectations by a penny, LSEG data showed. Total orders in the period grew 16%, while free cash flow was up 24% year over year to $188 million.
Dover shares fell more than 9% to roughly $195 apiece, touching their lowest levels of the year. The stock’s all-time closing high of $233.31 came on Feb. 20. It got within a few bucks of that peak in late June, before losing momentum into Thursday’s print.