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$DOV now expects 2016 revenue to decline 4-5% compared to prior forecast of down 3-5%. $DOV lowered 2016 EPS guidance to range of $3.00-3.05 from prior estimate of $3.35-3.45. This revised revenue forecast includes organic revenue of down 7-8%, as compared to the prior estimate of down 6-8%. For 3Q16, EPS is expected to be $0.81-0.83.
$DOV has acquired Ettlinger Kunststoffmaschinen GmbH and its affiliated entities, based in Germany. Ettlinger, a filtering solutions manufacturer, will become part of the Maag business unit within $DOV’s Fluids segment. Terms of the transaction were not disclosed. Ettlinger's annual revenue was approx. EUR16MM in 2017.
Manufacturing company $DOV has decided to spin off Wellsite, an upstream energy business within its energy segment, into a publicly-traded company. Pursuant to the tax-free spin-off, which is expected to complete by the second quarter of 2018, Wellsite will operate as a provider of multiple technologies, including oil and gas production solutions.
$DOV recently signed an agreement to sell the consumer and industrial winch business of Warn for $250MM. This deal marks another step in streamlining our business and focusing on our core growth platforms. The Warn sale is expected to close in 4Q17.
$DOV has previously announced it is exploring strategic alternatives for the separation of its upstream energy businesses within its Energy segment, collectively, the "Wellsite" business. $DOV is considering options which may include a tax-free spin-off, sale or other strategic combination. $DOV expects to complete its assessment by end of the year
$DOV reaffirmed its 2017 EPS guidance of $4.23-4.33. This is based on full-year revenue growth of 14-15% versus prior forecast of 12-14%. Within this, organic growth of 6-7%, acquisition growth of 10%, and a negative 2% impact from dispositions all remain largely unchanged. $DOV's revenue forecast includes a neutral impact from FX for the year.
$DOV reported a 38% growth in 3Q17 earnings driven by higher revenue. Net income rose to $178.9MM or $1.14 per share from $130.1MM or $0.83 per share last year. Revenue grew 17% to $2Bil, on organic growth of 9%, acquisition growth of 10% and a favorable impact from foreign exchange of 1%. Adjusted EPS climbed 40% to $1.16.
$RPM appointed Julie Lagacy to its BoD, effective immediately, and has nominated Robert Livingston as a director candidate for election to the board at its annual stockholders' meeting on Oct. 5, 2017. Lagacy is VP of global information services and CIO at $CAT, and Livingston is president and CEO of $DOV.
In early April, $DOV announced a small acquisition with respect to its digital textile printing initiative. The company will not involve in significant M&A activity in the next three or four months, but it might close some smaller deals. $DOV also added that it will not announce a share repurchase program for 2017.
For balance of 2017, $DOV said that it has got a muted expectation in the energy business with respect to the rate of change on rig count in the 2nd, 3rd and 4th quarters. The rate of change is expected to be less than 4Q16 and 1Q17. Well completion activity is estimated to pick up in 2H17 and excel in 2018 and beyond, $DOV said.
$DOV upgraded its FY17 diluted EPS outlook to $4.05-4.20, from prior guidance of $3.40-3.60. FY revenue growth is now expected at 11-13%, an upgrade from the prior forecast of 10-12%. The guidance update is based on higher expectations in Energy, and overall bookings activity, according to CEO Robert A. Livingston.
In 1Q17, $DOV posted a 73% jump in net earnings of $172.2MM, compared to $99.4MM last year. Including a $0.39 per share gain on disposition, diluted net EPS was $1.09 from $0.64 per share a year ago. Revenue rose 12% to $1.8Bil. "Bookings grew 21%, resulting in a strong book-to-bill of 1.12," said CEO Robert A. Livingston.
$DOV completed the sale of its Performance Motorsports International unit headquartered in Mentor, Ohio, to Race Winning Brands, a portfolio company of Kinderhook Industries, LLC for total consideration of $150MM. This includes $DOV's retention of a minority ownership interest in the ongoing business.