Dover Management Updates the Apergy Spin, Sends Off CEO Livingston
Narrow-moat Dover Corporation posted strong results today, but nothing in its 2018 first-quarter earnings report alters our long-term view of the firm. As a result, we maintain our fair value estimate of $94 per share. The firm did provide updates on the anticipated spin-off of Apergy, the firm’s upstream energy business, which is scheduled to become a fully independent company on May 9. For remaining Dover Corporation, the firm will now consolidate its four segments into three operating segment...Dover is a manufacturer and solutions provider. The company provides services through five segments: Engineered Products, which provides a range of products, software and services; Fueling Solutions, which provides components, equipment and software and service solutions enabling transport of fuels and other hazardous fluids; Imaging and Identification, which includes supplying precision marking and coding; Pumps and Process Solutions, which includes manufacturing of pumps; and Refrigeration and Food Equipment, which provides equipment and systems that serve the commercial refrigeration, heating and cooling and food equipment markets.
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