Dover's Third-Quarter Earnings Point to Ongoing Weakness in Industrial and Energy Markets
Narrow-moat Dover’s third-quarter earnings reflected ongoing challenges in long-cycle businesses exposed to industrial and energy end-markets, which explained the preemptive 2016 guidance revision on Oct. 10. Following adjustments to our 2016 and 2017 revenue and earnings estimates, we are maintaining our $67 per share fair value estimate.Declines in energy segment revenue remained steep on a year-over-year basis; however, some improvement in North American rig counts over the past several mont...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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