Dover Corp., a manufacturing company based in Downers Grove, Illinois, experienced a rise in profit during the third quarter. This growth can be attributed to a decrease in the company's cost of goods and services.
Dover reported a net income of $290 million, surpassing last year's net income of $286 million during the same period. Earnings per share also saw an increase to $2.06 from $2.00, while adjusted earnings per share rose to $2.35 from $2.26.
However, these figures fell short of market expectations. According to the consensus compiled by FactSet, analysts predicted sales of $2.2 billion and net income of $328 million.
The company's revenue remained relatively stable compared to the previous year, with $2.15 billion in the third quarter of 2023 and $2.16 billion in the corresponding period of 2022.
Dover successfully managed to decrease its cost of goods and services, which dropped from $1.39 billion to $1.36 billion. This reduction likely contributed to the company's improved profitability.
While cost reduction was achieved, selling, general, and administrative expenses increased slightly from $402 million to $420 million.