NEW YORK, -- Dover Corporation (NYSE: DOV), parent company of ATM manufacturer Triton, earned $73.4 million or 36 cents diluted earnings per share (DEPS) from continuing operations in 2003's second quarter ended June 30, 2003. That's an increase of 12 percent over the $65.3 million or 32 cents DEPS earned in 2002's second quarter.
According to a news release, net earnings for 2003's second quarter were $72.8 million or 36 cents DEPS, which included $600,000 of losses from discontinued operations, compared to $55.2 million or 27 cents DEPS, for 2002's second quarter, which included $10.1 million or five cents DEPS in losses from discontinued operations.
Sales in 2003's second quarter were $1.1 billion, an increase of 4 percent over 2002's second quarter.
According to the release, Dover Industries, the division that includes Triton, "continues to face challenges in many markets, although results were modestly better than the first quarter."
Net sales for Dover Industries, which includes nine companies in addition to Triton, dropped 2 percent, from $268.6 million in 2002's second quarter to $263.6 million in 2003's second quarter. Earnings declined from $37.1 million in 2002's second quarter to $29 million in 2003's second quarter.
Triton's sales "increased again this quarter, due primarily to new products launched in 2002," according to the release.
