NEW YORK -- Dover Corporation (NYSE: DOV), the parent company of Triton Systems, reported net earnings of $55.2 million, or 27 cents per diluted share, for the second quarter ended June 30, a drop from $143.3 million, or 70 cents per diluted share, in the year-earlier quarter.
Sales in the second quarter of 2002 were $1.1 billion, flat with the comparable quarter in the prior year.
The company said its segment earnings for the quarter were $111.3 million, an increase of 7 percent or $7 million from $104.3 million last year.
In the Dover Industries segment, which includes Triton, earnings increased 1 percent to $39.9 million from the comparable quarter last year on a sales decline of 4 percent.
While sales and earnings were lower at most Dover Industries companies compared to the same quarter last year, according to a news release, 11 of 14 companies had increased sales and higher earnings than in the first quarter of 2002.
According to the release, Triton favorably impacted Industries' comparisons, particularly compared to a very weak quarter last year, as sales and margins continued to improve due to the benefits of lower costs and favorable new product introductions.
