News
Earnings down at Triton parent in 4Q
January 22, 2002
NEW YORK -- Dover Corporation (NYSE: DOV), the parent company of Triton Systems, earned $37 million or 18 cents per diluted share from continuing operations in the fourth quarter ended Dec. 31 compared to $127.3 million or 62 cents per diluted share from continuing operations in the comparable period last year.
For the full year 2001, Dover earned $248.5 million or $1.22 per diluted share compared to $519.6 million or $2.54 in 2000. Excluding discontinued operations, Dover earned $166.8 million or 82 cents per diluted share for 2001, compared to $516.8 million or $2.52, in 2000.
In the Dover Industries segment, which includes Triton and 13 other manufacturing companies, fourth quarter sales fell $15.8 million to $280.9 million and segment income declined $13.3 million to $33.9 million compared to the same period in 2000.
Excluding the effect of restructuring charges of $1.9 million, segment income was $35.8 million, a decline of 24 percent from the prior year, but up slightly from the $35.1 million in income reported in 2001's third quarter before write-offs.
For the full year, Dover Industries sales and segment income from continuing operations, excluding the third and fourth quarter charges and expenses of $4.4 million were $1,160.1 million and $146.7 million, down 4 percent and 23 percent respectively from the prior year.
According to Dover, Triton accounted for approximately 20 percent of the full year earnings decline in the Industries segment.
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