By Dhirendra Tripathi
Investing.com – Dover (NYSE:DOV) shares rose nearly 3% in Tuesday’s trade after strong earnings for the quarter ended March led the company to raise its guidance for 2021.
The company now expects revenue growth for 2021 to come between 10% and 12% and adjusted earnings per share in the range of $6.75 to $6.85.
In its forecast given in January, the company had predicted a revenue growth of 8% to 10% and EPS of $6.25 to $6.45.
For the quarter ended March 31, Dover generated revenue of $1.9 billion, an increase of 13% from the first quarter of the prior year. On an adjusted basis, net earnings of $263 million increased 29%.
New orders from activity in biopharma connectors and pumps, plastics & polymer processing, food retail, industrial pumps, refuse collection, and automotive-exposed markets helped the company deliver a performance that cheered traders.
The company ended March with an outstanding order book of $2.21 billion, which was 26% higher from the backlog as of December 31.