(Reuters) - Industrial equipment manufacturer Dover cut annual profit forecast on Tuesday, as it expects higher costs associated with inventory storage and lower demand from the biopharma and automotive industries to dampen earnings.
Dover now expects its 2023 adjusted profit to be in the range of $8.75 to $8.85 per share, based on an about flat full-year revenue growth.
It had earlier forecast $8.85 to $9.00 per share for the year.
"We are shifting to a more conservative outlook for the remainder of the year to reflect the changes in certain market conditions we observed in the third quarter," Tobin added.
The company's total revenue of $2.15 billion for the third quarter missed analysts' average estimate of $2.22 billion, according to LSEG data.
Persons:
Dover, Richard Tobin, Tobin, Abhinav Parmar, Shilpi Majumdar
Organizations:
Reuters, Dover
Locations:
Dover, Illinois, Bengaluru