Corporate and Financial News

Dover Reports Second Quarter 2024 Results

DOWNERS GROVE, Ill., July 25, 2024 /PRNewswire/ – Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the second quarter ended June 30, 2024. All comparisons are to the comparable period of the prior fiscal year, unless otherwise noted.

For the quarter ended June 30, 2024, Dover generated revenue of $2.2 billion, an increase of 4% (+5% organic). GAAP net earnings of $282 million increased 16%, and GAAP diluted EPS of $2.04 was up 19%. On an adjusted basis, net earnings of $327 million increased 14% and adjusted diluted EPS of $2.36 was up 15%.

For the six months ended June 30, 2024, Dover generated revenue of $4.3 billion, an increase of 2% (+2% organic) compared to the prior year. GAAP net earnings of $914 million increased by 94%, and GAAP diluted EPS of $6.57 was up 96%. On an adjusted basis, net earnings of $600 million increased 7%, and adjusted diluted EPS of $4.31 was up 8% compared to the prior year.

A full reconciliation between GAAP and adjusted measures and definitions of non-GAAP and other performance measures are included as an exhibit herein.

MANAGEMENT COMMENTARY:

Dover’s President and Chief Executive Officer, Richard J. Tobin, said, “Dover’s second quarter results were solid, driven by excellent production performance and strong shipment rates on orders received. Volume strength was broad-based across the portfolio, with four of our five operating segments posting top-line growth. Margin expansion was robust during the period due to previous portfolio additions, positive mix impact from our growth platforms, and our rigorous cost containment and productivity actions. Order trends continued their positive trajectory, bolstering our confidence in the second half outlook.

“Our strong operational results were complemented by ongoing portfolio actions. We completed two highly strategic bolt-on acquisitions that enhance our clean energy components platform, adding applications in highly attractive end markets and expanding our global reach and manufacturing base. We also announced the divestiture of our Environmental Solutions Group business unit, reducing our exposure to capital goods as we continue to migrate the portfolio toward high margin priority platforms. Based on the development of our inorganic pipeline over the last few months, we believe we are entering a market with a significant opportunity for capital deployment, with enhanced capacity and optionality from the divestiture proceeds.

“We are approaching the second half of 2024 constructively. Underlying end market demand is healthy and is supported by our sustained order rates. We are committed to achieving our full year guidance through a combination of organic growth, operational execution, and productive capital deployment.”

FULL YEAR 2024 GUIDANCE:

In 2024, Dover expects to generate GAAP EPS in the range of $10.80 to $10.95 (adjusted EPS of $9.05 to $9.20), based on full year revenue growth of 3% to 4% (2% to 3% on an organic basis). Full year 2024 guidance includes the Environmental Solutions Group business unit.

CONFERENCE CALL INFORMATION:

Dover will host a webcast and conference call to discuss its second quarter results at 9:30 A.M. Eastern Time (8:30 A.M. Central Time) on Thursday, July 25, 2024. The webcast can be accessed on the Dover website at dovercorporation.com. The conference call will also be made available for replay on the website. Additional information on Dover's results and its operating segments can be found on the Company's website.

ABOUT DOVER:

Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 65 years, our team of approximately 25,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV."

FORWARD-LOOKING STATEMENTS:

This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be deemed, "forward-looking" statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control. Factors that could cause actual results to differ materially from current expectations include, among other things, general economic conditions and conditions in the particular markets in which we operate; supply chain constraints and labor shortages that could result in production stoppages, inflation in material input costs and freight logistics; the impact of interest rate and currency exchange rate fluctuations; the impacts of natural or human-induced disasters, acts of war, terrorism, international conflicts, and public health crises on the global economy and on our customers, suppliers, employees, business and cash flows;  changes in customer demand and capital spending; competitive factors and pricing pressures; our ability to develop and launch new products in a cost-effective manner; our ability to realize synergies from newly acquired businesses; and our ability to derive expected benefits from restructuring, productivity initiatives and other cost reduction actions. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2023, and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the Securities and Exchange Commission, and on our website, dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.