DOWNERS GROVE, Ill., April 24, 2025 — Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the first quarter ended March 31, 2025. All comparisons are to the comparable period of the prior fiscal year, unless otherwise noted.
For the quarter ended March 31, 2025, Dover generated revenue of $1.9 billion, a decrease of 1% (+1% organic). GAAP earnings from continuing operations of $239 million decreased 60%, and GAAP diluted EPS from continuing operations of $1.73 was down 60%, principally due to the gain on the disposition of De-Sta-Co in the comparable quarter of the prior year. On an adjusted basis, earnings from continuing operations of $283 million were up 18% and adjusted diluted EPS from continuing operations of $2.05 was up 19%.
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 first quarter results were encouraging, with favorable book-to-bill across all five segments and growing momentum throughout the quarter providing support for our near-term outlook.
"Demand and order trends were broad-based in the quarter, with particular strength in our secular-growth-exposed markets in single-use biopharma components, thermal connectors, and CO2 systems. A majority of our second quarter revenue is already in our backlog. Margin performance in the quarter was exceptional, driven by the positive mix impact from our high-margin, high-growth platforms, and our proactive cost management and productivity actions.
"Against the backdrop of a highly dynamic global trading environment, we believe we are comparatively well-positioned. We are a collection of niche operating companies in well-structured markets with agile business models and manageable supply chains. We tend to manufacture in the same regions in which we sell, with our cost and revenue bases largely aligned. And we currently have an advantaged capital position that serves as a healthy insurance policy while allowing us to opportunistically play offense in capital deployment decisions.
"We have a proven execution playbook to preserve profitability with levers to flexibly respond to changing and uncertain macroeconomic environments, as evidenced by our performance during the recent pandemic. We are confident in Dover's ability to navigate the current environment with a focus on near-term execution and full coordination between our operating businesses and the corporate center to continue driving shareholder value creation."
FULL YEAR 2025 GUIDANCE:
In 2025, Dover expects to generate GAAP EPS from continuing operations in the range of $8.04 to $8.24 (adjusted EPS from continuing operations of $9.20 to $9.40), based on full year revenue growth of 2% to 4% (all-in and organic).
CONFERENCE CALL INFORMATION:
Dover will host a webcast and conference call to discuss its first quarter results at 9:30 A.M. Eastern Time (8:30 A.M. Central Time) on Thursday, April 24, 2025. 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 $7 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 70 years, our team of approximately 24,000 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 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; changes in law, including the effect of tax laws and developments with respect to trade policy and tariffs; our ability to identify, consummate and successfully integrate and realize synergies from newly acquired businesses; acquisition valuation levels; the impact of interest rate and currency exchange rate fluctuations; capital allocation plans and changes in those plans, including with respect to dividends, share repurchases, investments in research and development, capital expenditures and acquisitions; our ability to effectively deploy capital resulting from dispositions; our ability to derive expected benefits from restructurings, productivity initiatives and other cost reduction actions; the impact of legal compliance risks and litigation, including with respect to product quality and safety, cybersecurity and privacy; and our ability to capture and protect intellectual property rights. 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, 2024, 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.