Dover reports mixed Q3 results, shares dip on revenue miss

DOWNERS GROVE, Illinois - Dover Corporation (NYSE:DOV ) reported mixed third-quarter results on Thursday, with earnings beating expectations but revenue falling short of analyst estimates. The diversified manufacturer's shares slipped 1% following the announcement.

Dover posted adjusted earnings per share of $2.27 for the quarter ended September 30, 2024, surpassing the analyst consensus of $2.18. However, revenue came in at $1.98 billion, missing the $2.01 billion estimate. The company's top line grew 1% YoY, while adjusted earnings from continuing operations increased 4% to $314 million.

Richard J. Tobin, Dover's President and CEO, commented on the results: "Dover's third quarter results were in line with our expectations, driven by excellent production performance and positive margin mix from our growth platforms in clean energy, biopharma components, thermal connectors, and CO2 refrigeration systems."

The company's performance was broad-based across most of its portfolio, offsetting headwinds in polymer processing, beverage can-making, and heat exchangers for European heat pumps. Dover also noted robust order rates in its secular-growth-exposed markets.

Looking ahead, Dover revised its full-year 2024 guidance, now expecting adjusted EPS from continuing operations of $8.08 to $8.18, below the analyst consensus of $8.84. The company projects full-year revenue growth of 1% to 3%.

Dover recently completed the divestiture of its Environmental Solutions Group business, which the company says will reduce its exposure to cyclical capital goods. The move is part of Dover's ongoing strategic portfolio evolution, aimed at expanding its presence in high-growth, high-margin priority platforms.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Source: Investing.com