Dover Q1 2020 Earnings Report
Key Takeaways
Dover reported a revenue of $1.7 billion, a 4% decrease compared to the first quarter of the prior year. GAAP net earnings increased 67% to $176 million, and GAAP diluted EPS was up 68% to $1.21. On an adjusted basis, net earnings grew 11%, and adjusted diluted EPS was up 12% versus the comparable quarter of the prior year.
Q1 top-line was weaker year-over-year due to a challenging comparable period and pandemic-related challenges.
Bookings were flat year-over-year, yielding an increased backlog compared to the same time last year.
Segment margins increased and absolute net earnings grew due to carryover benefits from productivity initiatives and prudent debt refinancing.
The company drew a $500M portion of its revolver facility considering the current commercial paper market conditions.
Dover
Dover
Dover Revenue by Segment
Forward Guidance
Due to the COVID-19 pandemic and the resulting negative impact to the global demand environment we are unable to forecast with certainty the effect on Dover’s financial and operational results, which could be material, and as such, Dover’s previously communicated guidance for full year 2020 revenue growth and adjusted EPS has been suspended. Our objective is to reinstate guidance for the remainder of the year with our Q2 2020 earnings announcement.
Revenue & Expenses
Visualization of income flow from segment revenue to net income