Dover Q1 2022 Earnings Report
Key Takeaways
Dover's Q1 2022 results were in line with expectations, with revenue growing across a majority of businesses. Revenue grew 10% to $2.1 billion, and adjusted diluted EPS increased 5% to $1.90.
Revenue grew across a majority of businesses, driven by solid demand and the ability to produce and ship despite operational challenges.
Backlogs and order rates remain robust across much of the portfolio.
Operating margin performance was satisfactory, with volume leverage, productivity, and cost controls offsetting negative impacts from supply chain constraints and inflation.
Pricing versus cost spread improved as older order book and inventory position were liquidated, with further improvement expected.
Dover
Dover
Dover Revenue by Segment
Forward Guidance
Dover is maintaining its 2022 adjusted full-year guidance and will continue evaluating it as the year unfolds. Dover expects to generate GAAP EPS in the range of $7.39 to $7.59 (adjusted EPS of $8.45 to $8.65), based on full year revenue growth of 8% to 10% (7% to 9% on an organic basis).
Positive Outlook
- Demand conditions are constructive
- Backlog remains at record levels
- Good revenue visibility
- Ability to forecast production
- Taking active measures to counter persisting headwinds
Revenue & Expenses
Visualization of income flow from segment revenue to net income