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Mar 31, 2024
Dover Q1 2024 Earnings Report
Dover's first quarter results were in line with expectations, driven by strong order momentum and organic growth platforms.
Key Takeaways
Dover reported a 1% increase in revenue to $2.1 billion for Q1 2024. GAAP net earnings increased by 177% to $632 million, with GAAP diluted EPS also up by 177% to $4.52. Adjusted diluted EPS increased 1% to $1.95. The company completed two bolt-on acquisitions in the Clean Energy and Fueling segment and launched a $500 million accelerated share repurchase program.
Dover’s first quarter results were in line with expectations.
Order momentum in the quarter was strong and broad-based, particularly in shorter-cycle end markets.
The company completed two synergistic bolt-on acquisitions in its Clean Energy and Fueling segment.
A $500 million accelerated share repurchase program returning excess capital to shareholders was launched.
Dover
Dover
Dover Revenue by Segment
Revenue by Segment
Engineered Products Revenue
CapyFin.comClean Energy & Fueling Revenue
CapyFin.comImaging & Identification Revenue
CapyFin.comPumps & Process Solutions Revenue
CapyFin.comClimate & Sustainability Tech Revenue
CapyFin.com Forward Guidance
Dover narrowed its full year adjusted EPS guidance to the higher end of the range, expecting adjusted EPS of $9.00 to $9.15, based on full year revenue growth of 2% to 4% (1% to 3% on an organic basis). Full year GAAP EPS is expected to be in the range of $10.78 to $10.93, including the gain on sale of De-Sta-Co.
Positive Outlook
- Order rate momentum supports the outlook for continued volume and profit improvement through the year.
- Healthy underlying demand conditions across the portfolio.
- Full year revenue growth of 2% to 4% is expected.
- Organic revenue growth of 1% to 3% is expected.
- Strong growth in several key markets and improving performance in biopharma components set us up for favorable sequential margin mix over the balance of the year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income