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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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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