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Sep 30, 2022
Dover Q3 2022 Earnings Report
Dover delivered strong revenue growth and margin improvement.
Key Takeaways
Dover reported strong third-quarter results with revenue of $2.2 billion, a 7% increase (+9% organic). GAAP net earnings increased by 8% to $286 million, and GAAP diluted EPS rose by 10% to $2.00. Adjusted net earnings increased by 12% to $324 million, and adjusted diluted EPS increased by 14% to $2.26.
Dover delivered strong revenue growth and margin improvement in the third quarter driven by rigorous execution and improving price-cost dynamics.
Demand remains constructive across most of the portfolio and our order backlog remains at double its historical level relative to sales.
The supply chain challenges that we have endured for the past 18 months continued to improve in the quarter which has allowed us to deplete our backlog at a faster rate and reduce our order conversion lead times closer to pre-pandemic levels.
Management posture reflects growing caution in the macroeconomic outlook and proactively reducing output in several businesses to draw down inventory balances and initiating cost containment measures where appropriate.
Revenue by Segment
Forward Guidance
In 2022, Dover expects to generate GAAP EPS in the range of $7.40 to $7.50 (adjusted EPS of $8.40 to $8.50), based on full year revenue growth of 7% to 9% (8% to 10% on an organic basis).
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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