Dover Reports Second Quarter 2025 Results
Dover (NYSE: DOV) reported strong Q2 2025 financial results, with revenue reaching $2.0 billion, up 5% year-over-year. The company achieved GAAP earnings from continuing operations of $280 million, a 14% increase, and adjusted earnings of $337 million, up 16%.
Key highlights include record consolidated segment margins, driven by portfolio actions, positive mix impact, and cost containment. The company completed two acquisitions in its Pumps & Process Solutions segment and raised its full-year 2025 adjusted EPS guidance to $9.35-$9.55, up from $9.20-$9.40. Dover expects full-year revenue growth of 4% to 6%.
Dover (NYSE: DOV) ha riportato solidi risultati finanziari nel secondo trimestre 2025, con ricavi pari a 2,0 miliardi di dollari, in aumento del 5% rispetto all'anno precedente. L'azienda ha registrato un utile GAAP dalle operazioni continue di 280 milioni di dollari, con un incremento del 14%, e un utile rettificato di 337 milioni di dollari, in crescita del 16%.
I punti salienti includono margini record nel segmento consolidato, sostenuti da azioni sul portafoglio, un impatto positivo del mix e il contenimento dei costi. L'azienda ha completato due acquisizioni nel segmento Pumps & Process Solutions e ha aumentato la guidance sull'utile per azione rettificato per l'intero 2025 a 9,35-9,55 dollari, rispetto alla precedente stima di 9,20-9,40 dollari. Dover prevede una crescita dei ricavi per l'intero anno compresa tra il 4% e il 6%.
Dover (NYSE: DOV) report贸 s贸lidos resultados financieros en el segundo trimestre de 2025, con ingresos que alcanzaron los 2.0 mil millones de d贸lares, un aumento del 5% interanual. La compa帽铆a logr贸 ganancias GAAP de operaciones continuas de 280 millones de d贸lares, un incremento del 14%, y ganancias ajustadas de 337 millones de d贸lares, un aumento del 16%.
Los aspectos destacados incluyen m谩rgenes r茅cord en el segmento consolidado, impulsados por acciones en la cartera, un impacto positivo de la mezcla y control de costos. La empresa complet贸 dos adquisiciones en su segmento de Pumps & Process Solutions y elev贸 su gu铆a de EPS ajustado para todo el a帽o 2025 a 9.35-9.55 d贸lares, desde 9.20-9.40 d贸lares. Dover espera un crecimiento de ingresos para todo el a帽o del 4% al 6%.
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欤检殧 靹标臣搿滊姅 韽姼韽措Μ鞓� 臁办箻, 旮嶌爼鞝侅澑 氙轨姢 須臣, 牍勳毄 鞝堦皭鞐� 頌橃瀰鞏� 旮半鞝侅澑 韱淀暕 攵�氍� 毵堨鞚� 雼劚頃� 鞝愳澊 鞛堨姷雼堧嫟. 須岇偓電� Pumps & Process Solutions 攵�氍胳棎靹� 霊� 瓯挫潣 鞚胳垬毳� 鞕勲頄堨溂氅�, 2025雲� 鞝勳泊 臁办爼 欤茧嫻靾滌澊鞚� 臧�鞚措崢鞀るゼ 旮办〈 9.20-9.40雼煬鞐愳劀 9.35-9.55雼煬搿� 靸來枼 臁办爼頄堨姷雼堧嫟. Dover電� 鞐瓣皠 毵れ稖 靹膘灔毳犾潉 4%鞐愳劀 6% 靷澊搿� 鞓堨儊頃橁碃 鞛堨姷雼堧嫟.
Dover (NYSE : DOV) a publi茅 de solides r茅sultats financiers pour le deuxi猫me trimestre 2025, avec un chiffre d'affaires atteignant 2,0 milliards de dollars, en hausse de 5 % par rapport 脿 l'ann茅e pr茅c茅dente. La soci茅t茅 a r茅alis茅 un b茅n茅fice GAAP des activit茅s poursuivies de 280 millions de dollars, soit une augmentation de 14 %, et un b茅n茅fice ajust茅 de 337 millions de dollars, en progression de 16 %.
Les points forts incluent des marges record au niveau consolid茅, soutenues par des actions sur le portefeuille, un impact positif du mix et la ma卯trise des co没ts. L'entreprise a finalis茅 deux acquisitions dans son segment Pumps & Process Solutions et a relev茅 ses pr茅visions de BPA ajust茅 pour l'ann茅e 2025 脿 9,35-9,55 dollars, contre 9,20-9,40 dollars auparavant. Dover pr茅voit une croissance du chiffre d'affaires annuelle comprise entre 4 % et 6 %.
Dover (NYSE: DOV) meldete starke Finanzergebnisse f眉r das zweite Quartal 2025, mit einem Umsatz von 2,0 Milliarden US-Dollar, ein Anstieg von 5 % im Jahresvergleich. Das Unternehmen erzielte GAAP-Gewinne aus fortgef眉hrten Gesch盲ftsbereichen von 280 Millionen US-Dollar, was einer Steigerung von 14 % entspricht, sowie bereinigte Gewinne von 337 Millionen US-Dollar, ein Plus von 16 %.
Zu den wichtigsten Highlights geh枚ren rekordverd盲chtige konsolidierte Segmentmargen, die durch Portfolio-Ma脽nahmen, positive Mix-Effekte und Kosteneinsparungen getrieben wurden. Das Unternehmen schloss zwei Akquisitionen im Segment Pumps & Process Solutions ab und hob die Prognose f眉r das bereinigte Ergebnis je Aktie 2025 auf 9,35-9,55 US-Dollar an, zuvor lag sie bei 9,20-9,40 US-Dollar. Dover erwartet f眉r das Gesamtjahr ein Umsatzwachstum von 4 % bis 6 %.
- Q2 revenue increased by 5% to $2.0 billion
- Adjusted earnings grew 16% to $337 million in Q2
- Record consolidated segment margin achievement
- Completed two strategic acquisitions in Pumps & Process Solutions segment
- Raised full-year 2025 adjusted EPS guidance
- Strong order trends and healthy underlying end market demand
- Solid balance sheet providing flexibility for capital deployment
- Organic revenue growth limited to 1%
- Six-month GAAP earnings decreased 39% year-over-year
- Facing dynamic global trading environment and macroeconomic uncertainties
Insights
Dover delivered solid Q2 with 5% revenue growth, 16% adjusted EPS growth, and raised full-year guidance amid improving order trends.
Dover has posted impressive Q2 results that demonstrate resilience and operational excellence in a challenging global environment. Revenue increased
The company's order book is showing positive momentum, with management noting that a majority of Q3 revenue is already in backlog. This visibility supports Dover's decision to raise its full-year adjusted EPS guidance from
While the
Dover's capital deployment strategy warrants attention. The company completed two acquisitions in its high-margin Pumps & Process Solutions segment during the quarter, aligning with its strategy to expand in high-growth, high-margin areas. This strategic focus, combined with ongoing investments in productivity and capacity expansion, positions Dover well for sustainable growth.
What's most encouraging is the acceleration in top-line performance, driven by broad-based shipment growth in short-cycle components and strength in secular-growth markets. With a solid balance sheet providing flexibility for further value-creating investments, Dover appears well-positioned to navigate current market conditions while pursuing strategic growth opportunities.
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
($ in millions, except per share data) | 2025 | 2024 | % Change* | 2025 | 2024 | % Change* | ||||||
Revenue | $听听听听听听 2,050 | $听听听听听听 1,949 | 5听% | $听听听听听听 3,916 | $听听听听听听 3,833 | 2听% | ||||||
Earnings from continuing operations听 | 280 | 247 | 14听% | 519 | 849 | (39)听% | ||||||
Diluted EPS听from continuing operations | 2.03 | 1.78 | 14听% | 3.76 | 6.10 | (38)听% | ||||||
Non-GAAP | ||||||||||||
Organic revenue change | 1听% | 1听% | ||||||||||
Adjusted earnings from continuing operations1 | 337 | 291 | 16听% | 620 | 532 | 17听% | ||||||
Adjusted diluted EPS from continuing operations | 2.44 | 2.10 | 16听% | 4.49 | 3.82 | 18听% | ||||||
1 Q2 and year-to-date 2025 and 2024 adjusted earnings from continuing operations exclude after-tax purchase accounting expenses, restructuring and other costs and (gain) loss on dispositions. | |
* Change may be impacted by rounding. |
For the quarter ended June 30, 2025, Dover generated revenue of
For the six months ended June听30, 2025, Dover generated revenue of
A full reconciliation between GAAP and adjusted measures and definitions of non-GAAP and other performance measures are included as an exhibit herein.
MANAGEMENT COMMENTARY:
Dover's President and Chief Executive Officer, Richard J. Tobin, said, "Dover's second quarter results were solid, driven by excellent production performance and execution in the face of a highly dynamic global trading environment.
"Top line performance accelerated in the quarter on broad-based shipment growth in short cycle components and continued strength in our secular-growth-exposed end markets. Order trends continued to post positive momentum in the quarter, bolstering our confidence in the second half outlook with a majority of our third quarter revenue already in the backlog. Margin performance in the quarter was exemplary with a record consolidated segment margin, a result of prior portfolio actions, positive mix impact from our growth platforms, and our rigorous cost containment and productivity actions.
"Our solid operational results were complemented by ongoing capital deployment actions. We continue to invest in high-ROI organic capital projects, including productivity and capacity expansions as well as targeted footprint optimization. During the quarter we also completed two acquisitions of attractive, fast-growing assets within our high-priority Pumps & Process Solutions segment. Our balance sheet strength remains an advantage that provides flexibility as we pursue value-creating capital deployment to further expand our businesses in high growth, high margin areas.
"We are approaching the second half of 2025 constructively. Despite some macroeconomic noise, underlying end market demand is healthy and is supported by our sustained order rates. As a result of our first half performance, we are increasing our full year adjusted EPS guidance from
FULL YEAR 2025 GUIDANCE:
In 2025, Dover expects to generate GAAP EPS from continuing operations in the range of
CONFERENCE CALL INFORMATION:
Dover will host a webcast and conference call to discuss its second quarter results at 9:30 A.M. Eastern Time (8:30 A.M. Central Time) on Thursday, July听24, 2025. The webcast can be accessed on the Dover website at dovercorporation.com. The conference call will also be made available for replay on the website. Additional information on Dover's results and its operating segments can be found on the Company's website.
ABOUT DOVER:
Dover is a diversified global manufacturer and solutions provider with annual revenue of over
FORWARD-LOOKING STATEMENTS:
This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be deemed, "forward-looking" statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control. Factors that could cause actual results to differ materially from current expectations include, among other things, general economic conditions and conditions in the particular markets in which we operate; supply chain constraints and labor shortages that could result in production stoppages; inflation in material input costs and freight logistics; the impacts of natural or human-induced disasters, acts of war, terrorism, international conflicts, and public health crises on the global economy and on our customers, suppliers, employees, business and cash flows; changes in customer demand and capital spending; competitive factors and pricing pressures; our ability to develop and launch new products in a cost-effective manner; changes in law, including the effect of tax laws and developments with respect to trade policy and tariffs; our ability to identify, consummate and successfully integrate and realize synergies from newly acquired businesses; acquisition valuation levels; the impact of interest rate and currency exchange rate fluctuations; capital allocation plans and changes in those plans, including with respect to dividends, share repurchases, investments in research and development, capital expenditures and acquisitions; our ability to effectively deploy capital resulting from dispositions; our ability to derive expected benefits from restructurings, productivity initiatives and other cost reduction actions; the impact of legal compliance risks and litigation, including with respect to product quality and safety, cybersecurity and privacy; and our ability to capture and protect intellectual property rights. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024, and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the Securities and Exchange Commission, and on our website, dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
INVESTOR SUPPLEMENT - SECOND QUARTER 2025 | |||||||
DOVER CORPORATION | |||||||
CONSOLIDATED STATEMENTS OF EARNINGS | |||||||
(unaudited)(in thousands) | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Revenue | $听听听听听听听听听听听 2,049,592 | $听听听听听听听听听听听 1,948,782 | $听听听听听听听听听听听 3,915,651 | $听听听听听听听听听听听 3,832,501 | |||
Cost of goods and services | 1,231,330 | 1,196,259 | 2,351,889 | 2,382,791 | |||
Gross profit | 818,262 | 752,523 | 1,563,762 | 1,449,710 | |||
Selling, general and administrative expenses | 463,665 | 429,055 | 912,856 | 872,036 | |||
Operating earnings | 354,597 | 323,468 | 650,906 | 577,674 | |||
Interest expense | 26,791 | 32,374 | 54,399 | 68,739 | |||
Interest income | (17,935) | (4,081) | (38,189) | (8,837) | |||
(Gain) loss on dispositions | (2,176) | 663 | (4,644) | (529,280) | |||
Other income, net | (4,180) | (12,845) | (8,138) | (19,984) | |||
Earnings before provision for income taxes | 352,097 | 307,357 | 647,478 | 1,067,036 | |||
Provision for income taxes | 71,967 | 60,770 | 128,107 | 218,347 | |||
Earnings from continuing operations | 280,130 | 246,587 | 519,371 | 848,689 | |||
(Loss) earnings from discontinued operations, net | (1,066) | 35,235 | (9,486) | 65,354 | |||
Net earnings | $听听听听听听听听听听听听听听 279,064 | $听听听听听听听听听听听听听听 281,822 | $听听听听听听听听听听听听听听 509,885 | $听听听听听听听听听听听听听听 914,043 | |||
听
DOVER CORPORATION | ||||||||||
QUARTERLY EARNINGS PER SHARE | ||||||||||
(unaudited)(in thousands, except per share data*) | ||||||||||
Earnings Per Share | ||||||||||
2025 | 2024 | |||||||||
Q1 | Q2 | Q2 YTD | Q1 | Q2 | Q2 YTD | Q3 | Q4 | FY 2024 | ||
Basic (loss) earnings per share: | ||||||||||
Continuing operations | $听听听听听听听听听 1.74 | $听听听听听 2.04 | $听听听听听听听听听 3.78 | $听听听听听听听听听 4.33 | $听听听听听听听听听听听 1.79 | $听听听听听听 6.14 | $听听听听听听听听听 2.28 | $听听听听听听听听听 1.74 | $听听听听听听听 10.16 | |
Discontinued operations | $听听听听听听听 (0.06) | $听听听 (0.01) | $听听听听听听听 (0.07) | $听听听听听听听听听 0.22 | $听听听听听听听听听听听 0.26 | $听听听听听听 0.47 | $听听听听听听听听听 0.25 | $听听听听听听听听听 8.73 | $听听听听听听听听听 9.42 | |
Net earnings | $听听听听听听听听听 1.68 | $听听听听听 2.03 | $听听听听听听听听听 3.71 | $听听听听听听听听听 4.55 | $听听听听听听听听听听听 2.05 | $听听听听听听 6.61 | $听听听听听听听听听 2.53 | $听听听听听听听 10.47 | $听听听听听听听 19.58 | |
Diluted (loss) earnings per share: | ||||||||||
Continuing operations | $听听听听听听听听听 1.73 | $听听听听听 2.03 | $听听听听听听听听听 3.76 | $听听听听听听听听听 4.30 | $听听听听听听听听听听听 1.78 | $听听听听听听 6.10 | $听听听听听听听听听 2.26 | $听听听听听听听听听 1.72 | $听听听听听听听 10.09 | |
Discontinued operations | $听听听听听听听 (0.06) | $听听听 (0.01) | $听听听听听听听 (0.07) | $听听听听听听听听听 0.22 | $听听听听听听听听听听听 0.25 | $听听听听听听 0.47 | $听听听听听听听听听 0.25 | $听听听听听听听听听 8.66 | $听听听听听听听听听 9.35 | |
Net earnings | $听听听听听听听听听 1.67 | $听听听听听 2.02 | $听听听听听听听听听 3.69 | $听听听听听听听听听 4.52 | $听听听听听听听听听听听 2.04 | $听听听听听听 6.57 | $听听听听听听听听听 2.51 | $听听听听听听听 10.38 | $听听听听听听听 19.45 | |
Net (loss) earnings and weighted average shares used in calculated (loss) earnings per share amounts are as follows: | ||||||||||
Continuing operations | $听听 239,241 | $听 280,130 | $听听 519,371 | $听听 602,102 | $听听听听 246,587 | $听 848,689 | $听听 312,896 | $听听 238,383 | $听 1,399,968 | |
Discontinued operations | (8,420) | (1,066) | (9,486) | 30,119 | 35,235 | 65,354 | 34,204 | 1,197,600 | 1,297,158 | |
Net earnings | $听听 230,821 | $听 279,064 | $听听 509,885 | $听听 632,221 | $听听听听 281,822 | $听 914,043 | $听听 347,100 | $听 1,435,983 | $听 2,697,126 | |
Weighted average shares outstanding: | ||||||||||
Basic | 137,267 | 137,226 | 137,261 | 139,051 | 137,443 | 138,247 | 137,251 | 137,205 | 137,735 | |
Diluted | 138,260 | 137,974 | 138,132 | 139,869 | 138,404 | 139,136 | 138,223 | 138,298 | 138,696 | |
Dividends paid per common share | $听听听听听听听 0.515 | $听听听 0.515 | $听听听听听听听听听 1.03 | $听听听听听听听听听 0.51 | $听听听听听听听听听听听 0.51 | $听听听听听听 1.02 | $听听听听听听听 0.515 | $听听听听听听听 0.515 | $听听听听听听听听听 2.05 | |
* Per share data may be impacted by rounding. | ||||||||||
听
DOVER CORPORATION | ||||||||||
QUARTERLY SEGMENT INFORMATION | ||||||||||
(unaudited)(in thousands) | ||||||||||
2025 | 2024 | |||||||||
Q1 | Q2 | Q2 YTD | Q1 | Q2 | Q2 YTD | Q3 | Q4 | FY 2024 | ||
REVENUE | ||||||||||
Engineered Products | $听听 254,646 | $听听 275,944 | $听听 530,590 | $听听 332,820 | $听听 285,297 | $听听 618,117 | $听听 296,117 | $听听 288,223 | $听 1,202,457 | |
Clean Energy & Fueling | 491,148 | 546,097 | 1,037,245 | 445,053 | 463,014 | 908,067 | 500,685 | 528,032 | 1,936,784 | |
Imaging & Identification | 280,090 | 292,009 | 572,099 | 276,806 | 287,593 | 564,399 | 283,966 | 288,800 | 1,137,165 | |
Pumps & Process Solutions | 493,573 | 520,554 | 1,014,127 | 465,729 | 477,239 | 942,968 | 472,463 | 479,135 | 1,894,566 | |
Climate & Sustainability Technologies | 347,888 | 416,151 | 764,039 | 364,292 | 436,706 | 800,998 | 431,127 | 347,524 | 1,579,649 | |
Intersegment eliminations | (1,286) | (1,163) | (2,449) | (981) | (1,067) | (2,048) | (816) | (1,848) | (4,712) | |
Total consolidated revenue | $听 1,866,059 | $听 2,049,592 | $听 3,915,651 | $听 1,883,719 | $听 1,948,782 | $听 3,832,501 | $听 1,983,542 | $听 1,929,866 | $听 7,745,909 | |
EARNINGS FROM CONTINUING OPERATIONS | ||||||||||
Segment Earnings: | ||||||||||
Engineered Products | $听听听听 44,114 | $听听听听听 53,511 | $听听听听 97,625 | $听听听听 62,532 | $听听听听 52,095 | $听听 114,627 | $听听听听 56,621 | $听听听听 59,989 | $听听 231,237 | |
Clean Energy & Fueling | 85,644 | 107,771 | 193,415 | 69,675 | 87,536 | 157,211 | 99,536 | 103,246 | 359,993 | |
Imaging & Identification | 77,575 | 76,937 | 154,512 | 69,959 | 75,786 | 145,745 | 77,247 | 78,715 | 301,707 | |
Pumps & Process Solutions | 151,275 | 159,504 | 310,779 | 118,737 | 137,217 | 255,954 | 138,277 | 142,375 | 536,606 | |
Climate & Sustainability Technologies | 52,119 | 77,262 | 129,381 | 50,759 | 79,127 | 129,886 | 76,015 | 44,974 | 250,875 | |
Total segment earnings | 410,727 | 474,985 | 885,712 | 371,662 | 431,761 | 803,423 | 447,696 | 429,299 | 1,680,418 | |
Purchase accounting expenses 1 | 49,104 | 51,123 | 100,227 | 44,187 | 44,332 | 88,519 | 48,356 | 49,366 | 186,241 | |
Restructuring and other costs 2 | 9,397 | 23,210 | 32,607 | 23,971 | 11,590 | 35,561 | 16,581 | 32,841 | 84,983 | |
(Gain) loss on dispositions 3 | (2,468) | (2,176) | (4,644) | (529,943) | 663 | (529,280) | (68,633) | 115 | (597,798) | |
Corporate expense / other 4 | 51,959 | 41,875 | 93,834 | 42,159 | 39,526 | 81,685 | 36,110 | 38,168 | 155,963 | |
Interest expense | 27,608 | 26,791 | 54,399 | 36,365 | 32,374 | 68,739 | 34,128 | 28,304 | 131,171 | |
Interest income | (20,254) | (17,935) | (38,189) | (4,756) | (4,081) | (8,837) | (5,176) | (23,145) | (37,158) | |
Earnings before provision for income taxes | 295,381 | 352,097 | 647,478 | 759,679 | 307,357 | 1,067,036 | 386,330 | 303,650 | 1,757,016 | |
Provision for income taxes | 56,140 | 71,967 | 128,107 | 157,577 | 60,770 | 218,347 | 73,434 | 65,267 | 357,048 | |
Earnings from continuing operations | $听听 239,241 | $听听 280,130 | $听听 519,371 | $听听 602,102 | $听听 246,587 | $听听 848,689 | $听听 312,896 | $听听 238,383 | $听 1,399,968 | |
SEGMENT EARNINGS MARGIN | ||||||||||
Engineered Products | 17.3听% | 19.4听% | 18.4听% | 18.8听% | 18.3听% | 18.5听% | 19.1听% | 20.8听% | 19.2听% | |
Clean Energy & Fueling | 17.4听% | 19.7听% | 18.6听% | 15.7听% | 18.9听% | 17.3听% | 19.9听% | 19.6听% | 18.6听% | |
Imaging & Identification | 27.7听% | 26.3听% | 27.0听% | 25.3听% | 26.4听% | 25.8听% | 27.2听% | 27.3听% | 26.5听% | |
Pumps & Process Solutions | 30.6听% | 30.6听% | 30.6听% | 25.5听% | 28.8听% | 27.1听% | 29.3听% | 29.7听% | 28.3听% | |
Climate & Sustainability Technologies | 15.0听% | 18.6听% | 16.9听% | 13.9听% | 18.1听% | 16.2听% | 17.6听% | 12.9听% | 15.9听% | |
Total segment earnings margin | 22.0听% | 23.2听% | 22.6听% | 19.7听% | 22.2听% | 21.0听% | 22.6听% | 22.2听% | 21.7听% | |
1 Purchase accounting expenses are primarily comprised of amortization of intangible assets. | ||||||||||
2 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. | ||||||||||
3 (Gain) loss on dispositions, including post-closing adjustments. | ||||||||||
4 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters. | ||||||||||
听
DOVER CORPORATION | ||||||||||
QUARTERLY ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP) | ||||||||||
(unaudited)(in thousands, except per share data*) | ||||||||||
Non-GAAP Reconciliations | ||||||||||
2025 | 2024 | |||||||||
Q1 | Q2 | Q2 YTD | Q1 | Q2 | Q2 YTD | Q3 | Q4 | FY 2024 | ||
Adjusted earnings from continuing operations: | ||||||||||
Earnings from continuing operations | $听听 239,241 | $听 280,130 | $听 519,371 | $听听 602,102 | $听听 246,587 | $听 848,689 | $听听 312,896 | $听听 238,383 | $听 1,399,968 | |
Purchase accounting expenses, pre-tax 1 | 49,104 | 51,123 | 100,227 | 44,187 | 44,332 | 88,519 | 48,356 | 49,366 | 186,241 | |
Purchase accounting expenses, tax impact 2 | (10,919) | (11,367) | (22,286) | (9,711) | (9,760) | (19,471) | (10,633) | (10,911) | (41,015) | |
Restructuring and other costs, pre-tax 3 | 9,397 | 23,210 | 32,607 | 23,971 | 11,590 | 35,561 | 16,581 | 32,841 | 84,983 | |
Restructuring and other costs, tax impact 2 | (1,887) | (4,642) | (6,529) | (4,734) | (2,479) | (7,213) | (3,465) | (6,864) | (17,542) | |
(Gain) loss on dispositions, pre-tax 4 | (2,468) | (2,176) | (4,644) | (529,943) | 663 | (529,280) | (68,633) | 115 | (597,798) | |
(Gain) loss on dispositions, tax-impact 2 | 689 | 435 | 1,124 | 114,973 | (144) | 114,829 | 18,889 | 1,695 | 135,413 | |
Adjusted earnings from continuing operations | $听听 283,157 | $听 336,713 | $听 619,870 | $听听 240,845 | $听听 290,789 | $听 531,634 | $听听 313,991 | $听听 304,625 | $听 1,150,250 | |
Adjusted diluted earnings per share from continuing operations: | ||||||||||
Diluted earnings per share from continuing operations | $听听听听听听听听听 1.73 | $听听听听听听 2.03 | $听听听听听听听听 3.76 | $听听听听听听听听听 4.30 | $听听听听听听听听听 1.78 | $听听听听听听听听 6.10 | $听听听听听听听听听 2.26 | $听听听听听听听听听 1.72 | $听听听听听听听 10.09 | |
Purchase accounting expenses, pre-tax 1 | 0.36 | 0.37 | 0.73 | 0.32 | 0.32 | 0.64 | 0.35 | 0.36 | 1.34 | |
Purchase accounting expenses, tax impact 2 | (0.08) | (0.08) | (0.16) | (0.07) | (0.07) | (0.14) | (0.08) | (0.08) | (0.30) | |
Restructuring and other costs, pre-tax 3 | 0.07 | 0.17 | 0.24 | 0.17 | 0.08 | 0.26 | 0.12 | 0.24 | 0.61 | |
Restructuring and other costs, tax impact 2 | (0.01) | (0.03) | (0.05) | (0.03) | (0.02) | (0.05) | (0.03) | (0.05) | (0.13) | |
(Gain) loss on dispositions, pre-tax 4 | (0.02) | (0.02) | (0.03) | (3.79) | 鈥� | (3.80) | (0.50) | 鈥� | (4.31) | |
(Gain) loss on dispositions, tax-impact 2 | 鈥� | 鈥� | 0.01 | 0.82 | 鈥� | 0.83 | 0.14 | 0.01 | 0.98 | |
Adjusted diluted earnings per share from continuing operations | $听听听听听听听听听 2.05 | $听听听听听听 2.44 | $听听听听听听听听 4.49 | $听听听听听听听听听 1.72 | $听听听听听听听听听 2.10 | $听听听听听听听听 3.82 | $听听听听听听听听听 2.27 | $听听听听听听听听听 2.20 | $听听听听听听听听听 8.29 | |
1 Purchase accounting expenses are primarily comprised of amortization of intangible assets. | ||||||||||
2 Adjustments were tax effected using the statutory tax rates in the applicable jurisdictions or the effective tax rate, where applicable, for each period. The tax impact of the (gain) loss on dispositions in Q4 2024 reflects updated tax information related to a Q3 2024 disposition. | ||||||||||
3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Q2 2025 and YTD 2025 include | ||||||||||
4 (Gain) loss on dispositions represents a | ||||||||||
* Per share data and totals may be impacted by rounding. | ||||||||||
听
DOVER CORPORATION | ||||||||||
QUARTERLY ADJUSTED SEGMENT EBITDA (NON-GAAP) | ||||||||||
(unaudited)(in thousands) | ||||||||||
Non-GAAP Reconciliations | ||||||||||
2025 | 2024 | |||||||||
Q1 | Q2 | Q2 YTD | Q1 | Q2 | Q2 YTD | Q3 | Q4 | FY 2024 | ||
ADJUSTED SEGMENT EBITDA | ||||||||||
Engineered Products: | ||||||||||
Segment earnings | $听听听听 44,114 | $听听听 97,625 | $听听听听 62,532 | $听听听听 52,095 | $听听听听 56,621 | $听听听听 59,989 | $听听 231,237 | |||
Other depreciation and amortization 1 | 4,800 | 5,141 | 9,941 | 4,785 | 4,778 | 9,563 | 4,829 | 4,867 | 19,259 | |
Adjusted segment EBITDA 2 | 48,914 | 58,652 | 107,566 | 67,317 | 56,873 | 124,190 | 61,450 | 64,856 | 250,496 | |
Adjusted segment EBITDA margin 2 | 19.2听% | 21.3听% | 20.3听% | 20.2听% | 19.9听% | 20.1听% | 20.8听% | 22.5听% | 20.8听% | |
Clean Energy & Fueling: | ||||||||||
Segment earnings | $听听听听 85,644 | $听 107,771 | $听 193,415 | $听听听听 69,675 | $听听听听 87,536 | $听听听听 99,536 | $听听 103,246 | $听听 359,993 | ||
Other depreciation and amortization 1 | 8,578 | 8,961 | 17,539 | 7,921 | 7,627 | 15,548 | 8,310 | 8,118 | 31,976 | |
Adjusted segment EBITDA 2 | 94,222 | 116,732 | 210,954 | 77,596 | 95,163 | 172,759 | 107,846 | 111,364 | 391,969 | |
Adjusted segment EBITDA margin 2 | 19.2听% | 21.4听% | 20.3听% | 17.4听% | 20.6听% | 19.0听% | 21.5听% | 21.1听% | 20.2听% | |
Imaging & Identification: | ||||||||||
Segment earnings | $听听听听 77,575 | $听 154,512 | $听听听听 69,959 | $听听听听 75,786 | $听听听听 77,247 | $听听听听 78,715 | $听听 301,707 | |||
Other depreciation and amortization 1 | 4,093 | 4,229 | 8,322 | 3,733 | 3,271 | 7,004 | 3,905 | 3,739 | 14,648 | |
Adjusted segment EBITDA 2 | 81,668 | 81,166 | 162,834 | 73,692 | 79,057 | 152,749 | 81,152 | 82,454 | 316,355 | |
Adjusted segment EBITDA margin 2 | 29.2听% | 27.8听% | 28.5听% | 26.6听% | 27.5听% | 27.1听% | 28.6听% | 28.6听% | 27.8听% | |
Pumps & Process Solutions: | ||||||||||
Segment earnings | $听听 151,275 | $听 159,504 | $听 310,779 | $听听 118,737 | $听听 137,217 | $听听 138,277 | $听听 142,375 | $听听 536,606 | ||
Other depreciation and amortization 1 | 12,601 | 13,131 | 25,732 | 12,139 | 12,637 | 24,776 | 12,651 | 12,623 | 50,050 | |
Adjusted segment EBITDA 2 | 163,876 | 172,635 | 336,511 | 130,876 | 149,854 | 280,730 | 150,928 | 154,998 | 586,656 | |
Adjusted segment EBITDA margin 2 | 33.2听% | 33.2听% | 33.2听% | 28.1听% | 31.4听% | 29.8听% | 31.9听% | 32.3听% | 31.0听% | |
Climate & Sustainability Technologies: | ||||||||||
Segment earnings | $听听听听 52,119 | $听 129,381 | $听听听听 50,759 | $听听听听 79,127 | $听听听听 76,015 | $听听听听 44,974 | $听听 250,875 | |||
Other depreciation and amortization 1 | 7,325 | 7,605 | 14,930 | 7,275 | 7,220 | 14,495 | 7,048 | 7,596 | 29,139 | |
Adjusted segment EBITDA 2 | 59,444 | 84,867 | 144,311 | 58,034 | 86,347 | 144,381 | 83,063 | 52,570 | 280,014 | |
Adjusted segment EBITDA margin 2 | 17.1听% | 20.4听% | 18.9听% | 15.9听% | 19.8听% | 18.0听% | 19.3听% | 15.1听% | 17.7听% | |
Total Segments: | ||||||||||
Total segment earnings 2, 3 | $听听 410,727 | $听 474,985 | $听 885,712 | $听听 371,662 | $听听 431,761 | $听听 447,696 | $听听 429,299 | $听 1,680,418 | ||
Other depreciation and amortization 1 | 37,397 | 39,067 | 76,464 | 35,853 | 35,533 | 71,386 | 36,743 | 36,943 | 145,072 | |
Total Adjusted segment EBITDA 2 | 448,124 | 514,052 | 962,176 | 407,515 | 467,294 | 874,809 | 484,439 | 466,242 | 1,825,490 | |
Total Adjusted segment EBITDA margin 2 | 24.0听% | 25.1听% | 24.6听% | 21.6听% | 24.0听% | 22.8听% | 24.4听% | 24.2听% | 23.6听% | |
1 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs. | ||||||||||
2 Refer to Non-GAAP Disclosures section for definition. | ||||||||||
3 Refer to Quarterly Segment Information section for reconciliation of total segment earnings to earnings from continuing operations. | ||||||||||
听
DOVER CORPORATION | ||||||||||
QUARTERLY EARNINGS FROM CONTINUING OPERATIONS TO ADJUSTED SEGMENT EBITDA RECONCILIATION (NON-GAAP) | ||||||||||
(unaudited)(in thousands) | ||||||||||
Non-GAAP Reconciliations | ||||||||||
2025 | 2024 | |||||||||
Q1 | Q2 | Q2 YTD | Q1 | Q2 | Q2 YTD | Q3 | Q4 | FY 2024 | ||
Earnings from continuing operations | $听听 239,241 | $听 280,130 | $听听 519,371 | $听听 602,102 | $听听 246,587 | $听听 312,896 | $听听 238,383 | $听 1,399,968 | ||
Provision for income taxes | 56,140 | 71,967 | 128,107 | 157,577 | 60,770 | 218,347 | 73,434 | 65,267 | 357,048 | |
Earnings before provision for income taxes | 295,381 | 352,097 | 647,478 | 759,679 | 307,357 | 1,067,036 | 386,330 | 303,650 | 1,757,016 | |
Interest income | (20,254) | (17,935) | (38,189) | (4,756) | (4,081) | (8,837) | (5,176) | (23,145) | (37,158) | |
Interest expense | 27,608 | 26,791 | 54,399 | 36,365 | 32,374 | 68,739 | 34,128 | 28,304 | 131,171 | |
Corporate expense / other 1 | 51,959 | 41,875 | 93,834 | 42,159 | 39,526 | 81,685 | 36,110 | 38,168 | 155,963 | |
(Gain) loss on dispositions 2 | (2,468) | (2,176) | (4,644) | (529,943) | 663 | (529,280) | (68,633) | 115 | (597,798) | |
Restructuring and other costs 3 | 9,397 | 23,210 | 32,607 | 23,971 | 11,590 | 35,561 | 16,581 | 32,841 | 84,983 | |
Purchase accounting expenses 4 | 49,104 | 51,123 | 100,227 | 44,187 | 44,332 | 88,519 | 48,356 | 49,366 | 186,241 | |
Total segment earnings 5 | 410,727 | 474,985 | 885,712 | 371,662 | 431,761 | 803,423 | 447,696 | 429,299 | 1,680,418 | |
Add: Other depreciation and amortization 6 | 37,397 | 39,067 | 76,464 | 35,853 | 35,533 | 71,386 | 36,743 | 36,943 | 145,072 | |
Total adjusted segment EBITDA 5 | $听听 448,124 | $听 514,052 | $听听 962,176 | $听听 407,515 | $听听 467,294 | $听听 484,439 | $听听 466,242 | $听 1,825,490 | ||
1 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters. | ||||||||||
2 (Gain) loss on dispositions, including post-closing adjustments. | ||||||||||
3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. | ||||||||||
4 Purchase accounting expenses are primarily comprised of amortization of intangible assets. | ||||||||||
5 Refer to Non-GAAP Disclosures section for definition. | ||||||||||
6 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs. | ||||||||||
听
DOVER CORPORATION | ||||
REVENUE GROWTH FACTORS AND ADJUSTED EPS GUIDANCE RECONCILIATIONS (NON-GAAP) | ||||
(unaudited) | ||||
Non-GAAP Reconciliations | ||||
Revenue Growth Factors | ||||
2025 | ||||
Q2 | Q2 YTD | |||
Organic | ||||
Engineered Products | (5.1)听% | (6.7)听% | ||
Clean Energy & Fueling | 8.0听% | 5.0听% | ||
Imaging & Identification | 鈥斕�% | 1.9听% | ||
Pumps & Process Solutions | 3.9听% | 5.2听% | ||
Climate & Sustainability Technologies | (5.6)听% | (4.8)听% | ||
Total Organic | 0.9听% | 0.7听% | ||
Acquisitions | 3.0听% | 2.7听% | ||
Dispositions | 鈥斕�% | (1.3)听% | ||
Currency translation | 1.3听% | 0.1听% | ||
Total* | 5.2听% | 2.2听% | ||
听* Totals may be impacted by rounding. | ||||
2025 | ||||
Q2 | Q2 YTD | |||
Organic | ||||
3.9听% | 1.9听% | |||
0.2听% | (1.7)听% | |||
(0.6)听% | 3.7听% | |||
Other | (19.3)听% | (10.3)听% | ||
Other | 20.8听% | 16.3听% | ||
Total Organic | 0.9听% | 0.7听% | ||
Acquisitions | 3.0听% | 2.7听% | ||
Dispositions | 鈥斕�% | (1.3)听% | ||
Currency translation | 1.3听% | 0.1听% | ||
Total* | 5.2听% | 2.2听% | ||
听* Totals may be impacted by rounding. | ||||
听
Adjusted EPS Guidance Reconciliation | |||
Range | |||
2025 Guidance for Earnings per Share from Continuing Operations (GAAP) | $听听听听听听听听听 8.00 | $听听听听听听听听听 8.20 | |
Purchase accounting expenses, net | 1.19 | ||
Restructuring and other costs, net | 0.19 | ||
Gain on dispositions, net | (0.03) | ||
2025 Guidance for Adjusted Earnings per Share from Continuing Operations (Non-GAAP) | $听听听听听听听听听 9.35 | $听听听听听听听听听 9.55 | |
* Per share data and totals may be impacted by rounding. | |||
听
DOVER CORPORATION | ||||||||||
QUARTERLY CASH FLOW AND FREE CASH FLOW (NON-GAAP) | ||||||||||
(unaudited)(in thousands) | ||||||||||
Quarterly Cash Flow | ||||||||||
2025 | 2024 | |||||||||
Q1 | Q2 | Q2 YTD | Q1 | Q2 | Q2 YTD | Q3 | Q4 | FY 2024 | ||
Net Cash Flows Provided By (Used In): | ||||||||||
Operating activities | $听听 157,474 | $听 212,340 | $听听 369,814 | $听听 146,456 | $听听 149,181 | $听 295,637 | $听听 353,244 | $听听 438,952 | $听 1,087,833 | |
Investing activities | (74,186) | (681,584) | (755,770) | 432,416 | 33,215 | 465,631 | (402,512) | (90,102) | (26,983) | |
Financing activities | (122,234) | (84,235) | (206,469) | (80,782) | (830,657) | (911,439) | 92,994 | (453,228) | (1,271,673) | |
Quarterly Free Cash Flow (Non-GAAP) | ||||||||||
2025 | 2024 | |||||||||
Q1 | Q2 | Q2 YTD | Q1 | Q2 | Q2 YTD | Q3 | Q4 | FY 2024 | ||
Cash flow from operating activities1 | $听听 157,474 | $听 212,340 | $听听 369,814 | $听听 146,456 | $听听 149,181 | $听听 295,637 | $听听 353,244 | $听听 438,952 | $听 1,087,833 | |
Less: Capital expenditures | (48,192) | (60,932) | (109,124) | (40,050) | (35,822) | (75,872) | (37,754) | (53,907) | (167,533) | |
Free cash flow | $听听 109,282 | $听 151,408 | $听听 260,690 | $听听 106,406 | $听听 113,359 | $听听 219,765 | $听听 315,490 | $听听 385,045 | $听听 920,300 | |
Cash flow from operating activities as a percentage of revenue | 8.4听% | 10.4听% | 9.4听% | 7.8听% | 7.7听% | 7.7听% | 17.8听% | 22.7听% | 14.0听% | |
Cash flow from operating activities as a percentage of adjusted earnings from continuing operations | 55.6听% | 63.1听% | 59.7听% | 60.8听% | 51.3听% | 55.6听% | 112.5听% | 144.1听% | 94.6听% | |
Free cash flow as a percentage of revenue | 5.9听% | 7.4听% | 6.7听% | 5.6听% | 5.8听% | 5.7听% | 15.9听% | 20.0听% | 11.9听% | |
Free cash flow as a percentage of adjusted earnings from continuing operations | 38.6听% | 45.0听% | 42.1听% | 44.2听% | 39.0听% | 41.3听% | 100.5听% | 126.4听% | 80.0听% | |
1 Q2, Q3, Q4 and FY 2024 include income tax payments of | ||||||||||
听
DOVER CORPORATION | ||||||||||
PERFORMANCE MEASURES | ||||||||||
(unaudited)(in thousands) | ||||||||||
2025 | 2024 | |||||||||
Q1 | Q2 | Q2 YTD | Q1 | Q2 | Q2 YTD | Q3 | Q4 | FY 2024 | ||
BOOKINGS | ||||||||||
Engineered Products | $听听 264,538 | $听 276,571 | $听 541,109 | $听听 329,925 | $听听 280,542 | $听听 610,467 | $听听 284,823 | $听听 276,487 | $听 1,171,777 | |
Clean Energy & Fueling | 543,859 | 526,819 | 1,070,678 | 471,610 | 442,086 | 913,696 | 507,329 | 517,470 | 1,938,495 | |
Imaging & Identification | 288,169 | 292,092 | 580,261 | 278,433 | 288,641 | 567,074 | 281,289 | 295,784 | 1,144,147 | |
Pumps & Process Solutions | 499,287 | 530,158 | 1,029,445 | 473,632 | 461,426 | 935,058 | 448,074 | 473,548 | 1,856,680 | |
Climate & Sustainability Technologies | 395,623 | 384,246 | 779,869 | 453,086 | 406,269 | 859,355 | 332,503 | 378,774 | 1,570,632 | |
Intersegment eliminations | (1,892) | (1,295) | (3,187) | (791) | (1,591) | (2,382) | (1,065) | (2,578) | (6,025) | |
Total consolidated bookings | $听 1,989,584 | $听 2,008,591 | $听 3,998,175 | $听 2,005,895 | $听 1,877,373 | $听 3,883,268 | $听 1,852,953 | $听 1,939,485 | $听 7,675,706 | |
Non-GAAP Measures Definitions
In an effort to provide investors with additional information regarding our results as determined by GAAP, management also discloses non-GAAP information that management believes provides useful information to investors. Adjusted earnings from continuing operations, adjusted diluted earnings per share from continuing operations, total segment earnings, total segment earnings margin, adjusted segment EBITDA, adjusted segment EBITDA margin, free cash flow, free cash flow as a percentage of revenue, free cash flow as a percentage of adjusted earnings from continuing operations and organic revenue growth are not financial measures under GAAP and should not be considered as a substitute for earnings from continuing operations, diluted earnings from continuing operations per share, cash flows from operating activities, or revenue as determined in accordance with GAAP, and they may not be comparable to similarly titled measures reported by other companies.
The items described in our definitions herein, unless otherwise noted, relate solely to our continuing operations.
Adjusted earnings from continuing operations represents earnings from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on dispositions. Purchase accounting expenses are primarily comprised of amortization of intangible assets. We exclude after-tax purchase accounting expenses because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions the Company consummates. While we have a history of acquisition activity, our acquisitions do not happen in a predictive cycle. Exclusion of purchase accounting expenses facilitates more consistent comparisons of operating results over time. We believe it is important to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. We exclude the other items because they occur for reasons that may be unrelated to the Company's commercial performance during the period and/or management believes they are not indicative of the Company's ongoing operating costs or gains in a given period.
Adjusted diluted earnings per share from continuing operations or adjusted earnings per share from continuing operations represents diluted earnings per share from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on disposition.
Total segment earnings is defined as the sum of earnings before purchase accounting expenses, restructuring and other costs/benefits, gain/loss on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes for all segments. Total segment earnings margin is defined as total segment earnings divided by revenue.
Adjusted segment EBITDA is defined as segment earnings plus other depreciation and amortization expense, which relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs/benefits. Adjusted segment EBITDA margin is defined as adjusted segment EBITDA divided by revenue.
Management believes the non-GAAP measures above are useful to investors to better understand the Company's ongoing profitability as they better reflect the Company's core operating results, offer more transparency and facilitate easier comparability to prior and future periods and to its peers.
Free cash flow represents net cash provided by operating activities minus capital expenditures. Free cash flow as a percentage of revenue equals free cash flow divided by revenue. Free cash flow as a percentage of adjusted earnings from continuing operations equals free cash flow divided by adjusted earnings from continuing operations. Management believes that free cash flow and free cash flow ratios are important measures of liquidity because they provide management and investors a measurement of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, paying dividends, repaying debt and repurchasing our common stock.
Management believes that reporting organic revenue growth, which excludes the impact of foreign currency exchange rates and the impact of acquisitions and dispositions, provides a useful comparison of our revenue and trends between periods.
Performance Measures Definitions
Bookings represent total orders received from customers in the current reporting period and exclude de-bookings related to orders received in prior periods, if any. This metric is an important measure of performance and an indicator of revenue order trends.
We use the above operational metric in monitoring the performance of the business. We believe the operational metric is useful to investors and other users of our financial information in assessing the performance of our segments.
Investor Contact: | Media Contact: |
Jack Dickens | Adrian Sakowicz |
Vice President - Investor Relations | Vice President - Communications |
(630) 743-2566 | (630) 743-5039 |
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