DOWNERS
GROVE, Ill., Oct. 24,
2023 /PRNewswire/ -- Dover (NYSE: DOV), a diversified
global manufacturer, announced its financial results for the third
quarter ended September 30, 2023. All comparisons are to the
comparable period of the prior fiscal year, unless otherwise
noted.
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
($ in millions,
except per share data)
|
|
2023
|
|
2022
|
|
%
Change
|
|
2023
|
|
2022
|
|
%
Change
|
U.S.
GAAP
|
Revenue
|
|
$
2,153
|
|
$
2,158
|
|
— %
|
|
$
6,332
|
|
$
6,369
|
|
(1) %
|
Net
earnings
|
|
290
|
|
286
|
|
1 %
|
|
761
|
|
802
|
|
(5) %
|
Diluted
EPS
|
|
2.06
|
|
2.00
|
|
3 %
|
|
5.41
|
|
5.55
|
|
(3) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
Organic revenue
change
|
|
|
|
|
|
(2) %
|
|
|
|
|
|
(1) %
|
Adjusted net earnings
1
|
|
331
|
|
324
|
|
2 %
|
|
892
|
|
908
|
|
(2) %
|
Adjusted diluted
EPS
|
|
2.35
|
|
2.26
|
|
4 %
|
|
6.34
|
|
6.29
|
|
1 %
|
|
1 Q3
and year-to-date 2023 and 2022 adjusted net earnings exclude after
tax purchase accounting expenses and restructuring and other costs.
Year-to-date 2022 also excludes a reduction to income taxes
previously recorded related to the Tax Cuts and Jobs
Act.
|
For the quarter ended September 30, 2023, Dover generated
revenue of $2.2 billion, in line with
the prior year (-2% organic). GAAP net earnings of $290 million increased 1%, and GAAP diluted EPS
of $2.06 was up 3%. On an adjusted
basis, net earnings of $331 million
increased 2% and adjusted diluted EPS of $2.35 was up 4%.
For the nine months ended September 30, 2023, Dover
generated revenue of $6.3 billion, a
decrease of 1% (-1% organic). GAAP net earnings of $761 million decreased 5%, and GAAP diluted EPS
of $5.41 was down 3%. On an adjusted
basis, net earnings of $892 million
decreased 2%, and adjusted diluted EPS of $6.34 was up 1%.
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, "The third quarter
results were encouraging. We are especially proud of our margin
performance as we offset negative product mix with productivity and
disciplined pricing. We are well on our way to delivering on our
margin targets outlined during the investor and analyst meeting
last March.
"Revenue and order rates improved sequentially in the quarter on
improving activity across several end markets and a return to
normal seasonality after several years of disruptions from the
pandemic and follow-on supply chain issues. Our backlog continued
to normalize in the quarter in tandem with lead times as we shipped
longer-dated orders from our books.
"Consolidated segment margin reached a record-high level in the
quarter, driven by cost containment actions and solid execution by
our operating teams. The proactive structural cost reductions we
implemented over the last twelve months are paying off and set a
foundation for continued robust margin conversion.
"Our two recent portfolio moves—the acquisition of FW Murphy and
the sale of De-Sta-Co—continued our portfolio evolution towards
higher-growth and higher-return businesses at attractive
valuations. These moves clearly follow the portfolio intent and
priorities that we reiterated at our investor day earlier this
year. Our balance sheet position and cash flow are strong and
provide attractive optionality as we continue to pursue bolt-on
acquisitions and opportunistic capital return strategies.
"While we are encouraged by the overall trajectory of the
portfolio, we are shifting to a more conservative outlook for the
remainder of the year to reflect the changes in certain market
conditions we observed in the third quarter. We expect biopharma
demand and automotive production curtailment to be headwinds for
the balance of the year. The higher carrying costs of channel
inventory driven by higher interest rates will continue to weigh on
near-term volumes in several end markets, and we will be absorbing
elevated transaction and integration costs in the fourth quarter
related to our recent and ongoing deal activity. Our channel checks
indicate that inventories are close to balancing, and as such we
aim to optimize pricing, margin, and cash flow generation instead
of maximizing volume in the fourth quarter to set up a solid
foundation for organic growth and margin accretion in 2024."
FULL YEAR 2023 GUIDANCE:
In 2023, Dover expects to generate GAAP EPS in the range of
$7.51 to $7.61 (adjusted EPS of $8.75 to $8.85),
based on approximately flat full year revenue growth (all-in and
organic).
CONFERENCE CALL INFORMATION:
Dover will host a webcast and conference call to discuss its
third quarter and year-to-date results at 10:00 A.M. Eastern Time (9:00 A.M. Central Time) on Tuesday,
October 24, 2023. 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 $8
billion. We deliver innovative equipment and components,
consumable supplies, aftermarket parts, software and digital
solutions, and support services through five operating segments:
Engineered Products, Clean Energy & Fueling, Imaging &
Identification, Pumps & Process Solutions and Climate &
Sustainability Technologies. Dover combines global scale with
operational agility to lead the markets we serve. Recognized for
our entrepreneurial approach for over 65 years, our team of over
25,000 employees takes an ownership mindset, collaborating with
customers to redefine what's possible. Headquartered in
Downers Grove, Illinois, Dover
trades on the New York Stock Exchange under "DOV." Additional
information is available at dovercorporation.com.
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 impact of interest rate and currency
exchange rate fluctuations, the impacts of COVID-19, or other
future pandemics, on the global economy and on our customers,
suppliers, employees, business and cash flows, the impact on global
or a regional economy due to the outbreak or escalation of
hostilities or war, 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, our
ability to realize synergies from newly acquired businesses, and
our ability to derive expected benefits from restructuring,
productivity initiatives and other cost reduction actions. 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, 2022, 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
- THIRD QUARTER 2023
DOVER
CORPORATION
CONSOLIDATED
STATEMENTS OF EARNINGS
(unaudited)(in
thousands, except per share data*)
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Revenue
|
$
2,153,268
|
|
$
2,158,291
|
|
$
6,332,377
|
|
$
6,368,907
|
Cost of goods and
services
|
1,360,253
|
|
1,385,541
|
|
4,033,507
|
|
4,071,680
|
Gross
profit
|
793,015
|
|
772,750
|
|
2,298,870
|
|
2,297,227
|
Selling, general and
administrative expenses
|
420,245
|
|
402,339
|
|
1,286,999
|
|
1,270,615
|
Operating
earnings
|
372,770
|
|
370,411
|
|
1,011,871
|
|
1,026,612
|
Interest
expense
|
32,389
|
|
29,789
|
|
100,407
|
|
83,330
|
Interest
income
|
(3,808)
|
|
(1,244)
|
|
(8,552)
|
|
(2,968)
|
Other income,
net
|
(10,273)
|
|
(11,167)
|
|
(20,759)
|
|
(17,842)
|
Earnings before
provision for income taxes
|
354,462
|
|
353,033
|
|
940,775
|
|
964,092
|
Provision for income
taxes
|
64,709
|
|
67,007
|
|
180,209
|
|
162,295
|
Net
earnings
|
$
289,753
|
|
$
286,026
|
|
$
760,566
|
|
$
801,797
|
|
|
|
|
|
|
|
|
Net earnings per
share:
|
|
|
|
|
|
|
|
Basic
|
$
2.07
|
|
$
2.01
|
|
$
5.44
|
|
$
5.59
|
Diluted
|
$
2.06
|
|
$
2.00
|
|
$
5.41
|
|
$
5.55
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
139,878
|
|
142,506
|
|
139,833
|
|
143,469
|
Diluted
|
140,615
|
|
143,257
|
|
140,603
|
|
144,413
|
|
|
|
|
|
|
|
|
Dividends paid per
common share
|
$
0.51
|
|
$
0.505
|
|
$
1.52
|
|
$
1.505
|
|
|
|
|
|
|
|
|
* Per share data may be
impacted by rounding.
|
|
|
|
|
|
|
|
DOVER
CORPORATION
QUARTERLY SEGMENT
INFORMATION
(unaudited)(in
thousands)
|
|
|
2023
|
|
2022
|
|
Q1
|
Q2
|
Q3
|
Q3
YTD
|
|
Q1
|
Q2
|
Q3
|
Q3
YTD
|
Q4
|
FY
2022
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
Engineered
Products
|
$
497,549
|
$
473,687
|
$
504,271
|
$
1,475,507
|
|
$
487,647
|
$
514,436
|
$
516,501
|
$
1,518,584
|
$
525,048
|
$
2,043,632
|
Clean Energy &
Fueling
|
430,729
|
441,166
|
466,959
|
1,338,854
|
|
458,395
|
494,075
|
464,022
|
1,416,492
|
462,015
|
$
1,878,507
|
Imaging &
Identification
|
283,091
|
271,932
|
276,179
|
831,202
|
|
272,255
|
275,951
|
282,371
|
830,577
|
293,238
|
1,123,815
|
Pumps & Process
Solutions
|
413,881
|
465,626
|
431,373
|
1,310,880
|
|
435,195
|
441,127
|
433,558
|
1,309,880
|
418,355
|
1,728,235
|
Climate &
Sustainability
Technologies
|
455,325
|
449,001
|
475,911
|
1,380,237
|
|
399,078
|
434,164
|
462,671
|
1,295,913
|
441,811
|
1,737,724
|
Intersegment
eliminations
|
(1,552)
|
(1,326)
|
(1,425)
|
(4,303)
|
|
(669)
|
(1,038)
|
(832)
|
(2,539)
|
(1,286)
|
(3,825)
|
Total consolidated
revenue
|
$
2,079,023
|
$
2,100,086
|
$
2,153,268
|
$
6,332,377
|
|
$
2,051,901
|
$
2,158,715
|
$
2,158,291
|
$
6,368,907
|
$
2,139,181
|
$
8,508,088
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
Engineered
Products
|
$ 84,275
|
$ 73,076
|
$
101,610
|
$
258,961
|
|
$ 71,130
|
$ 81,671
|
$ 90,145
|
$
242,946
|
$
103,573
|
$
346,519
|
Clean Energy &
Fueling
|
73,605
|
83,616
|
92,483
|
249,704
|
|
72,962
|
99,034
|
90,208
|
262,204
|
90,789
|
352,993
|
Imaging &
Identification
|
68,315
|
61,336
|
70,316
|
199,967
|
|
58,598
|
61,392
|
74,477
|
194,467
|
73,617
|
268,084
|
Pumps & Process
Solutions
|
115,244
|
129,337
|
117,907
|
362,488
|
|
146,617
|
138,048
|
128,573
|
413,238
|
119,780
|
533,018
|
Climate &
Sustainability
Technologies
|
73,778
|
76,074
|
84,060
|
233,912
|
|
53,609
|
64,181
|
75,190
|
192,980
|
61,504
|
254,484
|
Total segment
earnings
|
415,217
|
423,439
|
466,376
|
1,305,032
|
|
402,916
|
444,326
|
458,593
|
1,305,835
|
449,263
|
1,755,098
|
Purchase
accounting
expenses
1
|
42,679
|
40,200
|
40,320
|
123,199
|
|
53,286
|
47,019
|
40,526
|
140,831
|
40,272
|
181,103
|
Restructuring and
other
costs 2
|
14,053
|
18,143
|
12,327
|
44,523
|
|
10,552
|
7,944
|
8,613
|
27,109
|
11,881
|
38,990
|
Loss on dispositions
3
|
—
|
—
|
—
|
—
|
|
194
|
—
|
—
|
194
|
—
|
194
|
Corporate expense /
other 4,5
|
40,072
|
33,922
|
30,686
|
104,680
|
|
37,404
|
27,967
|
27,876
|
93,247
|
42,033
|
135,280
|
Interest
expense
|
34,214
|
33,804
|
32,389
|
100,407
|
|
26,552
|
26,989
|
29,789
|
83,330
|
33,126
|
116,456
|
Interest
income
|
(2,091)
|
(2,653)
|
(3,808)
|
(8,552)
|
|
(775)
|
(949)
|
(1,244)
|
(2,968)
|
(1,462)
|
(4,430)
|
Earnings before
provision
for income taxes
|
286,290
|
300,023
|
354,462
|
940,775
|
|
275,703
|
335,356
|
353,033
|
964,092
|
323,413
|
1,287,505
|
Provision for income
taxes
|
57,716
|
57,784
|
64,709
|
180,209
|
|
49,550
|
45,738
|
67,007
|
162,295
|
59,834
|
222,129
|
Net earnings
|
$
228,574
|
$
242,239
|
$
289,753
|
$
760,566
|
|
$
226,153
|
$
289,618
|
$
286,026
|
$
801,797
|
$
263,579
|
$
1,065,376
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT EARNINGS
MARGIN
|
|
|
|
|
|
|
|
|
|
Engineered
Products
|
16.9 %
|
15.4 %
|
20.1 %
|
17.6 %
|
|
14.6 %
|
15.9 %
|
17.5 %
|
16.0 %
|
19.7 %
|
17.0 %
|
Clean Energy &
Fueling
|
17.1 %
|
19.0 %
|
19.8 %
|
18.7 %
|
|
15.9 %
|
20.0 %
|
19.4 %
|
18.5 %
|
19.7 %
|
18.8 %
|
Imaging &
Identification
|
24.1 %
|
22.6 %
|
25.5 %
|
24.1 %
|
|
21.5 %
|
22.2 %
|
26.4 %
|
23.4 %
|
25.1 %
|
23.9 %
|
Pumps & Process
Solutions
|
27.8 %
|
27.8 %
|
27.3 %
|
27.7 %
|
|
33.7 %
|
31.3 %
|
29.7 %
|
31.5 %
|
28.6 %
|
30.8 %
|
Climate &
Sustainability
Technologies
|
16.2 %
|
16.9 %
|
17.7 %
|
16.9 %
|
|
13.4 %
|
14.8 %
|
16.3 %
|
14.9 %
|
13.9 %
|
14.6 %
|
Total segment earnings
margin
|
20.0 %
|
20.2 %
|
21.7 %
|
20.6 %
|
|
19.6 %
|
20.6 %
|
21.2 %
|
20.5 %
|
21.0 %
|
20.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Purchase
accounting expenses are primarily comprised of amortization of
intangible assets and charges related to fair value step-ups for
acquired inventory sold
during the period.
|
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 Loss on
dispositions includes working capital adjustments related to
dispositions.
|
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 overhead costs, deal-related expenses
and various administrative
expenses relating to the corporate headquarters.
|
5 Q4 and FY
2022 include a $6.3 million settlement charge related to our U.S.
qualified defined benefit plan.
|
DOVER
CORPORATION
QUARTERLY EARNINGS
PER SHARE
(unaudited)(in
thousands, except per share data*)
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
2023
|
|
2022
|
|
Q1
|
Q2
|
Q3
|
Q3
YTD
|
|
Q1
|
Q2
|
Q3
|
Q3
YTD
|
Q4
|
FY
2022
|
Net earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$ 1.64
|
$ 1.73
|
$ 2.07
|
$
5.44
|
|
$ 1.57
|
$ 2.01
|
$ 2.01
|
$
5.59
|
$ 1.88
|
$
7.47
|
Diluted
|
$ 1.63
|
$ 1.72
|
$ 2.06
|
$
5.41
|
|
$ 1.56
|
$ 2.00
|
$ 2.00
|
$
5.55
|
$ 1.87
|
$
7.42
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings and
weighted average shares used in calculated earnings per share
amounts are as follows:
|
Net earnings
|
$
228,574
|
$
242,239
|
$
289,753
|
$
760,566
|
|
$
226,153
|
$
289,618
|
$
286,026
|
$
801,797
|
$
263,579
|
$
1,065,376
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
139,757
|
139,862
|
139,878
|
139,833
|
|
144,087
|
143,832
|
142,506
|
143,469
|
140,343
|
142,681
|
Diluted
|
140,616
|
140,578
|
140,615
|
140,603
|
|
145,329
|
144,669
|
143,257
|
144,413
|
141,168
|
143,595
|
|
|
|
|
|
|
|
|
|
|
|
|
* Per share data may be
impacted by rounding.
|
|
|
DOVER
CORPORATION
QUARTERLY ADJUSTED
EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP)
(unaudited)(in
thousands, except per share data*)
|
|
Non-GAAP
Reconciliations
|
|
2023
|
|
2022
|
|
Q1
|
Q2
|
Q3
|
Q3
YTD
|
|
Q1
|
Q2
|
Q3
|
Q3
YTD
|
Q4
|
FY
2022
|
Adjusted net
earnings:
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
$
228,574
|
$
242,239
|
$
289,753
|
$
760,566
|
|
$
226,153
|
$
289,618
|
$
286,026
|
$
801,797
|
$
263,579
|
$
1,065,376
|
Purchase accounting
expenses, pre-tax 1
|
42,679
|
40,200
|
40,320
|
123,199
|
|
53,286
|
47,019
|
40,526
|
140,831
|
40,272
|
181,103
|
Purchase accounting
expenses, tax impact 2
|
(9,599)
|
(9,012)
|
(8,966)
|
(27,577)
|
|
(12,538)
|
(11,013)
|
(9,494)
|
(33,045)
|
(8,689)
|
(41,734)
|
Restructuring and other
costs, pre-tax 3
|
14,053
|
18,143
|
12,327
|
44,523
|
|
10,552
|
7,944
|
8,613
|
27,109
|
11,881
|
38,990
|
Restructuring and other
costs, tax impact 2
|
(2,990)
|
(3,665)
|
(2,556)
|
(9,211)
|
|
(2,191)
|
(1,803)
|
(1,921)
|
(5,915)
|
(2,311)
|
(8,226)
|
Loss on dispositions,
pre-tax 4
|
—
|
—
|
—
|
—
|
|
194
|
—
|
—
|
194
|
—
|
194
|
Loss on dispositions,
tax-impact 2
|
—
|
—
|
—
|
—
|
|
(27)
|
—
|
—
|
(27)
|
—
|
(27)
|
Tax Cuts and Jobs Act
5
|
—
|
—
|
—
|
—
|
|
—
|
(22,579)
|
—
|
(22,579)
|
—
|
(22,579)
|
Adjusted net
earnings
|
$
272,717
|
$
287,905
|
$
330,878
|
$
891,500
|
|
$
275,429
|
$
309,186
|
$
323,750
|
$
908,365
|
$
304,732
|
$
1,213,097
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted diluted net
earnings per share:
|
|
|
|
|
|
|
|
|
|
Diluted net earnings
per share
|
$ 1.63
|
$ 1.72
|
$ 2.06
|
$
5.41
|
|
$ 1.56
|
$ 2.00
|
$ 2.00
|
$
5.55
|
$ 1.87
|
$
7.42
|
Purchase accounting
expenses, pre-tax 1
|
0.30
|
0.29
|
0.29
|
0.88
|
|
0.37
|
0.33
|
0.28
|
0.98
|
0.29
|
1.27
|
Purchase accounting
expenses, tax impact 2
|
(0.07)
|
(0.06)
|
(0.06)
|
(0.20)
|
|
(0.09)
|
(0.08)
|
(0.07)
|
(0.23)
|
(0.06)
|
(0.30)
|
Restructuring and other
costs, pre-tax 3
|
0.10
|
0.13
|
0.09
|
0.32
|
|
0.07
|
0.05
|
0.06
|
0.19
|
0.08
|
0.26
|
Restructuring and other
costs, tax impact 2
|
(0.02)
|
(0.03)
|
(0.02)
|
(0.07)
|
|
(0.02)
|
(0.01)
|
(0.01)
|
(0.04)
|
(0.02)
|
(0.06)
|
Loss on dispositions,
pre-tax 4
|
—
|
—
|
—
|
—
|
|
—
|
—
|
—
|
—
|
—
|
—
|
Loss on dispositions,
tax-impact 2
|
—
|
—
|
—
|
—
|
|
—
|
—
|
—
|
—
|
—
|
—
|
Tax Cuts and Jobs Act
5
|
—
|
—
|
—
|
—
|
|
—
|
(0.16)
|
—
|
(0.16)
|
—
|
(0.16)
|
Adjusted diluted net
earnings per share
|
$ 1.94
|
$ 2.05
|
$ 2.35
|
$
6.34
|
|
$ 1.90
|
$ 2.14
|
$ 2.26
|
$
6.29
|
$ 2.16
|
$
8.45
|
|
1 Purchase
accounting expenses are primarily comprised of amortization of
intangible assets and charges related to fair value step-ups for
acquired
inventory sold during the period. Q1, Q2, and FY 2022 include
$12,487, $7,158, and $19,869 of amortization of inventory step-up,
respectively,
primarily related to the Q4 2021 acquisitions within our Clean
Energy & Fueling segment.
|
2
Adjustments were tax effected using the statutory tax rates in the
applicable jurisdictions or the effective tax rate, where
applicable, for each
period.
|
3
Restructuring and other costs relate to actions taken for headcount
reductions, facility consolidations and site closures, product line
exits, and
other asset charges. Q3 and Q3 YTD 2023 include $3,302 of non-cash
asset impairment charges for our Climate & Sustainability
Technologies
segment. Q1 and FY 2022 include $5,457 of non-cash foreign currency
translation losses reclassified to earnings included within
restructuring and
other costs and $2,117 related to write-off of assets due to an
exit from certain Latin America countries for our Climate &
Sustainability Technologies
segment.
|
4 Q1 2022
and FY 2022 represents working capital adjustments related to the
disposition of Unified Brands and the Race Winning Brands
equity
method investment in Q4 2021.
|
5 Q2 and FY
2022 represent a reduction to income taxes previously recorded
related to the Tax Cuts and Jobs Act.
|
|
|
|
|
|
|
|
|
|
|
|
|
* Per share data and
totals may be impacted by rounding.
|
DOVER
CORPORATION
QUARTERLY ADJUSTED
SEGMENT EBITDA (NON-GAAP)
(unaudited)(in
thousands)
|
|
Non-GAAP
Reconciliations
|
|
2023
|
|
2022
|
|
Q1
|
Q2
|
Q3
|
Q3
YTD
|
|
Q1
|
Q2
|
Q3
|
Q3
YTD
|
Q4
|
FY
2022
|
ADJUSTED SEGMENT
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered
Products:
|
|
|
|
|
|
|
|
|
|
|
|
Segment
earnings
|
$ 84,275
|
$
73,076
|
$
101,610
|
$
258,961
|
|
$
71,130
|
$
81,671
|
$
90,145
|
$
242,946
|
$ 103,573
|
$
346,519
|
Other depreciation and
amortization 1
|
7,070
|
7,300
|
7,306
|
21,676
|
|
7,274
|
6,799
|
6,819
|
20,892
|
6,853
|
27,745
|
Adjusted segment EBITDA
2
|
91,345
|
80,376
|
108,916
|
280,637
|
|
78,404
|
88,470
|
96,964
|
263,838
|
110,426
|
374,264
|
Adjusted segment EBITDA
margin 2
|
18.4 %
|
17.0 %
|
21.6 %
|
19.0 %
|
|
16.1 %
|
17.2 %
|
18.8 %
|
17.4 %
|
21.0 %
|
18.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Clean Energy &
Fueling:
|
|
|
|
|
|
|
|
|
|
|
|
Segment
earnings
|
$ 73,605
|
$
83,616
|
$
92,483
|
$
249,704
|
|
$
72,962
|
$
99,034
|
$
90,208
|
$
262,204
|
$
90,789
|
$
352,993
|
Other depreciation and
amortization 1
|
7,046
|
7,541
|
7,686
|
22,273
|
|
8,466
|
6,533
|
6,893
|
21,892
|
6,923
|
28,815
|
Adjusted segment EBITDA
2
|
80,651
|
91,157
|
100,169
|
271,977
|
|
81,428
|
105,567
|
97,101
|
284,096
|
97,712
|
381,808
|
Adjusted segment EBITDA
margin 2
|
18.7 %
|
20.7 %
|
21.5 %
|
20.3 %
|
|
17.8 %
|
21.4 %
|
20.9 %
|
20.1 %
|
21.1 %
|
20.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Imaging &
Identification:
|
|
|
|
|
|
|
|
|
|
|
|
Segment
earnings
|
$ 68,315
|
$
61,336
|
$
70,316
|
$
199,967
|
|
$
58,598
|
$
61,392
|
$
74,477
|
$
194,467
|
$
73,617
|
$
268,084
|
Other depreciation and
amortization 1
|
3,394
|
3,745
|
3,972
|
11,111
|
|
3,497
|
3,496
|
3,372
|
10,365
|
3,820
|
14,185
|
Adjusted segment EBITDA
2
|
71,709
|
65,081
|
74,288
|
211,078
|
|
62,095
|
64,888
|
77,849
|
204,832
|
77,437
|
282,269
|
Adjusted segment EBITDA
margin 2
|
25.3 %
|
23.9 %
|
26.9 %
|
25.4 %
|
|
22.8 %
|
23.5 %
|
27.6 %
|
24.7 %
|
26.4 %
|
25.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Pumps & Process
Solutions:
|
|
|
|
|
|
|
|
|
|
|
|
Segment
earnings
|
$
115,244
|
$
129,337
|
$
117,907
|
$
362,488
|
|
$
146,617
|
$
138,048
|
$
128,573
|
$
413,238
|
$ 119,780
|
$
533,018
|
Other depreciation and
amortization 1
|
10,939
|
11,609
|
12,052
|
34,600
|
|
9,922
|
9,787
|
10,137
|
29,846
|
10,993
|
40,839
|
Adjusted segment EBITDA
2
|
126,183
|
140,946
|
129,959
|
397,088
|
|
156,539
|
147,835
|
138,710
|
443,084
|
130,773
|
573,857
|
Adjusted segment EBITDA
margin 2
|
30.5 %
|
30.3 %
|
30.1 %
|
30.3 %
|
|
36.0 %
|
33.5 %
|
32.0 %
|
33.8 %
|
31.3 %
|
33.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Climate &
Sustainability Technologies:
|
|
|
|
|
|
|
|
|
|
|
Segment
earnings
|
$ 73,778
|
$
76,074
|
$
84,060
|
$
233,912
|
|
$
53,609
|
$
64,181
|
$
75,190
|
$
192,980
|
$
61,504
|
$
254,484
|
Other depreciation and
amortization 1
|
6,624
|
6,895
|
6,954
|
20,473
|
|
6,495
|
6,443
|
6,736
|
19,674
|
6,530
|
26,204
|
Adjusted segment EBITDA
2
|
80,402
|
82,969
|
91,014
|
254,385
|
|
60,104
|
70,624
|
81,926
|
212,654
|
68,034
|
280,688
|
Adjusted segment EBITDA
margin 2
|
17.7 %
|
18.5 %
|
19.1 %
|
18.4 %
|
|
15.1 %
|
16.3 %
|
17.7 %
|
16.4 %
|
15.4 %
|
16.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Segments:
|
|
|
|
|
|
|
|
|
|
|
|
Total segment earnings
2, 3
|
$
415,217
|
$
423,439
|
$
466,376
|
$
1,305,032
|
|
$
402,916
|
$
444,326
|
$
458,593
|
$
1,305,835
|
$ 449,263
|
$
1,755,098
|
Other depreciation and
amortization 1
|
35,073
|
37,090
|
37,970
|
110,133
|
|
35,654
|
33,058
|
33,957
|
102,669
|
35,119
|
137,788
|
Total Adjusted segment
EBITDA 2
|
450,290
|
460,529
|
504,346
|
1,415,165
|
|
438,570
|
477,384
|
492,550
|
1,408,504
|
484,382
|
1,892,886
|
Total Adjusted segment
EBITDA margin 2
|
21.7 %
|
21.9 %
|
23.4 %
|
22.3 %
|
|
21.4 %
|
22.1 %
|
22.8 %
|
22.1 %
|
22.6 %
|
22.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
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 net earnings.
|
DOVER
CORPORATION
QUARTERLY NET
EARNINGS TO ADJUSTED SEGMENT EBITDA RECONCILIATION
(NON-GAAP)
(unaudited)(in
thousands)
|
|
Non-GAAP
Reconciliations
|
|
2023
|
|
2022
|
|
Q1
|
Q2
|
Q3
|
Q3
YTD
|
|
Q1
|
Q2
|
Q3
|
Q3
YTD
|
Q4
|
FY
2022
|
Net earnings
|
$
228,574
|
$
242,239
|
$
289,753
|
$
760,566
|
|
$
226,153
|
$
289,618
|
$
286,026
|
$
801,797
|
$
263,579
|
$
1,065,376
|
Provision for income
taxes
|
57,716
|
57,784
|
64,709
|
180,209
|
|
49,550
|
45,738
|
67,007
|
162,295
|
59,834
|
222,129
|
Earnings before
provision for
income taxes
|
286,290
|
300,023
|
354,462
|
940,775
|
|
275,703
|
335,356
|
353,033
|
964,092
|
323,413
|
1,287,505
|
Interest
income
|
(2,091)
|
(2,653)
|
(3,808)
|
(8,552)
|
|
(775)
|
(949)
|
(1,244)
|
(2,968)
|
(1,462)
|
(4,430)
|
Interest
expense
|
34,214
|
33,804
|
32,389
|
100,407
|
|
26,552
|
26,989
|
29,789
|
83,330
|
33,126
|
116,456
|
Corporate expense /
other 1,7
|
40,072
|
33,922
|
30,686
|
104,680
|
|
37,404
|
27,967
|
27,876
|
93,247
|
42,033
|
135,280
|
Loss on dispositions
2
|
—
|
—
|
—
|
—
|
|
194
|
—
|
—
|
194
|
—
|
194
|
Restructuring and other
costs 3
|
14,053
|
18,143
|
12,327
|
44,523
|
|
10,552
|
7,944
|
8,613
|
27,109
|
11,881
|
38,990
|
Purchase accounting
expenses 4
|
42,679
|
40,200
|
40,320
|
123,199
|
|
53,286
|
47,019
|
40,526
|
140,831
|
40,272
|
181,103
|
Total segment earnings
6
|
415,217
|
423,439
|
466,376
|
1,305,032
|
|
402,916
|
444,326
|
458,593
|
1,305,835
|
449,263
|
1,755,098
|
Add: Other depreciation
and
amortization 5
|
35,073
|
37,090
|
37,970
|
110,133
|
|
35,654
|
33,058
|
33,957
|
102,669
|
35,119
|
137,788
|
Total adjusted segment
EBITDA 6
|
$
450,290
|
$
460,529
|
$
504,346
|
1,415,165
|
|
$
438,570
|
$
477,384
|
$
492,550
|
$
1,408,504
|
$
484,382
|
$
1,892,886
|
|
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 overhead
costs, deal-
related expenses and various administrative expenses relating to
the corporate headquarters.
|
2 Loss on
dispositions includes working capital adjustments related to
dispositions.
|
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 and charges related to fair value step-ups for
acquired
inventory sold during the period.
|
5 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.
|
6 Refer to
Non-GAAP Disclosures section for definition.
|
7 Q4 and FY
2022 include a $6.3 million settlement charge related to our U.S.
qualified defined benefit plan.
|
DOVER
CORPORATION
REVENUE GROWTH
FACTORS AND ADJUSTED EPS GUIDANCE RECONCILIATIONS
(NON-GAAP)
(unaudited)(in
thousands, except per share data*)
|
|
Non-GAAP
Reconciliations
Revenue Growth
Factors
|
|
2023
|
|
Q3
|
Q3
YTD
|
Organic
|
|
|
Engineered
Products
|
(3.0) %
|
(2.5) %
|
Clean Energy &
Fueling
|
(0.2) %
|
(4.1) %
|
Imaging &
Identification
|
(3.6) %
|
1.5 %
|
Pumps & Process
Solutions
|
(7.3) %
|
(4.5) %
|
Climate &
Sustainability Technologies
|
1.8 %
|
7.0 %
|
Total
Organic
|
(2.4) %
|
(0.9) %
|
Acquisitions
|
1.0 %
|
0.9 %
|
Currency
translation
|
1.2 %
|
(0.6) %
|
Total*
|
(0.2) %
|
(0.6) %
|
* Totals may be
impacted by rounding.
|
|
2023
|
|
Q3
|
Q3
YTD
|
Organic
|
|
|
United
States
|
(7.3) %
|
(4.6) %
|
Other
Americas
|
13.1 %
|
14.6 %
|
Europe
|
(5.2) %
|
(2.1) %
|
Asia
|
(3.4) %
|
(1.8) %
|
Other
|
72.8 %
|
41.6 %
|
Total
Organic
|
(2.4) %
|
(0.9) %
|
Acquisitions
|
1.0 %
|
0.9 %
|
Currency
translation
|
1.2 %
|
(0.6) %
|
Total*
|
(0.2) %
|
(0.6) %
|
* Totals may be
impacted by rounding.
|
Adjusted EPS
Guidance Reconciliation
|
|
Range
|
2023 Guidance for
Earnings per Share (GAAP)
|
$
7.51
|
|
$
7.61
|
Purchase accounting
expenses, net
|
|
0.91
|
|
Restructuring and other
costs, net
|
|
0.33
|
|
2023 Guidance for
Adjusted Earnings per Share (Non-GAAP)
|
$
8.75
|
|
$
8.85
|
* Per share data and
totals may be impacted by rounding.
|
DOVER
CORPORATION
QUARTERLY CASH FLOW
AND FREE CASH FLOW (NON-GAAP)
(unaudited)(in
thousands)
|
|
Quarterly Cash
Flow
|
|
2023
|
|
2022
|
|
Q1
|
Q2
|
Q3
|
Q3
YTD
|
|
Q1
|
Q2
|
Q3
|
Q3
YTD
|
Q4
|
FY
2022
|
Net Cash Flows Provided
By (Used In):
|
|
|
|
|
|
|
|
|
Operating
activities
|
$
241,284
|
$
195,254
|
$
383,457
|
$
819,995
|
|
$
23,683
|
$
178,773
|
$
264,625
|
$
467,081
|
$
338,643
|
$
805,724
|
Investing
activities
|
(43,556)
|
(42,454)
|
(50,243)
|
(136,253)
|
|
(46,963)
|
(68,890)
|
(286,208)
|
(402,061)
|
(138,863)
|
(540,924)
|
Financing
activities
|
(306,565)
|
(137,924)
|
(312,716)
|
(757,205)
|
|
(75,204)
|
120,469
|
(178,844)
|
(133,579)
|
(126,686)
|
(260,265)
|
|
Quarterly Free Cash
Flow (Non-GAAP)
|
|
2023
|
|
2022
|
|
Q1
|
Q2
|
Q3
|
Q3
YTD
|
|
Q1
|
Q2
|
Q3
|
Q3
YTD
|
Q4
|
FY
2022
|
Cash flow from
operating activities
|
$
241,284
|
$
195,254
|
$
383,457
|
$
819,995
|
|
$
23,683
|
$
178,773
|
$
264,625
|
$
467,081
|
$
338,643
|
$
805,724
|
Less: Capital
expenditures
|
(48,375)
|
(40,079)
|
(43,128)
|
(131,582)
|
|
(50,381)
|
(50,196)
|
(65,462)
|
(166,039)
|
(54,923)
|
(220,962)
|
Free cash
flow
|
$
192,909
|
$
155,175
|
$
340,329
|
$
688,413
|
|
$ (26,698)
|
$
128,577
|
$
199,163
|
$
301,042
|
$
283,720
|
$
584,762
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from
operating activities
as a percentage of revenue
|
11.6 %
|
9.3 %
|
17.8 %
|
12.9 %
|
|
1.2 %
|
8.3 %
|
12.3 %
|
7.3 %
|
15.8 %
|
9.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from
operating activities
as a percentage of adjusted net
earnings
|
88.5 %
|
67.8 %
|
115.9 %
|
92.0 %
|
|
8.6 %
|
57.8 %
|
81.7 %
|
51.4 %
|
111.1 %
|
66.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow as a
percentage of
revenue
|
9.3 %
|
7.4 %
|
15.8 %
|
10.9 %
|
|
(1.3) %
|
6.0 %
|
9.2 %
|
4.7 %
|
13.3 %
|
6.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow as a
percentage of
adjusted net earnings
|
70.7 %
|
53.9 %
|
102.9 %
|
77.2 %
|
|
(9.7) %
|
41.6 %
|
61.5 %
|
33.1 %
|
93.1 %
|
48.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
DOVER
CORPORATION
PERFORMANCE
MEASURES
(unaudited)(in
thousands)
|
|
|
2023
|
|
2022
|
|
Q1
|
Q2
|
Q3
|
Q3
YTD
|
|
Q1
|
Q2
|
Q3
|
Q3
YTD
|
Q4
|
FY
2022
|
BOOKINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered
Products
|
$
536,472
|
$
489,131
|
$
576,641
|
$
1,602,244
|
|
$
541,035
|
$
452,668
|
$
512,374
|
$
1,506,077
|
$
498,249
|
$
2,004,326
|
Clean Energy &
Fueling
|
454,526
|
440,137
|
449,663
|
1,344,326
|
|
501,491
|
487,861
|
432,259
|
1,421,611
|
399,414
|
1,821,025
|
Imaging &
Identification
|
290,712
|
262,092
|
271,113
|
823,917
|
|
307,104
|
292,136
|
281,789
|
881,029
|
273,170
|
1,154,199
|
Pumps & Process
Solutions
|
464,297
|
394,317
|
363,111
|
1,221,725
|
|
459,790
|
471,693
|
415,253
|
1,346,736
|
362,468
|
1,709,204
|
Climate &
Sustainability Technologies
|
300,014
|
345,363
|
347,466
|
992,843
|
|
444,852
|
403,574
|
422,820
|
1,271,246
|
388,527
|
1,659,773
|
Intersegment
eliminations
|
(1,530)
|
(1,917)
|
(849)
|
(4,296)
|
|
(2,295)
|
(1,207)
|
(423)
|
(3,925)
|
(1,391)
|
(5,316)
|
Total consolidated
bookings
|
$
2,044,491
|
$
1,929,123
|
$
2,007,145
|
$
5,980,759
|
|
$
2,251,977
|
$
2,106,725
|
$
2,064,072
|
$
6,422,774
|
$
1,920,437
|
$
8,343,211
|
|
|
|
|
|
|
|
|
|
|
|
|
BACKLOG
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered
Products
|
$
755,442
|
$
771,888
|
$
841,722
|
|
|
$
830,135
|
$
759,589
|
$
742,766
|
|
$
720,114
|
|
Clean Energy &
Fueling
|
337,116
|
339,322
|
317,719
|
|
|
426,342
|
411,350
|
368,050
|
|
312,142
|
|
Imaging &
Identification
|
236,215
|
227,646
|
217,824
|
|
|
243,411
|
255,255
|
241,896
|
|
232,812
|
|
Pumps & Process
Solutions
|
742,890
|
676,191
|
597,745
|
|
|
704,935
|
715,646
|
679,955
|
|
686,512
|
|
Climate &
Sustainability Technologies
|
899,379
|
797,307
|
674,578
|
|
|
1,218,155
|
1,186,180
|
1,139,737
|
|
1,068,644
|
|
Intersegment
eliminations
|
(1,083)
|
(1,594)
|
(823)
|
|
|
(1,756)
|
(1,839)
|
(1,439)
|
|
(1,893)
|
|
Total consolidated
backlog
|
$
2,969,959
|
$
2,810,760
|
$
2,648,765
|
|
|
$
3,421,222
|
$
3,326,181
|
$
3,170,965
|
|
$
3,018,331
|
|
|
|
|
2023
|
|
Q3
|
|
Q3
YTD
|
BOOKINGS GROWTH
FACTORS
|
|
|
|
|
|
|
|
Organic
|
|
|
|
Engineered
Products
|
11.6 %
|
|
6.8 %
|
Clean Energy &
Fueling
|
3.5 %
|
|
(4.0) %
|
Imaging &
Identification
|
(5.4) %
|
|
(5.2) %
|
Pumps & Process
Solutions
|
(15.6) %
|
|
(12.0) %
|
Climate &
Sustainability Technologies
|
(18.9) %
|
|
(21.3) %
|
Total
Organic
|
(4.1) %
|
|
(6.7) %
|
Acquisitions
|
0.3 %
|
|
0.7 %
|
Currency
translation
|
1.0 %
|
|
(0.9) %
|
Total*
|
(2.8) %
|
|
(6.9) %
|
* Totals may be
impacted by rounding.
|
|
|
|
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 net earnings, adjusted
diluted net earnings per share, 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 net earnings,
and organic revenue growth are not financial measures under GAAP
and should not be considered as a substitute for net earnings,
diluted net earnings 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.
Adjusted net earnings represents net earnings adjusted for the
effect of purchase accounting expenses, restructuring and other
costs/benefits, Tax Cuts and Jobs Act, and gain/loss on
dispositions. Purchase accounting expenses are primarily comprised
of amortization of intangible assets and charges related to fair
value step-ups for acquired inventory sold during the period. 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 net earnings per share or adjusted earnings per
share represent diluted EPS adjusted for the effect of purchase
accounting expenses, restructuring and other costs/benefits, Tax
Cuts and Jobs Act and gain/loss on dispositions.
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 will 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 net earnings equals free
cash flow divided by adjusted net earnings. 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 bookings performance and trends
between periods. We do not provide a reconciliation of
forward-looking organic revenue to the most directly comparable
GAAP financial measure pursuant to the exception provided in Item
10(e)(1)(i)(B) of Regulation S-K because we are not able to provide
a meaningful or accurate compilation of reconciling items. This is
due to the inherent difficulty in accurately forecasting the timing
and amounts of the items that would be excluded from the most
directly comparable GAAP financial measure or are out of our
control. For the same reasons, we are unable to address the
probable significance of unavailable information which may be
material.
Performance Measures Definitions
Bookings represent total orders received from customers in the
current reporting period. This metric is an important measure of
performance and an indicator of revenue order trends.
Organic bookings represent total orders received from customers
in the current reporting period excluding the impact of foreign
currency exchange rates and the impact of acquisitions and
dispositions. This metric is an important measure of performance
and an indicator of revenue order trends.
Backlog represents an estimate of the total remaining bookings
at a point in time for which performance obligations have not yet
been satisfied. This metric is useful as it represents the
aggregate amount we expect to recognize as revenue in the
future.
We use the above operational metrics in monitoring the
performance of the business. We believe the operational metrics are
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
|
Senior Director -
Investor Relations
|
Vice President -
Communications
|
(630)
743-2566
|
(630)
743-5039
|
jdickens@dovercorp.com
|
asakowicz@dovercorp.com
|
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/dover-reports-third-quarter-2023-results-301965060.html
SOURCE Dover