DOWNERS
GROVE, Ill., Jan. 30,
2025 /PRNewswire/ -- Dover (NYSE: DOV), a diversified
global manufacturer, announced its financial results for the fourth
quarter and full year ended December 31, 2024. All comparisons
are to the comparable period of the prior fiscal year, unless
otherwise noted.
|
|
Three Months Ended
December 31,
|
|
Years Ended December
31,
|
|
($ in millions,
except per share data)
|
|
2024
|
|
2023
|
|
%
Change*
|
|
2024
|
|
2023
|
|
%
Change*
|
|
U.S.
GAAP
|
|
Revenue
|
|
$
1,930
|
|
$
1,905
|
|
1 %
|
|
$
7,746
|
|
$
7,684
|
|
1 %
|
|
Earnings from
continuing operations
|
|
238
|
|
258
|
|
(8) %
|
|
1,400
|
|
944
|
|
48 %
|
|
Diluted EPS from
continuing operations
|
|
1.72
|
|
1.84
|
|
(7) %
|
|
10.09
|
|
6.71
|
|
50 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
Organic revenue
change
|
|
|
|
|
|
0.3 %
|
|
|
|
|
|
— %
|
|
Adjusted earnings from
continuing operations 1
|
|
305
|
|
306
|
|
— %
|
|
1,150
|
|
1,118
|
|
3 %
|
|
Adjusted diluted EPS
from continuing operations
|
|
2.20
|
|
2.18
|
|
1 %
|
|
8.29
|
|
7.95
|
|
4 %
|
|
|
1 Q4
and year-to-date 2024 and 2023 adjusted earnings from continuing
operations exclude after-tax purchase accounting expenses and
restructuring and other costs. Year-to-date 2024 also excludes an
after-tax gain on disposition of a minority owned equity method
investment, and the after-tax gain and post-closing adjustments on
the disposition of De-Sta-Co.
|
|
* Change may be
impacted by rounding.
|
For the quarter ended December 31,
2024, Dover generated revenue of $1.9
billion, an increase of 1%. GAAP earnings from continuing
operations of $238 million decreased
8%, and GAAP diluted EPS from continuing operations of $1.72 was down 7%. On an adjusted basis, earnings
from continuing operations of $305
million remained flat and adjusted diluted EPS from
continuing operations of $2.20 was up
1%.
For the year ended December 31,
2024, Dover generated revenue of $7.7
billion, an increase of 1% compared to the prior year. GAAP
earnings from continuing operations of $1.4
billion increased by 48%, and GAAP diluted EPS from
continuing operations of $10.09 was
up 50%. On an adjusted basis, earnings from continuing operations
of $1.2 billion increased 3%, and
adjusted diluted EPS from continuing operations of $8.29 was up 4% compared to the prior year.
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 fourth quarter
results were very encouraging as we move into 2025, with
broad-based top line strength across the portfolio and particularly
robust performances within the Clean Energy & Fueling and Pumps
& Process Solutions segments. Order trends continued their
positive trajectory in the quarter with book-to-bill above one,
driven by robust bookings in our secular-growth-exposed markets in
single-use biopharma components, thermal connectors, and
CO2 systems.
"Margin improvement was solid during the period due to the
positive mix impact from our high margin, high growth platforms,
and our rigorous cost containment and productivity actions. We
expect these ongoing productivity and cost containment actions will
continue to benefit consolidated margins in 2025.
"Our strong operational results were complemented by our ongoing
portfolio actions. We have completed six acquisitions over the last
three years to create a new platform in cryogenic components within
our Clean Energy & Fueling segment, and we are very excited
about the future value creation through margin expansion and
durable, secular end market growth. We recently closed two bolt-on
acquisitions within our high-priority Pumps & Process Solutions
segment, and our acquisition pipeline remains robust. We ended the
year with a significant cash position that provides flexibility as
we pursue value-creating capital deployment to further expand our
businesses in high growth, high margin priority platforms.
"We are optimistic about 2025. Underlying demand trends remain
solid across the portfolio, as evidenced by our order momentum, and
we have significant runway for continued margin improvement through
positive mix benefits and numerous cost and performance levers. We
have high confidence in Dover's attractive end market exposures,
flexible business model, and proven execution playbook. With this
backdrop, we are poised to deliver double-digit EPS growth in 2025
through a combination of accretive top line growth, margin
improvement, and value-creating capital allocation."
FULL YEAR 2025 GUIDANCE:
In 2025, Dover expects to generate GAAP EPS from continuing
operations in the range of $8.16 to
$8.36 (adjusted EPS from continuing
operations of $9.30 to $9.50), based on full year revenue growth of 2%
to 4% (organic growth of 3% to 5%).
CONFERENCE CALL INFORMATION:
Dover will host a webcast and conference call to discuss its
fourth quarter and full year 2024 results at 9:00 A.M. Eastern Time (8:00 A.M. Central Time) on Thursday,
January 30, 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 $7
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 70 years, our team of
approximately 24,000 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."
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; 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, 2023,
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
- FOURTH QUARTER AND FULL YEAR 2024
|
|
|
DOVER
CORPORATION
|
|
CONSOLIDATED
STATEMENTS OF EARNINGS
|
|
(unaudited)(in
thousands, except per share data*)
|
|
|
Three Months Ended
December 31,
|
|
Years Ended December
31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Revenue
|
$
1,929,866
|
|
$
1,904,812
|
|
$
7,745,909
|
|
$
7,684,476
|
|
Cost of goods and
services
|
1,184,142
|
|
1,185,909
|
|
4,787,288
|
|
4,816,932
|
|
Gross
profit
|
745,724
|
|
718,903
|
|
2,958,621
|
|
2,867,544
|
|
Selling, general and
administrative expenses
|
450,660
|
|
413,981
|
|
1,752,266
|
|
1,648,204
|
|
Operating
earnings
|
295,064
|
|
304,922
|
|
1,206,355
|
|
1,219,340
|
|
Interest
expense
|
28,304
|
|
30,897
|
|
131,171
|
|
131,304
|
|
Interest
income
|
(23,145)
|
|
(4,944)
|
|
(37,158)
|
|
(13,496)
|
|
(Gain) loss on
dispositions
|
115
|
|
—
|
|
(597,798)
|
|
—
|
|
Other income,
net
|
(13,860)
|
|
(710)
|
|
(46,876)
|
|
(21,468)
|
|
Earnings before
provision for income taxes
|
303,650
|
|
279,679
|
|
1,757,016
|
|
1,123,000
|
|
Provision for income
taxes
|
65,267
|
|
21,500
|
|
357,048
|
|
179,136
|
|
Earnings from
continuing operations
|
238,383
|
|
258,179
|
|
1,399,968
|
|
943,864
|
|
Earnings from
discontinued operations, net
|
1,197,600
|
|
38,083
|
|
1,297,158
|
|
112,964
|
|
Net
earnings
|
$
1,435,983
|
|
$
296,262
|
|
$
2,697,126
|
|
$
1,056,828
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share:
|
|
|
|
|
|
|
|
|
Earnings from
continuing operations
|
$
1.74
|
|
$
1.85
|
|
$
10.16
|
|
$
6.75
|
|
Earnings from
discontinued operations, net
|
$
8.73
|
|
$
0.27
|
|
$
9.42
|
|
$
0.81
|
|
Net
earnings
|
$
10.47
|
|
$
2.12
|
|
$
19.58
|
|
$
7.56
|
|
Weighted average
shares outstanding
|
137,205
|
|
139,893
|
|
137,735
|
|
139,848
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share:
|
|
|
|
|
|
|
|
|
Earnings from
continuing operations
|
$
1.72
|
|
$
1.84
|
|
$
10.09
|
|
$
6.71
|
|
Earnings from
discontinued operations, net
|
$
8.66
|
|
$
0.27
|
|
$
9.35
|
|
$
0.80
|
|
Net
earnings
|
$
10.38
|
|
$
2.11
|
|
$
19.45
|
|
$
7.52
|
|
Weighted average
shares outstanding
|
138,298
|
|
140,586
|
|
138,696
|
|
140,599
|
|
|
|
|
|
|
|
|
|
Dividends paid per
common share
|
$
0.515
|
|
$
0.51
|
|
$
2.05
|
|
$
2.03
|
|
|
|
|
|
|
|
|
|
* Per share data may be
impacted by rounding.
|
|
|
|
|
|
|
|
|
DOVER
CORPORATION
|
|
QUARTERLY EARNINGS
PER SHARE
|
|
(unaudited)(in
thousands, except per share data*)
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
2024
|
|
2023
|
|
Q1
|
Q2
|
Q3
|
Q4
|
FY
2024
|
|
Q1
|
Q2
|
Q3
|
Q4
|
FY
2023
|
|
Basic earnings per
share:
|
|
Continuing
operations
|
$
4.33
|
$ 1.79
|
$
2.28
|
$
1.74
|
$
10.16
|
|
$ 1.48
|
$ 1.55
|
$ 1.87
|
$ 1.85
|
$
6.75
|
|
Discontinued
operations
|
$
0.22
|
$ 0.26
|
$
0.25
|
$
8.73
|
$
9.42
|
|
$ 0.16
|
$ 0.18
|
$ 0.20
|
$ 0.27
|
$
0.81
|
|
Net earnings
|
$
4.55
|
$ 2.05
|
$
2.53
|
$
10.47
|
$
19.58
|
|
$ 1.64
|
$ 1.73
|
$ 2.07
|
$ 2.12
|
$
7.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
$
4.30
|
$ 1.78
|
$
2.26
|
$
1.72
|
$
10.09
|
|
$ 1.47
|
$ 1.54
|
$ 1.86
|
$ 1.84
|
$
6.71
|
|
Discontinued
operations
|
$
0.22
|
$ 0.25
|
$
0.25
|
$
8.66
|
$
9.35
|
|
$ 0.16
|
$ 0.18
|
$ 0.20
|
$ 0.27
|
$
0.80
|
|
Net earnings
|
$
4.52
|
$ 2.04
|
$
2.51
|
$
10.38
|
$
19.45
|
|
$ 1.63
|
$ 1.72
|
$ 2.06
|
$ 2.11
|
$
7.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings and
weighted average shares used in calculated earnings per share
amounts are as follows:
|
|
Continuing
operations
|
$
602,102
|
$
246,587
|
$
312,896
|
$
238,383
|
$
1,399,968
|
|
$
206,692
|
$
217,010
|
$
261,983
|
$
258,179
|
$
943,864
|
|
Discontinued
operations
|
30,119
|
35,235
|
34,204
|
1,197,600
|
1,297,158
|
|
21,882
|
25,229
|
27,770
|
38,083
|
112,964
|
|
Net earnings
|
$
632,221
|
$
281,822
|
$
347,100
|
$
1,435,983
|
$
2,697,126
|
|
$
228,574
|
$
242,239
|
$
289,753
|
$
296,262
|
$
1,056,828
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
139,051
|
137,443
|
137,251
|
137,205
|
137,735
|
|
139,757
|
139,862
|
139,878
|
139,893
|
139,848
|
|
Diluted
|
139,869
|
138,404
|
138,223
|
138,298
|
138,696
|
|
140,616
|
140,578
|
140,615
|
140,586
|
140,599
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Per share data may be
impacted by rounding.
|
|
|
|
DOVER
CORPORATION
|
|
QUARTERLY SEGMENT
INFORMATION
|
|
(unaudited)(in
thousands)
|
|
|
2024
|
|
2023
|
|
Q1
|
Q2
|
Q3
|
Q4
|
FY
2024
|
|
Q1
|
Q2
|
Q3
|
Q4
|
FY
2023
|
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered
Products
|
$
332,820
|
$
285,297
|
$ 296,117
|
$
288,223
|
$
1,202,457
|
|
$
325,955
|
$
287,408
|
$
309,431
|
$
328,131
|
$
1,250,925
|
|
Clean Energy &
Fueling
|
445,053
|
463,014
|
500,685
|
528,032
|
1,936,784
|
|
430,729
|
441,166
|
466,959
|
449,423
|
1,788,277
|
|
Imaging &
Identification
|
276,806
|
287,593
|
283,966
|
288,800
|
1,137,165
|
|
283,091
|
271,932
|
276,179
|
285,530
|
1,116,732
|
|
Pumps & Process
Solutions
|
465,729
|
477,239
|
472,463
|
479,135
|
1,894,566
|
|
413,881
|
465,626
|
431,373
|
444,811
|
1,755,691
|
|
Climate &
Sustainability Technologies
|
364,292
|
436,706
|
431,127
|
347,524
|
1,579,649
|
|
455,325
|
449,001
|
475,911
|
398,345
|
1,778,582
|
|
Intersegment
eliminations
|
(981)
|
(1,067)
|
(816)
|
(1,848)
|
(4,712)
|
|
(1,552)
|
(1,326)
|
(1,425)
|
(1,428)
|
(5,731)
|
|
Total consolidated
revenue
|
$
1,883,719
|
$
1,948,782
|
$
1,983,542
|
$ 1,929,866
|
$
7,745,909
|
|
$
1,907,429
|
$
1,913,807
|
$
1,958,428
|
$
1,904,812
|
$
7,684,476
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS FROM
CONTINUING OPERATIONS
|
|
|
|
|
|
|
|
|
|
Segment
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered
Products
|
$ 62,532
|
$ 52,095
|
$
56,621
|
$ 59,989
|
$
231,237
|
|
$
54,064
|
$ 38,872
|
$ 63,525
|
$ 67,590
|
$ 224,051
|
|
Clean Energy &
Fueling
|
69,675
|
87,536
|
99,536
|
103,246
|
359,993
|
|
73,605
|
83,616
|
92,483
|
78,900
|
328,604
|
|
Imaging &
Identification
|
69,959
|
75,786
|
77,247
|
78,715
|
301,707
|
|
68,315
|
61,336
|
70,316
|
72,545
|
272,512
|
|
Pumps & Process
Solutions
|
118,737
|
137,217
|
138,277
|
142,375
|
536,606
|
|
115,244
|
129,337
|
117,907
|
121,917
|
484,405
|
|
Climate &
Sustainability Technologies
|
50,759
|
79,127
|
76,015
|
44,974
|
250,875
|
|
73,778
|
76,074
|
84,060
|
71,468
|
305,380
|
|
Total segment
earnings
|
371,662
|
431,761
|
447,696
|
429,299
|
1,680,418
|
|
385,006
|
389,235
|
428,291
|
412,420
|
1,614,952
|
|
Purchase
accounting
expenses
1
|
44,187
|
44,332
|
48,356
|
49,366
|
186,241
|
|
40,603
|
38,644
|
38,956
|
40,379
|
158,582
|
|
Restructuring and other
costs 2
|
23,971
|
11,590
|
16,581
|
32,841
|
84,983
|
|
14,053
|
18,143
|
11,581
|
19,150
|
62,927
|
|
Disposition costs
3
|
—
|
—
|
—
|
—
|
—
|
|
—
|
—
|
—
|
1,302
|
1,302
|
|
(Gain) loss on
dispositions 4
|
(529,943)
|
663
|
(68,633)
|
115
|
(597,798)
|
|
—
|
—
|
—
|
—
|
—
|
|
Corporate expense /
other 5
|
42,159
|
39,526
|
36,110
|
38,168
|
155,963
|
|
40,301
|
34,138
|
30,937
|
45,957
|
151,333
|
|
Interest
expense
|
36,365
|
32,374
|
34,128
|
28,304
|
131,171
|
|
34,214
|
33,803
|
32,390
|
30,897
|
131,304
|
|
Interest
income
|
(4,756)
|
(4,081)
|
(5,176)
|
(23,145)
|
(37,158)
|
|
(2,091)
|
(2,653)
|
(3,808)
|
(4,944)
|
(13,496)
|
|
Earnings before
provision for income taxes
|
759,679
|
307,357
|
386,330
|
303,650
|
1,757,016
|
|
257,926
|
267,160
|
318,235
|
279,679
|
1,123,000
|
|
Provision for income
taxes 6
|
157,577
|
60,770
|
73,434
|
65,267
|
357,048
|
|
51,234
|
50,150
|
56,252
|
21,500
|
179,136
|
|
Earnings from
continuing operations
|
$
602,102
|
$
246,587
|
$ 312,896
|
$
238,383
|
$
1,399,968
|
|
$
206,692
|
$
217,010
|
$
261,983
|
$
258,179
|
$ 943,864
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT EARNINGS
MARGIN
|
|
|
|
|
|
|
|
|
|
|
Engineered
Products
|
18.8 %
|
18.3 %
|
19.1 %
|
20.8 %
|
19.2 %
|
|
16.6 %
|
13.5 %
|
20.5 %
|
20.6 %
|
17.9 %
|
|
Clean Energy &
Fueling
|
15.7 %
|
18.9 %
|
19.9 %
|
19.6 %
|
18.6 %
|
|
17.1 %
|
19.0 %
|
19.8 %
|
17.6 %
|
18.4 %
|
|
Imaging &
Identification
|
25.3 %
|
26.4 %
|
27.2 %
|
27.3 %
|
26.5 %
|
|
24.1 %
|
22.6 %
|
25.5 %
|
25.4 %
|
24.4 %
|
|
Pumps & Process
Solutions
|
25.5 %
|
28.8 %
|
29.3 %
|
29.7 %
|
28.3 %
|
|
27.8 %
|
27.8 %
|
27.3 %
|
27.4 %
|
27.6 %
|
|
Climate &
Sustainability Technologies
|
13.9 %
|
18.1 %
|
17.6 %
|
12.9 %
|
15.9 %
|
|
16.2 %
|
16.9 %
|
17.7 %
|
17.9 %
|
17.2 %
|
|
Total segment earnings
margin
|
19.7 %
|
22.2 %
|
22.6 %
|
22.2 %
|
21.7 %
|
|
20.2 %
|
20.3 %
|
21.9 %
|
21.7 %
|
21.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Q4 and FY
2023 disposition costs relate to the sale of De-Sta-Co in our
Engineered Products segment.
|
|
4 (Gain)
loss on dispositions includes post-closing adjustments related to
the disposition of De-Sta-Co in Q1 2024 and the disposition of a
minority owned equity method investment in Q3 2024 in the
Engineered Products and Climate & Sustainability Technologies
segments, respectively.
|
|
5 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.
|
|
6 Q4 and FY
2023 include the net income tax benefit of internal reorganizations
executed in 2023.
|
|
DOVER
CORPORATION
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(unaudited)(in
thousands)
|
|
|
December 31,
2024
|
|
December 31,
2023
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
1,844,877
|
|
$
398,561
|
|
Receivables,
net
|
1,354,225
|
|
1,321,107
|
|
Inventories,
net
|
1,144,838
|
|
1,144,089
|
|
Prepaid and other
current assets
|
140,557
|
|
139,348
|
|
Assets of discontinued
operations - current
|
—
|
|
194,486
|
|
Assets held for sale -
current
|
—
|
|
192,644
|
|
Total current
assets
|
4,484,497
|
|
3,390,235
|
|
Property, plant and
equipment, net
|
987,924
|
|
978,472
|
|
Goodwill
|
4,905,702
|
|
4,637,564
|
|
Intangible assets,
net
|
1,580,854
|
|
1,445,204
|
|
Other assets and
deferred charges
|
550,183
|
|
555,084
|
|
Assets of
discontinued operations - non-current
|
—
|
|
341,954
|
|
Total
assets
|
$
12,509,160
|
|
$
11,348,513
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Short-term borrowings
and current portion of long-term debt
|
$
400,056
|
|
$
468,282
|
|
Payables, accrued
expenses and other current liabilities
|
1,796,471
|
|
1,727,907
|
|
Liabilities of
discontinued operations - current
|
—
|
|
153,013
|
|
Liabilities held for
sale - current
|
—
|
|
64,568
|
|
Total current liabilities
|
2,196,527
|
|
2,413,770
|
|
Deferred taxes and
other non-current liabilities
|
829,291
|
|
801,321
|
|
Long-term
debt
|
2,529,346
|
|
2,991,759
|
|
Liabilities of
discontinued operations - non-current
|
—
|
|
35,058
|
|
Stockholder's
equity:
|
|
|
|
|
Stockholders'
equity
|
6,953,996
|
|
5,106,605
|
|
Total liabilities
and stockholders' equity
|
$
12,509,160
|
|
$
11,348,513
|
|
DOVER
CORPORATION
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(unaudited)(in
thousands)
|
|
|
Years Ended December
31,
|
|
2024
|
|
2023
|
|
Operating
Activities:
|
|
|
|
|
Net earnings
|
$
2,697,126
|
|
$
1,056,828
|
|
Adjustments to
reconcile net earnings to cash provided by operating
activities:
|
|
|
|
|
Earnings from
discontinued operations, net
|
(1,297,158)
|
|
(112,964)
|
|
Depreciation and
amortization
|
337,842
|
|
305,046
|
|
Stock-based
compensation expense
|
40,359
|
|
30,766
|
|
Employee benefit plan
(benefit) expense
|
(9,946)
|
|
5,679
|
|
Gain on
dispositions
|
(597,798)
|
|
—
|
|
Net change in assets
and liabilities
|
(82,592)
|
|
(65,809)
|
|
Net cash provided by
operating activities
|
1,087,833
|
|
1,219,546
|
|
|
|
|
|
Investing
Activities:
|
|
|
|
|
Additions to property,
plant and equipment
|
(167,533)
|
|
(183,406)
|
|
Acquisitions, net of
cash and cash equivalents acquired
|
(635,269)
|
|
(533,623)
|
|
Proceeds from
dispositions, net of cash transferred
|
768,847
|
|
—
|
|
Other, net
|
6,972
|
|
(686)
|
|
Net cash used in
investing activities
|
(26,983)
|
|
(717,715)
|
|
|
|
|
|
Financing
Activities:
|
|
|
|
|
Change in commercial
paper and other short-term borrowings, net
|
(467,637)
|
|
(267,490)
|
|
Dividends paid to
stockholders
|
(283,117)
|
|
(284,297)
|
|
Repurchase of common
stock, including payment under accelerated share repurchase
program
|
(500,000)
|
|
—
|
|
Payments to settle
employee tax obligations on exercise of share-based
awards
|
(16,603)
|
|
(12,137)
|
|
Other, net
|
(4,316)
|
|
(4,132)
|
|
Net cash used in
financing activities
|
(1,271,673)
|
|
(568,056)
|
|
|
|
|
|
Cash Flows from
Discontinued Operations:
|
|
|
|
|
Net cash (used in)
provided by operating activities of discontinued
operations
|
(339,454)
|
|
116,799
|
|
Net cash provided by
(used in) investing activities of discontinued
operations
|
1,985,641
|
|
(8,915)
|
|
Net cash provided by
discontinued operations
|
1,646,187
|
|
107,884
|
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents
|
(6,348)
|
|
(6,666)
|
|
|
|
|
|
Net increase in cash
and cash equivalents, including cash held for sale
|
1,429,016
|
|
34,993
|
|
Cash and cash
equivalents at beginning of year, including cash held for
sale
|
415,861
|
|
380,868
|
|
Cash and cash
equivalents at the end of year, including cash held for
sale
|
$
1,844,877
|
|
$
415,861
|
|
|
Years Ended December
31,
|
|
2024
|
|
2023
|
|
Cash and cash
equivalents
|
$
1,844,877
|
|
$
398,561
|
|
Cash and cash
equivalents held for sale
|
—
|
|
17,300
|
|
Cash and cash
equivalents, including cash held for sale
|
$
1,844,877
|
|
$
415,861
|
|
DOVER
CORPORATION
|
|
QUARTERLY ADJUSTED
EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP)
|
|
(unaudited)(in
thousands, except per share data*)
|
|
|
Non-GAAP
Reconciliations
|
|
2024
|
|
2023
|
|
Q1
|
Q2
|
Q3
|
Q4
|
FY
2024
|
|
Q1
|
Q2
|
Q3
|
Q4
|
FY
2023
|
|
Adjusted earnings
from continuing operations:
|
|
|
|
|
|
|
|
|
|
|
Earnings from
continuing operations
|
$
602,102
|
$
246,587
|
$ 312,896
|
$ 238,383
|
$
1,399,968
|
|
$
206,692
|
$
217,010
|
$
261,983
|
$
258,179
|
$
943,864
|
|
Purchase accounting
expenses, pre-tax 1
|
44,187
|
44,332
|
48,356
|
49,366
|
186,241
|
|
40,603
|
38,644
|
38,956
|
40,379
|
158,582
|
|
Purchase accounting
expenses, tax impact 2
|
(9,711)
|
(9,760)
|
(10,633)
|
(10,911)
|
(41,015)
|
|
(9,140)
|
(8,671)
|
(8,670)
|
(8,847)
|
(35,328)
|
|
Restructuring and other
costs, pre-tax 3
|
23,971
|
11,590
|
16,581
|
32,841
|
84,983
|
|
14,053
|
18,143
|
11,581
|
19,150
|
62,927
|
|
Restructuring and other
costs, tax impact 2
|
(4,734)
|
(2,479)
|
(3,465)
|
(6,864)
|
(17,542)
|
|
(2,990)
|
(3,665)
|
(2,401)
|
(3,970)
|
(13,026)
|
|
Disposition costs,
pre-tax 4
|
—
|
—
|
—
|
—
|
—
|
|
—
|
—
|
—
|
1,302
|
1,302
|
|
Disposition costs, tax
impact 2
|
—
|
—
|
—
|
—
|
—
|
|
—
|
—
|
—
|
(270)
|
(270)
|
|
(Gain) loss on
dispositions, pre-tax 5
|
(529,943)
|
663
|
(68,633)
|
115
|
(597,798)
|
|
—
|
—
|
—
|
—
|
—
|
|
(Gain) loss on
dispositions, tax-impact 2
|
114,973
|
(144)
|
18,889
|
1,695
|
135,413
|
|
—
|
—
|
—
|
—
|
—
|
|
Adjusted earnings from
continuing operations
|
$
240,845
|
$
290,789
|
$ 313,991
|
$ 304,625
|
$
1,150,250
|
|
$
249,218
|
$
261,461
|
$
301,449
|
$
305,923
|
$
1,118,051
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted diluted
earnings per share from continuing operations:
|
|
|
|
|
|
|
|
Diluted earnings per
share from continuing operations
|
$ 4.30
|
$ 1.78
|
$ 2.26
|
$ 1.72
|
$
10.09
|
|
$ 1.47
|
$ 1.54
|
$ 1.86
|
$ 1.84
|
$
6.71
|
|
Purchase accounting
expenses, pre-tax 1
|
0.32
|
0.32
|
0.35
|
0.36
|
1.34
|
|
0.29
|
0.27
|
0.28
|
0.29
|
1.13
|
|
Purchase accounting
expenses, tax impact 2
|
(0.07)
|
(0.07)
|
(0.08)
|
(0.08)
|
(0.30)
|
|
(0.06)
|
(0.06)
|
(0.06)
|
(0.06)
|
(0.25)
|
|
Restructuring and other
costs, pre-tax 3
|
0.17
|
0.08
|
0.12
|
0.24
|
0.61
|
|
0.10
|
0.13
|
0.08
|
0.14
|
0.45
|
|
Restructuring and other
costs, tax impact 2
|
(0.03)
|
(0.02)
|
(0.03)
|
(0.05)
|
(0.13)
|
|
(0.02)
|
(0.03)
|
(0.02)
|
(0.03)
|
(0.09)
|
|
Disposition costs,
pre-tax 4
|
—
|
—
|
—
|
—
|
—
|
|
—
|
—
|
—
|
0.01
|
0.01
|
|
Disposition costs, tax
impact 2
|
—
|
—
|
—
|
—
|
—
|
|
—
|
—
|
—
|
—
|
—
|
|
(Gain) loss on
dispositions, pre-tax 5
|
(3.79)
|
—
|
(0.50)
|
—
|
(4.31)
|
|
—
|
—
|
—
|
—
|
—
|
|
(Gain) loss on
dispositions, tax-impact 2
|
0.82
|
—
|
0.14
|
0.01
|
0.98
|
|
—
|
—
|
—
|
—
|
—
|
|
Adjusted diluted
earnings per share from continuing operations
|
$ 1.72
|
$ 2.10
|
$ 2.27
|
$ 2.20
|
$
8.29
|
|
$ 1.77
|
$ 1.86
|
$ 2.14
|
$ 2.18
|
$
7.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 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. Q1 and FY 2024 include $3.4 million
and Q3 and FY 2023 include $3.3 million of non-cash asset
impairment charges for our Climate & Sustainability
Technologies segment.
|
|
4 Q4 and FY
2023 disposition costs relate to the sale of De-Sta-Co in our
Engineered Products segment.
|
|
5 (Gain)
loss on dispositions represents a $529.9 million gain recorded
during Q1 2024 and a $0.7 million loss and $1.1 million gain
recorded as post-closing adjustments in Q2 2024 and Q4 2024,
respectively, on the disposition of De-Sta-Co in the Engineered
Products segment. Additionally, a gain of $68.6 million was
recorded in Q3 2024 and a $1.2 million post-closing adjustment
(reduction to the gain) in Q4 2024 on the disposition of a minority
owned equity method investment in the Climate & Sustainability
Technologies segment.
|
|
* Per share data and
totals may be impacted by rounding.
|
|
DOVER
CORPORATION
|
|
QUARTERLY ADJUSTED
SEGMENT EBITDA (NON-GAAP)
|
|
(unaudited)(in
thousands)
|
|
|
Non-GAAP Reconciliations
|
|
2024
|
|
2023
|
|
Q1
|
Q2
|
Q3
|
Q4
|
FY
2024
|
|
Q1
|
Q2
|
Q3
|
Q4
|
FY
2023
|
|
ADJUSTED SEGMENT
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered
Products:
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
earnings
|
$
62,532
|
$
52,095
|
$
56,621
|
$
59,989
|
$
231,237
|
|
$
54,064
|
$
38,872
|
$
63,525
|
$
67,590
|
$
224,051
|
|
Other depreciation and
amortization 1
|
4,785
|
4,778
|
4,829
|
4,867
|
19,259
|
|
5,671
|
5,778
|
5,736
|
4,827
|
22,012
|
|
Adjusted segment EBITDA
2
|
67,317
|
56,873
|
61,450
|
64,856
|
250,496
|
|
59,735
|
44,650
|
69,261
|
72,417
|
246,063
|
|
Adjusted segment EBITDA
margin 2
|
20.2 %
|
19.9 %
|
20.8 %
|
22.5 %
|
20.8 %
|
|
18.3 %
|
15.5 %
|
22.4 %
|
22.1 %
|
19.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clean Energy &
Fueling:
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
earnings
|
$
69,675
|
$
87,536
|
$
99,536
|
$
103,246
|
$
359,993
|
|
$
73,605
|
$
83,616
|
$
92,483
|
$
78,900
|
$
328,604
|
|
Other depreciation and
amortization 1
|
7,921
|
7,627
|
8,310
|
8,118
|
31,976
|
|
7,046
|
7,541
|
7,686
|
7,844
|
30,117
|
|
Adjusted segment EBITDA
2
|
77,596
|
95,163
|
107,846
|
111,364
|
391,969
|
|
80,651
|
91,157
|
100,169
|
86,744
|
358,721
|
|
Adjusted segment EBITDA
margin 2
|
17.4 %
|
20.6 %
|
21.5 %
|
21.1 %
|
20.2 %
|
|
18.7 %
|
20.7 %
|
21.5 %
|
19.3 %
|
20.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Imaging &
Identification:
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
earnings
|
$
69,959
|
$
75,786
|
$
77,247
|
$
78,715
|
$
301,707
|
|
$
68,315
|
$
61,336
|
$
70,316
|
$
72,545
|
$
272,512
|
|
Other depreciation and
amortization 1
|
3,733
|
3,271
|
3,905
|
3,739
|
14,648
|
|
3,394
|
3,745
|
3,972
|
4,182
|
15,293
|
|
Adjusted segment EBITDA
2
|
73,692
|
79,057
|
81,152
|
82,454
|
316,355
|
|
71,709
|
65,081
|
74,288
|
76,727
|
287,805
|
|
Adjusted segment EBITDA
margin 2
|
26.6 %
|
27.5 %
|
28.6 %
|
28.6 %
|
27.8 %
|
|
25.3 %
|
23.9 %
|
26.9 %
|
26.9 %
|
25.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pumps & Process
Solutions:
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
earnings
|
$
118,737
|
$
137,217
|
$ 138,277
|
$
142,375
|
$
536,606
|
|
$
115,244
|
$
129,337
|
$
117,907
|
$
121,917
|
$
484,405
|
|
Other depreciation and
amortization 1
|
12,139
|
12,637
|
12,651
|
12,623
|
50,050
|
|
10,939
|
11,609
|
12,052
|
11,744
|
46,344
|
|
Adjusted segment EBITDA
2
|
130,876
|
149,854
|
150,928
|
154,998
|
586,656
|
|
126,183
|
140,946
|
129,959
|
133,661
|
530,749
|
|
Adjusted segment EBITDA
margin 2
|
28.1 %
|
31.4 %
|
31.9 %
|
32.3 %
|
31.0 %
|
|
30.5 %
|
30.3 %
|
30.1 %
|
30.0 %
|
30.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Climate &
Sustainability Technologies:
|
|
|
|
|
|
|
|
|
|
|
|
Segment
earnings
|
$
50,759
|
$
79,127
|
$
76,015
|
$
44,974
|
$
250,875
|
|
$
73,778
|
$
76,074
|
$
84,060
|
$
71,468
|
$
305,380
|
|
Other depreciation and
amortization 1
|
7,275
|
7,220
|
7,048
|
7,596
|
29,139
|
|
6,624
|
6,895
|
6,954
|
7,084
|
27,557
|
|
Adjusted segment EBITDA
2
|
58,034
|
86,347
|
83,063
|
52,570
|
280,014
|
|
80,402
|
82,969
|
91,014
|
78,552
|
332,937
|
|
Adjusted segment EBITDA
margin 2
|
15.9 %
|
19.8 %
|
19.3 %
|
15.1 %
|
17.7 %
|
|
17.7 %
|
18.5 %
|
19.1 %
|
19.7 %
|
18.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Segments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Total segment earnings
2, 3
|
$
371,662
|
$
431,761
|
$ 447,696
|
$
429,299
|
$
1,680,418
|
|
$
385,006
|
$
389,235
|
$
428,291
|
$
412,420
|
$
1,614,952
|
|
Other depreciation and
amortization 1
|
35,853
|
35,533
|
36,743
|
36,943
|
145,072
|
|
33,674
|
35,568
|
36,400
|
35,681
|
141,323
|
|
Total Adjusted segment
EBITDA 2
|
407,515
|
467,294
|
484,439
|
466,242
|
1,825,490
|
|
418,680
|
424,803
|
464,691
|
448,101
|
1,756,275
|
|
Total Adjusted segment
EBITDA margin 2
|
21.6 %
|
24.0 %
|
24.4 %
|
24.2 %
|
23.6 %
|
|
21.9 %
|
22.2 %
|
23.7 %
|
23.5 %
|
22.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
DOVER
CORPORATION
|
|
QUARTERLY EARNINGS
FROM CONTINUING OPERATIONS TO ADJUSTED SEGMENT EBITDA
RECONCILIATION (NON-GAAP)
|
|
(unaudited)(in
thousands)
|
|
|
Non-GAAP
Reconciliations
|
|
2024
|
|
2023
|
|
Q1
|
Q2
|
Q3
|
Q4
|
FY
2024
|
|
Q1
|
Q2
|
Q3
|
Q4
|
FY
2023
|
|
Earnings from
continuing operations
|
$
602,102
|
$
246,587
|
$
312,896
|
$
238,383
|
$
1,399,968
|
|
$
206,692
|
$
217,010
|
$
261,983
|
$
258,179
|
$
943,864
|
|
Provision for income
taxes 1
|
157,577
|
60,770
|
73,434
|
65,267
|
357,048
|
|
51,234
|
50,150
|
56,252
|
21,500
|
179,136
|
|
Earnings before
provision for income taxes
|
759,679
|
307,357
|
386,330
|
303,650
|
1,757,016
|
|
257,926
|
267,160
|
318,235
|
279,679
|
1,123,000
|
|
Interest
income
|
(4,756)
|
(4,081)
|
(5,176)
|
(23,145)
|
(37,158)
|
|
(2,091)
|
(2,653)
|
(3,808)
|
(4,944)
|
(13,496)
|
|
Interest
expense
|
36,365
|
32,374
|
34,128
|
28,304
|
131,171
|
|
34,214
|
33,803
|
32,390
|
30,897
|
131,304
|
|
Corporate expense /
other 2
|
42,159
|
39,526
|
36,110
|
38,168
|
155,963
|
|
40,301
|
34,138
|
30,937
|
45,957
|
151,333
|
|
Disposition costs
3
|
—
|
—
|
—
|
—
|
—
|
|
—
|
—
|
—
|
1,302
|
1,302
|
|
(Gain) loss on
dispositions 4
|
(529,943)
|
663
|
(68,633)
|
115
|
(597,798)
|
|
—
|
—
|
—
|
—
|
—
|
|
Restructuring and other
costs 5
|
23,971
|
11,590
|
16,581
|
32,841
|
84,983
|
|
14,053
|
18,143
|
11,581
|
19,150
|
62,927
|
|
Purchase accounting
expenses 6
|
44,187
|
44,332
|
48,356
|
49,366
|
186,241
|
|
40,603
|
38,644
|
38,956
|
40,379
|
158,582
|
|
Total segment earnings
7
|
371,662
|
431,761
|
447,696
|
429,299
|
1,680,418
|
|
385,006
|
389,235
|
428,291
|
412,420
|
1,614,952
|
|
Add: Other depreciation
and amortization 8
|
35,853
|
35,533
|
36,743
|
36,943
|
145,072
|
|
33,674
|
35,568
|
36,400
|
35,681
|
141,323
|
|
Total adjusted segment
EBITDA 7
|
$
407,515
|
$
467,294
|
$
484,439
|
$
466,242
|
$
1,825,490
|
|
$
418,680
|
$
424,803
|
$
464,691
|
$
448,101
|
$
1,756,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Q4 and FY
2023 include the net income tax benefit of internal reorganizations
executed in 2023.
|
|
2 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.
|
|
3 Q4 and FY
2023 disposition costs relate to the sale of De-Sta-Co in our
Engineered Products segment.
|
|
4 (Gain)
loss on dispositions represents a $529.9 million gain recorded
during Q1 2024 and $0.7 million loss and $1.1 million gain recorded
as post-closing adjustments in Q2 2024 and Q4 2024, respectively,
on the disposition of De-Sta-Co in the Engineered Products segment.
Additionally, a gain of $68.6 million was recorded in Q3 2024 and a
$1.2 million post-closing adjustment (reduction to the gain) in Q4
2024 on the disposition of a minority owned equity method
investment in the Climate & Sustainability Technologies
segment.
|
|
5
Restructuring and other costs relate to actions taken for headcount
reductions, facility consolidations and site closures, product line
exits, and other asset charges.
|
|
6 Purchase
accounting expenses are primarily comprised of amortization of
intangible assets.
|
|
7 Refer to
Non-GAAP Disclosures section for definition.
|
|
8 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.
|
|
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
|
|
2024
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Q4
YTD
|
|
Organic
|
|
|
|
|
|
|
|
|
|
|
Engineered
Products
|
2.1 %
|
|
18.3 %
|
|
12.1 %
|
|
1.6 %
|
|
8.2 %
|
|
Clean Energy &
Fueling
|
1.4 %
|
|
2.3 %
|
|
(1.2) %
|
|
7.9 %
|
|
2.6 %
|
|
Imaging &
Identification
|
(1.6) %
|
|
6.9 %
|
|
3.3 %
|
|
1.3 %
|
|
2.4 %
|
|
Pumps & Process
Solutions
|
4.5 %
|
|
(3.1) %
|
|
1.9 %
|
|
2.9 %
|
|
1.4 %
|
|
Climate &
Sustainability Technologies
|
(20.3) %
|
|
(2.3) %
|
|
(9.4) %
|
|
(12.8) %
|
|
(11.2) %
|
|
Total
Organic
|
(3.4) %
|
|
3.0 %
|
|
0.3 %
|
|
0.3 %
|
|
— %
|
|
Acquisitions
|
2.2 %
|
|
2.3 %
|
|
3.8 %
|
|
3.8 %
|
|
3.0 %
|
|
Dispositions
|
— %
|
|
(2.8) %
|
|
(2.7) %
|
|
(2.5) %
|
|
(2.0) %
|
|
Currency
translation
|
— %
|
|
(0.7) %
|
|
(0.1) %
|
|
(0.3) %
|
|
(0.2) %
|
|
Total*
|
(1.2) %
|
|
1.8 %
|
|
1.3 %
|
|
1.3 %
|
|
0.8 %
|
|
|
* Totals may be
impacted by rounding.
|
|
|
2024
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Q4
YTD
|
|
Organic
|
|
|
|
|
|
|
|
|
|
|
United
States
|
(2.3) %
|
|
9.1 %
|
|
8.4 %
|
|
— %
|
|
3.8 %
|
|
Other
Americas
|
(6.1) %
|
|
18.2 %
|
|
1.7 %
|
|
9.7 %
|
|
5.6 %
|
|
Europe
|
(0.5) %
|
|
(3.8) %
|
|
(4.6) %
|
|
(3.6) %
|
|
(3.1) %
|
|
Asia
|
(4.8) %
|
|
(8.6) %
|
|
(9.5) %
|
|
(5.4) %
|
|
(7.1) %
|
|
Other
|
(21.6) %
|
|
(28.0) %
|
|
(33.4) %
|
|
31.1 %
|
|
(17.4) %
|
|
Total
Organic
|
(3.4) %
|
|
3.0 %
|
|
0.3 %
|
|
0.3 %
|
|
— %
|
|
Acquisitions
|
2.2 %
|
|
2.3 %
|
|
3.8 %
|
|
3.8 %
|
|
3.0 %
|
|
Dispositions
|
— %
|
|
(2.8) %
|
|
(2.7) %
|
|
(2.5) %
|
|
(2.0) %
|
|
Currency
translation
|
— %
|
|
(0.7) %
|
|
(0.1) %
|
|
(0.3) %
|
|
(0.2) %
|
|
Total*
|
(1.2) %
|
|
1.8 %
|
|
1.3 %
|
|
1.3 %
|
|
0.8 %
|
|
|
* Totals may be
impacted by rounding.
|
|
Adjusted EPS
Guidance Reconciliation*
|
|
2024
Actual
|
|
2025
Guidance
|
|
Earnings per Share from
Continuing Operations (GAAP)
|
$
10.09
|
|
$8.16 -
$8.36
|
|
Acquisition-related
amortization, net
|
1.04
|
|
1.07
|
|
Restructuring and other
costs, net
|
0.48
|
|
0.07
|
|
Gain on dispositions,
net
|
(3.33)
|
|
—
|
|
Adjusted Earnings
per Share from Continuing Operations (Non-GAAP)
|
$
8.29
|
|
$9.30 -
$9.50
|
|
|
* Per share data and
totals may be impacted by rounding.
|
|
DOVER
CORPORATION
|
|
PERFORMANCE
MEASURES
|
|
(unaudited)(in
thousands)
|
|
|
2024
|
|
2023
|
|
Q1
|
Q2
|
Q3
|
Q4
|
FY
2024
|
|
Q1
|
Q2
|
Q3
|
Q4
|
FY
2023
|
|
BOOKINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered
Products
|
$
329,925
|
$
280,542
|
$
284,823
|
$
276,487
|
$
1,171,777
|
|
$
329,005
|
$
297,662
|
$
330,566
|
$
312,416
|
$
1,269,649
|
|
Clean Energy &
Fueling
|
471,610
|
442,086
|
507,329
|
517,470
|
1,938,495
|
|
454,526
|
440,137
|
449,663
|
401,195
|
1,745,521
|
|
Imaging &
Identification
|
278,433
|
288,641
|
281,289
|
295,784
|
1,144,147
|
|
290,712
|
262,092
|
271,113
|
297,312
|
1,121,229
|
|
Pumps & Process
Solutions
|
473,632
|
461,426
|
448,074
|
473,548
|
1,856,680
|
|
464,297
|
394,317
|
363,111
|
455,390
|
1,677,115
|
|
Climate &
Sustainability Technologies
|
453,086
|
406,269
|
332,503
|
378,774
|
1,570,632
|
|
371,643
|
310,911
|
340,474
|
325,625
|
1,348,653
|
|
Intersegment
eliminations
|
(791)
|
(1,591)
|
(1,065)
|
(2,578)
|
(6,025)
|
|
(1,530)
|
(1,913)
|
(848)
|
(2,100)
|
(6,391)
|
|
Total consolidated
bookings
|
$
2,005,895
|
$
1,877,373
|
$
1,852,953
|
$
1,939,485
|
$
7,675,706
|
|
$
1,908,653
|
$
1,703,206
|
$
1,754,079
|
$
1,789,838
|
$
7,155,776
|
|
2024
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Q4
YTD
|
|
BOOKINGS GROWTH
FACTORS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organic
|
|
|
|
|
|
|
|
|
|
|
Engineered
Products
|
0.2 %
|
|
11.4 %
|
|
— %
|
|
3.2 %
|
|
3.5 %
|
|
Clean Energy &
Fueling
|
1.6 %
|
|
(1.6) %
|
|
7.0 %
|
|
17.4 %
|
|
5.8 %
|
|
Imaging &
Identification
|
(3.4) %
|
|
11.1 %
|
|
4.3 %
|
|
(0.6) %
|
|
2.6 %
|
|
Pumps & Process
Solutions
|
(4.6) %
|
|
10.5 %
|
|
15.1 %
|
|
(2.6) %
|
|
3.7 %
|
|
Climate &
Sustainability Technologies
|
22.3 %
|
|
31.6 %
|
|
(2.1) %
|
|
15.8 %
|
|
16.7 %
|
|
Total
Organic
|
3.2 %
|
|
11.5 %
|
|
5.1 %
|
|
6.5 %
|
|
6.5 %
|
|
Acquisitions
|
2.1 %
|
|
2.4 %
|
|
3.5 %
|
|
4.7 %
|
|
3.2 %
|
|
Dispositions
|
— %
|
|
(3.0) %
|
|
(2.9) %
|
|
(2.7) %
|
|
(2.1) %
|
|
Currency
translation
|
(0.2) %
|
|
(0.7) %
|
|
(0.1) %
|
|
(0.1) %
|
|
(0.3) %
|
|
Total*
|
5.1 %
|
|
10.2 %
|
|
5.6 %
|
|
8.4 %
|
|
7.3 %
|
|
* Totals may be
impacted by rounding.
|
|
|
|
|
|
|
|
|
|
ADDITIONAL
INFORMATION
FOURTH QUARTER AND FULL YEAR
2024
(unaudited)(amounts in thousands except
share data and where otherwise indicated)
The discussion throughout this Investor Supplement, unless
otherwise noted, relates solely to our continuing operations.
Acquisitions
During the fourth quarter of 2024, the Company completed the
acquisition of certain assets from Carter Day International, Inc.'s
petrochemical division, within the Pumps & Process Solutions
segment for $34.0 million, inclusive
of contingent consideration.
For the full year 2024, the Company acquired eight businesses in
separate transactions for total consideration of $674.0 million, net of cash acquired and
inclusive of measurement period adjustments and contingent
consideration of $38.7 million. These
businesses were acquired to complement and expand upon existing
operations within the Clean Energy & Fueling, Engineered
Products, Imaging & Identification and Pumps & Process
Solutions segments. The purchase price allocations for these
acquisitions are preliminary and subject to change during the
measurement period.
Dispositions
During the fourth quarter of 2024, the Company completed
the sale of the Environmental Solutions Group ("ESG") business, an
operating company within the Engineered Products segment, for a
total consideration, net of cash transferred, of $2.0 billion. The disposal represented a
strategic shift with a major effect on the Company's operations and
qualified for discontinued operations presentation. This sale
resulted in a preliminary pre-tax gain on disposition of
$1.6 billion ($1.2 billion after-tax), included within earnings
from discontinued operations, net in the consolidated statements of
earnings for the year ended December 31,
2024. The preliminary total consideration and preliminary
pre-tax gain on disposition are subject to standard working capital
adjustments.
For the full year 2024, the Company completed two additional
sales. On March 31, 2024, the Company
completed the sale of the De-Sta-Co business, an operating company
within the Engineered Products segment, for total consideration,
net of cash transferred, of $675.9
million. This sale resulted in a pre-tax gain on disposition
of $530.3 million ($415.4 million after-tax) included within the
consolidated statements of earnings for the year ended December 31, 2024. On September 30, 2024, a minority owned equity
method investment held within the Climate & Sustainability
Technologies segment was sold and the Company received its
proportionate share of the proceeds amounting to $93.0 million. The sale resulted in a preliminary
pre-tax gain of $67.4 million,
($47.0 million after-tax), subject to
customary post-closing adjustments and included within the
consolidated statements of earnings for the year ended December 31, 2024.
Restructuring and Other Costs
During the fourth quarter and year ended December 31, 2024, restructuring and other costs
included restructuring charges of $28.2
million and $69.8 million,
respectively, and other costs of $4.7
million and $15.2 million,
respectively. The restructuring expenses incurred during the year
ended December 31, 2024 were
primarily related to headcount reductions and product line and
other exit costs in the Clean Energy & Fueling and Climate
& Sustainability Technologies segments. These restructuring
programs were initiated in 2023 and 2024 and were undertaken in
light of current market conditions. Other costs were primarily due
to non-cash asset impairment charges and reorganization costs in
the Climate & Sustainability Technologies and Imaging &
Identification segments, respectively.
|
($ in
millions)
|
2024
|
|
2023
|
|
Q4
|
|
FY
|
|
Q4
|
|
FY
|
|
Engineered
Products
|
$
4.9
|
|
$
7.9
|
|
$
3.5
|
|
$
9.0
|
|
Clean Energy &
Fueling
|
16.4
|
|
33.6
|
|
5.6
|
|
24.7
|
|
Imaging &
Identification
|
7.4
|
|
14.9
|
|
4.8
|
|
7.1
|
|
Pumps & Process
Solutions
|
1.0
|
|
5.0
|
|
1.5
|
|
7.9
|
|
Climate &
Sustainability Technologies
|
1.6
|
|
20.1
|
|
2.1
|
|
9.3
|
|
Corporate
|
1.5
|
|
3.6
|
|
1.6
|
|
4.9
|
|
Total*
|
$
32.8
|
|
$
85.0
|
|
$
19.2
|
|
$
62.9
|
|
* Totals may be
impacted by rounding.
|
Tax Rate
The effective tax rate was 21.5% and 7.7% for the fourth
quarters of 2024 and 2023, respectively. On a full year basis, the
effective tax rate for 2024 and 2023 was 20.3% and 16.0%,
respectively. The 2024 tax rate was primarily driven by gains on
dispositions. The 2023 tax rate was primarily driven by the release
of a net valuation allowance against non-U.S. tax loss
carryforwards mainly related to an internal reorganization,
partially offset by an accrual of withholding taxes on current and
future repatriation of certain foreign earnings.
Accelerated Share Repurchase
During the year ended December 31, 2024, the Company
received a total of 2,869,282 shares upon completion of the
accelerated repurchase program (the "ASR Program") for $500 million. The total number of shares
ultimately repurchased under the ASR Program was based on the
volume-weighted average share price of Dover's common stock during
the calculation period, less a discount, which was $174.26 over the term of the ASR Program. During
the year ended December 31, 2024, exclusive of any ASR
Program, there were no share repurchases.
Capitalization
The following table provides a calculation of net debt to net
capitalization from the most directly comparable GAAP measures:
|
Net Debt to Net
Capitalization Ratio (Non-GAAP)
|
|
December 31,
2024
|
|
December 31,
2023
|
|
Commercial
paper
|
|
$
—
|
|
$
467,600
|
|
Current portion of
long-term debt and other
|
|
400,056
|
|
682
|
|
Total Short-term
borrowings and current portion of long-term debt
|
|
$
400,056
|
|
$
468,282
|
|
Long-term
debt
|
|
2,529,346
|
|
2,991,759
|
|
Total debt
|
|
2,929,402
|
|
3,460,041
|
|
Less: Cash and cash
equivalents, including cash held for sale
|
|
(1,844,877)
|
|
(415,861)
|
|
Net debt
|
|
1,084,525
|
|
3,044,180
|
|
Add: Stockholders'
equity
|
|
6,953,996
|
|
5,106,605
|
|
Net
capitalization
|
|
$
8,038,521
|
|
$
8,150,785
|
|
Net debt to net
capitalization
|
|
13.5 %
|
|
37.3 %
|
|
Quarterly Cash
Flow
|
|
2024
|
|
2023
|
|
Q1
|
Q2
|
Q3
|
Q4
|
FY
2024
|
|
Q1
|
Q2
|
Q3
|
Q4
|
FY
2023
|
|
Net Cash Flows Provided
By (Used In):
|
|
|
|
|
|
|
|
|
|
|
Operating
activities
|
$
146,456
|
$
149,181
|
$
353,244
|
$
438,952
|
$
1,087,833
|
|
$
220,240
|
$
168,947
|
$
331,795
|
$
498,564
|
$
1,219,546
|
|
Investing
activities
|
432,416
|
33,215
|
(402,512)
|
(90,102)
|
(26,983)
|
|
(41,952)
|
(40,591)
|
(48,529)
|
(586,643)
|
(717,715)
|
|
Financing
activities
|
(80,782)
|
(830,657)
|
92,994
|
(453,228)
|
(1,271,673)
|
|
(306,565)
|
(137,924)
|
(312,716)
|
189,149
|
(568,056)
|
|
Quarterly Free Cash
Flow (Non-GAAP)
|
|
2024
|
|
2023
|
|
Q1
|
Q2
|
Q3
|
Q4
|
FY
2024
|
|
Q1
|
Q2
|
Q3
|
Q4
|
FY
2023
|
|
Cash flow from
operating activities 1
|
$
146,456
|
$
149,181
|
$
353,244
|
$ 438,952
|
$
1,087,833
|
|
$
220,240
|
$
168,947
|
$
331,795
|
$ 498,564
|
$
1,219,546
|
|
Less: Capital
expenditures
|
(40,050)
|
(35,822)
|
(37,754)
|
(53,907)
|
(167,533)
|
|
(46,771)
|
(38,183)
|
(41,177)
|
(57,275)
|
(183,406)
|
|
Free cash
flow
|
$
106,406
|
$
113,359
|
$
315,490
|
$ 385,045
|
$
920,300
|
|
$
173,469
|
$
130,764
|
$
290,618
|
$ 441,289
|
$
1,036,140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from
operating activities as a percentage of revenue
|
7.8 %
|
7.7 %
|
17.8 %
|
22.7 %
|
14.0 %
|
|
11.5 %
|
8.8 %
|
16.9 %
|
26.2 %
|
15.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from
operating activities as a percentage of adjusted earnings from
continuing operations
|
60.8 %
|
51.3 %
|
112.5 %
|
144.1 %
|
94.6 %
|
|
88.4 %
|
64.6 %
|
110.1 %
|
163.0 %
|
109.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow as a
percentage of revenue
|
5.6 %
|
5.8 %
|
15.9 %
|
20.0 %
|
11.9 %
|
|
9.1 %
|
6.8 %
|
14.8 %
|
23.2 %
|
13.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow as a
percentage of adjusted earnings from continuing
operations
|
44.2 %
|
39.0 %
|
100.5 %
|
126.4 %
|
80.0 %
|
|
69.6 %
|
50.0 %
|
96.4 %
|
144.2 %
|
92.7 %
|
|
1 Q2, Q3, Q4
and FY 2024 include income tax payments of $56.0 million, $24.0
million, $23.4 million and $103.4 million, respectively, related to
the gain on the disposition of De-Sta-Co. Q4 and FY 2024 also
include income tax payments of $20.4 million related to the sale of
a minority owned equity method investment.
|
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, net
debt, net capitalization, net debt to net capitalization ratio, 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,
disposition costs 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 from continuing operations per share
adjusted for the effect of purchase accounting expenses,
restructuring and other costs/benefits, disposition costs and
gain/loss on disposition.
Total segment earnings is defined as the sum of earnings before
purchase accounting expenses, restructuring and other
costs/benefits, disposition costs, 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.
Net debt represents total debt minus cash and cash equivalents,
including cash held for sale. Net capitalization represents net
debt plus stockholders' equity. Net debt to net capitalization
ratio is net debt divided by net capitalization. Net debt to net
capitalization is helpful in evaluating our capital structure and
the amount of leverage we employ.
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. 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 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.
Organic bookings represent bookings 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.
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
|
|
Vice President -
Investor Relations
|
Vice President -
Communications
|
|
(630)
743-2566
|
(630)
743-5039
|
|
jdickens@dovercorp.com
|
asakowicz@dovercorp.com
|
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SOURCE Dover
