Dover Corporation (DOV) Bundle
A Brief History of Dover Corporation
Dover Corporation, established in 1955, has evolved into a diversified global manufacturer with a strong focus on innovation and technology across various sectors. As of 2024, the company operates through five primary segments: Pumps & Process Solutions, Climate & Sustainability Technologies, Clean Energy & Fueling, Imaging & Identification, and Engineered Products.
Financial Performance Overview
In the nine months ending September 30, 2024, Dover Corporation reported net earnings of $1.26 billion, an increase from $760.57 million in the same period in 2023. The earnings per share (EPS) from continuing operations rose to $2.26, compared to $1.86 in the previous year.
| Financial Metric | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Net Earnings | $1,261.14 million | $760.57 million |
| EPS | $2.26 | $1.86 |
| Revenue | $5.78 billion | $5.37 billion |
Segment Performance
For the nine months ended September 30, 2024, the Pumps & Process Solutions segment reported a revenue increase of $104.6 million (8.0%), attributed to acquisition-related growth and organic growth.
| Segment | Revenue (2024) | Revenue (2023) | % Change |
|---|---|---|---|
| Pumps & Process Solutions | $1.41 billion | $1.30 billion | 8.0% |
| Climate & Sustainability Technologies | $1.23 billion | $1.38 billion | (10.7%) |
| Imaging & Identification | $848.37 million | $831.20 million | 2.1% |
| Clean Energy & Fueling | $1.43 billion | $1.36 billion | 5.2% |
| Engineered Products | $914.23 million | $922.79 million | (0.9%) |
Divestitures and Acquisitions
In 2024, Dover Corporation divested the De-Sta-Co business for $674.7 million, contributing significantly to the company's gain on dispositions of $597.9 million during the nine months ended September 30, 2024. Additionally, the company completed seven acquisitions totaling approximately $636.4 million during the same period.
Liquidity and Capital Resources
As of September 30, 2024, Dover's total debt stood at $3.39 billion, with cash and cash equivalents amounting to $396.8 million. The company's net debt to net capitalization ratio improved to 34.4%, down from 37.3% at the end of 2023.
| Liquidity Metric | As of September 30, 2024 | As of December 31, 2023 |
|---|---|---|
| Total Debt | $3.39 billion | $3.46 billion |
| Cash and Cash Equivalents | $396.8 million | $415.9 million |
| Net Debt to Net Capitalization | 34.4% | 37.3% |
Research and Development
Research and development expenditures for the nine months ended September 30, 2024, totaled $108.0 million, maintaining a steady investment in innovation within the company.
| R&D Metric | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| R&D Spending | $108.0 million | $105.1 million |
| R&D as % of Revenue | 1.8% | 1.8% |
The company's commitment to innovation is reflected in its consistent R&D investments, which are crucial for maintaining competitive advantage across its diverse segments.
A Who Owns Dover Corporation (DOV)
Shareholder Composition
As of 2024, Dover Corporation (DOV) has a diverse shareholder base that includes both institutional and retail investors. The top institutional shareholders include prominent investment firms and mutual funds.
| Shareholder | Type | Shares Owned | Percentage of Total Shares |
|---|---|---|---|
| Vanguard Group, Inc. | Institutional | 12,450,000 | 9.1% |
| BlackRock, Inc. | Institutional | 11,300,000 | 8.2% |
| State Street Corporation | Institutional | 9,000,000 | 6.5% |
| Fidelity Investments | Institutional | 7,500,000 | 5.5% |
| Invesco Ltd. | Institutional | 6,800,000 | 5.0% |
Ownership by Individual Investors
Retail investors also hold a significant portion of Dover's shares. The company's shares are widely held, providing liquidity in the market.
| Investor Type | Percentage of Total Shares |
|---|---|
| Retail Investors | 35% |
| Institutional Investors | 65% |
Recent Stock Performance
Dover Corporation's stock has shown a steady performance, with a current price of approximately $177.19 per share as of September 30, 2024. The company has seen a year-to-date increase of approximately 12%.
Dividends and Earnings
Dover Corporation has maintained a strong dividend policy, paying dividends of $1.54 per share in 2024, which reflects a growth of 1.0% compared to the previous year. The total dividends paid in the nine months ended September 30, 2024, amounted to $212.4 million.
Financial Overview
In the nine months ended September 30, 2024, Dover reported net earnings of $1,261,143,000, with earnings per share (EPS) of $9.14. The company continues to focus on growth through acquisitions and has recently completed several transactions to enhance its portfolio.
Acquisitions and Strategic Direction
Dover Corporation has been active in acquisitions, spending approximately $636.4 million on seven business acquisitions in 2024. This strategy aims to complement and expand existing operations.
Conclusion
As of 2024, Dover Corporation's ownership structure is characterized by a strong presence of institutional investors, complemented by a significant retail investor base. The company's strategic focus on acquisitions and consistent performance in dividends and earnings underlines its commitment to growth and shareholder value.
Dover Corporation (DOV) Mission Statement
Mission Statement Overview
Dover Corporation aims to be a leader in providing innovative solutions for its customers across various sectors. The company focuses on enhancing operational efficiency and sustainability through advanced technologies and services.
Financial Performance
As of September 30, 2024, Dover Corporation reported the following key financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Revenue | $1,983,542,000 | $1,958,428,000 | 1.3% |
| Gross Profit | $763,187,000 | $739,381,000 | 3.2% |
| Operating Earnings | $333,617,000 | $336,543,000 | -0.9% |
| Net Earnings | $347,100,000 | $289,753,000 | 20.0% |
| Earnings per Share (Diluted) | $2.51 | $2.06 | 21.9% |
Segment Performance
Dover operates through five reportable segments, with performance metrics for Q3 2024 as follows:
| Segment | Revenue (Q3 2024) | Revenue (Q3 2023) | Change (%) |
|---|---|---|---|
| Engineered Products | $296,117,000 | $309,431,000 | -4.3% |
| Clean Energy & Fueling | $500,685,000 | $466,959,000 | 7.2% |
| Imaging & Identification | $283,966,000 | $276,179,000 | 2.5% |
| Pumps & Process Solutions | $472,463,000 | $431,373,000 | 9.5% |
| Climate & Sustainability Technologies | $431,127,000 | $475,911,000 | -9.3% |
Acquisitions and Dispositions
During the nine months ended September 30, 2024, Dover made several strategic acquisitions totaling approximately $636,390,000, net of cash acquired. This included:
- Acquisition of seven businesses across multiple segments.
- Sale of the Environmental Solutions Group for $2.0 billion.
- Sale of the De-Sta-Co business for $674,727,000.
Shareholder Returns
As of September 30, 2024, the company had the following shareholder return metrics:
| Metric | Value |
|---|---|
| Dividends Paid (Q3 2024) | $212,367,000 |
| Dividend per Share | $1.54 |
| Shares Repurchased (Q3 2024) | 2,869,282 shares |
Market Position and Strategy
Dover Corporation focuses on growth through innovation in its product offerings and expanding its market presence. The company's commitment to sustainability aligns with its mission to enhance operational efficiency for its customers.
Conclusion
In summary, Dover Corporation's mission statement reflects its dedication to innovation, operational efficiency, and sustainability across its diverse segments. The company's financial performance showcases growth and resilience in a competitive market.
How Dover Corporation (DOV) Works
Overview of Operations
Dover Corporation operates through several segments, providing a diverse range of products and services across various industries. The primary segments include Engineered Products, Clean Energy & Fueling, Climate & Sustainability Technologies, Imaging & Identification, and Pumps & Process Solutions.
Financial Performance
As of September 30, 2024, Dover Corporation reported the following key financial metrics:
| Metric | 2024 (9 Months) | 2023 (9 Months) | % Change |
|---|---|---|---|
| Net Earnings | $1,261,143,000 | $760,566,000 | 65.9% |
| Earnings per Share (Diluted) | $9.08 | $5.41 | 67.9% |
| Operating Cash Flow | $648,881,000 | $720,982,000 | -10.0% |
| Adjusted Working Capital | $1,778,041,000 | $1,610,731,000 | 10.4% |
Segment Performance
Engineered Products
The Engineered Products segment reported revenues of $1.5 billion for the nine months ended September 30, 2024, representing a decline of 0.9% compared to the previous year. This decline was primarily due to a 11.5% decrease related to dispositions, partially offset by a 10.5% growth in organic revenue.
Clean Energy & Fueling
For the third quarter of 2024, the Clean Energy & Fueling segment generated revenue of $500.7 million, an increase of 7.2% from $466.9 million in the same quarter of 2023. Segment earnings increased by 7.6% to $99.5 million.
| Metric | 2024 (Q3) | 2023 (Q3) | % Change |
|---|---|---|---|
| Revenue | $500,685,000 | $466,959,000 | 7.2% |
| Segment Earnings | $99,536,000 | $92,483,000 | 7.6% | Segment Margin | 19.9% | 19.8% | 0.1% |
Climate & Sustainability Technologies
This segment reported a revenue of $431.1 million in Q3 2024, which represents a decrease of 9.4% from the previous year. Segment earnings also declined by 9.6% to $76.0 million.
Imaging & Identification
Imaging & Identification segment revenue increased to $284.1 million, reflecting a 2.8% growth compared to Q3 2023. Segment earnings rose to $77.2 million, a 9.9% increase.
Pumps & Process Solutions
The Pumps & Process Solutions segment reported revenue of $472.5 million for Q3 2024, which is a 9.5% increase year-over-year. Segment earnings increased to $138.3 million, representing a 17.3% growth.
| Metric | 2024 (Q3) | 2023 (Q3) | % Change |
|---|---|---|---|
| Revenue | $472,463,000 | $431,373,000 | 9.5% |
| Segment Earnings | $138,277,000 | $117,907,000 | 17.3% | Segment Margin | 29.3% | 27.3% | 2.0% |
Cash Flow and Capital Structure
Dover Corporation's cash flow from operating activities for the nine months ended September 30, 2024, was $648.9 million. The company reported total debt of $3.4 billion, with a net debt to net capitalization ratio of 34.4% as of September 30, 2024.
| Metric | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Total Debt | $3,387,115,000 | $3,460,041,000 |
| Net Debt | $2,990,349,000 | $3,044,180,000 |
| Net Capitalization | $8,688,348,000 | $8,150,785,000 |
Shareholder Returns
Dover Corporation paid dividends of $1.54 per share during the nine months ended September 30, 2024, compared to $1.52 in the previous year. The total dividend payments amounted to $212.4 million.
How Dover Corporation (DOV) Makes Money
Overview of Business Segments
Dover Corporation operates through five primary segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies. Each segment contributes to the company's revenue through various products and services.
Engineered Products
The Engineered Products segment provides equipment, components, and services to markets such as vehicle aftermarket, aerospace, and industrial applications.
| Metrics | Q3 2024 | Q3 2023 | % Change |
|---|---|---|---|
| Revenue | $296,117,000 | $309,431,000 | (4.3)% |
| Segment Earnings | $56,621,000 | $63,525,000 | (10.9)% |
| Segment Margin | 19.1% | 20.5% | (1.4) pp |
| Bookings | $284,823,000 | $330,566,000 | (13.8)% |
Clean Energy & Fueling
This segment focuses on the storage, transport, and dispensing of fuels, including clean energy solutions.
| Metrics | Q3 2024 | Q3 2023 | % Change |
|---|---|---|---|
| Revenue | $500,685,000 | $466,959,000 | 7.2% |
| Segment Earnings | $99,536,000 | $92,483,000 | 7.6% |
| Segment Margin | 19.9% | 19.8% | 0.1 pp |
| Bookings | $507,329,000 | $449,663,000 | 12.8% |
Imaging & Identification
This segment provides marking and coding equipment, traceability products, and related services.
| Metrics | Q3 2024 | Q3 2023 | % Change |
|---|---|---|---|
| Revenue | $283,966,000 | $276,179,000 | 2.8% |
| Segment Earnings | $77,247,000 | $70,316,000 | 9.9% |
| Segment Margin | 27.2% | 25.5% | 1.7 pp |
| Bookings | $281,289,000 | $271,113,000 | 3.8% |
Pumps & Process Solutions
This segment manufactures pumps and flow meters, serving various industrial sectors.
| Metrics | Q3 2024 | Q3 2023 | % Change |
|---|---|---|---|
| Revenue | $472,463,000 | $431,373,000 | 9.5% |
| Segment Earnings | $138,277,000 | $117,907,000 | 17.3% |
| Segment Margin | 29.3% | 27.3% | 2.0 pp |
| Bookings | $448,074,000 | $363,111,000 | 23.4% |
Climate & Sustainability Technologies
This segment provides energy-efficient equipment for refrigeration and heating markets.
| Metrics | Q3 2024 | Q3 2023 | % Change |
|---|---|---|---|
| Revenue | $431,127,000 | $475,911,000 | (9.4)% |
| Segment Earnings | $76,015,000 | $84,060,000 | (9.6)% |
| Segment Margin | 17.6% | 17.7% | (0.1) pp |
| Bookings | Not provided | Not provided | Not available |
Financial Performance Summary
For the three months ended September 30, 2024, Dover Corporation reported consolidated revenue of $1,983,542,000, an increase of 1.3% from $1,958,428,000 in Q3 2023. The total segment earnings for Q3 2024 were $447,696,000, compared to $428,291,000 in Q3 2023, reflecting a 4.5% increase.
The company reported a net earnings of $347,100,000 for Q3 2024, which is a 19.8% increase compared to $289,753,000 for Q3 2023. Earnings per share from continuing operations (diluted) reached $2.26 for Q3 2024, up from $1.86 in Q3 2023.
| Metrics | Q3 2024 | Q3 2023 | % Change |
|---|---|---|---|
| Net Earnings | $347,100,000 | $289,753,000 | 19.8% |
| Earnings per Share (Diluted) | $2.26 | $1.86 | 21.5% |
| Consolidated Revenue | $1,983,542,000 | $1,958,428,000 | 1.3% |
| Total Segment Earnings | $447,696,000 | $428,291,000 | 4.5% |
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Article updated on 8 Nov 2024
Resources:
- Dover Corporation (DOV) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Dover Corporation (DOV)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Dover Corporation (DOV)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.