Dover Reports Third Quarter 2025 Results
Dover (NYSE: DOV) reported Q3 2025 results for the quarter ended September 30, 2025. Revenue was $2.078 billion, up 5% year-over-year (organic +1%). GAAP earnings from continuing operations were $303 million, down 3%, and GAAP diluted EPS was $2.20, down 3%. On an adjusted basis, earnings were $361 million, up 15%, and adjusted diluted EPS was $2.62, up 15%. For the nine months, revenue was $5.993 billion, up 3%, while GAAP earnings fell 29% to $823 million (adjusted earnings +16% to $981 million).
Management raised full-year adjusted EPS guidance to $9.50–$9.60 (GAAP EPS guidance $8.06–$8.16) and reiterated capital deployment priorities, announced a manufacturing transition expected to deliver cost savings over the next 18 months, and scheduled a webcast and call for October 23, 2025.
Dover (NYSE: DOV) ha riportato i risultati del Q3 2025 per il trimestre terminato il 30 settembre 2025. Le entrate sono state 2,078 miliardi di dollari, in aumento del 5% anno su anno (organico +1%). L'utile GAAP dalle attività in corso è stato di 303 milioni di dollari, in calo del 3%, e l'EPS diluito GAAP è stato di 2,20 dollari, in calo del 3%. Su base rettificata, l'utile è stato di 361 milioni di dollari, in rialzo del 15%, e l'EPS diluito rettificato è stato di 2,62, in aumento del 15%. Per i nove mesi, le entrate sono state di 5,993 miliardi di dollari, in aumento del 3%, mentre gli utili GAAP sono diminuiti del 29% a 823 milioni di dollari (gli utili rettificati +16% a 981 milioni).
La direzione ha innalzato le previsioni per l'
Dover (NYSE: DOV) presentó los resultados del tercer trimestre de 2025 para el trimestre terminado el 30 de septiembre de 2025. Los ingresos fueron de 2.078 millones de dólares, con un aumento del 5% interanual (orgánico +1%). Las ganancias GAAP desde operaciones continuas fueron de 303 millones de dólares, con una caída del 3%, y el BPA diluido GAAP fue de 2,20 dólares, con una caída del 3%. En base ajustada, las ganancias fueron de 361 millones de dólares, con un aumento del 15%, y el BPA diluido ajustado fue de 2,62 dólares, con un aumento del 15%. En los nueve meses, los ingresos fueron de 5.993 millones de dólares, con un aumento del 3%, mientras que las ganancias GAAP cayeron un 29% a 823 millones de dólares (ganancias ajustadas +16% a 981 millones).
La dirección elevó la guía de EPS ajustado para el año completo a 9,50–9,60 dólares (guía GAAP EPS 8,06–8,16 dólares) y reiteró las prioridades de despliegue de capital, anunció una transición de fabricación prevista para generar ahorros de costos durante los próximos 18 meses, y programó una webcast y una llamada para el 23 de octubre de 2025.
도버(DOV)는 2025년 9월 30일 종료된 분기에 대한 2025년 3분기 실적을 발표했습니다. 매출은 20.78억 달러로 전년 동기 대비 5% 증가했습니다(유기 증가 1%). 지속영업 부문 GAAP 이익은 3,030만 달러로 3% 감소했고, GAAP 희석 주당순이익은 2.20달러로 3% 감소했습니다. 조정 기준 이익은 3억6100만 달러로 15% 증가했고, 조정된 희석 주당순이익은 2.62달러로 15% 증가했습니다. 9개월 동안 매출은 59.93억 달러로 3% 증가했고, GAAP 순이익은 29% 감소한 8.23억 달러(조정 순이익은 9.81억 달러로 16% 증가)였습니다.
경영진은 연간 조정 EPS 가이던스를 9.50–9.60달러로 상향했고(GAAP EPS 가이던스 8.06–8.16달러), 자본 배분 우선순위를 재확인했으며, 향후 18개월 동안 비용 절감을 제공할 것으로 예상되는 제조 전환을 발표했고, 2025년 10월 23일 웹캐스트와 전화 회의를 예정했습니다.
Dover (NYSE: DOV) a communiqué les résultats du troisième trimestre 2025 pour le trimestre clos le 30 septembre 2025. Le chiffre d'affaires s'est élevé à 2,078 milliards de dollars, en augmentation de 5% sur un an (organiques +1%). Le bénéfice GAAP provenant des activités continues était de 303 millions de dollars, en baisse de 3%, et le BPA dilué GAAP était de 2,20 dollars, en baisse de 3%. Sur une base ajustée, le bénéfice était de 361 millions de dollars, en hausse de 15%, et le BPA dilué ajusté était de 2,62 dollars, en hausse de 15%. Pour les neuf premiers mois, le chiffre d'affaires était de 5,993 milliards de dollars, en hausse de 3%, tandis que le résultat GAAP a diminué de 29% pour atteindre 823 millions de dollars (résultats ajustés +16% à 981 millions).
La direction a relevé les prévisions annuelles d'EPS ajusté à 9,50–9,60 dollars (prévisions GAAP EPS 8,06–8,16 dollars) et a réitéré les priorités de déploiement du capital, annoncé une transition de fabrication devant générer des économies sur les coûts au cours des 18 prochains mois, et a prévu une webdiffusion et un appel le 23 octobre 2025.
Dover (NYSE: DOV) hat die Ergebnisse des dritten Quartals 2025 für das zum 30. September 2025 beendete Quartal gemeldet. Der Umsatz betrug 2,078 Milliarden USD, ein Anstieg von 5% gegenüber dem Vorjahr (organisch +1%). GAAP-Gewinn aus fortgeführten Geschäftsbereichen betrug 303 Millionen USD, ein Rückgang von 3%, und GAAP-Diluted EPS betrug 2,20 USD, ein Rückgang von 3%. Auf bereinigter Basis betrug der Gewinn 361 Millionen USD, ein Anstieg von 15%, und der bereinigte dilute EPS lag bei 2,62 USD, ein Anstieg von 15%. In den ersten neun Monaten betrug der Umsatz 5,993 Milliarden USD, ein Anstieg von 3%, während GAAP-Gewinn auf 823 Millionen USD gefallen ist (bereinigte Gewinne +16% auf 981 Millionen).
Das Management hob die Guidance für das volle Jahr bei bereinigtem EPS auf 9,50–9,60 USD an (GAAP-EPS-Guidance 8,06–8,16 USD) und bekräftigte die Prioritäten bei der Kapitalverwendung, kündigte eine Fertigungs-Transition an, die in den nächsten 18 Monaten zu Kosteneinsparungen führen soll, und terminierte eine Webcast-Veranstaltung und einen Call für den 23. Oktober 2025.
دوفور (بورصة نيويورك: DOV) أعلنت عن نتائج الربع الثالث من 2025 للربع المنتهي في 30 سبتمبر 2025. بلغت الإيرادات 2.078 مليار دولار، بارتفاع 5% على أساس سنوي (حصة organгр +1%). أرباح GAAP من العمليات المستمرة بلغت 303 ملايين دولار، بانخفاض 3%، وتوزيع الأرباح المخفّضة GAAP للسهم (EPS) بلغ 2.20 دولار، بانخفاض 3%. على أساس معدل، بلغت الربح 361 مليون دولار، بارتفاع 15%، وEPS المخفف المعدل 2.62 دولار، بارتفاع 15%. على مدى التسعة أشهر، بلغت الإيرادات 5.993 مليار دولار، بارتفاع 3%، بينما انخفضت الأرباح وفق GAAP إلى 823 مليون دولار (الأرباح المعدلة +16% إلى 981 مليون دولار).
الإدارة رفعت توجيهات EPS المعدلة لعام كامل إلى 9.50–9.60 دولار (توجيه GAAP EPS 8.06–8.16 دولار) وأكّدت أولويات توزيع رأس المال، وأعلنت عن انتقال في التصنيع من المتوقع أن يحقق وفورات في التكاليف خلال الـ 18 شهراً القادمة، وحددت بثاً عاماً ومكالمة في 23 أكتوبر 2025.
Dover（NYSE: DOV）公布了截至2025年9月30日的2025年第三季度业绩。收入为20.78亿美元，同比增长5%（有机增长1%）。来自持续经营的GAAP利润为3.03亿美元，下降3%，GAAP稀释后每股收益为2.20美元，下降3%。在调整后基础上，利润为3.61亿美元，增长15%，调整后稀释后每股收益为2.62美元，增长15%。九个月来，收入为59.93亿美元，增长3%，而GAAP利润下降29%至8.23亿美元（调整后利润增长16%至9.81亿美元）。
管理层将全年调整后每股收益指引上调至9.50–9.60美元（GAAP EPS 指引8.06–8.16美元），并重申资本配置优先级，宣布预计在未来18个月内实现成本节约的制造转型，并定于2025年10月23日举行网络广播与电话会议。
- Q3 revenue +5% to $2.078B (organic +1%)
- Adjusted Q3 earnings +15% to $361M; adjusted EPS +15% to $2.62
- Raised full-year adjusted EPS guidance to $9.50–$9.60
- Announced Anthony glass-door operations move expected savings over 18 months
- Nine‑month GAAP earnings down 29% to $823M due principally to prior-period disposition gain
- GAAP diluted EPS for nine months down 29% to $5.96
Insights
Dover reports modest top‑line growth, stronger adjusted earnings, and a narrowed upside to full‑year adjusted EPS guidance.
Dover delivered quarterly revenue of
Execution levers cited include shipment growth in short‑cycle components, acquisition outperformance, cost containment and productivity actions, plus a planned plant transition expected to realize savings over the next
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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($ in millions, except per share data) |
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2025 |
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2024 |
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% Change* |
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2025 |
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2024 |
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% Change* |
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Revenue |
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$ 2,078 |
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$ 1,984 |
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5 % |
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$ 5,993 |
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$ 5,816 |
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3 % |
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Earnings from continuing operations |
|
303 |
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313 |
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(3) % |
|
823 |
|
1,162 |
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(29) % |
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Diluted EPS from continuing operations |
|
2.20 |
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2.26 |
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(3) % |
|
5.96 |
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8.37 |
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(29) % |
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Organic revenue change |
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1 % |
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1 % |
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Adjusted earnings from continuing operations 1 |
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361 |
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314 |
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15 % |
|
981 |
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846 |
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16 % |
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Adjusted diluted EPS from continuing operations |
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2.62 |
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2.27 |
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15 % |
|
7.10 |
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6.09 |
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17 % |
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1 Q3 and year-to-date 2025 and 2024 adjusted earnings from continuing operations exclude after-tax purchase accounting expenses, restructuring and other costs, and (gain) loss on dispositions. |
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* Change may be impacted by rounding. |
For the quarter ended September 30, 2025, Dover generated revenue of
For the nine months ended September 30, 2025, Dover generated revenue of
A full reconciliation between GAAP and adjusted measures and definitions of non-GAAP and other performance measures are included as an exhibit herein.
MANAGEMENT COMMENTARY:
Dover's President and Chief Executive Officer, Richard J. Tobin, said, "We are pleased with Dover's third quarter results. Top line performance in the quarter was driven by broad-based shipment growth in short cycle components, continued strength across our secular-growth end markets, and outperformance from recently-closed acquisitions. These gains more than offset near-term headwinds in two capital goods-exposed end markets, vehicle aftermarket and refrigerated door cases, each of which we expect to improve through the balance of the year.
"Order trends continued to post positive momentum, providing good visibility for the fourth quarter and into next year. Margin performance in the quarter was exemplary, with a record consolidated segment margin, a result of the positive mix impact from our growth platforms, solid execution, and our rigorous cost containment and productivity actions.
"Capital deployment remains a key driver of our double-digit earnings growth. This year we have increased our investments in high-ROI capital projects focused on productivity and capacity expansions as well as targeted footprint optimization. During the quarter we announced that our Anthony® glass door manufacturing operations will transition from
"We have a constructive outlook for the remainder of 2025. Despite some macroeconomic uncertainty, underlying end market demand is healthy across much of the portfolio and is supported by our sustained order growth. As a result, we are increasing our full year adjusted EPS guidance from
FULL YEAR 2025 GUIDANCE:
In 2025, Dover expects to generate GAAP EPS from continuing operations in the range of
CONFERENCE CALL INFORMATION:
Dover will host a webcast and conference call to discuss its third quarter results at 9:30 A.M. Eastern Time (8:30 A.M. Central Time) on Thursday, October 23, 2025. The webcast can be accessed on the Dover website at dovercorporation.com. The conference call will also be made available for replay on the website. Additional information on Dover's results and its operating segments can be found on the Company's website.
ABOUT DOVER:
Dover is a diversified global manufacturer and solutions provider with annual revenue of over
FORWARD-LOOKING STATEMENTS:
This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be deemed, "forward-looking" statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control. Factors that could cause actual results to differ materially from current expectations include, among other things, general economic conditions and conditions in the particular markets in which we operate; supply chain constraints and labor shortages that could result in production stoppages; inflation in material input costs and freight logistics; the impacts of natural or human-induced disasters, acts of war, terrorism, international conflicts, and public health crises on the global economy and on our customers, suppliers, employees, business and cash flows; changes in customer demand and capital spending; competitive factors and pricing pressures; our ability to develop and launch new products in a cost-effective manner; changes in law, including the effect of tax laws and developments with respect to trade policy and tariffs; our ability to identify, consummate and successfully integrate and realize synergies from newly acquired businesses; acquisition valuation levels; the impact of interest rate and currency exchange rate fluctuations; capital allocation plans and changes in those plans, including with respect to dividends, share repurchases, investments in research and development, capital expenditures and acquisitions; our ability to effectively deploy capital resulting from dispositions; our ability to derive expected benefits from restructurings, productivity initiatives and other cost reduction actions; the impact of legal compliance risks and litigation, including with respect to product quality and safety, cybersecurity and privacy; and our ability to capture and protect intellectual property rights. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024, and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the Securities and Exchange Commission, and on our website, dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
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INVESTOR SUPPLEMENT - THIRD QUARTER 2025 |
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DOVER CORPORATION |
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CONSOLIDATED STATEMENTS OF EARNINGS |
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(unaudited)(in thousands) |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Revenue |
$ 2,077,841 |
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$ 1,983,542 |
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$ 5,993,492 |
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$ 5,816,043 |
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Cost of goods and services |
1,244,247 |
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1,220,355 |
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3,596,136 |
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3,603,146 |
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Gross profit |
833,594 |
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763,187 |
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2,397,356 |
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2,212,897 |
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Selling, general and administrative expenses |
456,441 |
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429,570 |
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1,369,297 |
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1,301,606 |
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Operating earnings |
377,153 |
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333,617 |
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1,028,059 |
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911,291 |
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Interest expense |
27,239 |
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34,128 |
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81,638 |
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102,867 |
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Interest income |
(17,804) |
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(5,176) |
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(55,993) |
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(14,013) |
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Gain on dispositions |
— |
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(68,633) |
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(4,644) |
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(597,913) |
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Other income, net |
(18,525) |
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(13,032) |
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(26,663) |
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(33,016) |
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Earnings before provision for income taxes |
386,243 |
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386,330 |
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1,033,721 |
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1,453,366 |
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Provision for income taxes |
82,951 |
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73,434 |
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211,058 |
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291,781 |
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Earnings from continuing operations |
303,292 |
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312,896 |
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822,663 |
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1,161,585 |
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(Loss) earnings from discontinued operations, net |
(1,296) |
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34,204 |
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(10,782) |
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99,558 |
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Net earnings |
$ 301,996 |
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$ 347,100 |
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$ 811,881 |
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$ 1,261,143 |
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DOVER CORPORATION |
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QUARTERLY EARNINGS PER SHARE |
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(unaudited)(in thousands, except per share data*) |
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Earnings Per Share |
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2025 |
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2024 |
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Q1 |
Q2 |
Q3 |
Q3 YTD |
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Q1 |
Q2 |
Q3 |
Q3 YTD |
Q4 |
FY 2024 |
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Basic (loss) earnings per share: |
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Continuing operations |
$ 1.74 |
$ 2.04 |
$ 2.21 |
$ 5.99 |
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$ 4.33 |
$ 1.79 |
$ 2.28 |
$ 8.42 |
$ 1.74 |
$ 10.16 |
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Discontinued operations |
$ (0.06) |
$ (0.01) |
$ (0.01) |
$ (0.08) |
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$ 0.22 |
$ 0.26 |
$ 0.25 |
$ 0.72 |
$ 8.73 |
$ 9.42 |
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Net earnings |
$ 1.68 |
$ 2.03 |
$ 2.20 |
$ 5.92 |
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$ 4.55 |
$ 2.05 |
$ 2.53 |
$ 9.14 |
$ 10.47 |
$ 19.58 |
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Diluted (loss) earnings per share: |
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Continuing operations |
$ 1.73 |
$ 2.03 |
$ 2.20 |
$ 5.96 |
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$ 4.30 |
$ 1.78 |
$ 2.26 |
$ 8.37 |
$ 1.72 |
$ 10.09 |
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Discontinued operations |
$ (0.06) |
$ (0.01) |
$ (0.01) |
$ (0.08) |
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$ 0.22 |
$ 0.25 |
$ 0.25 |
$ 0.72 |
$ 8.66 |
$ 9.35 |
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Net earnings |
$ 1.67 |
$ 2.02 |
$ 2.19 |
$ 5.88 |
|
$ 4.52 |
$ 2.04 |
$ 2.51 |
$ 9.08 |
$ 10.38 |
$ 19.45 |
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Net (loss) earnings and weighted average shares used in calculated (loss) earnings per share amounts are as follows: |
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Continuing operations |
$ 239,241 |
$ 280,130 |
$ 303,292 |
$ 822,663 |
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$ 602,102 |
$ 246,587 |
$ 312,896 |
$ 1,161,585 |
$ 238,383 |
$ 1,399,968 |
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Discontinued operations |
(8,420) |
(1,066) |
(1,296) |
(10,782) |
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30,119 |
35,235 |
34,204 |
99,558 |
1,197,600 |
1,297,158 |
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Net earnings |
$ 230,821 |
$ 279,064 |
$ 301,996 |
$ 811,881 |
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$ 632,221 |
$ 281,822 |
$ 347,100 |
$ 1,261,143 |
$ 1,435,983 |
$ 2,697,126 |
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Weighted average shares outstanding: |
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Basic |
137,267 |
137,226 |
137,236 |
137,254 |
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139,051 |
137,443 |
137,251 |
137,913 |
137,205 |
137,735 |
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Diluted |
138,260 |
137,974 |
138,029 |
138,099 |
|
139,869 |
138,404 |
138,223 |
138,830 |
138,298 |
138,696 |
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Dividends paid per common share |
$ 0.515 |
$ 0.515 |
$ 0.52 |
$ 1.55 |
|
$ 0.51 |
$ 0.51 |
$ 0.515 |
$ 1.54 |
$ 0.515 |
$ 2.05 |
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* Per share data may be impacted by rounding. |
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DOVER CORPORATION |
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QUARTERLY SEGMENT INFORMATION |
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(unaudited)(in thousands) |
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2025 |
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2024 |
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Q1 |
Q2 |
Q3 |
Q3 YTD |
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Q1 |
Q2 |
Q3 |
Q3 YTD |
Q4 |
FY 2024 |
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REVENUE |
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Engineered Products |
$ 254,646 |
$ 275,944 |
$ 279,705 |
$ 810,295 |
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$ 332,820 |
$ 285,297 |
$ 296,117 |
$ 914,234 |
$ 288,223 |
$ 1,202,457 |
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Clean Energy & Fueling |
491,148 |
546,097 |
541,368 |
1,578,613 |
|
445,053 |
463,014 |
500,685 |
1,408,752 |
528,032 |
1,936,784 |
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Imaging & Identification |
280,090 |
292,009 |
299,100 |
871,199 |
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276,806 |
287,593 |
283,966 |
848,365 |
288,800 |
1,137,165 |
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Pumps & Process Solutions |
493,573 |
520,554 |
550,920 |
1,565,047 |
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465,729 |
477,239 |
472,463 |
1,415,431 |
479,135 |
1,894,566 |
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Climate & Sustainability Technologies |
347,888 |
416,151 |
408,529 |
1,172,568 |
|
364,292 |
436,706 |
431,127 |
1,232,125 |
347,524 |
1,579,649 |
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Intersegment eliminations |
(1,286) |
(1,163) |
(1,781) |
(4,230) |
|
(981) |
(1,067) |
(816) |
(2,864) |
(1,848) |
(4,712) |
|
Total consolidated revenue |
$ 1,866,059 |
$ 2,049,592 |
$ 2,077,841 |
$ 5,993,492 |
|
$ 1,883,719 |
$ 1,948,782 |
$ 1,983,542 |
$ 5,816,043 |
$ 1,929,866 |
$ 7,745,909 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS FROM CONTINUING OPERATIONS |
|
|
|
|
|
|
|
|
|||
|
Segment Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
Engineered Products |
$ 44,114 |
$ 53,511 |
$ 57,483 |
$ 155,108 |
|
$ 62,532 |
$ 52,095 |
$ 56,621 |
$ 171,248 |
$ 59,989 |
$ 231,237 |
|
Clean Energy & Fueling |
85,644 |
107,771 |
118,665 |
312,080 |
|
69,675 |
87,536 |
99,536 |
256,747 |
103,246 |
359,993 |
|
Imaging & Identification |
77,575 |
76,937 |
81,772 |
236,284 |
|
69,959 |
75,786 |
77,247 |
222,992 |
78,715 |
301,707 |
|
Pumps & Process Solutions |
151,275 |
159,504 |
168,565 |
479,344 |
|
118,737 |
137,217 |
138,277 |
394,231 |
142,375 |
536,606 |
|
Climate & Sustainability Technologies |
52,119 |
77,262 |
76,002 |
205,383 |
|
50,759 |
79,127 |
76,015 |
205,901 |
44,974 |
250,875 |
|
Total segment earnings |
410,727 |
474,985 |
502,487 |
1,388,199 |
|
371,662 |
431,761 |
447,696 |
1,251,119 |
429,299 |
1,680,418 |
|
Purchase accounting expenses 1 |
49,104 |
51,123 |
59,381 |
159,608 |
|
44,187 |
44,332 |
48,356 |
136,875 |
49,366 |
186,241 |
|
Restructuring and other costs 2 |
9,397 |
23,210 |
15,913 |
48,520 |
|
23,971 |
11,590 |
16,581 |
52,142 |
32,841 |
84,983 |
|
(Gain) loss on dispositions 3 |
(2,468) |
(2,176) |
— |
(4,644) |
|
(529,943) |
663 |
(68,633) |
(597,913) |
115 |
(597,798) |
|
Corporate expense / other 4 |
51,959 |
41,875 |
31,515 |
125,349 |
|
42,159 |
39,526 |
36,110 |
117,795 |
38,168 |
155,963 |
|
Interest expense |
27,608 |
26,791 |
27,239 |
81,638 |
|
36,365 |
32,374 |
34,128 |
102,867 |
28,304 |
131,171 |
|
Interest income |
(20,254) |
(17,935) |
(17,804) |
(55,993) |
|
(4,756) |
(4,081) |
(5,176) |
(14,013) |
(23,145) |
(37,158) |
|
Earnings before provision for income taxes |
295,381 |
352,097 |
386,243 |
1,033,721 |
|
759,679 |
307,357 |
386,330 |
1,453,366 |
303,650 |
1,757,016 |
|
Provision for income taxes |
56,140 |
71,967 |
82,951 |
211,058 |
|
157,577 |
60,770 |
73,434 |
291,781 |
65,267 |
357,048 |
|
Earnings from continuing operations |
$ 239,241 |
$ 280,130 |
$ 303,292 |
$ 822,663 |
|
$ 602,102 |
$ 246,587 |
$ 312,896 |
$ 1,161,585 |
$ 238,383 |
$ 1,399,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT EARNINGS MARGIN |
|
|
|
|
|
|
|
|
|
||
|
Engineered Products |
17.3 % |
19.4 % |
20.6 % |
19.1 % |
|
18.8 % |
18.3 % |
19.1 % |
18.7 % |
20.8 % |
19.2 % |
|
Clean Energy & Fueling |
17.4 % |
19.7 % |
21.9 % |
19.8 % |
|
15.7 % |
18.9 % |
19.9 % |
18.2 % |
19.6 % |
18.6 % |
|
Imaging & Identification |
27.7 % |
26.3 % |
27.3 % |
27.1 % |
|
25.3 % |
26.4 % |
27.2 % |
26.3 % |
27.3 % |
26.5 % |
|
Pumps & Process Solutions |
30.6 % |
30.6 % |
30.6 % |
30.6 % |
|
25.5 % |
28.8 % |
29.3 % |
27.9 % |
29.7 % |
28.3 % |
|
Climate & Sustainability Technologies |
15.0 % |
18.6 % |
18.6 % |
17.5 % |
|
13.9 % |
18.1 % |
17.6 % |
16.7 % |
12.9 % |
15.9 % |
|
Total segment earnings margin |
22.0 % |
23.2 % |
24.2 % |
23.2 % |
|
19.7 % |
22.2 % |
22.6 % |
21.5 % |
22.2 % |
21.7 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Purchase accounting expenses are primarily comprised of amortization of intangible assets. |
|||||||||||
|
2 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. |
|||||||||||
|
3 (Gain) loss on dispositions, including post-closing adjustments. |
|||||||||||
|
4 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal related expenses and various administrative expenses relating to the corporate headquarters. |
|||||||||||
|
DOVER CORPORATION |
|||||||||||
|
QUARTERLY ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP) |
|||||||||||
|
(unaudited)(in thousands, except per share data*) |
|||||||||||
|
|
|||||||||||
|
Non-GAAP Reconciliations |
|||||||||||
|
|
2025 |
|
2024 |
||||||||
|
|
Q1 |
Q2 |
Q3 |
Q3 YTD |
|
Q1 |
Q2 |
Q3 |
Q3 YTD |
Q4 |
FY 2024 |
|
Adjusted earnings from continuing operations: |
|
|
|
|
|
|
|
|
|
||
|
Earnings from continuing operations |
$ 239,241 |
$ 280,130 |
$ 303,292 |
$ 822,663 |
|
$ 602,102 |
$ 246,587 |
$ 312,896 |
$ 1,161,585 |
$ 238,383 |
$ 1,399,968 |
|
Purchase accounting expenses, pre-tax 1 |
49,104 |
51,123 |
59,381 |
159,608 |
|
44,187 |
44,332 |
48,356 |
136,875 |
49,366 |
186,241 |
|
Purchase accounting expenses, tax impact 2 |
(10,919) |
(11,367) |
(14,067) |
(36,353) |
|
(9,711) |
(9,760) |
(10,633) |
(30,104) |
(10,911) |
(41,015) |
|
Restructuring and other costs, pre-tax 3 |
9,397 |
23,210 |
15,913 |
48,520 |
|
23,971 |
11,590 |
16,581 |
52,142 |
32,841 |
84,983 |
|
Restructuring and other costs, tax impact 2 |
(1,887) |
(4,642) |
(3,230) |
(9,759) |
|
(4,734) |
(2,479) |
(3,465) |
(10,678) |
(6,864) |
(17,542) |
|
(Gain) loss on dispositions, pre-tax 4 |
(2,468) |
(2,176) |
— |
(4,644) |
|
(529,943) |
663 |
(68,633) |
(597,913) |
115 |
(597,798) |
|
(Gain) loss on dispositions, tax-impact 2 |
689 |
435 |
— |
1,124 |
|
114,973 |
(144) |
18,889 |
133,718 |
1,695 |
135,413 |
|
Adjusted earnings from continuing operations |
$ 283,157 |
$ 336,713 |
$ 361,289 |
$ 981,159 |
|
$ 240,845 |
$ 290,789 |
$ 313,991 |
$ 845,625 |
$ 304,625 |
$ 1,150,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted diluted earnings per share from continuing operations: |
|
|
|
|
|
|
|
||||
|
Diluted earnings per share from continuing operations |
$ 1.73 |
$ 2.03 |
$ 2.20 |
$ 5.96 |
|
$ 4.30 |
$ 1.78 |
$ 2.26 |
$ 8.37 |
$ 1.72 |
$ 10.09 |
|
Purchase accounting expenses, pre-tax 1 |
0.36 |
0.37 |
0.43 |
1.16 |
|
0.32 |
0.32 |
0.35 |
0.99 |
0.36 |
1.34 |
|
Purchase accounting expenses, tax impact 2 |
(0.08) |
(0.08) |
(0.10) |
(0.26) |
|
(0.07) |
(0.07) |
(0.08) |
(0.22) |
(0.08) |
(0.30) |
|
Restructuring and other costs, pre-tax 3 |
0.07 |
0.17 |
0.12 |
0.35 |
|
0.17 |
0.08 |
0.12 |
0.38 |
0.24 |
0.61 |
|
Restructuring and other costs, tax impact 2 |
(0.01) |
(0.03) |
(0.02) |
(0.07) |
|
(0.03) |
(0.02) |
(0.03) |
(0.08) |
(0.05) |
(0.13) |
|
(Gain) loss on dispositions, pre-tax 4 |
(0.02) |
(0.02) |
— |
(0.03) |
|
(3.79) |
— |
(0.50) |
(4.31) |
— |
(4.31) |
|
(Gain) loss on dispositions, tax-impact 2 |
— |
— |
— |
0.01 |
|
0.82 |
— |
0.14 |
0.96 |
0.01 |
0.98 |
|
Adjusted diluted earnings per share from continuing operations |
$ 2.05 |
$ 2.44 |
$ 2.62 |
$ 7.10 |
|
$ 1.72 |
$ 2.10 |
$ 2.27 |
$ 6.09 |
$ 2.20 |
$ 8.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Purchase accounting expenses are primarily comprised of amortization of intangible assets. |
|||||||||||
|
2 Adjustments were tax effected using the statutory tax rates in the applicable jurisdictions or the effective tax rate, where applicable, for each period. The tax impact of the (gain) loss on dispositions in Q4 2024 reflects updated tax information related to a Q3 2024 disposition. |
|||||||||||
|
3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Q3 2025 and YTD 2025 include other costs of |
|||||||||||
|
4 (Gain) loss on dispositions represents a |
|||||||||||
|
* Per share data and totals may be impacted by rounding. |
|||||||||||
|
DOVER CORPORATION |
|||||||||||
|
QUARTERLY ADJUSTED SEGMENT EBITDA (NON-GAAP) |
|||||||||||
|
(unaudited)(in thousands) |
|||||||||||
|
|
|||||||||||
|
Non-GAAP Reconciliations |
|||||||||||
|
|
2025 |
|
2024 |
||||||||
|
|
Q1 |
Q2 |
Q3 |
Q3 YTD |
|
Q1 |
Q2 |
Q3 |
Q3 YTD |
Q4 |
FY 2024 |
|
ADJUSTED SEGMENT EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered Products: |
|
|
|
|
|
|
|
|
|
|
|
|
Segment earnings |
|
|
|
$ 155,108 |
|
|
|
|
$ 171,248 |
|
$ 231,237 |
|
Other depreciation and amortization 1 |
4,800 |
5,141 |
5,736 |
15,677 |
|
4,785 |
4,778 |
4,829 |
14,392 |
4,867 |
19,259 |
|
Adjusted segment EBITDA 2 |
48,914 |
58,652 |
63,219 |
170,785 |
|
67,317 |
56,873 |
61,450 |
185,640 |
64,856 |
250,496 |
|
Adjusted segment EBITDA margin 2 |
19.2 % |
21.3 % |
22.6 % |
21.1 % |
|
20.2 % |
19.9 % |
20.8 % |
20.3 % |
22.5 % |
20.8 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clean Energy & Fueling: |
|
|
|
|
|
|
|
|
|
|
|
|
Segment earnings |
|
$ 107,771 |
$ 118,665 |
$ 312,080 |
|
|
|
|
$ 256,747 |
$ 103,246 |
$ 359,993 |
|
Other depreciation and amortization 1 |
8,578 |
8,961 |
8,582 |
26,121 |
|
7,921 |
7,627 |
8,310 |
23,858 |
8,118 |
31,976 |
|
Adjusted segment EBITDA 2 |
94,222 |
116,732 |
127,247 |
338,201 |
|
77,596 |
95,163 |
107,846 |
280,605 |
111,364 |
391,969 |
|
Adjusted segment EBITDA margin 2 |
19.2 % |
21.4 % |
23.5 % |
21.4 % |
|
17.4 % |
20.6 % |
21.5 % |
19.9 % |
21.1 % |
20.2 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Imaging & Identification: |
|
|
|
|
|
|
|
|
|
|
|
|
Segment earnings |
|
|
|
$ 236,284 |
|
|
|
|
$ 222,992 |
|
$ 301,707 |
|
Other depreciation and amortization 1 |
4,093 |
4,229 |
4,091 |
12,413 |
|
3,733 |
3,271 |
3,905 |
10,909 |
3,739 |
14,648 |
|
Adjusted segment EBITDA 2 |
81,668 |
81,166 |
85,863 |
248,697 |
|
73,692 |
79,057 |
81,152 |
233,901 |
82,454 |
316,355 |
|
Adjusted segment EBITDA margin 2 |
29.2 % |
27.8 % |
28.7 % |
28.5 % |
|
26.6 % |
27.5 % |
28.6 % |
27.6 % |
28.6 % |
27.8 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pumps & Process Solutions: |
|
|
|
|
|
|
|
|
|
|
|
|
Segment earnings |
$ 151,275 |
$ 159,504 |
$ 168,565 |
$ 479,344 |
|
$ 118,737 |
$ 137,217 |
$ 138,277 |
$ 394,231 |
$ 142,375 |
$ 536,606 |
|
Other depreciation and amortization 1 |
12,601 |
13,131 |
14,256 |
39,988 |
|
12,139 |
12,637 |
12,651 |
37,427 |
12,623 |
50,050 |
|
Adjusted segment EBITDA 2 |
163,876 |
172,635 |
182,821 |
519,332 |
|
130,876 |
149,854 |
150,928 |
431,658 |
154,998 |
586,656 |
|
Adjusted segment EBITDA margin 2 |
33.2 % |
33.2 % |
33.2 % |
33.2 % |
|
28.1 % |
31.4 % |
31.9 % |
30.5 % |
32.3 % |
31.0 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Climate & Sustainability Technologies: |
|
|
|
|
|
|
|
|
|
|
|
|
Segment earnings |
|
|
|
$ 205,383 |
|
|
|
|
$ 205,901 |
|
$ 250,875 |
|
Other depreciation and amortization 1 |
7,325 |
7,605 |
7,558 |
22,488 |
|
7,275 |
7,220 |
7,048 |
21,543 |
7,596 |
29,139 |
|
Adjusted segment EBITDA 2 |
59,444 |
84,867 |
83,560 |
227,871 |
|
58,034 |
86,347 |
83,063 |
227,444 |
52,570 |
280,014 |
|
Adjusted segment EBITDA margin 2 |
17.1 % |
20.4 % |
20.5 % |
19.4 % |
|
15.9 % |
19.8 % |
19.3 % |
18.5 % |
15.1 % |
17.7 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Segments: |
|
|
|
|
|
|
|
|
|
|
|
|
Total segment earnings 2, 3 |
$ 410,727 |
$ 474,985 |
$ 502,487 |
|
|
$ 371,662 |
$ 431,761 |
$ 447,696 |
$ 1,251,119 |
$ 429,299 |
$ 1,680,418 |
|
Other depreciation and amortization 1 |
37,397 |
39,067 |
40,223 |
116,687 |
|
35,853 |
35,533 |
36,743 |
108,129 |
36,943 |
145,072 |
|
Total Adjusted segment EBITDA 2 |
448,124 |
514,052 |
542,710 |
1,504,886 |
|
407,515 |
467,294 |
484,439 |
1,359,248 |
466,242 |
1,825,490 |
|
Total Adjusted segment EBITDA margin 2 |
24.0 % |
25.1 % |
26.1 % |
25.1 % |
|
21.6 % |
24.0 % |
24.4 % |
23.4 % |
24.2 % |
23.6 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|||||||||||
|
|
2025 |
|
2024 |
||||||||
|
|
Q1 |
Q2 |
Q3 |
Q3 YTD |
|
Q1 |
Q2 |
Q3 |
Q3 YTD |
Q4 |
FY 2024 |
|
Earnings from continuing operations |
$ 239,241 |
$ 280,130 |
$ 303,292 |
$ 822,663 |
|
$ 602,102 |
$ 246,587 |
$ 312,896 |
$ 1,161,585 |
$ 238,383 |
$ 1,399,968 |
|
Provision for income taxes |
56,140 |
71,967 |
82,951 |
211,058 |
|
157,577 |
60,770 |
73,434 |
291,781 |
65,267 |
357,048 |
|
Earnings before provision for income taxes |
295,381 |
352,097 |
386,243 |
1,033,721 |
|
759,679 |
307,357 |
386,330 |
1,453,366 |
303,650 |
1,757,016 |
|
Interest income |
(20,254) |
(17,935) |
(17,804) |
(55,993) |
|
(4,756) |
(4,081) |
(5,176) |
(14,013) |
(23,145) |
(37,158) |
|
Interest expense |
27,608 |
26,791 |
27,239 |
81,638 |
|
36,365 |
32,374 |
34,128 |
102,867 |
28,304 |
131,171 |
|
Corporate expense / other 1 |
51,959 |
41,875 |
31,515 |
125,349 |
|
42,159 |
39,526 |
36,110 |
117,795 |
38,168 |
155,963 |
|
(Gain) loss on dispositions 2 |
(2,468) |
(2,176) |
— |
(4,644) |
|
(529,943) |
663 |
(68,633) |
(597,913) |
115 |
(597,798) |
|
Restructuring and other costs 3 |
9,397 |
23,210 |
15,913 |
48,520 |
|
23,971 |
11,590 |
16,581 |
52,142 |
32,841 |
84,983 |
|
Purchase accounting expenses 4 |
49,104 |
51,123 |
59,381 |
159,608 |
|
44,187 |
44,332 |
48,356 |
136,875 |
49,366 |
186,241 |
|
Total segment earnings 5 |
410,727 |
474,985 |
502,487 |
1,388,199 |
|
371,662 |
431,761 |
447,696 |
1,251,119 |
429,299 |
1,680,418 |
|
Add: Other depreciation and amortization 6 |
37,397 |
39,067 |
40,223 |
116,687 |
|
35,853 |
35,533 |
36,743 |
108,129 |
36,943 |
145,072 |
|
Total adjusted segment EBITDA 5 |
$ 448,124 |
$ 514,052 |
$ 542,710 |
$ 1,504,886 |
|
$ 407,515 |
$ 467,294 |
$ 484,439 |
$ 1,359,248 |
$ 466,242 |
$ 1,825,490 |
|
|
|
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1 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal related expenses and various administrative expenses relating to the corporate headquarters. |
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2 (Gain) loss on dispositions, including post-closing adjustments. |
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3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. |
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4 Purchase accounting expenses are primarily comprised of amortization of intangible assets. |
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5 Refer to Non-GAAP Disclosures section for definition. |
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6 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs. |
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DOVER CORPORATION |
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REVENUE GROWTH FACTORS AND ADJUSTED EPS GUIDANCE RECONCILIATIONS (NON-GAAP) |
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(unaudited) |
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Non-GAAP Reconciliations |
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Revenue Growth Factors |
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2025 |
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Q3 |
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Q3 YTD |
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Organic |
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Engineered Products |
(7.0) % |
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(6.8) % |
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Clean Energy & Fueling |
4.8 % |
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4.9 % |
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Imaging & Identification |
3.0 % |
|
2.2 % |
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Pumps & Process Solutions |
5.6 % |
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5.3 % |
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Climate & Sustainability Technologies |
(6.5) % |
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(5.4) % |
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Total Organic |
0.5 % |
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0.6 % |
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Acquisitions |
3.0 % |
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2.8 % |
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Dispositions |
— % |
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(0.9) % |
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Currency translation |
1.3 % |
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0.6 % |
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Total* |
4.8 % |
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3.1 % |
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* Totals may be impacted by rounding. |
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2025 |
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Q3 |
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Q3 YTD |
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Organic |
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1.6 % |
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1.8 % |
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1.1 % |
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(0.8) % |
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(1.5) % |
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1.9 % |
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Other |
(6.5) % |
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(9.0) % |
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Other |
2.9 % |
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10.8 % |
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Total Organic |
0.5 % |
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0.6 % |
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Acquisitions |
3.0 % |
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2.8 % |
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Dispositions |
— % |
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(0.9) % |
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Currency translation |
1.3 % |
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0.6 % |
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Total* |
4.8 % |
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3.1 % |
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* Totals may be impacted by rounding. |
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Adjusted EPS Guidance Reconciliation |
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Range |
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2025 Guidance for Earnings per Share from Continuing Operations (GAAP) |
$ 8.06 |
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$ 8.16 |
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Purchase accounting expenses, net |
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1.19 |
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Restructuring and other costs, net |
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0.28 |
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Gain on dispositions, net |
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(0.03) |
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2025 Guidance for Adjusted Earnings per Share from Continuing Operations (Non-GAAP) |
$ 9.50 |
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$ 9.60 |
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* Per share data and totals may be impacted by rounding. |
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DOVER CORPORATION |
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QUARTERLY CASH FLOW AND FREE CASH FLOW (NON-GAAP) |
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(unaudited)(in thousands) |
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Quarterly Cash Flow |
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2025 |
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2024 |
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Q1 |
Q2 |
Q3 |
Q3 YTD |
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Q1 |
Q2 |
Q3 |
Q3 YTD |
Q4 |
FY 2024 |
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Net Cash Flows Provided By (Used In): |
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Operating activities |
$ 157,474 |
$ 212,340 |
$ 424,245 |
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$ 146,456 |
$ 149,181 |
$ 353,244 |
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$ 438,952 |
$ 1,087,833 |
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Investing activities |
(74,186) |
(681,584) |
(58,857) |
(814,627) |
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432,416 |
33,215 |
(402,512) |
63,119 |
(90,102) |
(26,983) |
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Financing activities |
(122,234) |
(84,235) |
(73,878) |
(280,347) |
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(80,782) |
(830,657) |
92,994 |
(818,445) |
(453,228) |
(1,271,673) |
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Quarterly Free Cash Flow (Non-GAAP) |
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2025 |
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2024 |
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Q1 |
Q2 |
Q3 |
Q3 YTD |
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Q1 |
Q2 |
Q3 |
Q3 YTD |
Q4 |
FY 2024 |
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Cash flow from operating |
$ 157,474 |
$ 212,340 |
$ 424,245 |
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$ 146,456 |
$ 149,181 |
$ 353,244 |
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$ 438,952 |
$ 1,087,833 |
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Less: Capital expenditures |
(48,192) |
(60,932) |
(54,150) |
(163,274) |
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(40,050) |
(35,822) |
(37,754) |
(113,626) |
(53,907) |
(167,533) |
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Free cash flow |
$ 109,282 |
$ 151,408 |
$ 370,095 |
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$ 106,406 |
$ 113,359 |
$ 315,490 |
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$ 385,045 |
$ 920,300 |
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Cash flow from operating |
8.4 % |
10.4 % |
20.4 % |
13.2 % |
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7.8 % |
7.7 % |
17.8 % |
11.2 % |
22.7 % |
14.0 % |
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Cash flow from operating |
55.6 % |
63.1 % |
117.4 % |
80.9 % |
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60.8 % |
51.3 % |
112.5 % |
76.7 % |
144.1 % |
94.6 % |
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Free cash flow as a percentage |
5.9 % |
7.4 % |
17.8 % |
10.5 % |
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5.6 % |
5.8 % |
15.9 % |
9.2 % |
20.0 % |
11.9 % |
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Free cash flow as a percentage |
38.6 % |
45.0 % |
102.4 % |
64.3 % |
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44.2 % |
39.0 % |
100.5 % |
63.3 % |
126.4 % |
80.0 % |
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1 Q2, Q3, Q4 and FY 2024 include income tax payments of |
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DOVER CORPORATION |
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PERFORMANCE MEASURES |
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(unaudited)(in thousands) |
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2025 |
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2024 |
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Q1 |
Q2 |
Q3 |
Q3 YTD |
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Q1 |
Q2 |
Q3 |
Q3 YTD |
Q4 |
FY 2024 |
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BOOKINGS |
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Engineered Products |
$ 264,538 |
$ 276,571 |
$ 273,278 |
$ 814,387 |
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$ 329,925 |
$ 280,542 |
$ 284,823 |
$ 895,290 |
$ 276,487 |
$ 1,171,777 |
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Clean Energy & Fueling |
543,859 |
526,819 |
509,553 |
1,580,231 |
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471,610 |
442,086 |
507,329 |
1,421,025 |
517,470 |
1,938,495 |
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Imaging & Identification |
288,169 |
292,092 |
292,229 |
872,490 |
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278,433 |
288,641 |
281,289 |
848,363 |
295,784 |
1,144,147 |
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Pumps & Process Solutions |
499,287 |
530,158 |
510,960 |
1,540,405 |
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473,632 |
461,426 |
448,074 |
1,383,132 |
473,548 |
1,856,680 |
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Climate & Sustainability Technologies |
395,623 |
384,246 |
415,099 |
1,194,968 |
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453,086 |
406,269 |
332,503 |
1,191,858 |
378,774 |
1,570,632 |
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Intersegment eliminations |
(1,892) |
(1,295) |
(1,380) |
(4,567) |
|
(791) |
(1,591) |
(1,065) |
(3,447) |
(2,578) |
(6,025) |
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Total consolidated bookings |
$ 1,989,584 |
$ 2,008,591 |
$ 1,999,739 |
$ 5,997,914 |
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$ 2,005,895 |
$ 1,877,373 |
$ 1,852,953 |
$ 5,736,221 |
$ 1,939,485 |
$ 7,675,706 |
Non-GAAP Measures Definitions
In an effort to provide investors with additional information regarding our results as determined by GAAP, management also discloses non-GAAP information that management believes provides useful information to investors. Adjusted earnings from continuing operations, adjusted diluted earnings per share from continuing operations, total segment earnings, total segment earnings margin, adjusted segment EBITDA, adjusted segment EBITDA margin, free cash flow, free cash flow as a percentage of revenue, free cash flow as a percentage of adjusted earnings from continuing operations and organic revenue growth are not financial measures under GAAP and should not be considered as a substitute for earnings from continuing operations, diluted earnings from continuing operations per share, cash flows from operating activities, or revenue as determined in accordance with GAAP, and they may not be comparable to similarly titled measures reported by other companies.
The items described in our definitions herein, unless otherwise noted, relate solely to our continuing operations.
Adjusted earnings from continuing operations represents earnings from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on dispositions. Purchase accounting expenses are primarily comprised of amortization of intangible assets. We exclude after-tax purchase accounting expenses because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions the Company consummates. While we have a history of acquisition activity, our acquisitions do not happen in a predictive cycle. Exclusion of purchase accounting expenses facilitates more consistent comparisons of operating results over time. We believe it is important to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. We exclude the other items because they occur for reasons that may be unrelated to the Company's commercial performance during the period and/or management believes they are not indicative of the Company's ongoing operating costs or gains in a given period.
Adjusted diluted earnings per share from continuing operations or adjusted earnings per share from continuing operations represents diluted earnings per share from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on disposition.
Total segment earnings is defined as the sum of earnings before purchase accounting expenses, restructuring and other costs/benefits, gain/loss on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes for all segments. Total segment earnings margin is defined as total segment earnings divided by revenue.
Adjusted segment EBITDA is defined as segment earnings plus other depreciation and amortization expense, which relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs/benefits. Adjusted segment EBITDA margin is defined as adjusted segment EBITDA divided by revenue.
Management believes the non-GAAP measures above are useful to investors to better understand the Company's ongoing profitability as they better reflect the Company's core operating results, offer more transparency and facilitate easier comparability to prior and future periods and to its peers.
Free cash flow represents net cash provided by operating activities minus capital expenditures. Free cash flow as a percentage of revenue equals free cash flow divided by revenue. Free cash flow as a percentage of adjusted earnings from continuing operations equals free cash flow divided by adjusted earnings from continuing operations. Management believes that free cash flow and free cash flow ratios are important measures of liquidity because they provide management and investors a measurement of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, paying dividends, repaying debt and repurchasing our common stock.
Management believes that reporting organic revenue growth, which excludes the impact of foreign currency exchange rates and the impact of acquisitions and dispositions, provides a useful comparison of our revenue and trends between periods.
Performance Measures Definitions
Bookings represent total orders received from customers in the current reporting period and exclude de-bookings related to orders received in prior periods, if any. This metric is an important measure of performance and an indicator of revenue order trends.
We use the above operational metric in monitoring the performance of the business. We believe the operational metric is useful to investors and other users of our financial information in assessing the performance of our segments.
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Investor Contact: |
Media Contact: |
|
Jack Dickens |
Adrian Sakowicz |
|
Vice President - Investor Relations |
Vice President - Communications |
|
(630) 743-2566 |
(630) 743-5039 |
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SOURCE Dover
FAQ
What were Dover's Q3 2025 revenue and EPS (NYSE: DOV)?
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What guidance did Dover (DOV) issue after Q3 2025 results?
Why did Dover's nine-month GAAP earnings fall 29% in 2025?
What operational change did Dover announce on October 23, 2025?
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