Dover Corp Stock Price, News & Analysis

Dover (NYSE: DOV) announced the immediate appointment of Michael Manley, CEO of AutoNation, Inc., to its Board of Directors. Mr. Manley will also join the Board's Audit and Finance Committees. His extensive experience in management, manufacturing operations, and capital markets is expected to enhance Dover's strategic direction. Mr. Manley previously held leadership roles at Stellantis N.V. and Fiat Chrysler Automobiles, contributing to significant shareholder value creation. Dover, with over $8 billion in annual revenue, is recognized for its diversified operations across several sectors, employing over 25,000 individuals globally.

Dover reported strong financial results for Q4 and the full year of 2022. Revenue for Q4 reached $2.1 billion, up 8% year-over-year, while full-year revenue totaled $8.5 billion, also an 8% increase. Despite revenue growth, GAAP net earnings fell 27% in Q4 to $264 million, and 5% for the full year to $1.065 billion. However, adjusted net earnings rose 18% in Q4 and 9% for the year. Dover anticipates GAAP EPS between $7.87 and $8.07 in 2023, with expected revenue growth of 3% to 5%. Management noted strong demand trends and an elevated backlog, citing confidence for continued operational improvements and shareholder value creation.

Dover's subsidiary, Markem-Imaje, has received the BRC Global Standard certification for Packaging Materials, validating its CIJ inks and additives for food safety and compliance. This certification enhances Markem-Imaje's reputation and supports food producers in maintaining consumer trust. Achieved at the Bourg-Lès-Valence, France site, it signifies that the manufacturing practices meet rigorous global standards set by the Global Food Safety Initiative. Markem-Imaje aims to extend this certification across all its ink manufacturing facilities, highlighting its commitment to food safety amidst growing concerns over food fraud and hygiene.

OPW Retail Fueling, a segment of Dover (NYSE: DOV), has introduced the 14HC Series High-Flow Diesel-Capture Nozzle, designed for high-flow diesel applications at truck stops and convenience stores. This nozzle is UL approved for diesel blends up to B20, enhancing the fueling experience by reducing fuel drippage through its patented diesel-capture chamber. Features include a 1" inlet, FlowLock™ shut-off, and ergonomic design for user comfort. OPW aims to improve safety and efficiency in the retail fueling industry, leveraging technological advancements to meet the needs of varied fueling site owners.

On March 8, 2023, Dover (NYSE: DOV) will conduct an analyst and investor meeting at its Colder Products Company facility in the Minneapolis-Saint Paul area. The meeting, starting at 8:30 a.m. Eastern time, will feature a presentation by Richard J. Tobin, President and CEO, alongside other leadership members. Attendees can expect a Q&A session and a facility tour.

A live audio webcast and presentation materials will be available on dovercorporation.com prior to the event, with an archived replay afterward. Interested participants can register by contacting Dover's Investor Relations team.

Dover, through its subsidiary Rotary, has launched the new XA12 Alignment Scissor Lift, catering to independent shops and dealerships. This lift offers a 12,000-pound capacity with a wheelbase range of 78 to 164 inches, making it suitable for a variety of vehicles. Designed for small service bays, the XA12 has a footprint of 12 by 23 feet. It includes features like adjustable radius gauges and self-chocking ramps to enhance usability. This product exemplifies Rotary's commitment to innovation in automotive service solutions, further strengthening Dover's position in the market.

Dover subsidiary, Marathon Equipment, has launched the "Back of Store" solutions and the Marathon Certified Remanufactured™ (MCR) program to assist waste generators like retailers and universities in reducing costs and enhancing sustainability. These initiatives leverage Connected Collections® digital solutions for effective waste monitoring, asset management, and increased productivity. The MCR program offers remanufactured waste and recycling equipment built to original standards, promoting a circular economy. With annual revenue exceeding $8 billion, Dover maintains its commitment to innovation and environmental responsibility.

Dover (NYSE: DOV) announced on January 18, 2023, the launch of a groundbreaking 6" conductive High Density Polyethylene (HDPE) double wall piping system through KPS. The system boasts a flow rate of up to 2,500 liters per minute, targeting sectors such as fuel distribution and mining. It includes a primary 160mm pipe and a secondary 200mm pipe for enhanced safety and monitoring. This innovative system is compliant with multiple international standards, suitable for sensitive liquids including fuels and chemicals. Engineered for installer efficiency, it reduces costs and build time, backed by KPS's technical support.

On January 17, 2023, Vehicle Service Group (VSG), part of Dover (NYSE: DOV), announced the launch of the AllOnWall Series, a new wheel aligner concept for Europe, the Middle East, and Africa (EMEA). This series features two innovative wheel aligners: the ROT3D2.0WALL by Rotary and the RAV3D2.0WALL by Ravaglioli.

These aligners are designed for ease of use with a wall-mounted console and a multi-touch 10" tablet for mobile operations. Incorporating VSG's advanced measuring technology, they offer high precision and efficiency in alignment tasks, reflecting the company's commitment to meet market demands and user preferences.