Dover Beats Earnings & Revenue Estimates in Q3, Lowers '24 View
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Dover Corporation DOV has reported third-quarter 2024 adjusted earnings per share (EPS) from continuing operations of $2.27, beating the Zacks Consensus Estimate of $2.16. In the year-ago quarter, the company reported an adjusted EPS of $2.14 (excluding after-tax purchase accounting expenses and after-tax gain on disposition of a minority-owned equity method investment).
On a reported basis, Dover has delivered an EPS (from continuing operations) of $2.26 in the quarter, up 21.5% year over year.
Dover Corporation Price, Consensus and EPS Surprise
Dover Corporation price-consensus-eps-surprise-chart | Dover Corporation Quote
Total revenues in the third quarter were $1.98 billion, up 1.3% from the year-ago quarter. The top line missed the Zacks Consensus Estimate of $1.99 billion. Organic growth was 0.3% in the quarter.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
DOV’s Margins Rose Y/Y in Q3
The cost of sales rose 0.1% year over year to $1.22 billion in the reported quarter. Gross profit was up 3.4% year over year to $763 million. The gross margin was 38.5% compared with the year-ago quarter’s 37.8%.
Selling, general and administrative expenses grew 6.6% to $429.6 million from the prior-year quarter. Adjusted EBITDA rose 4.3% year over year to $484 million. The adjusted EBITDA margin was 24.4% in the quarter compared with the prior-year quarter’s 23.7%.
Dover’s Q3 Segmental Performances
The Engineered Products segment’s revenues were down 4.3% year over year to $296 million in the quarter. The reported figure fell short of our expectation of $531 million. The segment’s adjusted EBITDA decreased 11.3% year over year to $61 million. The figure missed our estimate of $125 million.
The Clean Energy & Fueling segment’s revenues were $501 million compared with the prior-year quarter’s $467 million. The figure beat our estimate of $483 million. The segment’s adjusted EBITDA was $108 million, up from the prior-year quarter’s $100 million. The figure topped our estimate of $102 million.
The Imaging & Identification segment’s revenues moved up 2.8% year over year to $284 million. The reported figure beat our expectation of $280 million. The segment’s adjusted EBITDA was $81 million, down from the year-ago quarter’s $74 million. The number came in line with our estimate.
The Pumps & Process Solutions segment’s revenues rose 9.5% year over year to $472 million in the third quarter and surpassed our estimate of $465 million. The adjusted EBITDA of the segment totaled $151 million, up 16.2% from the year-ago quarter’s $130 million. The reported figure lagged our projection of $151 million.
The Climate & Sustainability Technologies segment’s revenues fell 8.2% to $431 million from $476 million in the year-earlier quarter. We had predicted revenues of $463 million for this segment. The segment’s adjusted EBITDA totaled $83 million compared with $91 million in third-quarter 2022. The figure was lower than our estimate of $98 million.