We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Dover (DOV) Earnings Miss Estimates in Q2, Revenues Dip Y/Y
Read MoreHide Full Article
Dover Corporation (DOV - Free Report) has reported second-quarter 2023 adjusted earnings per share (EPS) from continuing operations of $2.05, missing the Zacks Consensus Estimate of $2.21. The bottom line decreased 4% year over year.
On a reported basis, Dover has delivered EPS of $1.72 in the quarter, down 14% year over year.
Total revenues in the second quarter fell 2.7% year over year to $2,100 million. The top line missed the Zacks Consensus Estimate of $2,176 million. Transient production and shipment difficulties in the company's automotive services sector, induced by an ERP system update, offset the outperformance in the company's high-growth industries.
Dover Corporation Price, Consensus and EPS Surprise
Cost of sales fell 2.6% year over year to $1,341 million in the reported quarter. Gross profit was down 2.9% year over year to $759 million. The gross margin was 36.1% compared with the year-ago quarter’s 36.2%.
Selling, general and administrative expenses were up 5.9% to $434 million from the prior-year quarter . Adjusted EBITDA fell 3.4% year over year to $461 million. The adjusted EBITDA margin was 21.9% in the quarter compared with the prior-year quarter’s 22.1%.
Segmental Performance
The Engineered Products segment’s revenues were down 7.9% year over year to $474 million in the quarter. The reported figure fell short of our expectation of $528 million. The segment’s adjusted EBITDA fell 9.1% year over year to $80 million. The figure missed our estimate of $106 million.
The Clean Energy & Fueling segment’s revenues were $441 million compared with the prior-year quarter’s $494 million. The figure missed our estimate of $513 million. The segment’s adjusted EBITDA was $91 million, down from the prior-year quarter’s $106 million. The figure topped our estimate of $103 million.
The Imaging & Identification segment’s revenues moved down 1.5% year over year to $272 million. The reported figure fell short of our expectation of $277 million. The segment’s adjusted EBITDA was $65 million, up from the year-ago quarter’s $64.8 million. The figure missed our estimate of $72 million.
The Pumps & Process Solutions segment’s revenues increased 5.4% year over year to $465 million in the second quarter. The figure surpassed our estimate of $426 million. The adjusted EBITDA of the segment totaled $141 million compared with the year-ago quarter’s $148 million. The reported figure was lower than our expectation of $148 million.
The Climate & Sustainability Technologies segment’s revenues increased to $449 million from the $434 million reported in the year-earlier quarter. We predicted revenues of $441 million for this segment. The segment’s adjusted EBITDA totaled $83 million compared with $71 million in second-quarter 2022. The figure missed our estimate of $74 million.
Bookings and Backlog
Dover’s bookings at the end of the second quarter were worth $1.93 billion compared with the prior-year quarter’s $2.11 billion. Total booking fell short of our estimate of $2.06 billion.
Backlog fell 15% year over year to $2.81 billion at the end of the reported quarter. Our model projected a backlog worth $3.24 billion in the second quarter of 2023.
Financial Position
The company had a free cash inflow of $155 million in the second quarter compared with the year-ago quarter’s $128 million. Cash flow from operations amounted to $195 million in the quarter under review compared with the prior-year quarter’s $179 million.
Outlook
The company expects to generate an adjusted EPS of $8.85-$9.00 for 2023. It anticipates organic revenue growth of 2-4% for the year.
Price Performance
Dover’s shares have gained 20.1% in the past year compared with the industry’s growth of 25.2%.
Worthington Industries has an average trailing four-quarter earnings surprise of 14.9%. The Zacks Consensus Estimate for WOR’s fiscal 2023 earnings is pegged at $5.65 per share. The consensus estimate for 2023 earnings has moved north by 22.6% in the past 60 days. Its shares gained 55% in the last year.
Manitowoc has an average trailing four-quarter earnings surprise of 256.3%. The Zacks Consensus Estimate for MTW’s 2023 earnings is pegged at $1.12 per share. The consensus estimate for 2023 earnings has moved 7.8% north in the past 60 days. MTW’s shares gained 68.8% in the last year.
The Zacks Consensus Estimate for Grainger’s 2023 earnings per share is pegged at $35.86, up 1% in the past 60 days. It has a trailing four-quarter average earnings surprise of 9.1%. GWW gained 59.5% in the last year.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Dover (DOV) Earnings Miss Estimates in Q2, Revenues Dip Y/Y
Dover Corporation (DOV - Free Report) has reported second-quarter 2023 adjusted earnings per share (EPS) from continuing operations of $2.05, missing the Zacks Consensus Estimate of $2.21. The bottom line decreased 4% year over year.
On a reported basis, Dover has delivered EPS of $1.72 in the quarter, down 14% year over year.
Total revenues in the second quarter fell 2.7% year over year to $2,100 million. The top line missed the Zacks Consensus Estimate of $2,176 million. Transient production and shipment difficulties in the company's automotive services sector, induced by an ERP system update, offset the outperformance in the company's high-growth industries.
Dover Corporation Price, Consensus and EPS Surprise
Dover Corporation price-consensus-eps-surprise-chart | Dover Corporation Quote
Costs and Margins
Cost of sales fell 2.6% year over year to $1,341 million in the reported quarter. Gross profit was down 2.9% year over year to $759 million. The gross margin was 36.1% compared with the year-ago quarter’s 36.2%.
Selling, general and administrative expenses were up 5.9% to $434 million from the prior-year quarter . Adjusted EBITDA fell 3.4% year over year to $461 million. The adjusted EBITDA margin was 21.9% in the quarter compared with the prior-year quarter’s 22.1%.
Segmental Performance
The Engineered Products segment’s revenues were down 7.9% year over year to $474 million in the quarter. The reported figure fell short of our expectation of $528 million. The segment’s adjusted EBITDA fell 9.1% year over year to $80 million. The figure missed our estimate of $106 million.
The Clean Energy & Fueling segment’s revenues were $441 million compared with the prior-year quarter’s $494 million. The figure missed our estimate of $513 million. The segment’s adjusted EBITDA was $91 million, down from the prior-year quarter’s $106 million. The figure topped our estimate of $103 million.
The Imaging & Identification segment’s revenues moved down 1.5% year over year to $272 million. The reported figure fell short of our expectation of $277 million. The segment’s adjusted EBITDA was $65 million, up from the year-ago quarter’s $64.8 million. The figure missed our estimate of $72 million.
The Pumps & Process Solutions segment’s revenues increased 5.4% year over year to $465 million in the second quarter. The figure surpassed our estimate of $426 million. The adjusted EBITDA of the segment totaled $141 million compared with the year-ago quarter’s $148 million. The reported figure was lower than our expectation of $148 million.
The Climate & Sustainability Technologies segment’s revenues increased to $449 million from the $434 million reported in the year-earlier quarter. We predicted revenues of $441 million for this segment. The segment’s adjusted EBITDA totaled $83 million compared with $71 million in second-quarter 2022. The figure missed our estimate of $74 million.
Bookings and Backlog
Dover’s bookings at the end of the second quarter were worth $1.93 billion compared with the prior-year quarter’s $2.11 billion. Total booking fell short of our estimate of $2.06 billion.
Backlog fell 15% year over year to $2.81 billion at the end of the reported quarter. Our model projected a backlog worth $3.24 billion in the second quarter of 2023.
Financial Position
The company had a free cash inflow of $155 million in the second quarter compared with the year-ago quarter’s $128 million. Cash flow from operations amounted to $195 million in the quarter under review compared with the prior-year quarter’s $179 million.
Outlook
The company expects to generate an adjusted EPS of $8.85-$9.00 for 2023. It anticipates organic revenue growth of 2-4% for the year.
Price Performance
Dover’s shares have gained 20.1% in the past year compared with the industry’s growth of 25.2%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Dover currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the Industrial Products sector are Worthington Industries, Inc. (WOR - Free Report) , The Manitowoc Company, Inc. (MTW - Free Report) and W.W. Grainger, Inc. (GWW - Free Report) . WOR and MTW sport a Zacks Rank #1 (Strong Buy) at present, and GWW has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Worthington Industries has an average trailing four-quarter earnings surprise of 14.9%. The Zacks Consensus Estimate for WOR’s fiscal 2023 earnings is pegged at $5.65 per share. The consensus estimate for 2023 earnings has moved north by 22.6% in the past 60 days. Its shares gained 55% in the last year.
Manitowoc has an average trailing four-quarter earnings surprise of 256.3%. The Zacks Consensus Estimate for MTW’s 2023 earnings is pegged at $1.12 per share. The consensus estimate for 2023 earnings has moved 7.8% north in the past 60 days. MTW’s shares gained 68.8% in the last year.
The Zacks Consensus Estimate for Grainger’s 2023 earnings per share is pegged at $35.86, up 1% in the past 60 days. It has a trailing four-quarter average earnings surprise of 9.1%. GWW gained 59.5% in the last year.