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Dover (NYSE:DOV) reported upbeat earnings for the third quarter on Thursday.

Dover Corporation (DOV) Q3 2026 Earnings Call Transcript

Dover Corporation (DOV - Free Report) came out with quarterly earnings of $2.88 per share, beating the Zacks Consensus Estimate of $2.83 per share. This compares to earnings of $2.62 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +1.77%. A quarter ago, it was expected that this company would post earnings of $2.72 per share when it actually produced earnings of $2.74, delivering a surprise of +0.74%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Dover, which belongs to the Zacks Manufacturing - General Industrial industry, posted revenues of $2.23 billion for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 1.47%. This compares to year-ago revenues of $2.08 billion. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Dover shares have added about 2.4% since the beginning of the year versus the S&P 500's gain of 13.3%.

What's Next for Dover?While Dover has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Dover was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.81 on $2.22 billion in revenues for the coming quarter and $10.65 on $8.66 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Manufacturing - General Industrial is currently in the bottom 36% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Luxfer (LXFR - Free Report) , has yet to report results for the quarter ended September 2026.

This materials technology company specializing in aluminum, magnesium and zirconium is expected to post quarterly earnings of $0.33 per share in its upcoming report, which represents a year-over-year change of +10%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Luxfer's revenues are expected to be $93.6 million, up 0.8% from the year-ago quarter.

, /PRNewswire/ -- Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the third quarter ended September 30, 2026. All comparisons are to the comparable period of the prior fiscal year, unless otherwise noted.

Three Months Ended September 30,

Nine Months Ended September 30,

($ in millions, except per share data)*

2026

2025

% Change*

2026

2025

% Change*

U.S. GAAP

Revenue

$     2,234

$     2,078

8 %

$     6,477

$     5,993

8 %

Earnings from continuing operations 

337

303

11 %

888

823

8 %

Diluted EPS from continuing operations

2.50

2.20

14 %

6.56

5.96

10 %

Non-GAAP

Organic revenue change

7 %

6 %

Adjusted earnings from continuing operations 1

388

361

7 %

1,069

981

9 %

Adjusted diluted EPS from continuing operations

2.88

2.62

10 %

7.89

7.10

11 %

1

Q3 and year-to-date 2026 and 2025 adjusted earnings from continuing operations exclude after-tax purchase accounting expenses, restructuring and other costs, and gain on dispositions.

*

Totals, change and per share data may be impacted by rounding.

For the quarter ended September 30, 2026, Dover generated revenue of $2.2 billion, an increase of 8% (+7% organic). GAAP earnings from continuing operations of $337 million increased by 11%, and GAAP diluted EPS from continuing operations of $2.50 was up 14%. On an adjusted basis, earnings from continuing operations of $388 million were up 7% and adjusted diluted EPS from continuing operations of $2.88 was up 10%.

For the nine months ended September 30, 2026, Dover generated revenue of $6.5 billion, an increase of 8% (+6% organic). GAAP earnings from continuing operations of $888 million increased by 8%, and GAAP diluted EPS from continuing operations of $6.56 was up 10%. On an adjusted basis, earnings from continuing operations of $1.1 billion were up 9% and adjusted diluted EPS from continuing operations of $7.89 was up 11%.

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, "Dover delivered strong results in the third quarter. Top-line growth accelerated, led by our secular growth markets in artificial intelligence and power generation infrastructure, energy transition, single-use biopharma, semiconductor manufacturing, and space launch. This strength was complemented by broad-based performance across the portfolio, including improving line rates in food retail as we completed the footprint consolidation.

"Order performance was a highlight, consistent with the trend we have seen throughout the year. Bookings increased across all five segments and again outpaced shipments, reinforcing our confidence in the forecast. Notably, a significant portion of our backlog is scheduled for delivery in 2027, giving us a solid foundation heading into next year.

"We remained active in capital deployment. We continued to invest behind greenfield expansions in high-growth end markets, along with productivity and footprint optimization projects. During the quarter, we announced two bolt-on acquisitions that expand our capabilities in attractive markets and add manufacturing capacity in key strategic locations, and we opportunistically repurchased over $330 million of our shares. Our balance sheet and liquidity position provide significant flexibility to deploy additional capital.

"We are on track to deliver double-digit adjusted EPS growth in 2026, in line with our long-term algorithm. As we begin planning for 2027, the constructive demand backdrop and our order book, together with carryover benefits from actions taken this year, set the stage for continued value creation for our shareholders."

FULL YEAR 2026 GUIDANCE:

In 2026, Dover expects to generate GAAP EPS in the range of $8.93 to $9.08 (adjusted EPS of $10.60 to $10.75), based on full year revenue growth of 7% to 8% (organic growth of 5% to 6%).

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 22, 2026. 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 $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV."

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 or other future pandemics 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, 2025, 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.

INVESTOR SUPPLEMENT - THIRD QUARTER 2026

DOVER CORPORATION

CONSOLIDATED STATEMENTS OF EARNINGS

(unaudited)(in thousands)

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

2026

2025

Revenue

$       2,233,839

$       2,077,841

$       6,477,483

$       5,993,492

Cost of goods and services

1,330,413

1,244,247

3,895,316

3,596,136

Gross profit

903,426

833,594

2,582,167

2,397,356

Selling, general and administrative expenses

484,238

456,441

1,465,283

1,369,297

Operating earnings

419,188

377,153

1,116,884

1,028,059

Interest expense

28,870

27,239

87,450

81,638

Interest income

(16,520)

(17,804)

(45,102)

(55,993)

Gain on dispositions

—

—

—

(4,644)

Other income, net

(13,848)

(18,525)

(32,750)

(26,663)

Earnings before provision for income taxes

420,686

386,243

1,107,286

1,033,721

Provision for income taxes

83,866

82,951

219,172

211,058

Earnings from continuing operations

336,820

303,292

888,114

822,663

Loss from discontinued operations, net

(3,489)

(1,296)

(4,104)

(10,782)

Net earnings

$          333,331

$          301,996

$          884,010

$          811,881

DOVER CORPORATION

QUARTERLY EARNINGS PER SHARE

(unaudited)(in thousands, except per share data*)

Earnings Per Share

2026

2025

Q1

Q2

Q3

Q3 YTD

Q1

Q2

Q3

Q3 YTD

Q4

FY 2025

Basic earnings (loss) per share:

Continuing operations

$      1.77

$      2.32

$      2.51

$         6.60

$      1.74

$      2.04

$      2.21

$         5.99

$       2.02

$          8.01

Discontinued operations

$          —

$          —

$     (0.03)

$       (0.03)

$     (0.06)

$     (0.01)

$     (0.01)

$       (0.08)

$       0.05

$        (0.03)

Net earnings

$      1.77

$      2.32

$      2.48

$         6.57

$      1.68

$      2.03

$      2.20

$         5.92

$       2.07

$          7.99

Diluted earnings (loss) per share:

Continuing operations

$      1.76

$      2.31

$      2.50

$         6.56

$      1.73

$      2.03

$      2.20

$         5.96

$       2.01

$          7.97

Discontinued operations

$          —

$          —

$     (0.03)

$       (0.03)

$     (0.06)

$     (0.01)

$     (0.01)

$       (0.08)

$       0.05

$        (0.03)

Net earnings

$      1.75

$      2.30

$      2.47

$         6.53

$      1.67

$      2.02

$      2.19

$         5.88

$       2.06

$          7.94

Net earnings (loss) and weighted average shares used in calculated earnings (loss) per share amounts are as follows:

Continuing operations

$ 238,749

$ 312,545

$ 336,820

$   888,114

$ 239,241

$ 280,130

$ 303,292

$   822,663

$ 274,766

$ 1,097,429

Discontinued operations

(316)

(299)

(3,489)

(4,104)

(8,420)

(1,066)

(1,296)

(10,782)

7,309

(3,473)

Net earnings

$ 238,433

$ 312,246

$ 333,331

$   884,010

$ 230,821

$ 279,064

$ 301,996

$   811,881

$ 282,075

$ 1,093,956

Weighted average shares outstanding:

Basic

134,977

134,759

134,200

134,644

137,267

137,226

137,236

137,254

135,993

136,935

Diluted

135,895

135,553

134,878

135,440

138,260

137,974

138,029

138,099

136,826

137,777

Dividends paid per
common share

$      0.52

$      0.52

$    0.525

$       1.565

$    0.515

$    0.515

$      0.52

$         1.55

$       0.52

$          2.07

* Per share data may be impacted by rounding.

DOVER CORPORATION

QUARTERLY SEGMENT INFORMATION

(unaudited)(in thousands)

2026

2025

Q1

Q2

Q3

Q3 YTD

Q1

Q2

Q3

Q3 YTD

Q4

FY 2025

REVENUE

Engineered Products

$   266,639

$   283,481

$   274,903

$   825,023

$   254,646

$   275,944

$   279,705

$   810,295

$   275,549

$ 1,085,844

Clean Energy & Fueling

554,809

594,959

606,003

1,755,771

491,148

546,097

541,368

1,578,613

551,894

2,130,507

Imaging & Identification

285,420

305,101

304,667

895,188

280,090

292,009

299,100

871,199

302,244

1,173,443

Pumps & Process Solutions

537,810

552,709

568,517

1,659,036

493,573

520,554

550,920

1,565,047

583,623

2,148,670

Climate & Sustainability
Technologies

411,060

455,097

481,452

1,347,609

347,888

416,151

408,529

1,172,568

387,273

1,559,841

Intersegment eliminations

(2,115)

(1,326)

(1,703)

(5,144)

(1,286)

(1,163)

(1,781)

(4,230)

(1,504)

(5,734)

Total consolidated revenue

$ 2,053,623

$ 2,190,021

$ 2,233,839

$ 6,477,483

$ 1,866,059

$ 2,049,592

$ 2,077,841

$ 5,993,492

$ 2,099,079

$ 8,092,571

EARNINGS FROM CONTINUING OPERATIONS

Segment Earnings:

Engineered Products

$     44,991

$     57,798

$     56,613

$   159,402

$     44,114

$     53,511

$     57,483

$   155,108

$     62,158

$   217,266

Clean Energy & Fueling

99,041

128,546

132,881

360,468

85,644

107,771

118,665

312,080

105,990

418,070

Imaging & Identification

77,457

84,976

95,171

257,604

77,575

76,937

81,772

236,284

78,451

314,735

Pumps & Process Solutions

169,492

178,848

177,878

526,218

151,275

159,504

168,565

479,344

172,256

651,600

Climate & Sustainability
Technologies

63,995

75,826

80,555

220,376

52,119

77,262

76,002

205,383

60,264

265,647

Total segment earnings

454,976

525,994

543,098

1,524,068

410,727

474,985

502,487

1,388,199

479,119

1,867,318

Purchase accounting expenses 1

54,579

51,591

45,850

152,020

49,104

51,123

59,381

159,608

58,837

218,445

Restructuring and other costs 2

36,795

24,635

21,767

83,197

9,397

23,210

15,913

48,520

29,466

77,986

Gain on dispositions 3

—

—

—

—

(2,468)

(2,176)

—

(4,644)

—

(4,644)

Corporate expense / other 4

49,238

47,534

42,445

139,217

51,959

41,875

31,515

125,349

39,190

164,539

Interest expense

29,522

29,058

28,870

87,450

27,608

26,791

27,239

81,638

28,134

109,772

Interest income

(14,060)

(14,522)

(16,520)

(45,102)

(20,254)

(17,935)

(17,804)

(55,993)

(17,039)

(73,032)

Earnings before provision for
income taxes

298,902

387,698

420,686

1,107,286

295,381

352,097

386,243

1,033,721

340,531

1,374,252

Provision for income taxes

60,153

75,153

83,866

219,172

56,140

71,967

82,951

211,058

65,765

276,823

Earnings from continuing
operations

$   238,749

$   312,545

$   336,820

$   888,114

$   239,241

$   280,130

$   303,292

$   822,663

$   274,766

$ 1,097,429

SEGMENT EARNINGS MARGIN

Engineered Products

16.9 %

20.4 %

20.6 %

19.3 %

17.3 %

19.4 %

20.6 %

19.1 %

22.6 %

20.0 %

Clean Energy & Fueling

17.9 %

21.6 %

21.9 %

20.5 %

17.4 %

19.7 %

21.9 %

19.8 %

19.2 %

19.6 %

Imaging & Identification

27.1 %

27.9 %

31.2 %

28.8 %

27.7 %

26.3 %

27.3 %

27.1 %

26.0 %

26.8 %

Pumps & Process Solutions

31.5 %

32.4 %

31.3 %

31.7 %

30.6 %

30.6 %

30.6 %

30.6 %

29.5 %

30.3 %

Climate & Sustainability
Technologies

15.6 %

16.7 %

16.7 %

16.4 %

15.0 %

18.6 %

18.6 %

17.5 %

15.6 %

17.0 %

Total segment earnings margin

22.2 %

24.0 %

24.3 %

23.5 %

22.0 %

23.2 %

24.2 %

23.2 %

22.8 %

23.1 %

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 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

2026

2025

Q1

Q2

Q3

Q3 YTD

Q1

Q2

Q3

Q3 YTD

Q4

FY 2025

Adjusted earnings from continuing operations:

Earnings from continuing
operations

$ 238,749

$ 312,545

$ 336,820

$ 888,114

$ 239,241

$ 280,130

$ 303,292

$ 822,663

$ 274,766

$            1,097,429

Purchase accounting
expenses, pre-tax 1

54,579

51,591

45,850

152,020

49,104

51,123

59,381

159,608

58,837

218,445

Purchase accounting
expenses, tax impact 2

(12,692)

(11,704)

(12,011)

(36,407)

(10,919)

(11,367)

(14,067)

(36,353)

(14,134)

(50,487)

Restructuring and other
costs, pre-tax 3

36,795

24,635

21,767

83,197

9,397

23,210

15,913

48,520

29,466

77,986

Restructuring and other
costs, tax impact 2

(8,048)

(5,375)

(4,551)

(17,974)

(1,887)

(4,642)

(3,230)

(9,759)

(5,608)

(15,367)

Gain on dispositions, pre-
tax 4

—

—

—

—

(2,468)

(2,176)

—

(4,644)

—

(4,644)

Gain on dispositions, tax-
impact 2

—

—

—

—

689

435

—

1,124

—

1,124

Adjusted earnings from
continuing operations

$ 309,383

$ 371,692

$ 387,875

$            1,068,950

$ 283,157

$ 336,713

$ 361,289

$ 981,159

$ 343,327

$            1,324,486

Adjusted diluted earnings per share from continuing operations:

Diluted earnings per share
from continuing operations

$     1.76

$     2.31

$     2.50

$      6.56

$     1.73

$     2.03

$     2.20

$     5.96

$     2.01

$      7.97

Purchase accounting
expenses, pre-tax 1

0.40

0.38

0.34

1.12

0.36

0.37

0.43

1.16

0.43

1.59

Purchase accounting
expenses, tax impact 2

(0.09)

(0.09)

(0.09)

(0.27)

(0.08)

(0.08)

(0.10)

(0.26)

(0.10)

(0.37)

Restructuring and other
costs, pre-tax 3

0.27

0.18

0.16

0.61

0.07

0.17

0.12

0.35

0.22

0.57

Restructuring and other
costs, tax impact 2

(0.06)

(0.04)

(0.03)

(0.13)

(0.01)

(0.03)

(0.02)

(0.07)

(0.04)

(0.11)

Gain on dispositions, pre-
tax 4

—

—

—

—

(0.02)

(0.02)

—

(0.03)

—

(0.03)

Gain on dispositions, tax-
impact 2

—

—

—

—

—

—

—

0.01

—

0.01

Adjusted diluted earnings
per share from continuing
operations

$     2.28

$     2.74

$     2.88

$      7.89

$     2.05

$     2.44

$     2.62

$     7.10

$     2.51

$      9.61

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.

3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Q1 2026, Q2 2026, Q3 2026 and YTD 2026 include other costs of $3.0 million, $4.3 million, $1.7 million, and $9.0 million, respectively, associated with a footprint reduction in our Climate & Sustainability Technologies segment. Q2 2025, Q3 2025, Q4 2025 and FY 2025 include other costs of $1.9 million, $1.8 million, $2.6 million and $6.3 million, respectively, associated with a footprint reduction within our Climate & Sustainability Technologies segment. Q2 2025 and FY 2025 include other costs of $4.0 million associated with a product line exit within our Climate & Sustainability Technologies segment.

4 Gain on dispositions, including post-closing adjustments.

* Per share data and totals may be impacted by rounding.

DOVER CORPORATION

QUARTERLY ADJUSTED SEGMENT EBITDA (NON-GAAP)

(unaudited)(in thousands)

Non-GAAP Reconciliations

2026

2025

Q1

Q2

Q3

Q3 YTD

Q1

Q2

Q3

Q3 YTD

Q4

FY 2025

ADJUSTED SEGMENT EBITDA

Engineered Products:

Segment earnings

$ 44,991

$ 57,798

$ 56,613

$  159,402

$ 44,114

$ 53,511

$ 57,483

$ 155,108

$ 62,158

$ 217,266

Other depreciation and amortization 1

5,486

5,447

5,647

16,580

4,800

5,141

5,736

15,677

5,818

21,495

Adjusted segment EBITDA 2

50,477

63,245

62,260

175,982

48,914

58,652

63,219

170,785

67,976

238,761

Adjusted segment EBITDA margin 2

18.9 %

22.3 %

22.6 %

21.3 %

19.2 %

21.3 %

22.6 %

21.1 %

24.7 %

22.0 %

Clean Energy & Fueling:

Segment earnings

$ 99,041

$          128,546

$          132,881

$  360,468

$ 85,644

$          107,771

$          118,665

$ 312,080

$          105,990

$ 418,070

Other depreciation and amortization 1

8,552

9,111

8,714

26,377

8,578

8,961

8,582

26,121

8,685

34,806

Adjusted segment EBITDA 2

107,593

137,657

141,595

386,845

94,222

116,732

127,247

338,201

114,675

452,876

Adjusted segment EBITDA margin 2

19.4 %

23.1 %

23.4 %

22.0 %

19.2 %

21.4 %

23.5 %

21.4 %

20.8 %

21.3 %

Imaging & Identification:

Segment earnings

$ 77,457

$ 84,976

$ 95,171

$  257,604

$ 77,575

$ 76,937

$ 81,772

$ 236,284

$ 78,451

$ 314,735

Other depreciation and amortization 1

4,208

4,373

4,556

13,137

4,093

4,229

4,091

12,413

5,155

17,568

Adjusted segment EBITDA 2

81,665

89,349

99,727

270,741

81,668

81,166

85,863

248,697

83,606

332,303

Adjusted segment EBITDA margin 2

28.6 %

29.3 %

32.7 %

30.2 %

29.2 %

27.8 %

28.7 %

28.5 %

27.7 %

28.3 %

Pumps & Process Solutions:

Segment earnings

$          169,492

$          178,848

$          177,878

$  526,218

$          151,275

$          159,504

$          168,565

$ 479,344

$          172,256

$ 651,600

Other depreciation and amortization 1

14,012

14,004

15,059

43,075

12,601

13,131

14,256

39,988

14,238

54,226

Adjusted segment EBITDA 2

183,504

192,852

192,937

569,293

163,876

172,635

182,821

519,332

186,494

705,826

Adjusted segment EBITDA margin 2

34.1 %

34.9 %

33.9 %

34.3 %

33.2 %

33.2 %

33.2 %

33.2 %

32.0 %

32.8 %

Climate & Sustainability Technologies:

Segment earnings

$ 63,995

$ 75,826

$ 80,555

$  220,376

$ 52,119

$ 77,262

$ 76,002

$ 205,383

$ 60,264

$ 265,647

Other depreciation and amortization 1

8,069

8,001

7,966

24,036

7,325

7,605

7,558

22,488

7,856

30,344

Adjusted segment EBITDA 2

72,064

83,827

88,521

244,412

59,444

84,867

83,560

227,871

68,120

295,991

Adjusted segment EBITDA margin 2

17.5 %

18.4 %

18.4 %

18.1 %

17.1 %

20.4 %

20.5 %

19.4 %

17.6 %

19.0 %

Total Segments:

Total segment earnings 2, 3

$          454,976

$          525,994

$          543,098

$ 1,524,068

$          410,727

$          474,985

$          502,487

$            1,388,199

$          479,119

$            1,867,318

Other depreciation and amortization 1

40,327

40,936

41,942

123,205

37,397

39,067

40,223

116,687

41,752

158,439

Total Adjusted segment EBITDA 2

495,303

566,930

585,040

1,647,273

448,124

514,052

542,710

1,504,886

520,871

2,025,757

Total Adjusted segment EBITDA
margin 2

24.1 %

25.9 %

26.2 %

25.4 %

24.0 %

25.1 %

26.1 %

25.1 %

24.8 %

25.0 %

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 Measures Definitions 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

2026

2025

Q1

Q2

Q3

Q3 YTD

Q1

Q2

Q3

Q3 YTD

Q4

FY 2025

Earnings from continuing
operations

$ 238,749

$ 312,545

$ 336,820

$  888,114

$ 239,241

$ 280,130

$ 303,292

$  822,663

$ 274,766

$ 1,097,429

Provision for income taxes

60,153

75,153

83,866

219,172

56,140

71,967

82,951

211,058

65,765

276,823

Earnings before provision for
income taxes

298,902

387,698

420,686

1,107,286

295,381

352,097

386,243

1,033,721

340,531

1,374,252

Interest income

(14,060)

(14,522)

(16,520)

(45,102)

(20,254)

(17,935)

(17,804)

(55,993)

(17,039)

(73,032)

Interest expense

29,522

29,058

28,870

87,450

27,608

26,791

27,239

81,638

28,134

109,772

Corporate expense / other 1

49,238

47,534

42,445

139,217

51,959

41,875

31,515

125,349

39,190

164,539

Gain on dispositions 2

—

—

—

—

(2,468)

(2,176)

—

(4,644)

—

(4,644)

Restructuring and other costs 3

36,795

24,635

21,767

83,197

9,397

23,210

15,913

48,520

29,466

77,986

Purchase accounting expenses 4

54,579

51,591

45,850

152,020

49,104

51,123

59,381

159,608

58,837

218,445

Total segment earnings 5

454,976

525,994

543,098

1,524,068

410,727

474,985

502,487

1,388,199

479,119

1,867,318

Add: Other depreciation and
amortization 6

40,327

40,936

41,942

123,205

37,397

39,067

40,223

116,687

41,752

158,439

Total adjusted segment EBITDA 5

$ 495,303

$ 566,930

$ 585,040

$           1,647,273

$ 448,124

$ 514,052

$ 542,710

$           1,504,886

$ 520,871

$ 2,025,757

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.

2 Gain on dispositions, including post-closing adjustments.

3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.

4 Purchase accounting expenses are primarily comprised of amortization of intangible assets.

5 Refer to Non-GAAP Measures Definitions section for definition.

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.

DOVER CORPORATION

REVENUE GROWTH FACTORS AND ADJUSTED EPS GUIDANCE RECONCILIATIONS (NON-GAAP)

(unaudited)

Non-GAAP Reconciliations

Revenue Growth Factors

2026

Q3

Q3 YTD

Organic

Engineered Products

(1.6) %

0.8 %

Clean Energy & Fueling

12.1 %

10.6 %

Imaging & Identification

2.2 %

0.7 %

Pumps & Process Solutions

1.2 %

0.3 %

Climate & Sustainability Technologies

17.9 %

13.7 %

Total Organic

7.1 %

5.7 %

Acquisitions

0.5 %

1.2 %

Currency translation

(0.1) %

1.2 %

Total*

7.5 %

8.1 %

 * Totals may be impacted by rounding.

2026

Q3

Q3 YTD

Organic

United States

12.6 %

10.9 %

Europe

(3.0) %

(4.1) %

Asia

15.1 %

6.9 %

Other Americas

(7.0) %

1.8 %

Other

(1.1) %

(1.7) %

Total Organic

7.1 %

5.7 %

Acquisitions

0.5 %

1.2 %

Currency translation

(0.1) %

1.2 %

Total*

7.5 %

8.1 %

 * Totals may be impacted by rounding.

Adjusted EPS Guidance Reconciliation*

Range

2026 Guidance for Earnings per Share from Continuing Operations (GAAP)

$8.93

$9.08

Purchase accounting expenses, net

1.16

Restructuring and other costs, net

0.51

2026 Guidance for Adjusted Earnings per Share from Continuing Operations (Non-GAAP)

$10.60

$10.75

* Per share data and totals may be impacted by rounding.

DOVER CORPORATION

QUARTERLY CASH FLOW AND FREE CASH FLOW (NON-GAAP)

(unaudited)(in thousands)

Quarterly Cash Flow

2026

2025

Q1

Q2

Q3

Q3 YTD

Q1

Q2

Q3

Q3 YTD

Q4

FY 2025

Net Cash Flows Provided By (Used In):

Operating activities

$          190,997

$          236,171

$          438,763

$          865,931

$          157,474

$          212,340

$          424,245

$          794,059

$          543,946

$            1,338,005

Investing activities

(61,660)

(44,181)

(96,767)

(202,608)

(74,186)

(681,584)

(58,857)

(814,627)

(71,967)

(886,594)

Financing activities

(161,451)

(73,586)

(406,325)

(641,362)

(122,234)

(84,235)

(73,878)

(280,347)

(344,523)

(624,870)

Quarterly Free Cash Flow (Non-GAAP)

2026

2025

Q1

Q2

Q3

Q3 YTD

Q1

Q2

Q3

Q3 YTD

Q4

FY 2025

Cash flow from operating
activities

$          190,997

$          236,171

$          438,763

$          865,931

$          157,474

$          212,340

$          424,245

$          794,059

$          543,946

$            1,338,005

Less: Capital expenditures

(59,808)

(47,783)

(55,414)

(163,005)

(48,192)

(60,932)

(54,150)

(163,274)

(56,989)

(220,263)

Free cash flow

$          131,189

$          188,388

$          383,349

$          702,926

$          109,282

$          151,408

$          370,095

$          630,785

$          486,957

$            1,117,742

Cash flow from operating
activities as a percentage of
revenue

9.3 %

10.8 %

19.6 %

13.4 %

8.4 %

10.4 %

20.4 %

13.2 %

25.9 %

16.5 %

Cash flow from operating
activities as a percentage of
adjusted earnings from
continuing operations

61.7 %

63.5 %

113.1 %

81.0 %

55.6 %

63.1 %

117.4 %

80.9 %

158.4 %

101.0 %

Free cash flow as a percentage
of revenue

6.4 %

8.6 %

17.2 %

10.9 %

5.9 %

7.4 %

17.8 %

10.5 %

23.2 %

13.8 %

Free cash flow as a percentage
of adjusted earnings from
continuing operations

42.4 %

50.7 %

98.8 %

65.8 %

38.6 %

45.0 %

102.4 %

64.3 %

141.8 %

84.4 %

DOVER CORPORATION

PERFORMANCE MEASURES

(unaudited)(in thousands)

2026

2025

Q1

Q2

Q3

Q3 YTD

Q1

Q2

Q3

Q3 YTD

Q4

FY 2025

BOOKINGS

Engineered Products

$ 294,009

$ 277,148

$ 274,394

$ 845,551

$ 264,538

$ 276,571

$ 273,278

$ 814,387

$ 281,237

$            1,095,624

Clean Energy &
Fueling

615,197

602,624

592,608

1,810,429

543,859

526,819

509,553

1,580,231

587,041

2,167,272

Imaging & Identification

312,646

302,771

292,907

908,324

288,169

292,092

292,229

872,490

302,047

1,174,537

Pumps & Process
Solutions

597,578

590,020

557,177

1,744,775

499,287

530,158

510,960

1,540,405

500,779

2,041,184

Climate &
Sustainability
Technologies

646,960

560,272

594,051

1,801,283

395,623

384,246

415,099

1,194,968

470,081

1,665,049

Intersegment
eliminations

(2,714)

(1,482)

(1,025)

(5,221)

(1,892)

(1,295)

(1,380)

(4,567)

(1,472)

(6,039)

Total consolidated
bookings

$            2,463,676

$            2,331,353

$            2,310,112

$            7,105,141

$            1,989,584

$            2,008,591

$            1,999,739

$            5,997,914

$            2,139,713

$            8,137,627

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 per share from continuing operations, 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. We do not provide a reconciliation of forward-looking organic revenue to the most directly comparable GAAP financial measure pursuant to the exception provided in Item 10(e)(1)(i)(B) of Regulation S-K because we are not able to provide a meaningful or accurate compilation of reconciling items. This is due to the inherent difficulty in accurately forecasting the timing and amounts of the items that would be excluded from the most directly comparable GAAP financial measure or are out of our control. For the same reasons, we are unable to address the probable significance of unavailable information which may be material.

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.

Investor Contact:

Media Contact:

Jack Dickens

Adrian Sakowicz

Vice President - Investor Relations

Vice President - Communications

(630) 743-2566

(630) 743-5039

[email protected] 

[email protected] 

SOURCE Dover

Analysts on Wall Street project that Dover Corporation (DOV - Free Report) will announce quarterly earnings of $2.84 per share in its forthcoming report, representing an increase of 8.4% year over year. Revenues are projected to reach $2.21 billion, increasing 6.2% from the same quarter last year.

Over the last 30 days, there has been a downward revision of 0.4% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.

Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation between trends in earnings estimate revisions and the short-term price performance of a stock.

While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.

Bearing this in mind, let's now explore the average estimates of specific Dover metrics that are commonly monitored and projected by Wall Street analysts.

The consensus among analysts is that 'Revenue- Engineered Products' will reach $290.31 million. The estimate indicates a change of +3.8% from the prior-year quarter.

Analysts forecast 'Revenue- Clean Energy & Fueling' to reach $578.72 million. The estimate indicates a year-over-year change of +6.9%.

Analysts' assessment points toward 'Revenue- Climate & Sustainability Technologies' reaching $458.78 million. The estimate suggests a change of +12.3% year over year.

The collective assessment of analysts points to an estimated 'Revenue- Pumps & Process Solutions' of $575.47 million. The estimate suggests a change of +4.5% year over year.

The combined assessment of analysts suggests that 'Revenue- Imaging & Identification' will likely reach $309.68 million. The estimate indicates a change of +3.5% from the prior-year quarter.

Based on the collective assessment of analysts, 'Adjusted EBITDA- Engineered Products' should arrive at $68.62 million. The estimate is in contrast to the year-ago figure of $63.22 million.

According to the collective judgment of analysts, 'Adjusted EBITDA- Clean Energy & Fueling' should come in at $137.58 million. The estimate compares to the year-ago value of $127.25 million.

The average prediction of analysts places 'Adjusted EBITDA- Climate & Sustainability Technologies' at $90.63 million. Compared to the present estimate, the company reported $83.56 million in the same quarter last year.

It is projected by analysts that the 'Adjusted EBITDA- Pumps & Process Solutions' will reach $200.82 million. Compared to the current estimate, the company reported $182.82 million in the same quarter of the previous year.

Analysts expect 'Adjusted EBITDA- Imaging & Identification' to come in at $91.49 million. Compared to the present estimate, the company reported $85.86 million in the same quarter last year.

View all Key Company Metrics for Dover here>>>

Shares of Dover have demonstrated returns of +5% over the past month compared to the Zacks S&P 500 composite's +0.7% change. With a Zacks Rank #3 (Hold), DOV is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Assenagon Asset Management S.A. lifted its position in Dover Corporation (NYSE:DOV – Free Report) by 244.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 720,866 shares of the industrial products company’s stock after acquiring an additional 511,661 shares during the quarter. Assenagon Asset Management S.A. owned 0.54% of Dover worth $134,696,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. State of Alaska Department of Revenue lifted its stake in Dover by 193.9% in the third quarter. State of Alaska Department of Revenue now owns 38,785 shares of the industrial products company’s stock worth $6,929,000 after purchasing an additional 25,590 shares during the last quarter. Mather Group LLC. lifted its stake in shares of Dover by 75.9% during the 3rd quarter. Mather Group LLC. now owns 5,684 shares of the industrial products company’s stock worth $1,033,000 after acquiring an additional 2,452 shares during the last quarter. Godsey & Gibb Inc. lifted its stake in shares of Dover by 38,167.3% during the 3rd quarter. Godsey & Gibb Inc. now owns 172,203 shares of the industrial products company’s stock worth $30,071,000 after acquiring an additional 171,753 shares during the last quarter. First Citizens Bank & Trust Co. lifted its stake in shares of Dover by 1,677.3% during the 3rd quarter. First Citizens Bank & Trust Co. now owns 35,049 shares of the industrial products company’s stock worth $6,144,000 after acquiring an additional 33,077 shares during the last quarter. Finally, Krilogy Financial LLC boosted its holdings in Dover by 38.4% during the 3rd quarter. Krilogy Financial LLC now owns 5,445 shares of the industrial products company’s stock valued at $1,008,000 after acquiring an additional 1,512 shares during the period. 84.46% of the stock is owned by hedge funds and other institutional investors.

Dover Price Performance
Shares of DOV opened at $195.80 on Friday. The company has a market cap of $26.37 billion, a price-to-earnings ratio of 23.59, a price-to-earnings-growth ratio of 1.70 and a beta of 1.13. Dover Corporation has a twelve month low of $164.73 and a twelve month high of $237.54. The company has a quick ratio of 1.41, a current ratio of 1.98 and a debt-to-equity ratio of 0.33. The company has a 50 day moving average of $194.46 and a two-hundred day moving average of $207.85.

Dover (NYSE:DOV – Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The industrial products company reported $2.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.72 by $0.02. Dover had a return on equity of 18.32% and a net margin of 13.48%. The business had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.21 billion. During the same period in the prior year, the firm posted $2.44 earnings per share. The business’s quarterly revenue was up 6.8% on a year-over-year basis. Dover has set its FY 2026 guidance at 10.550-10.750 EPS. As a group, analysts predict that Dover Corporation will post 10.67 earnings per share for the current fiscal year.
Dover Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Monday, August 31st were paid a dividend of $0.5250 per share. This is a positive change from Dover’s previous quarterly dividend of $0.52. The ex-dividend date was Monday, August 31st. This represents a $2.10 annualized dividend and a yield of 1.1%. Dover’s dividend payout ratio (DPR) is presently 25.30%.

Analysts Set New Price Targets
Several brokerages have commented on DOV. Royal Bank Of Canada cut their price objective on Dover from $227.00 to $216.00 and set a “sector perform” rating on the stock in a research report on Wednesday. Wells Fargo & Company initiated coverage on Dover in a research note on Thursday, September 24th. They issued an “overweight” rating and a $229.00 target price on the stock. Wall Street Zen lowered shares of Dover from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Mizuho cut their price target on shares of Dover from $270.00 to $245.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, Wolfe Research restated an “outperform” rating and issued a $262.00 price target on shares of Dover in a report on Thursday, July 9th. Eleven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $237.93.

View Our Latest Stock Report on Dover

Dover Profile
(Free Report)

Dover Corporation is a diversified global manufacturer that develops and produces specialized equipment, components and engineered systems for industrial and commercial customers. Its businesses serve markets including industrial manufacturing, energy, transportation, food and beverage, refrigeration, and building services.

The company’s products include pumps, compressors, fluid-handling equipment, fueling and dispensing systems, refrigeration and heat-transfer technologies, printing and marking equipment, and engineered components.

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Want to see what other hedge funds are holding DOV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Dover Corporation (NYSE:DOV – Free Report).

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Wall Street expects a year-over-year increase in earnings on higher revenues when Dover Corporation (DOV - Free Report) reports results for the quarter ended September 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on October 22, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis company is expected to post quarterly earnings of $2.85 per share in its upcoming report, which represents a year-over-year change of +8.8%.

Revenues are expected to be $2.21 billion, up 6.2% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.27% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Dover?For Dover, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -1.75%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Dover will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Dover would post earnings of $2.72 per share when it actually produced earnings of $2.74, delivering a surprise of +0.74%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Dover doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Expected Results of an Industry PlayerAnother stock from the Zacks Manufacturing - General Industrial industry, Graco Inc. (GGG - Free Report) , is soon expected to post earnings of $0.82 per share for the quarter ended September 2026. This estimate indicates a year-over-year change of +12.3%. Revenues for the quarter are expected to be $589.82 million, up 8.6% from the year-ago quarter.

Over the last 30 days, the consensus EPS estimate for Graco has been revised 2% up to the current level. Nevertheless, the company now has an Earnings ESP of -2.68%, reflecting a lower Most Accurate Estimate.

When combined with a Zacks Rank of #2 (Buy), this Earnings ESP makes it difficult to conclusively predict that Graco will beat the consensus EPS estimate. Over the last four quarters, the company surpassed EPS estimates just once.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

, /PRNewswire/ -- Hillphoenix, part of Dover Food Retail and Dover (NYSE: DOV) and a pioneer in designing environmentally sustainable refrigeration systems, today announced the launch of Advansor FlexONE™, a compact CO2 condensing unit engineered to deliver a flexible refrigeration solution for modern food retail and industrial applications.

The new condensing unit (CDU) is designed to help end users modernize refrigeration infrastructure by reducing reliance on synthetic refrigerants and their associated long term cost uncertainty and regulatory challenges. Built for walk-in coolers and freezers, phased remodels, capacity expansions, and distributed refrigeration strategies, the Advansor FlexONE combines natural refrigerant performance with a compact footprint and service-friendly design.

Designed for small- to medium-format supermarkets, convenience stores, pharmacies, micro-fulfillment environments, and industrial cold-storage applications, the system is also well suited for retailers pursuing phased store upgrades or targeted refrigeration capacity additions without full system replacement.

Key benefits include:

Sustainable Refrigeration: Powered by natural CO2 refrigerant with a global warming potential of 1 and ozone depletion potential of 0, the unit helps businesses reduce regulatory exposure and prepare for long-term environmental compliance. Compact, Flexible Design: With a compact footprint, the system is well suited for space-constrained installations, rooftop placements, and retrofit applications where flexibility matters. Load-Matching Efficiency: Variable-speed compressor technology dynamically aligns cooling performance with real-time demand, supporting efficient operation and dependable product protection. Built for Real-World Serviceability: Removable panels, organized piping, accessible service points, and a technician-friendly layout help simplify commissioning, maintenance, and diagnostics in the field. High Ambient Resilience: The full-system design combines a VFD-driven variable-speed compressor, advanced oil control, a large-capacity condenser coil, and an energy-efficient EC fan to maintain stable cooling performance in ambient temperatures exceeding 100°F. Electrical Versatility: Available in both 208V/3Ph and 460V/3Ph configurations, the condensing unit can be more easily integrated into existing facility infrastructure. "Advansor FlexONE represents another step forward in our commitment to practical, sustainable refrigeration innovation and our focus on delivering solutions that are designed and assembled in the USA," said Senthilkumar K Shanmugam, Hillphoenix Senior Product Manager. "It gives customers a compact and scalable CO2 solution that simplifies deployment and service while supporting the future of refrigeration."

About Hillphoenix:

Hillphoenix branded products and services deliver advanced design and manufacturing of commercial refrigerated display cases and specialty products along with commercial and industrial refrigeration systems and integrated power distribution systems. Training and aftermarket services are available through the Hillphoenix Learning Center and The AMS Group. For more information, visit hillphoenix.com, or call 770-285-3264.

About Dover Food Retail

Dover Food Retail is the partner to customers seeking to create unique food experiences. Operating through our industry-leading brands, Anthony, Hillphoenix, Advansor, and The AMS Group, and headquartered in Conyers, Georgia, we can provide insight and a comprehensive portfolio of innovative solutions that enable our customers to sell more food profitably. Our ability to evolve with the ever-changing market demands is driven by our passion for understanding our customers' business and providing them with the best quality products and services they need to succeed today and in the future. Our focused, forward-thinking approach, combined with the strength of our brands, sets the stage for streamlined product development, a broader product portfolio, and cutting-edge technology, redefining what is possible for customers in the food retail value chain. The Dover Food Retail group of companies are subsidiaries of Dover Corporation.

About Dover:

Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." Additional information is available at dovercorporation.com.

Dover Food Retail Contact:
Marjorie Proctor
(641) 680-6104
[email protected] 

Dover Media Contact:
Adrian Sakowicz, VP, Communications
(630) 743-5039
[email protected]

Dover Investor Contact:
Jack Dickens, VP, Investor Relations
(630) 743-2566
[email protected]

SOURCE Dover

, /PRNewswire/ -- Almatec, part of PSG, a Dover (NYSE: DOV) company, and a leader in PE and PTFE air-operated double-diaphragm (AODD) plastic pumps, today announced the availability of pre-validated data supporting ultra-high purity (UHP) reliability across its FUTUR Series AODD Pumps, further strengthening its position as a trusted provider of semiconductor fluid handling solutions.

To further support contamination control in semiconductor processes, Almatec® FUTUR T and FUTUR H Pumps are now available with individual testing and validation against the particle cleanliness thresholds required for semiconductor UHP applications. Both models are manufactured under controlled conditions and designed for the safe transfer of high-purity chemicals.

Almatec FUTUR Series Pumps undergo rigorous cleaning procedures and leach-out testing in accordance with SEMI F40/F57, with each pump tested before shipment. Every pump includes pre-validated UHP data, providing semiconductor manufacturers and chemical suppliers with detailed documentation for each unit. Current test results confirm that FUTUR T and FUTUR H Series Pumps meet, and in some cases fall below, the contaminant concentration levels outlined in the F57 standard, making them an ideal solution for UHP applications.

These additional cleaning and testing procedures enable Almatec to measure and document contamination contribution levels, helping customers shorten qualification cycles and move faster to production.

For more information about Almatec, visit psgdover.com/almatec. Almatec is a product brand of PSG, a Dover company. For more information on PSG, visit psgdover.com.

About Almatec:

Almatec is a premier brand of air-operated double-diaphragm (AODD) pumps. By specializing in plastic pumps made of PE or PTFE with solid housings, Almatec AODD pumps are ideally suited for a wide variety of applications that require a high resistance to abrasive or chemical media. In various sophisticated markets, the brand name Almatec has become synonymous with quality, reliability, and safety. Almatec is a brand of PSG, a Dover company. To learn more about Almatec, please visit psgdover.com/almatec.

About PSG:

PSG is the global pump, metering and dispensing-solution expert, enabling the safe and efficient transfer of critical and valuable fluids that require optimal performance and reliability in applications where it matters most. Additionally, PSG is a leading provider of flow meters designed to reduce waste and downtime while accurately measuring, monitoring and controlling the distribution of fluids. Headquartered in Downers Grove, IL, USA, PSG is comprised of several world-class brands, including Abaque, All-Flo, Almatec, Blackmer, CPC Biotech, Ebsray, em-tec, Griswold, Hydro, ipp, Malema, Mouvex, Neptune, Quantex and Wilden. PSG products are manufactured on three continents – North America, Europe and Asia – in state-of-the-art facilities that practice lean manufacturing and are ISO-certified. PSG is part of the Pumps & Process Solutions segment of Dover Corporation. For additional information on PSG, please visit psgdover.com. PSG: Where Innovation Flows.

About Dover:

Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." Additional information is available at dovercorporation.com.   

PSG Contact:
Christopher Walsh
(331) 277-8137
[email protected]

Dover Media Contact:
Adrian Sakowicz, VP, Communications
(630) 743-5039
[email protected]

Dover Investor Contact:
Jack Dickens, VP, Investor Relations
(630) 743-2566
[email protected]

SOURCE Dover

Ferguson Wellman Capital Management Inc. boosted its position in Dover Corporation (NYSE:DOV – Free Report) by 24,578.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 800,074 shares of the industrial products company’s stock after purchasing an additional 796,832 shares during the period. Dover comprises 1.6% of Ferguson Wellman Capital Management Inc.’s investment portfolio, making the stock its 17th biggest position. Ferguson Wellman Capital Management Inc. owned approximately 0.59% of Dover worth $139,708,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in Dover during the second quarter valued at about $2,347,134,000. Bank of New York Mellon Corp raised its stake in Dover by 5.2% during the 1st quarter. Bank of New York Mellon Corp now owns 3,030,972 shares of the industrial products company’s stock valued at $631,806,000 after acquiring an additional 150,319 shares in the last quarter. Bank of America Corp DE acquired a new stake in Dover in the second quarter worth approximately $625,375,000. Franklin Resources Inc. boosted its holdings in Dover by 5.8% during the fourth quarter. Franklin Resources Inc. now owns 1,760,151 shares of the industrial products company’s stock worth $343,652,000 after buying an additional 95,845 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Dover by 2.2% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 969,469 shares of the industrial products company’s stock worth $217,433,000 after buying an additional 20,590 shares during the period. 84.46% of the stock is owned by institutional investors and hedge funds.

Dover Trading Up 1.1% NYSE DOV traded up $2.05 during trading hours on Monday, hitting $191.74. 203,249 shares of the company’s stock were exchanged, compared to its average volume of 1,160,332. The stock has a 50-day simple moving average of $197.45 and a 200 day simple moving average of $209.25. Dover Corporation has a 1-year low of $158.97 and a 1-year high of $237.54. The firm has a market cap of $25.82 billion, a price-to-earnings ratio of 23.11, a PEG ratio of 1.66 and a beta of 1.13. The company has a current ratio of 1.98, a quick ratio of 1.41 and a debt-to-equity ratio of 0.33.

Dover (NYSE:DOV – Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The industrial products company reported $2.74 earnings per share for the quarter, beating analysts’ consensus estimates of $2.72 by $0.02. The firm had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.21 billion. Dover had a net margin of 13.48% and a return on equity of 18.32%. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period last year, the firm earned $2.44 earnings per share. Dover has set its FY 2026 guidance at 10.550-10.750 EPS. On average, equities analysts forecast that Dover Corporation will post 10.67 EPS for the current fiscal year. Dover Increases Dividend The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st were given a dividend of $0.5250 per share. The ex-dividend date was Monday, August 31st. This is an increase from Dover’s previous quarterly dividend of $0.52. This represents a $2.10 dividend on an annualized basis and a yield of 1.1%. Dover’s dividend payout ratio (DPR) is 25.30%.

Wall Street Analyst Weigh In Several equities analysts recently weighed in on DOV shares. Wolfe Research reaffirmed an “outperform” rating and set a $262.00 price objective on shares of Dover in a research report on Thursday, July 9th. Royal Bank Of Canada cut their target price on shares of Dover from $252.00 to $227.00 and set a “sector perform” rating for the company in a research note on Friday, July 24th. Wall Street Zen downgraded shares of Dover from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. BMO Capital Markets upgraded Dover from a “market perform” rating to an “outperform” rating and reduced their target price for the stock from $255.00 to $240.00 in a report on Friday, July 24th. Finally, Robert W. Baird set a $270.00 price target on shares of Dover in a research report on Friday, July 24th. Ten equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $238.21.

View Our Latest Analysis on Dover

Dover Company Profile (Free Report)

Dover Corporation is a diversified global manufacturer that develops and produces specialized equipment, components and engineered systems for industrial and commercial customers. Its businesses serve markets including industrial manufacturing, energy, transportation, food and beverage, refrigeration, and building services.

The company’s products include pumps, compressors, fluid-handling equipment, fueling and dispensing systems, refrigeration and heat-transfer technologies, printing and marking equipment, and engineered components.

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, /PRNewswire/ -- Markem-Imaje, part of Dover (NYSE: DOV) and a global provider of end-to-end supply chain solutions and industrial marking and coding systems, today announced the launch of CoLOS® 2D Activate and CoLOS® 2D Engage. Supported by Markem-Imaje's expert consulting services, these new solutions help manufacturers prepare for GS1 Sunrise 2027, meet evolving regulatory and retailer requirements and unlock the full value of connected packaging.

CoLOS 2D Activate and CoLOS 2D Engage are Software-as-a-Service (SaaS) enterprise solutions that enable global CPG and FMCG brands to create, organize, activate and manage both static and dynamic GS1 Digital Link QR codes. The CoLOS platform allows manufacturers to deploy compliant 2D codes while delivering personalized consumer experiences, collecting valuable first-party insights and supporting future digital product initiatives.

Markem-Imaje's implementation experts complement the software platform by providing manufacturers with structured assessments of their production environment, coding processes and operational readiness. The service includes a full-day on-site review, followed by practical recommendations to help manufacturers identify gaps, prioritize investments and develop a clear roadmap for implementing GS1 Digital Link QR codes.

"Our new CoLOS 2D Activate and CoLOS 2D Engage solutions help brands transform QR codes from a compliance tool into powerful digital experiences that deliver meaningful value to consumers," said Viktor Hermansson, Global Marketing Director at Markem-Imaje. "With GS1 Digital Link, a single QR code can support retail checkout, supply chain visibility, regulatory transparency and personalized consumer engagement. Combined with Markem-Imaje's expert consulting services, these solutions provide manufacturers with a clear pathway to assess their readiness, implement compliant 2D codes and unlock the full potential of connected packaging."

The CoLOS platform serves as a single source of truth for production, product and packaging data, enabling manufacturers to streamline operations, reduce complexity and manage connected packaging from production through consumer engagement. By combining software, hardware, services and industry expertise, Markem-Imaje enables manufacturers to confidently navigate the industry's transition to connected products.

About Markem-Imaje:

Markem-Imaje, a wholly owned subsidiary of Dover Corporation, connects products and protects brands through intelligent identification, traceability and consumer engagement solutions. We offer the industry's most comprehensive range of marking and coding systems seamlessly integrated with trusted software, services and consumables. Over 50,000 customers worldwide partner with us to help them unlock the power of information in codes. With decades of proven expertise provided through the most extensive global network, we empower our customers to optimize supply chain efficiencies, achieve sustainability and compliance objectives, keep products safe and engage their consumers. This is intelligence, beyond the mark. Visit www.markem-imaje.com for further information.

About Dover:

Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." Additional information is available at dovercorporation.com.

Markem-Imaje Contact:
Viktor Hermansson
+34 627 80 86 10
[email protected] 

Dover Media Contact:
Adrian Sakowicz, VP, Communications
(630) 743-5039
[email protected] 

Dover Investor Contact:
Jack Dickens, VP, Investor Relations
(630) 743-2566
[email protected]

SOURCE Dover

, /PRNewswire/ -- Dover (NYSE: DOV) announced today that it will release third quarter 2026 earnings at approximately 6:00 a.m. Central time (7:00 a.m. Eastern time) on Thursday, October 22, 2026. Later that morning, Dover will host a conference call at 8:30 a.m. Central time (9:30 a.m. Eastern time) to discuss these results.

To participate in the conference call, please dial 1 (800) 225-9448 (domestic) or 1 (203) 518-9708 (international), conference ID DOVQ326. Due to the expected number of callers, please dial in at least 15 minutes before the conference is to begin and ask to be connected to the Dover teleconference.

A link to the live audio webcast will also be available on the company website at dovercorporation.com. An audio replay of the conference call will be available from 12:00 p.m. Central time, October 22, until 10:59 p.m. Central time, November 12, by dialing 1 (800) 753-8591 (domestic) or 1 (402) 220-0686 (international). Additionally, a replay link of the webcast will be archived on Dover's website for 90 days.

About Dover:

Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." Additional information is available at dovercorporation.com.

Investor Contact:

Jack Dickens

Vice President – Investor Relations

(630) 743-2566

[email protected]

Media Contact:

Adrian Sakowicz

Vice President – Communications

(630) 743-5039

[email protected]

SOURCE Dover

, /PRNewswire/ -- Blackmer, part of PSG, a Dover (NYSE: DOV) company, and a global leader in rotating pumps and reciprocating compressor technologies, today announced the launch of a behind-the-rotor seal for its Blackmer® G Series Internal Gear Pumps. The new seal design delivers improved protection and performance when handling abrasive materials, helping extend the life of the pump across a range of applications.

Engineered for serviceability and longevity, the behind-the-rotor seal prevents process fluids and abrasive materials from contacting drive components of the G Series, resulting in reduced wear, simplified maintenance and increased uptime for operators.

"The introduction of the behind-the-rotor seal reflects our ongoing commitment to providing reliable pump technology and enhances the trusted performance of the G Series," said Joe Parzych, Product Manager of Blackmer. "By protecting critical internal components, this new seal helps customers minimize downtime and reduce total cost of ownership."

The behind-the-rotor seal includes the following key features:

Available in Type 1 or Type 8 seal configurations for greater flexibility. Supports the use of a lower-cost bronze bushing when pumping abrasive materials. Ideal for industries handling starches, inks, pulp, resins and adhesives. Offered on G3-2 through G3-69 cast iron models, with additional materials planned for future release. For more information on Blackmer, please go to blackmer.com. For more information on PSG, please go to psgdover.com.

About Blackmer:

Blackmer® is the leading global provider of innovative and high-quality positive displacement, regenerative turbine and centrifugal pump, and reciprocating compressor technologies for the transfer of liquids and gasses. For more than a century, the Blackmer name has stood for unparalleled product performance, superior services and support, well-timed innovation and a commitment to total customer satisfaction. Supported by a worldwide network of distributors and original equipment manufacturers, Blackmer pumps and compressors are used in a multitude of applications in the Process, Energy and Military & Marine markets. Blackmer, headquartered in Grand Rapids, Michigan, USA, is part of PSG, a Dover company. For more information on Blackmer, please go to blackmer.com.

About PSG:

PSG is the global pump, metering and dispensing-solution expert, enabling the safe and efficient transfer of critical and valuable fluids that require optimal performance and reliability in applications where it matters most. Additionally, PSG is a leading provider of flow meters designed to reduce waste and downtime while accurately measuring, monitoring and controlling the distribution of fluids. Headquartered in Downers Grove, IL, USA, PSG is comprised of several world-class brands, including Abaque, All-Flo, Almatec, Blackmer, CPC Biotech, Ebsray, em-tec, Griswold, Hydro, ipp, Malema, Mouvex, Neptune, Quantex and Wilden. PSG products are manufactured on three continents – North America, Europe and Asia – in state-of-the-art facilities that practice lean manufacturing and are ISO-certified. PSG is part of the Pumps & Process Solutions segment of Dover Corporation. For additional information on PSG, please visit psgdover.com. PSG: Where Innovation Flows.

About Dover:

Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." Additional information is available at dovercorporation.com.  

PSG Contact:
Christopher Walsh
(331) 277-8137
[email protected]

Dover Media Contact:
Adrian Sakowicz, VP, Communications
(630) 743-5039
[email protected]  

Dover Investor Contact:
Jack Dickens, VP, Investor Relations
(630) 743-2566
[email protected]

SOURCE Dover

Caisse de depot et placement du Quebec acquired a new position in shares of Dover Corporation (NYSE:DOV – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 2,606 shares of the industrial products company’s stock, valued at approximately $584,000.

Other large investors also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. grew its position in shares of Dover by 234.2% during the 4th quarter. Meeder Asset Management Inc. now owns 127 shares of the industrial products company’s stock worth $25,000 after buying an additional 89 shares during the period. Reflection Asset Management acquired a new position in Dover in the fourth quarter valued at approximately $26,000. MV Capital Management Inc. bought a new position in Dover in the fourth quarter valued at approximately $29,000. Clearstead Trust LLC bought a new position in Dover in the second quarter valued at approximately $30,000. Finally, Financial Life Planners acquired a new stake in Dover during the 1st quarter worth $31,000. 84.46% of the stock is currently owned by institutional investors and hedge funds.

Dover Stock Down 0.1% NYSE:DOV opened at $198.54 on Monday. Dover Corporation has a 1 year low of $158.97 and a 1 year high of $237.54. The stock has a 50-day moving average price of $210.67 and a two-hundred day moving average price of $215.06. The stock has a market cap of $26.74 billion, a price-to-earnings ratio of 23.92, a PEG ratio of 1.51 and a beta of 1.16. The company has a current ratio of 1.98, a quick ratio of 1.41 and a debt-to-equity ratio of 0.33.

Dover (NYSE:DOV – Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The industrial products company reported $2.74 EPS for the quarter, topping analysts’ consensus estimates of $2.72 by $0.02. Dover had a return on equity of 18.32% and a net margin of 13.48%.The company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.21 billion. During the same quarter last year, the firm posted $2.44 earnings per share. Dover’s revenue was up 6.8% compared to the same quarter last year. Dover has set its FY 2026 guidance at 10.550-10.750 EPS. As a group, equities analysts expect that Dover Corporation will post 10.67 earnings per share for the current year. Dover Increases Dividend The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be issued a dividend of $0.525 per share. This is an increase from Dover’s previous quarterly dividend of $0.52. The ex-dividend date is Monday, August 31st. This represents a $2.10 annualized dividend and a yield of 1.1%. Dover’s dividend payout ratio is 25.06%.

Analyst Upgrades and Downgrades Several analysts have commented on DOV shares. Morgan Stanley upped their target price on shares of Dover from $210.00 to $230.00 and gave the company an “equal weight” rating in a research report on Thursday, June 4th. Wall Street Zen cut Dover from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Weiss Ratings upgraded Dover from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, August 4th. Wolfe Research reissued an “outperform” rating and issued a $262.00 target price on shares of Dover in a research note on Thursday, July 9th. Finally, BMO Capital Markets upgraded Dover from a “market perform” rating to an “outperform” rating and reduced their target price for the stock from $255.00 to $240.00 in a report on Friday, July 24th. Ten equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Dover presently has an average rating of “Moderate Buy” and an average price target of $238.29.

Get Our Latest Report on Dover

Dover Profile (Free Report)

Dover Corporation is a diversified global manufacturer of industrial products, components and specialty systems that serve a wide range of commercial and industrial end markets. Headquartered in Downers Grove, Illinois, the company has built a portfolio of operating businesses that design, manufacture and distribute engineered equipment, aftermarket parts and related services for customers around the world.

Dover’s activities span several product and solution categories, including fluid-handling and pumping systems, material handling and processing equipment, refrigeration and foodservice technologies, product identification and printing systems, precision components and automation and sensing solutions.

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EP Wealth Advisors LLC bought a new position in Dover Corporation (NYSE:DOV – Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 21,455 shares of the industrial products company’s stock, valued at approximately $4,812,000.

A number of other hedge funds also recently bought and sold shares of DOV. Meeder Asset Management Inc. grew its stake in Dover by 234.2% in the fourth quarter. Meeder Asset Management Inc. now owns 127 shares of the industrial products company’s stock worth $25,000 after purchasing an additional 89 shares during the period. Reflection Asset Management purchased a new position in Dover during the fourth quarter valued at $26,000. Clearstead Trust LLC bought a new stake in shares of Dover during the 2nd quarter valued at $30,000. MV Capital Management Inc. bought a new stake in shares of Dover during the 4th quarter valued at $29,000. Finally, Keating Financial Advisory Services Inc. purchased a new stake in shares of Dover in the 2nd quarter worth about $34,000. Hedge funds and other institutional investors own 84.46% of the company’s stock.

Analyst Ratings Changes A number of equities analysts have weighed in on the stock. Wolfe Research reaffirmed an “outperform” rating and set a $262.00 target price on shares of Dover in a research note on Thursday, July 9th. Seaport Research Partners boosted their price target on Dover from $245.00 to $265.00 and gave the stock a “buy” rating in a research report on Tuesday, April 28th. Weiss Ratings upgraded Dover from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, August 4th. Robert W. Baird set a $270.00 price objective on Dover in a research report on Friday, July 24th. Finally, Wall Street Zen cut Dover from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Ten equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $238.29.

Read Our Latest Stock Analysis on Dover Dover Stock Up 1.0% Dover stock opened at $201.96 on Friday. Dover Corporation has a one year low of $158.97 and a one year high of $237.54. The stock has a fifty day moving average of $212.68 and a 200 day moving average of $215.61. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.41 and a current ratio of 1.98. The stock has a market cap of $27.20 billion, a PE ratio of 24.33, a price-to-earnings-growth ratio of 1.53 and a beta of 1.16.

Dover (NYSE:DOV – Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The industrial products company reported $2.74 earnings per share for the quarter, topping the consensus estimate of $2.72 by $0.02. The business had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.21 billion. Dover had a net margin of 13.48% and a return on equity of 18.32%. The company’s revenue was up 6.8% compared to the same quarter last year. During the same quarter last year, the company posted $2.44 EPS. Dover has set its FY 2026 guidance at 10.550-10.750 EPS. As a group, sell-side analysts predict that Dover Corporation will post 10.67 EPS for the current year.

Dover Increases Dividend The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be paid a dividend of $0.525 per share. This is a boost from Dover’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Monday, August 31st. This represents a $2.10 annualized dividend and a yield of 1.0%. Dover’s dividend payout ratio is 25.06%.

Dover Company Profile (Free Report)

Dover Corporation is a diversified global manufacturer of industrial products, components and specialty systems that serve a wide range of commercial and industrial end markets. Headquartered in Downers Grove, Illinois, the company has built a portfolio of operating businesses that design, manufacture and distribute engineered equipment, aftermarket parts and related services for customers around the world.

Dover’s activities span several product and solution categories, including fluid-handling and pumping systems, material handling and processing equipment, refrigeration and foodservice technologies, product identification and printing systems, precision components and automation and sensing solutions.

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, /PRNewswire/ -- Dover Corporation (NYSE: DOV) today announced that it has signed a definitive agreement to acquire Leistung Engineering Pvt. Ltd. ("Leistung"), which will become part of OPW Fluid Transfer Solutions within Dover's Clean Energy & Fueling segment following the closing of the deal.

Headquartered in Ahmedabad, India, Leistung specializes in the design and manufacture of cryogenic valves, including globe, check and control valves engineered for liquefied natural gas, industrial gas, and other low-temperature applications, along with a complementary portfolio of diaphragm valves, filtration systems, and related products. Leistung has driven double-digit organic growth over the past three years through continuous research and development, new product introductions, and a talented engineering workforce.

Leistung's modern facility will serve as a highly strategic manufacturing hub for Dover in India and is well positioned to capitalize on robust investments in LNG terminals and natural gas pipeline infrastructure in the country, which are driving sustained demand for cryogenic flow control solutions. The facility has substantial capacity for future operational expansion opportunities.

"This acquisition strengthens our ability to serve the rapidly growing Indian market while expanding our global manufacturing footprint and advancing our capabilities in cryogenic solutions, positioning OPW to deliver greater value to customers worldwide," stated David Malinas, President of OPW.

The transaction is expected to close in the fourth quarter following satisfactory completion of customary closing conditions. The terms of the transaction were not disclosed.

About Dover:

Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." Additional information is available at dovercorporation.com.

Forward-Looking Statements:

This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding the anticipated effects of the transaction. 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, 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, and our ability to realize synergies from newly acquired businesses. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements that may be 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, 2025, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the SEC, and on our website, www.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.

Investor Contact:

Media Contact:

Jack Dickens

Adrian Sakowicz

Vice President – Investor Relations

Vice President – Communications

(630) 743-2566

(630) 743-5039

[email protected]

[email protected]

SOURCE Dover

Key Takeaways DOV announced a $0.53 dividend, with six hikes over the past five years and a 20% payout ratio.KLAC declared a $0.23 dividend after seven hikes over five years, with a 24% payout ratio.TPC announced a $0.09 dividend, with two hikes over five years and a 5% payout ratio. Major indexes are coming off their best weeks since April, but markets are still rattled by volatility. Oil prices have stabilized, and hopes of a deal between Iran and Oman have brightened. Yet uncertainty related to the economy’s health, peace talks between the United States and Iran, and the Federal Reserve’s plans for future rate hikes has been weighing on investors’ sentiment.

Amid the ongoing uncertainty, conservative investors seeking a reliable source of income while protecting their capital may want to consider dividend-paying stocks.

These stocks can provide consistent earnings through regular dividend payments while helping cushion portfolios against market volatility. Here are three such stocks: Dover Corporation (DOV - Free Report) , KLA Corporation (KLAC - Free Report) and Tutor Perini Corporation (TPC - Free Report) .

Wall Street Volatility ContinuesGeopolitical tensions in the Middle East have left markets volatile for months. Major indexes rallied last week after tech stocks rebounded from a sell-off, triggered by concerns over the sustainability of AI-related chip stocks and the continued hefty investments being made by tech giants in AI infrastructure.

On Monday, investors’ sentiment got a boost on hopes that Iran and Oman could soon reach a deal to reopen the Strait of Hormuz. However, Iran has remained stubborn about restarting negotiations with the United States until several conditions are fulfilled by the latter.

Investors are also optimistic that the Federal Reserve could delay its rate hike plans after the July nonfarm payrolls report showed that jobs contracted unexpectedly in the month. However, the Federal Reserve hasn’t given any hint on its plans for rate cuts in the near term.

Also, the U.S.-Iran conflict is far from over. Inflation eased in June after oil prices eased but is still sharply above the Fed’s 2% target. Hence, uncertainties prevail, which could keep markets volatile for a longer period.

3 Stocks That Recently Announced Dividend HikesDover CorporationDover Corporation is an industrial conglomerate producing a wide range of specialized industrial products and manufacturing equipment. DOV has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

On Aug. 7, Dover Corporation announced that its shareholders would receive a dividend of $0.53 a share on Sept. 15. DOV has a dividend yield of 0.99%. Over the past five years, Dover Corporation has increased its dividend six times, and its payout ratio presently sits at 20% of earnings. Check Dover Corporation’s dividend history here.

KLA CorporationKLA Corporation is an original equipment manufacturer of process diagnostics and control (“PDC”) equipment and yield management solutions required for the fabrication of semiconductor integrated circuits or chips. KLAC has a comprehensive portfolio of products addressing each major PDC subsegment, including photomask or reticle inspection, wafer inspection and defect review, and metrology. KLA Corporation currently has a Zacks Rank #2.

On Aug. 6, KLA Corporation declared that its shareholders would receive a dividend of $0.23 a share on Sept. 1. KLAC has a dividend yield of 0.46%. Over the past five years, KLA Corporation has increased its dividend seven times, and its payout ratio presently sits at 24% of earnings. Check KLA Corporation’s dividend history here.

Tutor Perini CorporationTutor Perini Corporation provides diversified general contracting, construction management and design-build services to private clients and public agencies worldwide. TPC operates in four segments: Civil, Building, Specialty Contractors, and Management Services. Tutor Perini Corporation has a Zacks Rank #1.

On Aug. 5, Tutor Perini Corporation announced that its shareholders would receive a dividend of $0.09 a share on Sept. 3. TPC has a dividend yield of 0.24%. Over the past five years, Tutor Perini Corporation has increased its dividend two times, and its payout ratio presently sits at 5% of earnings. Check Tutor Perini Corporation’s dividend history here.

Srpen patří mezi slabší měsíce pro akciové trhy, a investoři proto mohou hledat dividendové tituly, které dokážou nabídnout stabilnější výnos i v období zvýšené volatility. CNBC proto upozorňuje na několik společností z dividendových aristokratů, které vedle pravidelného růstu dividend nabízejí i zajímavý potenciál dalšího růstu ceny akcií.

Srpen bývá třetím nejslabším měsícem roku. Historická data ukazují, že index S&P 500 v srpnu v průměru přidává jen nepatrné zisky. A přitom už v červenci byly trhy letos poměrně volatilní, když se investoři museli vypořádat s napětím na Blízkém východě a obavami ohledně dalšího směřování Fedu. Index S&P 500 tak nakonec v červenci oslabil o 0,1 %, technologický index Nasdaq ztratil 3,2 % a Dow Jones Industrial Average si připsal 0,3 %.

Dividendové akcie si však ve stejný měsíc vedly lépe než širší trh. Fond ProShares S&P 500 Dividend Aristocrats ETF (NOBL) vzrostl téměř o 8 % a fond Vanguard Dividend Appreciation ETF (VIG) přidal přibližně 1 %. NOBL investuje do společností z indexu S&P 500, které dlouhodobě každoročně zvyšují dividendy a jeho dividendový výnos činí 2,42 %. Stejně tak VIG se zaměřuje na firmy s historií růstu dividend a nabízí dividendový výnos 1,54 %.

Právě akcie vyplácející dividendy nabízí během tržní volatility stabilnější a předvídatelnější výnosy a mohou zmírnit propady portfolia. „Trhy jsou volatilní, budoucí vývoj je nejistý a růst dividend navíc pomáhá kompenzovat inflaci, která zůstává vyšší a odolnější, než se očekávalo,“ uvedl v červnu pro CNBC Michael Clarfeld, manažer dividendové strategie společnosti ClearBridge Investments.

Investoři by se však neměli zaměřovat pouze na akcie s nejvyšším dividendovým výnosem. Někdy totiž mimořádně vysoká dividenda může signalizovat problémy - pokud cena akcie výrazně klesne, dividendový výnos naopak matematicky vzroste, což může vytvářet klamný dojem atraktivity. Proto se pozornost často obrací na takzvané dividendové aristokraty, tedy společnosti z indexu S&P 500, které zvyšovaly dividendu každý rok po dobu nejméně 25 let v řadě. Jejich dividendové výnosy sice nebývají nejvyšší na trhu, ale obecně jde o kvalitní a finančně stabilní firmy s dlouhodobě prověřeným byznysem.

CNBC zveřejnila seznam akcií z fondu NOBL, které mají podle analytiků stále zajímavý růstový potenciál (tj. alespoň 15% možnost růstu oproti aktuální ceně) a zároveň je alespoň 55 % analytiků doporučuje k nákupu:

Jednou z těchto akcií je Albemarle, jeden z největších světových producentů lithia. Akcie v červenci ztratily 13 %, analytici však věří, že by mohly výrazně posílit. Průměrná cílový cena naznačuje potenciální růst až o 63 % a mezitím investoři dostávají dividendový výnos 1,4 %. Přibližně 58 % analytiků, kteří akcii sledují, doporučuje její nákup. Patří mezi ně i banka Citigroup, která v červnu své doporučení zvýšila.

Ceny akcií Albemarle v poslední době negativně ovlivňují obavy z příliš vysoké nabídky lithia na trhu. Analytik Citi Patrick Cunningham si však nemyslí, že by došlo k výraznému přebytku suroviny. „I v případě vyrovnaného trhu považujeme Albemarle za jednoho z hlavních vítězů dlouhodobě rostoucí poptávky po lithiu díky kvalitním aktivům, zpracovatelské síti a schopnosti investovat kapitál do růstových projektů s vysokou návratností. Domníváme se, že současné ocenění akcie dostatečně nezohledňuje další fázi růstu společnosti.“

Další zajímavou dividendovou akcií na seznamu je Air Products and Chemicals, která nabízí nejvyšší dividendový výnos z uvedených společností, a to 2,5 %. Podle průměrné cílové ceny analytiků má akcie 17% potenciál růstu a zároveň jí 56 % analytiků doporučuje k nákupu.

Minulý týden společnost Air Products and Chemicals oznámila výsledky za třetí fiskální čtvrtletí. Zisk překonal očekávání analytiků, avšak tržby byly o něco nižší, než trh předpokládal. Firma zároveň zvýšila svůj výhled celoročního zisku, a naopak snížila plánované kapitálové výdaje, tedy investice do nových projektů a infrastruktury. Akcie společnosti v červenci mírně posílily.

Dover vyrábí specializovaná zařízení, komponenty, software a průmyslová řešení pro firmy a k nákupu ho doporučuje téměř 62 % analytiků. Akcie nabízí 1% dividendový výnos a potenciální zhodnocení o 23 %. Management se nedávno zavázal transformovat portfolio směrem k rychlejšímu strukturálnímu růstu na trzích, jako je zemní plyn a biomedicína. Provozní marže se v posledních 10 letech rozšířila díky optimalizaci portfolia a kontrole nákladů a rozvaha firmy navíc značí prostor pro velké akvizice.

Ecolab je globálním lídrem v oblasti úpravy vody, hygieny a sanitace a prevence infekcí a mezi jeho zákazníky jsou mimo jiné i datová centra, u kterých firma očekává růst tržeb alespoň o 20 % ročně. Tento titul doporučuje k nákupu 60 % analytiků a jeho cena představuje 18% možnost zhodnocení, a navíc s dividendovým výnosem 1,1 %.

S&P Global doporučuje ke koupi až 79 % analytiků, což je nejvíce z akcií na seznamu, přičemž u ní vidí 26% zhodnocení. K tomu má titul 0,9% dividendový výnos. Nicméně poslední výsledky investory mírně zklamaly poté, co firma nedoručila očekávané výnosy ze segmentů energetiky a tržních dat. Nicméně na lince marží a zisku na akcii splnila odhady a potvrdila výhled.

Další společností na seznamu je Walmart. Ten sice nabízí relativně nízký dividendový výnos 0,9 %, podle dat společnosti FactSet však má potenciál růstu ceny akcie téměř o 26 %. Přibližně 67 % analytiků, kteří akcii sledují, doporučuje její nákup. Akcie Walmartu během července ztratily asi 2 %.

Walmart své výsledky zveřejní 20. srpna. Investiční společnost Bernstein, která akcii hodnotí doporučením „outperform“, doporučuje akcie dokoupit v případě, že by po případně slabších výsledcích výrazněji oslabily. „Přestože v nejbližší době může dojít ke zpomalení růstu srovnatelných tržeb, Walmart podle nás zůstává ve velmi silné fundamentální pozici. Má cenovou výhodu oproti konkurenci, širší nabídku produktů a stále atraktivnější služby doručování,“ napsal analytik Zhihan Ma.

West Pharmaceutical Services doporučuje 68 % analytiků k nákupu a vidí u ní cílovou cenu o 20 % nad současnou tržní cenou. Dividendový výnos je zde ale pouze 0,3 %. V posledních výsledcích tato farmacie překonala odhady trhu u tržeb, organického růstu, provozní marže i zisku na akcii. Deutsche Bank považuje tuto banku za „jeden z jasných titulů, které překonávají očekávání a od roku 2026 do roku 2027 rostou“, uvedl analytik DB Justin Bowers.

Have you assessed how the international operations of Dover Corporation (DOV - Free Report) performed in the quarter ended June 2026? For this company, possessing an expansive global footprint, parsing the trends of international revenues could be critical to gauge its financial resilience and growth prospects.

In the current global economy, which is more interconnected than ever, a company's success in penetrating international markets is crucial for its financial health and growth journey. Investors must understand a company's dependence on overseas markets, as this offers a window into the company's earnings stability, its ability to benefit from varied economic cycles and its potential for long-term growth.

International market involvement serves as insurance against economic downturns at home and enables engagement with economies that are growing more quickly. Still, this move toward diversification is not without its challenges, as it involves navigating through the fluctuations of currencies, geopolitical threats, and the distinctive nature of various markets.

Our review of DOV's last quarterly performance uncovered some notable trends in the revenue contributions from its international markets, which are commonly analyzed and tracked by Wall Street experts.

The company's total revenue for the quarter amounted to $2.19 billion, marking an increase of 6.9% from the year-ago quarter. We will next turn our attention to dissecting DOV's international revenue to get a clearer picture of how significant its operations are outside its main base.

A Closer Look at DOV's Revenue Streams AbroadOf the total revenue, $243.87 million came from Asia during the last fiscal quarter, accounting for 11.1%. This represented a surprise of +5.29% as analysts had expected the region to contribute $231.62 million to the total revenue. In comparison, the region contributed $216.07 million, or 10.5%, and $213.55 million, or 10.4%, to total revenue in the previous and year-ago quarters, respectively.

During the quarter, Europe contributed $458.21 million in revenue, making up 20.9% of the total revenue. When compared to the consensus estimate of $478.15 million, this meant a surprise of -4.17%. Looking back, Europe contributed $447.77 million, or 21.8%, in the previous quarter, and $433.47 million, or 21.2%, in the same quarter of the previous year.

Other International generated $88.31 million in revenues for the company in the last quarter, constituting 4% of the total. This represented a surprise of -0.09% compared to the $88.39 million projected by Wall Street analysts. Comparatively, in the previous quarter, Other International accounted for $77.48 million (3.8%), and in the year-ago quarter, it contributed $87.74 million (4.3%) to the total revenue.

Other Americas accounted for 8.3% of the company's total revenue during the quarter, translating to $182.24 million. Revenues from this region represented a surprise of -1.32%, with Wall Street analysts collectively expecting $184.68 million. When compared to the preceding quarter and the same quarter in the previous year, Other Americas contributed $169.58 million (8.3%) and $168.11 million (8.2%) to the total revenue, respectively.

Anticipated Revenues in Overseas MarketsIt is projected by analysts on Wall Street that Dover will post revenues of $2.2 billion for the ongoing fiscal quarter, an increase of 5.9% from the year-ago quarter. The expected contributions from Asia, Europe, Other International and Other Americas to this revenue are 10.5%, 21.8%, 3.9%, and 8.4%, translating into $231.12 million, $479.74 million, $85.99 million, and $185.06 million, respectively.

For the full year, a total revenue of $8.64 billion is expected for the company, reflecting an increase of 6.8% from the year before. The revenues from Asia, Europe, Other International and Other Americas are expected to make up 10.5%, 21.8%, 3.9%, and 8.4% of this total, corresponding to $909.06 million, $1.88 billion, $337.23 million, and $722.21 million, respectively.

Final ThoughtsThe dependency of Dover on global markets for its revenues presents a mix of potential gains and hazards. Thus, monitoring the trends in its overseas revenues can be a key indicator for predicting the firm's future performance.

In an era of growing international ties and escalating geopolitical disputes, financial analysts on Wall Street pay keen attention to these developments to fine-tune their earnings estimations for businesses operating across borders. It's important to note, however, that a range of additional variables, like a company's local market status, also play a crucial role in shaping these forecasts.

We at Zacks strongly focus on the dynamic earnings forecast of companies, given that empirical studies have demonstrated its potent impact on the immediate price movement of stocks. Invariably, there's a positive relationship -- upward earnings predictions often result in an increase in stock prices.

The Zacks Rank, our proprietary stock rating mechanism, demonstrates a notable performance history confirmed through external audits. It effectively utilizes the power of earnings estimate revisions to act as a predictor of a stock's price performance in the near term.

At present, Dover holds a Zacks Rank #2 (Buy). This ranking implies that its near-term performance might beat the overall market movement. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

A Look at Dover Corporation's Recent Stock Price PerformanceThe stock has witnessed a decline of 10.5% over the past month versus the Zacks S&P 500 composite's an increase of 0.8%. In the same interval, the Zacks Industrial Products sector, to which Dover belongs, has registered a decrease of 1.1%. Over the past three months, the company's shares saw a decrease of 10.5%, while the S&P 500 increased by 3.8%. In comparison, the sector experienced an increase of 3.5% during this timeframe.

Dover Corporation is rated a Buy after a strong Q2, despite a minor revenue miss and share price drop. Gross and operating margins expanded, with LTM bookings accelerating to 15% YoY and diversified end-market exposure—especially in data centers and AI-related segments. Capital allocation in the Climate & Sustainability segment raises questions, but overall ROE and margin improvements support the bullish thesis.

3 Dividend Growth Stocks With 6% to 8% YieldsDover NYSE: DOV executives said the company delivered broad-based growth in the second quarter, with orders strengthening across all five business segments and management raising its full-year outlook for organic revenue growth and adjusted earnings per share.

CEO and President Rich Tobin said revenue rose 7% overall and 5% organically, with each of Dover’s five segments posting positive organic growth. Adjusted EBITDA margin expanded 80 basis points to 25.9%, while adjusted earnings per share rose 12% year over year to $2.74.

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3 Dividend Kings Poised to Outperform the Market“We delivered another strong quarter with results that reflect the breadth of demand across the portfolio,” Tobin said. He added that Dover’s top-line performance continued to be led by markets tied to secular growth trends, which he said now represent about 25% of the portfolio.

Bookings were a major focus of the call. Orders increased 16% year over year, and the company reported a book-to-bill ratio of 1.06. Tobin said the order momentum extended recent trends and improved visibility into the second half of the year.

Segment Performance Shows Broad Growth These 5 Dividend Aristocrats are Quality Stocks for AI InvestingDover reported organic growth in all five of its segments, with several businesses benefiting from demand tied to energy infrastructure, data centers, aerospace and biopharma.

Engineered Products grew 2% organically, driven by aerospace and defense components, fluid dispensing and industrial winches, along with stabilization in the North American vehicle aftermarket. Segment margins expanded 100 basis points. Clean Energy & Fueling grew 9% organically, supported by clean energy components and retail fueling equipment and software. Tobin cited momentum in cryogenic components used in LNG and space launch infrastructure. Segment margin expanded 170 basis points. Imaging & Identification grew 3% organically, with growth in marking and coding equipment, consumables, spare parts and serialization software. Margins expanded 150 basis points. Pumps & Process Solutions grew slightly, with strength in AI and energy infrastructure components, single-use biopharma and industrial pumps. Segment margin expanded 170 basis points to 35%. Climate & Sustainability Technologies grew 8% organically, helped by strong heat exchanger demand tied to liquid cooling for data centers and a recovery in European residential heat pumps. Tobin said the heat exchangers business delivered its “best quarter ever,” with particularly strong demand tied to liquid cooling for data centers. He said Dover is working to double capacity for those products over the next 12 months.

Refrigeration Output Issues Weighed on Results Despite overall growth in Climate & Sustainability Technologies, Tobin said Dover had a difficult quarter in refrigeration. Demand was strong across product lines, particularly CO2 systems, but the company struggled to raise output while consolidating facilities and ramping labor.

“We frankly did not expect to fall short on our production throughput targets,” Tobin said. “That’s on me, and it cost us on the top line in the quarter probably a point to a point and a half of organic growth.”

In response to a question from Vertical Research analyst Jeff Sprague, Tobin clarified that the impact was on a consolidated Dover basis. He said the company had been late on some deliveries but was not aware of any market share loss. He added that Dover had “all hands on deck” to catch up in the third and fourth quarters.

Tobin said the facility consolidation project is about three-quarters complete and that management expects throughput to improve sequentially over the balance of the year. He also said profitability in the second half should be “materially different” from the first half as output rises and redundant costs are reduced.

Cash Flow and Guidance CFO Chris Woenker said year-to-date free cash flow was $320 million, or 8% of revenue, up 23% from the prior year. He said the improvement was driven mainly by operating cash conversion on higher earnings, partly offset by working capital investments tied to faster revenue growth.

Woenker said Dover expects cash flow generation to accelerate meaningfully in the second half due to seasonal working capital liquidation. The company maintained its full-year capital expenditure estimate of $190 million to $210 million and free cash flow guidance of 14% to 16% of revenue.

Tobin said Dover raised its full-year adjusted EPS guidance and organic growth outlook based on first-half performance, momentum in end markets and visibility into the second half. He did not provide quarterly guidance when asked about third-quarter trends.

Secular Growth Markets Drive Order Momentum Tobin highlighted several markets supporting Dover’s growth, including natural gas and LNG infrastructure, data centers, CO2 refrigeration, semiconductors and electronics manufacturing, biopharma, medical applications and space-related infrastructure.

He said Dover participates in the natural gas ecosystem through cryogenic components such as valves and vacuum-jacketed piping for LNG infrastructure, as well as precision components for compressors, engines, steam turbines and gas turbines. He also said OEM lead times in some of those areas now extend for years.

In data centers, Tobin said increasing thermal requirements for new chips are driving a shift toward liquid cooling, benefiting Dover’s connector and heat exchanger businesses. He said customers are securing capacity well ahead of need in that market.

In CO2 refrigeration, Tobin said industry adoption is no longer driven only by regulation but by economics and total cost of ownership versus legacy refrigerants. Responding to Melius Research analyst Scott Davis, he said the absence of a time-based mandate is “actually better” for Dover because adoption can occur over a multi-year period.

Tobin also said Dover expects to generate $50 million in revenue tied to space this year, supported by cryogenic components for launch infrastructure and radio frequency products for satellites.

M&A Market Improving Tobin said industrial M&A markets have improved, with more assets coming to market than in recent years. He said Dover has “a number of interesting opportunities” in attractive end markets and is keeping financial flexibility to evaluate potential deals.

In response to Citigroup analyst Andy Kaplowitz, Tobin said Dover would pursue acquisitions if it can create value at appropriate prices. If not, he said the company would consider returning capital to shareholders rather than building excess cash.

“We are staying disciplined in our operations, investing behind platforms where returns are most compelling, and maintaining balance sheet flexibility to play offense on capital deployment,” Tobin said.

About Dover (NYSE:DOV)Dover Corporation is a diversified global manufacturer of industrial products, components and specialty systems that serve a wide range of commercial and industrial end markets. Headquartered in Downers Grove, Illinois, the company has built a portfolio of operating businesses that design, manufacture and distribute engineered equipment, aftermarket parts and related services for customers around the world.

Dover's activities span several product and solution categories, including fluid-handling and pumping systems, material handling and processing equipment, refrigeration and foodservice technologies, product identification and printing systems, precision components and automation and sensing solutions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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23.7.2026 19:01

Index Dow Jones -0,92 % na 51739,82 b. S&P 500 -1,19 % na 7409,52 b. Nasdaq Composite -2,1 % na 25151,85 b.

Index Dow Jones odepisuje téměř procento pří výprodeji technologických společností. Mimo Alphabet klesá i Amazon (- 4,1 %) a Salesforce ( -3,5 %). Z indexu S&P 500 se mimo komunikační služby nedaří zbytné spotřebě, kde reportovala výsledky společnost Tesla (- 14 %).

Thermo Fisher Scientific (8,2 %) roste po kvartálním reportu. Mimo dobré čísla management uvedl, že společnost cítí oživení poptávky ve všech hlavních segmentech. Nejedná se přitom o pouhé doplňování zásob, ale i dodávání analytických přístrojů, jelikož divize Analytical Instruments vzrostla o 15 %. Tržby za minulý kvartál dosahují USD 11,99 mld. a společně se ziskem na akcii USD 6,03 překonávají očekávání trhu. Společnost rovněž navyšuje odhad celoročního zisku na akcii na horní hranu USD 25,33.

Smíšený pocit z kvartálních výsledků mají investoři Freeport-McMoRan (- 2,6 %). Společnost sice dosáhla na lepší ziskovost, než bylo očekávání a reportovala EPS ve výši USD 0,74. Meziroční nárůst prodejní ceny mědi dosáhl 40 %. Vyšší prodejní ceny tak kompenzují nižší objemy produkce, které u zlata dosahují 40 % a u mědi 18 %. Management snížil výhled prodeje v dalším kvartále kvůli pomalému obnovování těžby v indonéském dole, který by měl dosáhnout plnou kapacitu až v příštím roce.

Lockheed Martin (10 %) reportoval silné výsledky za uplynulý kvartál. Růst tržeb dosáhl 11 % na mld. 20,1 USD a zisk na akcii překonal na úrovni USD 7,94 očekávání. Management současně navýšil celoroční výhled a tržby posadil mezi USD 79,75 – 81,75 mld. při zisku na akcii 29,95 – 30,65. Nevyřízené zakázky dosahují historické maximum společnosti USD 230 mld.

Po včerejším uzavření trhu reportovala výsledky i společnost Texas Instruments (- 4,4 %). Růst tržeb meziročně dosáhl na 23 % a nad konsenzus se dostal i zisk na akcii ve výši USD 2,14. Management v dalším kvartálu očekává jeho další růst na USD 2,23 – 2,57. Provozní výsledky a výhled byl slušný, ale trh nadále vyrušuje výše capex investic, které omezuje volné cash flow.

Výsledky dále zveřejnila i IBM (- 0,5 %) a společnost Alphabet (- 6,6 %).

SK Hynix (4,9 %) stanovuje limit na celkový počet vydaných ADR, které se obchodují v USA na 2,5 % všech akcií společnosti.

Uber Technologies (- 2,15 %) propustil 10 % zaměstnanců v divizi Community Operations, která se stará o zákaznickou a řidičskou podporu. Společnost dříve propustila přibližně 23 % zaměstnanců HR. K zefektivnění provozu ji pomáhá umělá inteligence.

Blízký východ je nadále velmi turbulentní. Futures na ropu Brent jsou opět nad USD 100 při téměř 7 % růstu. WTI se obchoduje nad USD 92. Hútíové oznámili, že zaútočili na dva saúdské tankery v Rudém moři. Posilují ropné společnosti. Exxon připisuje 1,87 % a Chevron roste o 1,5 %.

Index S&P 500 -1,19 % na 7409,52 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Průmysl +1,8 % Zbytná spotřeba -4,9 % Energie +1 % Komunikační služby -4,8 % Zdravotní péče +0,8 % Nezbytná spotřeba -1,4 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna Allegion (ALLE) +13 % Tesla (TSLA) -14 % United Rentals (URI) +12 % Rollins (ROL) -9,3 % Lockheed Martin Corp (LMT) +10 % Dover Corp (DOV) -7,7 % Thermo Fisher Scientific (TMO) +8,2 % Globe Life (GL) -7,7 % RTX Corp (RTX) +7,2 % T-Mobile US (TMUS) -6,8 %
Marek Kameništiak
Fio banka, a.s.
Prohlášení

Key Takeaways Dover's Q2 earnings topped estimates as revenue growth and margin gains offset input-cost inflation.Bookings jumped 16% across all five segments, lifting second-half visibility and confidence in the outlook.Dover raised its 2026 adjusted EPS guidance to $10.55-$10.75 on improving end-market demand. Dover Corporation (DOV - Free Report) reported second-quarter 2026 adjusted earnings of $2.74 per share, up 12% year over year and beating the Zacks Consensus Estimate of $2.72. The improvement reflected broad-based revenue growth, stronger segmental margins and operational execution that more than offset input-cost inflation.

On a reported basis, Dover delivered earnings of $2.31 per share in the quarter, up 14% year over year.

Revenues rose 7% year over year to $2.19 billion but missed the consensus estimate of $2.21 billion. Organic revenues increased 4.8% in the quarter. Our model expected organic revenues to rise 5.7%.

DOV's Margins Expand on Operating ExecutionCost of sales increased 6.3% year over year to $1.31 billion. Gross profit rose 7.6% to $881 million, while the gross margin improved to 40.2% from 39.9% in the prior-year quarter.

Selling, general and administrative expenses increased 5.4% to $488.8 million. Total adjusted segment EBITDA advanced 10.3% to $567 million, and the related margin expanded 80 basis points to 25.9%.

Dover’s Q2 Segmental PerformancesThe Engineered Products segment’s revenues increased 2.7% year over year to $283 million in the quarter. The reported figure came in line with our estimate. The segment’s adjusted EBITDA rose 7.8% to $63.2 million from $58.7 million in the year-ago quarter. Demand was strong in aerospace and defense components, fluid dispensing and industrial winches, with stabilization in the North American vehicle aftermarket. The figure met our estimate.

The Clean Energy & Fueling segment’s revenues climbed 8.9% year over year to $595 million, led by clean energy components and retail fueling. The figure beat our estimate of $591 million. The segment’s adjusted EBITDA increased 17.9% to $137.7 million on volume leverage, operational execution and acquisition integration benefits. The figure beat our estimate of $131.5 million.

The Imaging & Identification segment’s revenues moved up 4.5% year over year to $305 million. The reported figure missed our projection of $307 million. The segment’s adjusted EBITDA was $89.3 million, up 10.1% from the year-ago quarter’s $81.2 million. The figure missed our estimate of $82 million. Growth came from serialization software, core marking and coding equipment, consumables and spare parts.

The Pumps & Process Solutions segment’s revenues rose 6.2% year over year to $552.7 million in the second quarter but missed our estimate of $558 million. The segment’s adjusted EBITDA totaled $192.9 million, up 11.7% from $172.6 million in the prior-year quarter. The reported figure was lower than our projection of $193 million. AI and energy infrastructure, single-use biopharma and industrial pumps supported the top line, while a richer mix of biopharma shipments aided profitability.

The Climate & Sustainability Technologies segment’s revenues grew 9.4% year over year to $455.1 million from $416.2 million. Robust shipments of carbon dioxide refrigeration systems and global heat exchangers drove the gain. We had predicted revenues of $459 million for this segment. The segment’s adjusted EBITDA totaled $83.8 million compared with $84.9 million in the year-earlier quarter, marking a decline of 1.2%. The figure lagged our estimate of $103 million.

DOV's Bookings Signal Strong DemandDover’s bookings in the second quarter were worth $2.33 billion, growing 16% from $2.01 billion in the prior-year quarter. Bookings rose across all five segments, strengthening second-half visibility and supporting management's confidence in the outlook. Total bookings were higher than our estimate of $2.26 billion. The book-to-bill ratio came in at 1.06.

Dover's Cash Flow Improves in Q2Cash flow from operating activities rose to $236 million from $212 million in the year-ago quarter. Capital expenditure declined to $47.8 million from $60.9 million.

The free cash flow increased 24.4% to $188.4 million. It represented 8.6% of revenues and 50.7% of adjusted earnings from continuing operations. For the first six months, the free cash flow totaled $319.6 million, up from $260.7 million.

DOV Raises 2026 Earnings GuidanceBacked by the ongoing improvement in end-market demand, Dover raised its 2026 adjusted earnings guidance to $10.55-$10.75 per share from the previously mentioned $10.45 to $10.65.

Full-year revenue growth is projected at 6-8%, including organic growth of 4-6%. The company also expects the free cash flow to be 14-16% of revenues and capital expenditure to be $190-$210 million.

Dover Stock’s Price PerformanceThe company’s shares have gained 16.2% in the past year compared with the industry’s growth of 5.1%.

Image Source: Zacks Investment Research

DOV’s Zacks RankDover currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Dover’s Peer PerformanceGraco Inc.’s (GGG - Free Report) second-quarter 2026 adjusted earnings of 91 cents per share beat the Zacks Consensus Estimate of 81 cents. The bottom line grew 22% year over year.

Graco’s revenues of $591 million missed the consensus estimate of $609 million. The top line increased 3.3% year over year.

2 Manufacturing Stocks Awaiting ResultsFlowserve Corporation (FLS - Free Report) is scheduled to release second-quarter 2026 results on June 29. The Zacks Consensus Estimate for FLS’s second-quarter 2026 earnings is pegged at 86 cents per share, suggesting a year-over-year dip of 5.5%

The Zacks Consensus Estimate for Flowserve Corp’s top line is pegged at $1.16 billion, indicating a decrease of 2.4% from the prior year’s actual. FLS has a trailing four-quarter average surprise of 12.7%.

Applied Industrial Technologies, Inc. (AIT - Free Report) is scheduled to release fourth-quarter fiscal 2026 results on Aug. 13. The Zacks Consensus Estimate for AIT’s fourth-quarter 2026 earnings is pegged at $2.91 per share, suggesting year-over-year growth of 3.9%.

The Zacks Consensus Estimate for Applied Industrial’s top line is pegged at $1.29 billion, indicating an increase of 5.6% from the prior year’s actual. AIT has a trailing four-quarter average surprise of 4%.

, /PRNewswire/ -- Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the second quarter ended June 30, 2026. All comparisons are to the comparable period of the prior fiscal year, unless otherwise noted.

Three Months Ended June 30,

Six Months Ended June 30,

($ in millions, except per share data)*

2026

2025

% Change*

2026

2025

% Change*

U.S. GAAP

Revenue

$     2,190

$     2,050

7 %

$     4,244

$     3,916

8 %

Earnings from continuing operations 

313

280

12 %

551

519

6 %

Diluted EPS from continuing operations

2.31

2.03

14 %

4.06

3.76

8 %

Non-GAAP

Organic revenue change

5 %

5 %

Adjusted earnings from continuing operations 1

372

337

10 %

681

620

10 %

Adjusted diluted EPS from continuing operations

2.74

2.44

12 %

5.02

4.49

12 %

1

 Q2 and year-to-date 2026 and 2025 adjusted earnings from continuing operations exclude after-tax purchase accounting expenses, restructuring and other costs, and gain on dispositions.

*

Totals, change and per share data may be impacted by rounding.

For the quarter ended June 30, 2026, Dover generated revenue of $2.2 billion, an increase of 7% (+5% organic). GAAP earnings from continuing operations of $313 million increased by 12%, and GAAP diluted EPS from continuing operations of $2.31 was up 14%. On an adjusted basis, earnings from continuing operations of $372 million were up 10% and adjusted diluted EPS from continuing operations of $2.74 was up 12%.

For the six months ended June 30, 2026, Dover generated revenue of $4.2 billion, an increase of 8% (+5% organic). GAAP earnings from continuing operations of $551 million increased by 6%, and GAAP diluted EPS from continuing operations of $4.06 was up 8%. On an adjusted basis, earnings from continuing operations of $681 million were up 10% and adjusted diluted EPS from continuing operations of $5.02 was up 12%.

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, "Dover delivered another strong quarter of double-digit earnings per share growth. Top-line performance was led by our secular-growth-exposed markets — which now account for approximately 25% of the total portfolio — and was complemented by broad-based, constructive trading conditions across the portfolio. Notably, all five segments delivered positive organic growth in the quarter, underscoring the breadth and durability of demand. Margin performance was solid, as continued operational execution on incremental volumes more than offset input cost inflation.

"Bookings outpaced shipments and grew double digits in the quarter, extending the streak of exceptional order rate momentum our businesses have posted over the past several quarters. The strength and breadth of our order book provide improved visibility to our second half outlook.

"Our balance sheet remains a competitive advantage, and we continue to invest capital behind our businesses. During the quarter, we advanced capacity-expansion projects to support growth and productivity investments to drive margins across the portfolio. Industrial M&A markets have improved this year, and our acquisition pipeline has a number of interesting opportunities in attractive end markets.

"As we look to the back half of the year, we are well positioned to drive continued value creation for our shareholders. The underlying strength of our order book, together with the flexibility of our business model and the optionality of our balance sheet, afford us the ability to respond dynamically to market conditions and quickly capitalize on opportunities as they arise. Accordingly, we are raising our full-year adjusted EPS guidance."

FULL YEAR 2026 GUIDANCE:

In 2026, Dover expects to generate GAAP EPS in the range of $8.94 to $9.14 (adjusted EPS of $10.55 to $10.75), based on full year revenue growth of 6% to 8% (organic growth of 4% to 6%).

CONFERENCE CALL INFORMATION:

Dover will host a webcast and conference call to discuss its second quarter results at 9:30 A.M. Eastern Time (8:30 A.M. Central Time) on Thursday, July 23, 2026. 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 $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV."

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 or other future pandemics 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, 2025, 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.

INVESTOR SUPPLEMENT - SECOND QUARTER 2026

DOVER CORPORATION

CONSOLIDATED STATEMENTS OF EARNINGS

(unaudited)(in thousands)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Revenue

$       2,190,021

$       2,049,592

$       4,243,644

$       3,915,651

Cost of goods and services

1,309,415

1,231,330

2,564,903

2,351,889

Gross profit

880,606

818,262

1,678,741

1,563,762

Selling, general and administrative expenses

488,819

463,665

981,045

912,856

Operating earnings

391,787

354,597

697,696

650,906

Interest expense

29,058

26,791

58,580

54,399

Interest income

(14,522)

(17,935)

(28,582)

(38,189)

Gain on dispositions

—

(2,176)

—

(4,644)

Other income, net

(10,447)

(4,180)

(18,902)

(8,138)

Earnings before provision for income taxes

387,698

352,097

686,600

647,478

Provision for income taxes

75,153

71,967

135,306

128,107

Earnings from continuing operations

312,545

280,130

551,294

519,371

Loss from discontinued operations, net

(299)

(1,066)

(615)

(9,486)

Net earnings

$          312,246

$          279,064

$          550,679

$          509,885

DOVER CORPORATION

QUARTERLY EARNINGS PER SHARE

(unaudited)(in thousands, except per share data*)

Earnings Per Share

2026

2025

Q1

Q2

Q2 YTD

Q1

Q2

Q2 YTD

Q3

Q4

FY 2025

Basic earnings (loss) per share:

Continuing operations

$      1.77

$      2.32

$      4.09

$      1.74

$    2.04

$      3.78

$      2.21

$      2.02

$        8.01

Discontinued operations

$         —

$         —

$         —

$     (0.06)

$   (0.01)

$     (0.07)

$     (0.01)

$      0.05

$       (0.03)

Net earnings

$      1.77

$      2.32

$      4.08

$      1.68

$    2.03

$      3.71

$      2.20

$      2.07

$        7.99

Diluted earnings (loss) per share:

Continuing operations

$      1.76

$      2.31

$      4.06

$      1.73

$    2.03

$      3.76

$      2.20

$      2.01

$        7.97

Discontinued operations

$         —

$         —

$         —

$     (0.06)

$   (0.01)

$     (0.07)

$     (0.01)

$      0.05

$       (0.03)

Net earnings

$      1.75

$      2.30

$      4.06

$      1.67

$    2.02

$      3.69

$      2.19

$      2.06

$        7.94

Net earnings (loss) and weighted average shares used in calculated earnings (loss) per share amounts are as follows:

Continuing operations

$238,749

$312,545

$551,294

$239,241

$280,130

$519,371

$303,292

$274,766

$1,097,429

Discontinued operations

(316)

(299)

(615)

(8,420)

(1,066)

(9,486)

(1,296)

7,309

(3,473)

Net earnings

$238,433

$312,246

$550,679

$230,821

$279,064

$509,885

$301,996

$282,075

$1,093,956

Weighted average shares outstanding:

Basic

134,977

134,759

134,869

137,267

137,226

137,261

137,236

135,993

136,935

Diluted

135,895

135,553

135,725

138,260

137,974

138,132

138,029

136,826

137,777

Dividends paid per common share

$      0.52

$      0.52

$      1.04

$     0.515

$     0.515

$      1.03

$      0.52

$      0.52

$        2.07

* Per share data may be impacted by rounding.

DOVER CORPORATION

QUARTERLY SEGMENT INFORMATION

(unaudited)(in thousands)

2026

2025

Q1

Q2

Q2 YTD

Q1

Q2

Q2 YTD

Q3

Q4

FY 2025

REVENUE

Engineered Products

$  266,639

$  283,481

$ 550,120

$  254,646

$  275,944

$ 530,590

$  279,705

$  275,549

$1,085,844

Clean Energy & Fueling

554,809

594,959

1,149,768

491,148

546,097

1,037,245

541,368

551,894

2,130,507

Imaging & Identification

285,420

305,101

590,521

280,090

292,009

572,099

299,100

302,244

1,173,443

Pumps & Process Solutions

537,810

552,709

1,090,519

493,573

520,554

1,014,127

550,920

583,623

2,148,670

Climate & Sustainability
Technologies

411,060

455,097

866,157

347,888

416,151

764,039

408,529

387,273

1,559,841

Intersegment eliminations

(2,115)

(1,326)

(3,441)

(1,286)

(1,163)

(2,449)

(1,781)

(1,504)

(5,734)

Total consolidated revenue

$2,053,623

$2,190,021

$4,243,644

$1,866,059

$2,049,592

$3,915,651

$2,077,841

$2,099,079

$8,092,571

EARNINGS FROM CONTINUING OPERATIONS

Segment Earnings:

Engineered Products

$   44,991

$   57,798

$ 102,789

$   44,114

$   53,511

$   97,625

$   57,483

$   62,158

$ 217,266

Clean Energy & Fueling

99,041

128,546

227,587

85,644

107,771

193,415

118,665

105,990

418,070

Imaging & Identification

77,457

84,976

162,433

77,575

76,937

154,512

81,772

78,451

314,735

Pumps & Process Solutions

169,492

178,848

348,340

151,275

159,504

310,779

168,565

172,256

651,600

Climate & Sustainability
Technologies

63,995

75,826

139,821

52,119

77,262

129,381

76,002

60,264

265,647

Total segment earnings

454,976

525,994

980,970

410,727

474,985

885,712

502,487

479,119

1,867,318

Purchase accounting
expenses 1

54,579

51,591

106,170

49,104

51,123

100,227

59,381

58,837

218,445

Restructuring and other costs 2

36,795

24,635

61,430

9,397

23,210

32,607

15,913

29,466

77,986

Gain on dispositions 3

—

—

—

(2,468)

(2,176)

(4,644)

—

—

(4,644)

Corporate expense / other 4

49,238

47,534

96,772

51,959

41,875

93,834

31,515

39,190

164,539

Interest expense

29,522

29,058

58,580

27,608

26,791

54,399

27,239

28,134

109,772

Interest income

(14,060)

(14,522)

(28,582)

(20,254)

(17,935)

(38,189)

(17,804)

(17,039)

(73,032)

Earnings before provision for
income taxes

298,902

387,698

686,600

295,381

352,097

647,478

386,243

340,531

1,374,252

Provision for income taxes

60,153

75,153

135,306

56,140

71,967

128,107

82,951

65,765

276,823

Earnings from continuing
operations

$  238,749

$  312,545

$ 551,294

$  239,241

$  280,130

$ 519,371

$  303,292

$  274,766

$1,097,429

SEGMENT EARNINGS MARGIN

Engineered Products

16.9 %

20.4 %

18.7 %

17.3 %

19.4 %

18.4 %

20.6 %

22.6 %

20.0 %

Clean Energy & Fueling

17.9 %

21.6 %

19.8 %

17.4 %

19.7 %

18.6 %

21.9 %

19.2 %

19.6 %

Imaging & Identification

27.1 %

27.9 %

27.5 %

27.7 %

26.3 %

27.0 %

27.3 %

26.0 %

26.8 %

Pumps & Process Solutions

31.5 %

32.4 %

31.9 %

30.6 %

30.6 %

30.6 %

30.6 %

29.5 %

30.3 %

Climate & Sustainability
Technologies

15.6 %

16.7 %

16.1 %

15.0 %

18.6 %

16.9 %

18.6 %

15.6 %

17.0 %

Total segment earnings margin

22.2 %

24.0 %

23.1 %

22.0 %

23.2 %

22.6 %

24.2 %

22.8 %

23.1 %

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 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

2026

2025

Q1

Q2

Q2 YTD

Q1

Q2

Q2 YTD

Q3

Q4

FY 2025

Adjusted earnings from continuing operations:

Earnings from continuing
operations

$  238,749

$  312,545

$ 551,294

$  239,241

$  280,130

$ 519,371

$  303,292

$  274,766

$1,097,429

Purchase accounting
expenses, pre-tax 1

54,579

51,591

106,170

49,104

51,123

100,227

59,381

58,837

218,445

Purchase accounting
expenses, tax impact 2

(12,692)

(11,704)

(24,396)

(10,919)

(11,367)

(22,286)

(14,067)

(14,134)

(50,487)

Restructuring and other costs,
pre-tax 3

36,795

24,635

61,430

9,397

23,210

32,607

15,913

29,466

77,986

Restructuring and other costs,
tax impact 2

(8,048)

(5,375)

(13,423)

(1,887)

(4,642)

(6,529)

(3,230)

(5,608)

(15,367)

Gain on dispositions, pre-tax 4

—

—

—

(2,468)

(2,176)

(4,644)

—

—

(4,644)

Gain on dispositions, tax-
impact 2

—

—

—

689

435

1,124

—

—

1,124

Adjusted earnings from
continuing operations

$  309,383

$  371,692

$ 681,075

$  283,157

$  336,713

$ 619,870

$  361,289

$  343,327

$1,324,486

Adjusted diluted earnings per share from continuing operations:

Diluted earnings per share
from continuing operations

$      1.76

$      2.31

$      4.06

$      1.73

$      2.03

$      3.76

$      2.20

$      2.01

$      7.97

Purchase accounting
expenses, pre-tax 1

0.40

0.38

0.78

0.36

0.37

0.73

0.43

0.43

1.59

Purchase accounting
expenses, tax impact 2

(0.09)

(0.09)

(0.18)

(0.08)

(0.08)

(0.16)

(0.10)

(0.10)

(0.37)

Restructuring and other costs,
pre-tax 3

0.27

0.18

0.45

0.07

0.17

0.24

0.12

0.22

0.57

Restructuring and other costs,
tax impact 2

(0.06)

(0.04)

(0.10)

(0.01)

(0.03)

(0.05)

(0.02)

(0.04)

(0.11)

Gain on dispositions, pre-tax 4

—

—

—

(0.02)

(0.02)

(0.03)

—

—

(0.03)

Gain on dispositions, tax-
impact 2

—

—

—

—

—

0.01

—

—

0.01

Adjusted diluted earnings per
share from continuing
operations

$      2.28

$      2.74

$      5.02

$      2.05

$      2.44

$      4.49

$      2.62

$      2.51

$      9.61

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.

3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Q1 2026, Q2 2026 and YTD 2026 includes other costs of $3.0 million, $4.3 million and $7.3 million, respectively, associated with a footprint reduction in our Climate & Sustainability Technologies segment. Q2 2025, Q3 2025, Q4 2025 and FY 2025 include other costs of $1.9 million, $1.8 million, $2.6 million and $6.3 million, respectively, associated with a footprint reduction within our Climate & Sustainability Technologies segment. Q2 2025 and FY 2025 include other costs of $4.0 million associated with a product line exit within our Climate & Sustainability Technologies segment.

4 Gain on dispositions, including post-closing adjustments.

* Per share data and totals may be impacted by rounding.

DOVER CORPORATION

QUARTERLY ADJUSTED SEGMENT EBITDA (NON-GAAP)

(unaudited)(in thousands)

Non-GAAP Reconciliations

2026

2025

Q1

Q2

Q2 YTD

Q1

Q2

Q2 YTD

Q3

Q4

FY 2025

ADJUSTED SEGMENT EBITDA

Engineered Products:

Segment earnings

$  44,991

$ 57,798

$ 102,789

$  44,114

$  53,511

$  97,625

$  57,483

$  62,158

$ 217,266

Other depreciation and amortization 1

5,486

5,447

10,933

4,800

5,141

9,941

5,736

5,818

21,495

Adjusted segment EBITDA 2

50,477

63,245

113,722

48,914

58,652

107,566

63,219

67,976

238,761

Adjusted segment EBITDA margin 2

18.9 %

22.3 %

20.7 %

19.2 %

21.3 %

20.3 %

22.6 %

24.7 %

22.0 %

Clean Energy & Fueling:

Segment earnings

$  99,041

$ 128,546

$ 227,587

$  85,644

$ 107,771

$ 193,415

$ 118,665

$ 105,990

$ 418,070

Other depreciation and amortization 1

8,552

9,111

17,663

8,578

8,961

17,539

8,582

8,685

34,806

Adjusted segment EBITDA 2

107,593

137,657

245,250

94,222

116,732

210,954

127,247

114,675

452,876

Adjusted segment EBITDA margin 2

19.4 %

23.1 %

21.3 %

19.2 %

21.4 %

20.3 %

23.5 %

20.8 %

21.3 %

Imaging & Identification:

Segment earnings

$  77,457

$ 84,976

$ 162,433

$  77,575

$  76,937

$ 154,512

$  81,772

$  78,451

$ 314,735

Other depreciation and amortization 1

4,208

4,373

8,581

4,093

4,229

8,322

4,091

5,155

17,568

Adjusted segment EBITDA 2

81,665

89,349

171,014

81,668

81,166

162,834

85,863

83,606

332,303

Adjusted segment EBITDA margin 2

28.6 %

29.3 %

29.0 %

29.2 %

27.8 %

28.5 %

28.7 %

27.7 %

28.3 %

Pumps & Process Solutions:

Segment earnings

$ 169,492

$ 178,848

$ 348,340

$ 151,275

$ 159,504

$ 310,779

$ 168,565

$ 172,256

$ 651,600

Other depreciation and amortization 1

14,012

14,004

28,016

12,601

13,131

25,732

14,256

14,238

54,226

Adjusted segment EBITDA 2

183,504

192,852

376,356

163,876

172,635

336,511

182,821

186,494

705,826

Adjusted segment EBITDA margin 2

34.1 %

34.9 %

34.5 %

33.2 %

33.2 %

33.2 %

33.2 %

32.0 %

32.8 %

Climate & Sustainability Technologies:

Segment earnings

$  63,995

$ 75,826

$ 139,821

$  52,119

$  77,262

$ 129,381

$  76,002

$  60,264

$ 265,647

Other depreciation and amortization 1

8,069

8,001

16,070

7,325

7,605

14,930

7,558

7,856

30,344

Adjusted segment EBITDA 2

72,064

83,827

155,891

59,444

84,867

144,311

83,560

68,120

295,991

Adjusted segment EBITDA margin 2

17.5 %

18.4 %

18.0 %

17.1 %

20.4 %

18.9 %

20.5 %

17.6 %

19.0 %

Total Segments:

Total segment earnings 2, 3

$ 454,976

$ 525,994

$ 980,970

$ 410,727

$ 474,985

$ 885,712

$ 502,487

$ 479,119

$1,867,318

Other depreciation and amortization 1

40,327

40,936

81,263

37,397

39,067

76,464

40,223

41,752

158,439

Total Adjusted segment EBITDA 2

495,303

566,930

1,062,233

448,124

514,052

962,176

542,710

520,871

2,025,757

Total Adjusted segment EBITDA
margin 2

24.1 %

25.9 %

25.0 %

24.0 %

25.1 %

24.6 %

26.1 %

24.8 %

25.0 %

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 Measures Definitions 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

2026

2025

Q1

Q2

Q2 YTD

Q1

Q2

Q2 YTD

Q3

Q4

FY 2025

Earnings from continuing
operations

$  238,749

$  312,545

$  551,294

$  239,241

$  280,130

$ 519,371

$  303,292

$  274,766

$1,097,429

Provision for income taxes

60,153

75,153

135,306

56,140

71,967

128,107

82,951

65,765

276,823

Earnings before provision for
income taxes

298,902

387,698

686,600

295,381

352,097

647,478

386,243

340,531

1,374,252

Interest income

(14,060)

(14,522)

(28,582)

(20,254)

(17,935)

(38,189)

(17,804)

(17,039)

(73,032)

Interest expense

29,522

29,058

58,580

27,608

26,791

54,399

27,239

28,134

109,772

Corporate expense / other 1

49,238

47,534

96,772

51,959

41,875

93,834

31,515

39,190

164,539

Gain on dispositions 2

—

—

—

(2,468)

(2,176)

(4,644)

—

—

(4,644)

Restructuring and other costs 3

36,795

24,635

61,430

9,397

23,210

32,607

15,913

29,466

77,986

Purchase accounting expenses 4

54,579

51,591

106,170

49,104

51,123

100,227

59,381

58,837

218,445

Total segment earnings 5

454,976

525,994

980,970

410,727

474,985

885,712

502,487

479,119

1,867,318

Add: Other depreciation and
amortization 6

40,327

40,936

81,263

37,397

39,067

76,464

40,223

41,752

158,439

Total adjusted segment EBITDA 5

$  495,303

$  566,930

$1,062,233

$  448,124

$  514,052

$ 962,176

$  542,710

$  520,871

$2,025,757

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.

2 Gain on dispositions, including post-closing adjustments.

3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.

4 Purchase accounting expenses are primarily comprised of amortization of intangible assets.

5 Refer to Non-GAAP Measures Definitions section for definition.

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.

DOVER CORPORATION

REVENUE GROWTH FACTORS AND ADJUSTED EPS GUIDANCE RECONCILIATIONS (NON-GAAP)

(unaudited)

Non-GAAP Reconciliations

Revenue Growth Factors

2026

Q2

Q2 YTD

Organic

Engineered Products

2.1 %

2.1 %

Clean Energy & Fueling

8.6 %

9.8 %

Imaging & Identification

2.9 %

(0.1) %

Pumps & Process Solutions

0.4 %

(0.2) %

Climate & Sustainability Technologies

8.3 %

11.5 %

Total Organic

4.8 %

5.0 %

Acquisitions

1.2 %

1.5 %

Currency translation

0.9 %

1.9 %

Total*

6.9 %

8.4 %

 * Totals may be impacted by rounding.

2026

Q2

Q2 YTD

Organic

United States

7.9 %

9.9 %

Europe

(5.0) %

(4.6) %

Asia

8.5 %

2.0 %

Other Americas

8.8 %

5.9 %

Other

(0.9) %

(2.0) %

Total Organic

4.8 %

5.0 %

Acquisitions

1.2 %

1.5 %

Currency translation

0.9 %

1.9 %

Total*

6.9 %

8.4 %

 * Totals may be impacted by rounding.

Adjusted EPS Guidance Reconciliation*

Range

2026 Guidance for Earnings per Share from Continuing Operations (GAAP)

$      8.94

$      9.14

Purchase accounting expenses, net

1.20

Restructuring and other costs, net

0.41

2026 Guidance for Adjusted Earnings per Share from Continuing Operations (Non-GAAP)

$     10.55

$     10.75

* Per share data and totals may be impacted by rounding.

DOVER CORPORATION

QUARTERLY CASH FLOW AND FREE CASH FLOW (NON-GAAP)

(unaudited)(in thousands)

Quarterly Cash Flow

2026

2025

Q1

Q2

Q2 YTD

Q1

Q2

Q2 YTD

Q3

Q4

FY 2025

Net Cash Flows Provided By (Used In):

Operating activities

$  190,997

$ 236,171

$ 427,168

$  157,474

$ 212,340

$ 369,814

$ 424,245

$ 543,946

$1,338,005

Investing activities

(61,660)

(44,181)

(105,841)

(74,186)

(681,584)

(755,770)

(58,857)

(71,967)

(886,594)

Financing activities

(161,451)

(73,586)

(235,037)

(122,234)

(84,235)

(206,469)

(73,878)

(344,523)

(624,870)

Quarterly Free Cash Flow (Non-GAAP)

2026

2025

Q1

Q2

Q2 YTD

Q1

Q2

Q2 YTD

Q3

Q4

FY 2025

Cash flow from operating activities

$ 190,997

$ 236,171

$ 427,168

$ 157,474

$ 212,340

$ 369,814

$ 424,245

$ 543,946

$1,338,005

Less: Capital expenditures

(59,808)

(47,783)

(107,591)

(48,192)

(60,932)

(109,124)

(54,150)

(56,989)

(220,263)

Free cash flow

$ 131,189

$ 188,388

$ 319,577

$ 109,282

$ 151,408

$ 260,690

$ 370,095

$ 486,957

$1,117,742

Cash flow from operating activities as a
percentage of revenue

9.3 %

10.8 %

10.1 %

8.4 %

10.4 %

9.4 %

20.4 %

25.9 %

16.5 %

Cash flow from operating activities as a
percentage of adjusted earnings from
continuing operations

61.7 %

63.5 %

62.7 %

55.6 %

63.1 %

59.7 %

117.4 %

158.4 %

101.0 %

Free cash flow as a percentage of
revenue

6.4 %

8.6 %

7.5 %

5.9 %

7.4 %

6.7 %

17.8 %

23.2 %

13.8 %

Free cash flow as a percentage of
adjusted earnings from continuing
operations

42.4 %

50.7 %

46.9 %

38.6 %

45.0 %

42.1 %

102.4 %

141.8 %

84.4 %

DOVER CORPORATION

PERFORMANCE MEASURES

(unaudited)(in thousands)

2026

2025

Q1

Q2

Q2 YTD

Q1

Q2

Q2 YTD

Q3

Q4

FY 2025

BOOKINGS

Engineered Products

$  294,009

$  277,148

$ 571,157

$  264,538

$  276,571

$ 541,109

$  273,278

$  281,237

$1,095,624

Clean Energy & Fueling

615,197

602,624

1,217,821

543,859

526,819

1,070,678

509,553

587,041

2,167,272

Imaging & Identification

312,646

302,771

615,417

288,169

292,092

580,261

292,229

302,047

1,174,537

Pumps & Process Solutions

597,578

590,020

1,187,598

499,287

530,158

1,029,445

510,960

500,779

2,041,184

Climate & Sustainability
Technologies

646,960

560,272

1,207,232

395,623

384,246

779,869

415,099

470,081

1,665,049

Intersegment eliminations

(2,714)

(1,482)

(4,196)

(1,892)

(1,295)

(3,187)

(1,380)

(1,472)

(6,039)

Total consolidated bookings

$2,463,676

$2,331,353

$4,795,029

$1,989,584

$2,008,591

$3,998,175

$1,999,739

$2,139,713

$8,137,627

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 per share from continuing operations, 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. We do not provide a reconciliation of forward-looking organic revenue to the most directly comparable GAAP financial measure pursuant to the exception provided in Item 10(e)(1)(i)(B) of Regulation S-K because we are not able to provide a meaningful or accurate compilation of reconciling items. This is due to the inherent difficulty in accurately forecasting the timing and amounts of the items that would be excluded from the most directly comparable GAAP financial measure or are out of our control. For the same reasons, we are unable to address the probable significance of unavailable information which may be material.

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.

Investor Contact:

Media Contact:

Jack Dickens

Adrian Sakowicz

Vice President - Investor Relations

Vice President - Communications

(630) 743-2566

(630) 743-5039

[email protected] 

[email protected] 

SOURCE Dover