0000029905falseDOVER Corp00000299052024-10-102024-10-100000029905us-gaap:CommonStockMember2024-10-102024-10-100000029905dov:A1250NotesDue2026Member2024-10-102024-10-100000029905dov:A0750NotesDue2027Member2024-10-102024-10-10


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________ 

FORM 8-K
_______________________________ 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 10, 2024
_______________________________
Image1.jpg
DOVER CORPORATION
(Exact name of registrant as specified in its charter)
______________________________________________
Delaware1-401853-0257888
(State or other jurisdiction of incorporation) (Commission File Number)(I.R.S. Employer Identification No.)
   
3005 Highland Parkway 
Downers Grove, Illinois
60515
(Address of Principal Executive Offices)(Zip Code)
(630) 541-1540
(Registrant’s telephone number, including area code)
 ______________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockDOVNew York Stock Exchange
1.250% Notes due 2026DOV 26New York Stock Exchange
0.750% Notes due 2027DOV 27New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐            
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨



Item 2.02 Results of Operations and Financial Condition.

As previously reported in a Current Report on Form 8-K, on October 8, 2024, Dover Corporation (the "Company") completed the sale of its Environmental Service Group ("ESG") business, which was part of the Company's Engineered Products segment. The ESG business met the criteria to be classified as held for sale and qualifies for discontinued operations reporting because its disposal represents a strategic shift that will have a major effect on the Company's operations and financial results.

To aid review of its third quarter 2024 financial results, which will present ESG in discontinued operations, the Company is furnishing as Exhibit 99.1 hereto annual unaudited financial information reflecting the ESG business in discontinued operations for full years 2021, 2022 and 2023 and quarterly unaudited financial information for 2023 and 2024. This unaudited financial information is derived from historical financial statements that were audited. The information in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished to the Securities and Exchange Commission (the “SEC”) and shall not be deemed to be incorporated by reference into any of Dover’s filings with the SEC under the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are furnished as part of this report:


104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).




SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
  
Date:October 10, 2024DOVER CORPORATION
 (Registrant)
   
 By:/s/ Ivonne M. Cabrera
  Ivonne M. Cabrera
  Senior Vice President, General Counsel & Secretary
   




DOVER CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)(in thousands, except per share data*)

20242023
Q1Q2Q2 YTDQ1Q2Q3Q4FY 2023
Revenue$1,883,719 $1,948,782 $3,832,501 $1,907,429 $1,913,807 $1,958,428 $1,904,812 $7,684,476 
Cost of goods and services1,186,532 1,196,259 2,382,791 1,205,044 1,206,932 1,219,047 1,185,909 4,816,932 
Gross profit697,187 752,523 1,449,710 702,385 706,875 739,381 718,903 2,867,544 
Selling, general and administrative expenses442,981 429,055 872,036 416,143 415,242 402,838 413,981 1,648,204 
Operating earnings254,206 323,468 577,674 286,242 291,633 336,543 304,922 1,219,340 
Interest expense36,365 32,374 68,739 34,214 33,803 32,390 30,897 131,304 
Interest income(4,756)(4,081)(8,837)(2,091)(2,653)(3,808)(4,944)(13,496)
(Gain) loss on disposition
(529,943)663 (529,280)— — — — — 
Other income, net(7,139)(12,845)(19,984)(3,807)(6,677)(10,274)(710)(21,468)
Earnings before provision for income taxes759,679 307,357 1,067,036 257,926 267,160 318,235 279,679 1,123,000 
Provision for income taxes157,577 60,770 218,347 51,234 50,150 56,252 21,500 179,136 
Earnings from continuing operations602,102 246,587 848,689 206,692 217,010 261,983 258,179 943,864 
Earnings from discontinued operations, net
30,119 35,235 65,354 21,882 25,229 27,770 38,083 112,964 
Net earnings
$632,221 $281,822 $914,043 $228,574 $242,239 $289,753 $296,262 $1,056,828 
Basic earnings per share:
Earnings from continuing operations$4.33 $1.79 $6.14 $1.48 $1.55 $1.87 $1.85 $6.75 
Earnings from discontinued operations, net
$0.22 $0.26 $0.47 $0.16 $0.18 $0.20 $0.27 $0.81 
Net earnings$4.55 $2.05 $6.61 $1.64 $1.73 $2.07 $2.12 $7.56 
Weighted average shares outstanding139,051 137,443 138,247139,757139,862139,878139,893139,848
Diluted earnings per common share:
Earnings from continuing operations$4.30 $1.78 $6.10 $1.47 $1.54 $1.86 $1.84 $6.71 
Earnings from discontinued operations, net
$0.22 $0.25 $0.47 $0.16 $0.18 $0.20 $0.27 $0.80 
Net earnings
$4.52 $2.04 $6.57 $1.63 $1.72 $2.06 $2.11 $7.52 
Weighted average shares outstanding139,869138,404139,136140,616140,578140,615140,586140,599
Dividends paid per common share$0.51 $0.51 $1.02 $0.505 $0.505 $0.51 $0.51 $2.03 
* Per share data may be impacted by rounding.
IS - 1


DOVER CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)(in thousands, except per share data*)

FY 2022FY 2021
Revenue$7,844,174 $7,361,273 
Cost of goods and services4,939,221 4,522,425 
Gross profit2,904,953 2,838,848 
Selling, general and administrative expenses1,625,312 1,632,926 
Operating earnings1,279,641 1,205,922 
Interest expense116,456 106,316 
Interest income(4,429)(4,439)
Gain on dispositions
— (206,338)
Other income, net(22,589)(14,839)
Earnings before provision for income taxes1,190,203 1,325,222 
Provision for income taxes200,291 259,902 
Earnings from continuing operations
989,912 1,065,320 
Earnings from discontinued operations, net
75,464 58,498 
Net earnings
$1,065,376 $1,123,818 
Basic earnings per share:
Earnings from continuing operations$6.94 $7.40 
Earnings from discontinued operations, net
$0.53 $0.41 
Net earnings$7.47 $7.81 
Weighted average shares outstanding142,681143,923
Diluted earnings per common share:
Earnings from continuing operations$6.89 $7.33 
Earnings from discontinued operations, net
$0.53 $0.40 
Net earnings
$7.42 $7.74 
Weighted average shares outstanding143,595145,273
Dividends paid per common share$2.01 $1.99 
* Per share data may be impacted by rounding.

IS - 2

DOVER CORPORATION
SEGMENT INFORMATION
(unaudited)(in thousands)
20242023
Q1Q2Q2 YTDQ1Q2Q3Q4FY 2023
REVENUE
Engineered Products$332,820 $285,297 $618,117 $325,955 $287,408 $309,431 $328,131 $1,250,925 
Clean Energy & Fueling445,053 463,014 908,067 430,729 441,166 466,959 449,423 1,788,277 
Imaging & Identification276,806 287,593 564,399 283,091 271,932 276,179 285,530 1,116,732 
Pumps & Process Solutions465,729 477,239 942,968 413,881 465,626 431,373 444,811 1,755,691 
Climate & Sustainability Technologies364,292 436,706 800,998 455,325 449,001 475,911 398,345 1,778,582 
Intersegment eliminations(981)(1,067)(2,048)(1,552)(1,326)(1,425)(1,428)(5,731)
Total consolidated revenue$1,883,719 $1,948,782 $3,832,501 $1,907,429 $1,913,807 $1,958,428 $1,904,812 $7,684,476 
EARNINGS FROM CONTINUING OPERATIONS
Segment Earnings:
Engineered Products $62,532 $52,095 $114,627 $54,064 $38,872 $63,525 $67,590 $224,051 
Clean Energy & Fueling
69,675 87,536 157,211 73,605 83,616 92,483 78,900 328,604 
Imaging & Identification69,959 75,786 145,745 68,315 61,336 70,316 72,545 272,512 
Pumps & Process Solutions 118,737 137,217 255,954 115,244 129,337 117,907 121,917 484,405 
Climate & Sustainability Technologies
50,759 79,127 129,886 73,778 76,074 84,060 71,468 305,380 
Total segment earnings371,662 431,761 803,423 385,006 389,235 428,291 412,420 1,614,952 
Purchase accounting
expenses 1
44,187 44,332 88,519 40,603 38,644 38,956 40,379 158,582 
Restructuring and other costs 2
23,971 11,590 35,561 14,053 18,143 11,581 19,150 62,927 
Disposition costs 3
— — — — — — 1,302 1,302 
(Gain) loss on disposition 4
(529,943)663 (529,280)— — — — — 
Corporate expense / other 5
42,159 39,526 81,685 40,301 34,138 30,937 45,957 151,333 
Interest expense36,365 32,374 68,739 34,214 33,803 32,390 30,897 131,304 
Interest income(4,756)(4,081)(8,837)(2,091)(2,653)(3,808)(4,944)(13,496)
Earnings before provision for income taxes759,679 307,357 1,067,036 257,926 267,160 318,235 279,679 1,123,000 
Provision for income taxes 6
157,577 60,770 218,347 51,234 50,150 56,252 21,500 179,136 
Earnings from continuing operations$602,102 $246,587 $848,689 $206,692 $217,010 $261,983 $258,179 $943,864 
SEGMENT EARNINGS MARGIN
Engineered Products18.8 %18.3 %18.5 %16.6 %13.5 %20.5 %20.6 %17.9 %
Clean Energy & Fueling
15.7 %18.9 %17.3 %17.1 %19.0 %19.8 %17.6 %18.4 %
Imaging & Identification25.3 %26.4 %25.8 %24.1 %22.6 %25.5 %25.4 %24.4 %
Pumps & Process Solutions 25.5 %28.8 %27.1 %27.8 %27.8 %27.3 %27.4 %27.6 %
Climate & Sustainability Technologies
13.9 %18.1 %16.2 %16.2 %16.9 %17.7 %17.9 %17.2 %
Total segment earnings margin19.7 %22.2 %21.0 %20.2 %20.3 %21.9 %21.7 %21.0 %
1 Purchase accounting expenses are primarily comprised of amortization of acquired 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 Q4 and FY 2023 disposition costs relate to the sale of De-Sta-Co in our Engineered Products segment.
4 (Gain) loss on disposition including working capital adjustments due to the sale of De-Sta-Co in our Engineered Products segment.
5 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 overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters.
6 Q4 and FY 2023 include the net income tax benefit of internal reorganizations executed in 2023.

IS - 3

DOVER CORPORATION
SEGMENT INFORMATION
(unaudited)(in thousands)
FY 2022 FY 2021
REVENUE
Engineered Products$1,379,512 $1,234,695 
Clean Energy & Fueling1,878,507 1,648,153 
Imaging & Identification1,123,815 1,163,367 
Pumps & Process Solutions1,728,235 1,708,634 
Climate & Sustainability Technologies1,737,724 1,608,175 
Intersegment eliminations(3,619)(1,751)
Total consolidated revenue$7,844,174 $7,361,273 
EARNINGS FROM CONTINUING OPERATIONS
Segment Earnings:
Engineered Products $240,496 $196,512 
Clean Energy & Fueling
352,993 327,186 
Imaging & Identification268,084 266,932 
Pumps & Process Solutions 533,018 575,593 
Climate & Sustainability Technologies
254,484 185,517 
Total segment earnings1,649,075 1,551,740 
Purchase accounting expenses 1
174,397 137,535 
Restructuring and other costs 2
36,209 37,242 
Loss (gain) on dispositions 3
194 (206,338)
Corporate expense / other 4, 5
136,045 156,202 
Interest expense116,456 106,316 
Interest income(4,429)(4,439)
Earnings before provision for income taxes1,190,203 1,325,222 
Provision for income taxes
200,291 259,902 
Earnings from continuing operations$989,912 $1,065,320 
SEGMENT EARNINGS MARGIN
Engineered Products17.4 %15.9 %
Clean Energy & Fueling
18.8 %19.9 %
Imaging & Identification23.9 %22.9 %
Pumps & Process Solutions 30.8 %33.7 %
Climate & Sustainability Technologies
14.6 %11.5 %
Total segment earnings margin21.0 %21.1 %
1 Purchase accounting expenses are primarily comprised of amortization of acquired intangible assets and charges related to fair value step-ups for acquired inventory sold during the period.
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 Loss (gain) on dispositions including working capital adjustments related to the sale of Unified Brands in our Climate & Sustainability Technology segment and Race Winning Brands equity method investment in our Engineered Products segment.
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 overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters.
5 FY 2022 includes a $6.3 million settlement charge related to our U.S qualified defined benefit plan.

IS - 4

DOVER CORPORATION
ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP)
(unaudited)(in thousands, except per share data*)

Non-GAAP Reconciliations
20242023
Q1Q2Q2 YTDQ1Q2Q3Q4FY 2023
Adjusted earnings from continuing operations:
Earnings from continuing operations
$602,102 $246,587 $848,689 $206,692 $217,010 $261,983 $258,179 $943,864 
Purchase accounting expenses, pre-tax 1
44,187 44,332 88,519 40,603 38,644 38,956 40,379 158,582 
Purchase accounting expenses, tax impact 2
(9,711)(9,760)(19,471)(9,140)(8,671)(8,670)(8,847)(35,328)
Restructuring and other costs, pre-tax 3
23,971 11,590 35,561 14,053 18,143 11,581 19,150 62,927 
Restructuring and other costs, tax impact 2
(4,734)(2,479)(7,213)(2,990)(3,665)(2,401)(3,970)(13,026)
Disposition costs, pre-tax 4
— — — — — — 1,302 1,302 
Disposition costs, tax impact 2
— — — — — — (270)(270)
(Gain) loss on disposition, pre-tax 5
(529,943)663 (529,280)— — — — — 
(Gain) loss on disposition, tax-impact 2
114,973 (144)114,829 — — — — — 
Adjusted earnings from continuing operations
$240,845 $290,789 $531,634 $249,218 $261,461 $301,449 $305,923 $1,118,051 
Adjusted diluted earnings per share from continuing operations:
Diluted earnings from continuing operations per share
$4.30 $1.78 $6.10 $1.47 $1.54 $1.86 $1.84 $6.71 
Purchase accounting expenses, pre-tax 1
0.32 0.32 0.64 0.29 0.27 0.28 0.29 1.13 
Purchase accounting expenses, tax impact 2
(0.07)(0.07)(0.14)(0.06)(0.06)(0.06)(0.06)(0.25)
Restructuring and other costs, pre-tax 3
0.17 0.08 0.26 0.10 0.13 0.08 0.14 0.45 
Restructuring and other costs, tax impact 2
(0.03)(0.02)(0.05)(0.02)(0.03)(0.02)(0.03)(0.09)
Disposition costs, pre-tax 4
— — — — — — 0.01 0.01 
Disposition costs, tax impact 2
— — — — — — — — 
(Gain) loss on disposition, pre-tax 5
(3.79)— (3.80)— — — — — 
(Gain) loss on disposition, tax-impact 2
0.82 — 0.83 — — — — — 
Adjusted diluted earnings per share from continuing operations
$1.72 $2.10 $3.82 $1.77 $1.86 $2.14 $2.18 $7.95 
1 Purchase accounting expenses are primarily comprised of amortization of acquired 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 and Q2 YTD 2024 include $3.4 million and Q3 and FY 2023 include $3.3 million of non-cash asset impairment charges for our Climate & Sustainability Technologies segment.
4 Q4 and FY 2023 disposition costs relate to the sale of De-Sta-Co in our Engineered Products segment.
5 (Gain) loss on disposition due to the sale of De-Sta-Co in our Engineered Products segment, including a $0.7 million post-closing adjustment recorded in Q2 2024.
* Per share data and totals may be impacted by rounding.

IS - 5


DOVER CORPORATION
ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP)
(unaudited)(in thousands, except per share data*)

Non-GAAP Reconciliations
FY 2022FY 2021
Adjusted earnings from continuing operations:
Earnings from continuing operations
$989,912 $1,065,320 
Purchase accounting expenses, pre-tax 1
174,397 137,535 
Purchase accounting expenses, tax impact 2
(40,151)(33,695)
Restructuring and other costs, pre-tax 3
36,209 37,242 
Restructuring and other costs, tax impact 2
(7,639)(7,055)
Loss (gain) on dispositions, pre-tax 4
194 (206,338)
Loss (gain) on dispositions, tax-impact 2
(27)53,218 
Tax Cuts and Jobs Act 5
(22,579)— 
Adjusted earnings from continuing operations
$1,130,316 $1,046,227 
Adjusted diluted earnings per share from continuing operations:
Diluted earnings from continuing operations per share
$6.89 $7.33 
Purchase accounting expenses, pre-tax 1
1.21 0.95 
Purchase accounting expenses, tax impact 2
(0.28)(0.23)
Restructuring and other costs, pre-tax 3
0.25 0.26 
Restructuring and other costs, tax impact 2
(0.05)(0.05)
Loss (gain) on dispositions, pre-tax 4
— (1.42)
Loss (gain) on dispositions, tax-impact 2
— 0.37 
Tax Cuts and Jobs Act 5
(0.16)— 
Adjusted diluted earnings per share from continuing operations
$7.87 $7.20 
1 Purchase accounting expenses are primarily comprised of amortization of intangible assets and charges related to fair value step-ups for acquired inventory sold during the period. FY 2022 includes $20.0 million of amortization of inventory step-up primarily related to the Q4 2021 acquisitions within our Clean Energy & Fueling segment.
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 exists, and other asset charges. FY 2022 includes $5.5 million of non-cash foreign currency translation losses reclassified to earnings included within restructuring and other costs and $2.1 million related to write-off of assets due to an exit from certain Latin America countries for our Climate & Sustainability Technologies segment. FY 2021 includes a $12.1 million other than temporary impairment charge related to an equity method investment and a $6.1 million write-off of assets incurred in connection with an exit from certain Latin America countries both for our Climate & Sustainability Technologies segment. FY 2021 also includes a $9.1 million payment received for previously incurred restructuring costs related to a product line exit in our Engineered Products segment.
4 FY 2021 represents gain on dispositions of $181.6 million and $24.7 million due to the sales of Unified Brands in our Climate & Sustainability Technologies segment and Race Winning Brands equity method investment in our Engineered Products segment, respectively. FY 2022 represents working capital adjustments related these dispositions.
5 FY 2022 represents a reduction to income taxes previously recorded related to the Tax Cuts and Jobs Act.
* Per share data and totals may be impacted by rounding.

IS - 6

DOVER CORPORATION
ADJUSTED SEGMENT EBITDA (NON-GAAP)
(unaudited)(in thousands)
Non-GAAP Reconciliations
20242023
Q1Q2Q2 YTDQ1Q2Q3Q4FY 2023
ADJUSTED SEGMENT EBITDA
Engineered Products:
Segment earnings$62,532 $52,095 $114,627 $54,064 $38,872 $63,525 $67,590 $224,051 
Other depreciation and amortization 1
4,785 4,778 9,563 5,671 5,778 5,736 4,827 22,012 
Adjusted segment EBITDA 2
67,317 56,873 124,190 59,735 44,650 69,261 72,417 246,063 
Adjusted segment EBITDA margin 2
20.2 %19.9 %20.1 %18.3 %15.5 %22.4 %22.1 %19.7 %
Clean Energy & Fueling:
Segment earnings$69,675 $87,536 $157,211 $73,605 $83,616 $92,483 $78,900 $328,604 
Other depreciation and amortization 1
7,921 7,627 15,548 7,046 7,541 7,686 7,844 30,117 
Adjusted segment EBITDA 2
77,596 95,163 172,759 80,651 91,157 100,169 86,744 358,721 
Adjusted segment EBITDA margin 2
17.4 %20.6 %19.0 %18.7 %20.7 %21.5 %19.3 %20.1 %
Imaging & Identification:
Segment earnings$69,959 $75,786 $145,745 $68,315 $61,336 $70,316 $72,545 $272,512 
Other depreciation and amortization 1
3,733 3,271 7,004 3,394 3,745 3,972 4,182 15,293 
Adjusted segment EBITDA 2
73,692 79,057 152,749 71,709 65,081 74,288 76,727 287,805 
Adjusted segment EBITDA margin 2
26.6 %27.5 %27.1 %25.3 %23.9 %26.9 %26.9 %25.8 %
Pumps & Process Solutions:
Segment earnings$118,737 $137,217 $255,954 $115,244 $129,337 $117,907 $121,917 $484,405 
Other depreciation and amortization 1
12,139 12,637 24,776 10,939 11,609 12,052 11,744 46,344 
Adjusted segment EBITDA 2
130,876 149,854 280,730 126,183 140,946 129,959 133,661 530,749 
Adjusted segment EBITDA margin 2
28.1 %31.4 %29.8 %30.5 %30.3 %30.1 %30.0 %30.2 %
Climate & Sustainability Technologies:
Segment earnings$50,759 $79,127 $129,886 $73,778 $76,074 $84,060 $71,468 $305,380 
Other depreciation and amortization 1
7,275 7,220 14,495 6,624 6,895 6,954 7,084 27,557 
Adjusted segment EBITDA 2
58,034 86,347 144,381 80,402 82,969 91,014 78,552 332,937 
Adjusted segment EBITDA margin 2
15.9 %19.8 %18.0 %17.7 %18.5 %19.1 %19.7 %18.7 %
Total Segments:
Total segment earnings 2, 3
$371,662 $431,761 $803,423 $385,006 $389,235 $428,291 $412,420 $1,614,952 
Other depreciation and amortization 1
35,853 35,533 71,386 33,674 35,568 36,400 35,681 141,323 
Total Adjusted segment EBITDA 2
407,515 467,294 874,809 418,680 424,803 464,691 448,101 1,756,275 
Total Adjusted segment EBITDA margin 2
21.6 %24.0 %22.8 %21.9 %22.2 %23.7 %23.5 %22.9 %
1 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.
2 Refer to Non-GAAP Disclosures section for definition.
3 Refer to Quarterly Segment Information section for reconciliation of total segment earnings to earnings from continuing operations.
IS - 7

DOVER CORPORATION
ADJUSTED SEGMENT EBITDA (NON-GAAP)
(unaudited)(in thousands)
Non-GAAP Reconciliations
FY 2022
FY 2021
ADJUSTED SEGMENT EBITDA
Engineered Products:
Segment earnings$240,496 $196,512 
Other depreciation and amortization 1
22,571 22,712 
Adjusted segment EBITDA 2
263,067 219,224 
Adjusted segment EBITDA margin 2
19.1 %17.8 %
Clean Energy & Fueling:
Segment earnings 4
$352,993 $327,186 
Other depreciation and amortization 1
28,815 25,842 
Adjusted segment EBITDA 2
381,808 353,028 
Adjusted segment EBITDA margin 2
20.3 %21.4 %
Imaging & Identification:
Segment earnings$268,084 $266,932 
Other depreciation and amortization 1
14,185 14,189 
Adjusted segment EBITDA 2
282,269 281,121 
Adjusted segment EBITDA margin 2
25.1 %24.2 %
Pumps & Process Solutions:
Segment earnings$533,018 $575,593 
Other depreciation and amortization 1
40,839 39,272 
Adjusted segment EBITDA 2
573,857 614,865 
Adjusted segment EBITDA margin 2
33.2 %36.0 %
Climate & Sustainability Technologies:
Segment earnings
$254,484 $185,517 
Other depreciation and amortization 1
26,204 26,987 
Adjusted segment EBITDA 2
280,688 212,504 
Adjusted segment EBITDA margin 2
16.2 %13.2 %
Total Segments:
Total segment earnings 2, 3, 4
$1,649,075 $1,551,740 
Other depreciation and amortization 1
132,614 129,002 
Total Adjusted segment EBITDA 2
1,781,689 1,680,742 
Total Adjusted segment EBITDA margin 2
22.7 %22.8 %
1 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.
2 Refer to Non-GAAP Disclosures section for definition.
3 Refer to Quarterly Segment Information section for reconciliation of total segment earnings to earnings from continuing operations.
4 FY 2022 excludes $19.0 million of amortization of inventory step-up related to the Q4 2021 acquisitions within our Clean Energy & Fueling segment.
IS - 8

DOVER CORPORATION
EARNINGS FROM CONTINUING OPERATIONS TO ADJUSTED SEGMENT EBITDA RECONCILIATION (NON-GAAP)
(unaudited)(in thousands)
Non-GAAP Reconciliations
20242023
Q1Q2Q2 YTDQ1Q2Q3Q4FY 2023
Earnings from continuing operations$602,102 $246,587 $848,689 $206,692 $217,010 $261,983 $258,179 $943,864 
Provision for income taxes 1
157,577 60,770 218,347 51,234 50,150 56,252 21,500 179,136 
Earnings before provision for income taxes759,679 307,357 1,067,036 257,926 267,160 318,235 279,679 1,123,000 
Interest income(4,756)(4,081)(8,837)(2,091)(2,653)(3,808)(4,944)(13,496)
Interest expense36,365 32,374 68,739 34,214 33,803 32,390 30,897 131,304 
Corporate expense / other 2
42,159 39,526 81,685 40,301 34,138 30,937 45,957 151,333 
Disposition costs 3
— — — — — — 1,302 1,302 
(Gain) loss on disposition 4
(529,943)663 (529,280)— — — — — 
Restructuring and other costs 5
23,971 11,590 35,561 14,053 18,143 11,581 19,150 62,927 
Purchase accounting expenses 6
44,187 44,332 88,519 40,603 38,644 38,956 40,379 158,582 
Total segment earnings 7
371,662 431,761 803,423 385,006 389,235 428,291 412,420 1,614,952 
Add: Other depreciation and amortization 8
35,853 35,533 71,386 33,674 35,568 36,400 35,681 141,323 
Total adjusted segment EBITDA 7
$407,515 $467,294 $874,809 $418,680 $424,803 $464,691 $448,101 $1,756,275 
1 Q4 and FY 2023 include the net income tax benefit of internal reorganizations executed in 2023.
2 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 overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters.
3 Q4 and FY 2023 disposition costs relate to the sale of De-Sta-Co in our Engineered Products segment.
4 (Gain) loss on disposition due to the sale of De-Sta-Co in the Engineered Products segment.
5 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.
6 Purchase accounting expenses are primarily comprised of amortization of acquired intangible assets.
7 Refer to Non-GAAP Disclosures section for definition.
8 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.

IS - 9

DOVER CORPORATION
EARNINGS FROM CONTINUING OPERATIONS TO ADJUSTED SEGMENT EBITDA RECONCILIATION (NON-GAAP)
(unaudited)(in thousands)
Non-GAAP Reconciliations
FY 2022
FY 2021
Earnings from continuing operations$989,912 $1,065,320 
Provision for income taxes
200,291 259,902 
Earnings before provision for income taxes1,190,203 1,325,222 
Interest income(4,429)(4,439)
Interest expense116,456 106,316 
Corporate expense / other 1,2
136,045 156,202 
Loss (gain) on dispositions 3
194 (206,338)
Restructuring and other costs 4
36,209 37,242 
Purchase accounting expenses 5
174,397 137,535 
Total segment earnings 6
1,649,075 1,551,740 
Add: Other depreciation and amortization 7
132,614 129,002 
Total adjusted segment EBITDA 6
$1,781,689 $1,680,742 
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 overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters.
2 FY 22 includes a $6.3 million settlement charge related to our U.S. qualified benefit plan.
3 Loss (gain) on dispositions including working capital adjustments related to the sale of Unified Brands in our Climate & Sustainability Technology segment and Race Winning Brands equity method investment in our Engineered Products segment.
4 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.
5 Purchase accounting expenses are primarily comprised of amortization of acquired intangible assets and charges related to fair value step-ups for acquired inventory sold during the period.
6 Refer to Non-GAAP Disclosures section for definition.
7 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.

IS - 10

DOVER CORPORATION
REVENUE GROWTH FACTORS RECONCILIATIONS (NON-GAAP)
(unaudited)(in thousands, except per share data*)

Non-GAAP Reconciliations

Revenue Growth Factors
20242023
Q1Q2Q2 YTDQ1Q2Q3Q4FY 2023
Organic
Engineered Products2.1 %18.3 %9.7 %(0.7)%(16.6)%(12.0)%(7.7)%(9.3)%
Clean Energy & Fueling
1.4 %2.3 %1.9 %(2.6)%(9.3)%(0.2)%(3.5)%(4.0)%
Imaging & Identification(1.6)%6.9 %2.6 %8.2 %0.3 %(3.6)%(3.5)%0.2 %
Pumps & Process Solutions4.5 %(3.1)%0.5 %(7.1)%0.9 %(7.3)%0.5 %(3.3)%
Climate & Sustainability Technologies
(20.3)%(2.3)%(11.4)%16.2 %4.0 %1.8 %(10.9)%2.4 %
Total Organic(3.4)%3.0 %(0.2)%2.2 %(4.1)%(3.9)%(5.2)%(2.8)%
Acquisitions2.2 %2.3 %2.3 %1.0 %1.0 %1.0 %1.0 %1.0 %
Dispositions— %(2.8)%(1.4)%— %— %— %— %— %
Currency translation— %(0.7)%(0.4)%(2.8)%(0.7)%1.3 %1.1 %(0.2)%
Total*(1.2)%1.8 %0.3 %0.4 %(3.8)%(1.6)%(3.1)%(2.0)%
* Totals may be impacted by rounding.
20242023
Q1Q2Q2 YTDQ1Q2Q3Q4FY 2023
Organic
United States(2.3)%9.1 %3.3 %1.0 %(11.5)%(10.8)%(0.5)%(5.7)%
Other Americas(6.1)%18.2 %5.9 %18.4 %13.7 %13.9 %(23.4)%3.7 %
Europe(0.5)%(3.8)%(2.2)%(0.3)%(0.9)%(5.2)%(16.1)%(5.7)%
Asia (4.8)%(8.6)%(6.8)%(4.0)%2.0 %(3.4)%4.8 %(0.2)%
Other(21.6)%(28.0)%(24.9)%20.6 %32.8 %72.7 %26.7 %38.4 %
Total Organic(3.4)%3.0 %(0.2)%2.2 %(4.1)%(3.9)%(5.2)%(2.8)%
Acquisitions2.2 %2.3 %2.3 %1.0 %1.0 %1.0 %1.0 %1.0 %
Dispositions— %(2.8)%(1.4)%— %— %— %— %— %
Currency translation— %(0.7)%(0.4)%(2.8)%(0.7)%1.3 %1.1 %(0.2)%
Total*(1.2)%1.8 %0.3 %0.4 %(3.8)%(1.6)%(3.1)%(2.0)%
* Totals may be impacted by rounding.

IS - 11

DOVER CORPORATION
REVENUE GROWTH FACTORS RECONCILIATIONS (NON-GAAP)
(unaudited)(in thousands, except per share data*)

Non-GAAP Reconciliations

Revenue Growth Factors
FY 2022
FY 2021
Organic
Engineered Products14.7 %20.8 %
Clean Energy & Fueling
(0.3)%5.8 %
Imaging & Identification2.9 %8.0 %
Pumps & Process Solutions4.1 %26.6 %
Climate & Sustainability Technologies
18.5 %22.0 %
Total Organic7.8 %16.5 %
Acquisitions4.6 %1.3 %
Dispositions(1.6)%(0.2)%
Currency translation(4.2)%2.1 %
Total*6.6 %19.7 %
* Totals may be impacted by rounding.
FY 2022FY 2021
Organic
United States7.6 %17.7 %
Other Americas7.7 %12.9 %
Europe11.7 %15.5 %
Asia 7.1 %18.0 %
Other(11.0)%11.6 %
Total Organic7.8 %16.5 %
Acquisitions4.6 %1.3 %
Dispositions(1.6)%(0.2)%
Currency translation(4.2)%2.1 %
Total*6.6 %19.7 %
* Totals may be impacted by rounding.


IS - 12

DOVER CORPORATION
PERFORMANCE MEASURES
(unaudited)(in thousands)
20242023
Q1Q2Q2 YTDQ1Q2Q3Q4FY 2023
BOOKINGS
Engineered Products$329,925 $280,542 $610,467 $329,005 $297,662 $330,566 $312,416 $1,269,649 
Clean Energy & Fueling
471,610 442,086 913,696 454,526 440,137 449,663 401,195 1,745,521 
Imaging & Identification278,433 288,641 567,074 290,712 262,092 271,113 297,312 1,121,229 
Pumps & Process Solutions473,632 461,426 935,058 464,297 394,317 363,111 455,390 1,677,115 
Climate & Sustainability Technologies
453,086 406,269 859,355 371,643 310,911 340,474 325,625 1,348,653 
Intersegment eliminations(791)(1,591)(2,382)(1,530)(1,913)(848)(2,100)(6,391)
Total consolidated bookings$2,005,895 $1,877,373 $3,883,268 $1,908,653 $1,703,206 $1,754,079 $1,789,838 $7,155,776 

20242023
Q1Q2Q2 YTDQ1Q2Q3Q4FY 2023
BOOKINGS GROWTH FACTORS
Organic
Engineered Products0.2 %11.4 %5.5 %(5.8)%(9.2)%3.0 %(2.3)%(3.7)%
Clean Energy & Fueling
1.6 %(1.6)%— %(6.1)%(8.4)%3.5 %(0.1)%(3.1)%
Imaging & Identification(3.4)%11.1 %3.5 %(1.8)%(8.5)%(5.4)%7.7 %(2.1)%
Pumps & Process Solutions(4.6)%10.5 %2.3 %(1.2)%(19.4)%(15.6)%22.6 %(4.7)%
Climate & Sustainability Technologies
22.3 %31.6 %26.6 %(11.6)%(31.5)%(16.8)%(14.8)%(19.1)%
Total Organic3.2 %11.5 %7.1 %(5.4)%(16.3)%(6.7)%2.2 %(6.9)%
Acquisitions2.1 %2.4 %2.2 %1.1 %0.7 %0.3 %0.4 %0.7 %
Dispositions— %(3.0)%(1.4)%— %— %— %— %— %
Currency translation(0.2)%(0.7)%(0.4)%(2.9)%(0.8)%1.3 %1.1 %(0.5)%
Total*5.1 %10.2 %7.5 %(7.2)%(16.4)%(5.1)%3.7 %(6.7)%
* Totals may be impacted by rounding.

IS - 13

DOVER CORPORATION
PERFORMANCE MEASURES
(unaudited)(in thousands)
FY 2022FY 2021
BOOKINGS
Engineered Products$1,320,288 $1,398,444 
Clean Energy & Fueling
1,821,025 1,742,479 
Imaging & Identification1,154,199 1,190,404 
Pumps & Process Solutions1,709,204 2,023,061 
Climate & Sustainability Technologies
1,669,916 2,317,000 
Intersegment eliminations(5,173)(1,477)
Total consolidated bookings$7,669,459 $8,669,911 

FY 2022FY 2021
BOOKINGS GROWTH FACTORS
Organic
Engineered Products(4.8)%29.1 %
Clean Energy & Fueling
(8.8)%11.2 %
Imaging & Identification2.6 %7.7 %
Pumps & Process Solutions(12.8)%48.2 %
Climate & Sustainability Technologies
(19.3)%53.3 %
Total Organic(10.3)%31.1 %
Acquisitions3.8 %1.6 %
Dispositions(1.6)%(0.3)%
Currency translation(3.4)%2.3 %
Total*(11.5)%34.7 %
* Totals may be impacted by rounding.

IS - 14

DOVER CORPORATION
QUARTERLY CASH FLOW AND FREE CASH FLOW (NON-GAAP)
(unaudited)(in thousands)

Quarterly Cash Flow
20242023
2022
Q1Q2Q2 YTDQ1Q2Q3Q4FY 2023
FY 2022
Net Cash Flows Provided By (Used In):
Operating activities$146,456 $149,181 $295,637 $220,240 $168,947 $331,795 $498,564 $1,219,546 $746,754 
Investing activities432,416 33,215 465,631 (41,952)(40,591)(48,529)(586,643)(717,715)(520,844)
Financing activities(80,782)(830,657)(911,439)(306,565)(137,924)(312,716)189,149 (568,056)(260,265)

Quarterly Free Cash Flow (Non-GAAP)
202420232022
Q1Q2Q2 YTDQ1Q2Q3Q4FY 2023FY 2022
Cash flow from operating activities 1
$146,456 $149,181 $295,637 $220,240 $168,947 $331,795 $498,564 $1,219,546 $746,754 
Less: Capital expenditures(40,050)(35,822)(75,872)(46,771)(38,183)(41,177)(57,275)(183,406)(211,082)
Free cash flow $106,406 $113,359 $219,765 $173,469 $130,764 $290,618 $441,289 $1,036,140 $535,672 
Cash flow from operating activities as a percentage of revenue7.8 %7.7 %7.7 %11.5 %8.8 %16.9 %26.2 %15.9 %9.5 %
Cash flow from operating activities as a percentage of adjusted earnings from continuing operations
60.8 %51.3 %55.6 %88.4 %64.6 %110.1 %163.0 %109.1 %66.1 %
Free cash flow as a percentage of revenue5.6 %5.8 %5.7 %9.1 %6.8 %14.8 %23.2 %13.5 %6.8 %
Free cash flow as a percentage of adjusted earnings from continuing operations
44.2 %39.0 %41.3 %69.6 %50.0 %96.4 %144.2 %92.7 %47.4 %
1 Q2 and Q2 YTD 2024 include income tax payments of $56 million related to the gain on the disposition of De-Sta-Co. The remainder of the tax payments on the De-Sta-Co gain will be paid in quarterly installments throughout 2024. FY 2022 includes income tax payments of $43.5 million related to the gain on the disposition of Unified Brands and $13.4 million related to an internal reorganization.

IS - 15

Non-GAAP Measures Definitions

In an effort to provide investors with additional information regarding our results as determined by GAAP, management also discloses non-GAAP information that management believes provides useful information to investors. Adjusted earnings from continuing operations, adjusted diluted earnings per share from continuing operations, total segment earnings, total segment earnings margin, adjusted segment EBITDA, adjusted segment EBITDA margin, free cash flow, free cash flow as a percentage of revenue, free cash flow as a percentage of adjusted earnings from continuing operations, and organic revenue growth are not financial measures under GAAP and should not be considered as a substitute for earnings from continuing operations, diluted earnings from continuing operations per share, cash flows from operating activities, or revenue as determined in accordance with GAAP, and they may not be comparable to similarly titled measures reported by other companies. 

The items described in our definitions herein, unless otherwise noted, relate solely to our continuing operations.

Adjusted earnings from continuing operations represents earnings from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits, Tax Cuts and Jobs Act, disposition costs 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 represent diluted earnings from continuing operations per share adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits, Tax Cuts and Jobs Act, disposition costs and gain/loss on dispositions.

Total segment earnings is defined as the sum of earnings before purchase accounting expenses, restructuring and other costs/benefits, disposition costs, 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.


IS - 16

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.

Organic bookings represent bookings excluding the impact of foreign currency exchange rates and the impact of acquisitions and dispositions. This metric is an important measure of performance and an indicator of revenue order trends.

We use the above operational metrics in monitoring the performance of the business. We believe the operational metrics are useful to investors and other users of our financial information in assessing the performance of our segments.
IS - 17
v3.24.3
Cover
Oct. 10, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Oct. 10, 2024
Entity Registrant Name DOVER Corp
Entity File Number 1-4018
Entity Tax Identification Number 53-0257888
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 3005 Highland Parkway
Entity Address, City or Town Downers Grove,
Entity Address, State or Province IL
Entity Address, Postal Zip Code 60515
City Area Code (630)
Local Phone Number 541-1540
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000029905
Amendment Flag false
0.750 Notes Due 2027 [Member]  
Entity Information [Line Items]  
Title of 12(b) Security 0.750% Notes due 2027
Trading Symbol DOV 27
Security Exchange Name NYSE
1.250 Notes Due 2026 [Member]  
Entity Information [Line Items]  
Title of 12(b) Security 1.250% Notes due 2026
Trading Symbol DOV 26
Security Exchange Name NYSE
Common Stock [Member]  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock
Trading Symbol DOV
Security Exchange Name NYSE
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