- Dover Corp DOV reported third-quarter revenue growth of 15.5% year-over-year to $2.018 billion and +13% on an organic basis, beating the consensus of $2.01 billion.
- Sales by segments: Engineered Products $447.98 million (+15.8% Y/Y), Fueling Solutions $410.56 million (+7.9% Y/Y), Imaging & Identification $292.54 million (+10.1% Y/Y), Pumps & Process Solutions $438.4 million (+26% Y/Y) and Refrigeration & Food Equipment $429.43 million (+16% Y/Y).
- Adjusted EPS improved to $1.98 from $1.60 in 3Q20, beating the consensus of $1.86.
- The gross margin contracted by 30 bps to 37.4%.
- The operating income increased by 23.5% Y/Y to $342.03 million, and the margin expanded by 110 bps to 16.9%.
- SG&A expenses increased by 8.1% Y/Y to $412.55 million, and as a percentage of revenue, 20.4% down by 140 bps.
- Dover generated cash from operating activities year-to-date of $788.98 million, compared to $686.92 million a year ago. Free cash flow of $667.43 million.
- Adjusted EBITDA segment increased by 17% Y/Y to $452.11 million, and margin expanded by 30 bps to 22.4%.
- The company's backlog at the end of the quarter was $2.83 billion, up 78.6% Y/Y. Booking totaled $2.29 billion (+27.2% Y/Y).
- "As we enter the final quarter of the year, we do not anticipate the challenges from the third quarter to abate, and therefore we remain focused on operational execution to deliver against robust demand in this strained operational environment," commented CEO Richard J. Tobin.
- FY21 Outlook: Dover expects EPS of $6.64 - $6.69 (prior expectations $6.45 - $6.55) and Adjusted EPS of $7.45 - $7.50 (prior $7.30 - $7.40) vs. consensus of $7.42.
- Price Action: DOV shares are trading higher by 3.12% at $172 during the premarket session on Tuesday.
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