Dover Clocks 12% Revenue Growth In Q4; Tops Consensus

Dover Corp DOV reported fourth-quarter FY21 revenue growth of 12% year-over-year to $1.99 billion and +11% on an organic basis, beating the consensus of $1.92 billion.
Adjusted EPS improved to $1.78 from $1.55 in 4Q20, beating the consensus of $1.67.
The gross margin contracted by 33 bps to 36.3%. The total segment margin improved to 26.8% from 16.2% in 4Q20.
The operating income increased by 15% Y/Y to $282.8 million, and the margin expanded by 40 bps to 14.2%.
Sales by segments: Engineered Products $462.81 million (+17.4% Y/Y); Clean Energy & Fueling $410.87 million (+0.4% Y/Y); Imaging & Identification $292.43 million (+1.6% Y/Y); Pumps & Process Solutions $447.32 million (+28.7% Y/Y); and Climate & Sustainability Technologies $376.17 million (+9.9% Y/Y).
SG&A expenses increased by 8.2% Y/Y to $438.68 million, and as a percentage of revenue, was 22.1% versus 22.8% last year.
Dover generated cash from operating activities for FY21 of $1.12 billion, compared to $1.1 billion a year ago. Free cash flow was $944.4 million.
Adjusted EBITDA segment increased by 13.2% Y/Y to $421.71 million, and margin expanded by 30 bps to 21.2%.
At the end of the quarter, the company's backlog was $3.24 billion, up 84.5% Y/Y. Booking totaled $2.38 billion (+22.9% Y/Y).
FY22 Guidance: Dover expects adjusted EPS of $8.45 - $8.65 vs. consensus of $8.46; and revenue growth of 8% - 10% and 7% - 9% on an organic basis.
The company expects operational challenges in supply chain and labor availability to continue into early 2022.
Price Action: DOV shares traded higher by 0.64% at $171.01 on the last check Thursday.

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