Dover Corporation (NYSE:DOV) shares are trading lower on Thursday after the company reported third-quarter results.
Revenue stood at $1.984 billion, an increase of 1% year-over-year, missing the consensus of $2.045 billion.
Segment earnings margin expanded to 22.6% from 21.9% a year ago. Total adjusted segment EBITDA margin expanded to 24.4% from 23.7% a year ago.
Booking increased 5.6% Y/Y to $1.853 billion in the quarter. Adjusted EPS was $2.27, up 6% over the prior year, missing the consensus of $2.29.
Operating cash flow for the quarter totaled $353.2 million, and free cash flow was $315.5 million.
2024 Outlook: Dover lowered adjusted EPS from $9.05 – $9.20 to $8.08 – $8.18 (consensus of $8.84) and revised revenue growth forecast from 3% – 4% to 1% – 3%.
Full-year guidance excludes the impact of the Environmental Solutions Group business unit, which was moved to discontinued operations for reporting purposes, while the prior outlook included the unit.
Dover’s President and Chief Executive Officer, Richard J. Tobin, said, “Top line performance was broad-based across the majority of the portfolio, more than offsetting near-term headwinds in polymer processing, beverage can-making, and heat exchangers for European heat pumps. Consolidated bookings continued their positive trajectory, with robust order rates in our secular-growth-exposed markets.”
”We closed the divestiture of our Environmental Solutions Group business in early October, reducing our exposure to cyclical capital goods. We expect to end the year with substantial firepower to pursue value-creating capital deployment as we continue to expand our businesses in high growth, high margin priority platforms.”
”We have a constructive outlook for the remainder of 2024 and for next year. Underlying end market demand is very healthy across the portfolio driven by our secular growth platforms, coupled with the bottoming of our long-cycle-exposed end markets in 2024.”
Investors can gain exposure to the stock via ProShares S&P Kensho Smart Factories ETF (NYSE:MAKX) and iShares Trust iShares U.S. Manufacturing ETF (NYSE:MADE).
Price Action: DOV shares are down 1.96% at $187.93 at the last check Thursday.
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This article Dover's Q3 Earnings Miss Amid Soft Revenue Growth, Cuts 2024 Outlook originally appeared on Benzinga.com
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