Dover Beats Earnings & Revenue Estimates in Q3, Lowers '24 View

Dover Corporation DOV has reported third-quarter 2024 adjusted earnings per share (EPS) from continuing operations of $2.27, beating the Zacks Consensus Estimate of $2.16. In the year-ago quarter, the company reported an adjusted EPS of $2.14 (excluding after-tax purchase accounting expenses and after-tax gain on disposition of a minority-owned equity method investment).On a reported basis, Dover has delivered an EPS (from continuing operations) of $2.26 in the quarter, up 21.5% year over year.Dover Corporation Price, Consensus and EPS Surprise  Dover Corporation price-consensus-eps-surprise-chart | Dover Corporation QuoteTotal revenues in the third quarter were $1.98 billion, up 1.3% from the year-ago quarter. The top line missed the Zacks Consensus Estimate of $1.99 billion. Organic growth was 0.3% in the quarter.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.DOV’s Margins Rose Y/Y in Q3The cost of sales rose 0.1% year over year to $1.22 billion in the reported quarter. Gross profit was up 3.4% year over year to $763 million. The gross margin was 38.5% compared with the year-ago quarter’s 37.8%.Selling, general and administrative expenses grew 6.6% to $429.6 million from the prior-year quarter. Adjusted EBITDA rose 4.3% year over year to $484 million. The adjusted EBITDA margin was 24.4% in the quarter compared with the prior-year quarter’s 23.7%.Dover’s Q3 Segmental PerformancesThe Engineered Products segment’s revenues were down 4.3% year over year to $296 million in the quarter. The reported figure fell short of our expectation of $531 million. The segment’s adjusted EBITDA decreased 11.3% year over year to $61 million. The figure missed our estimate of $125 million.The Clean Energy & Fueling segment’s revenues were $501 million compared with the prior-year quarter’s $467 million. The figure beat our estimate of $483 million. The segment’s adjusted EBITDA was $108 million, up from the prior-year quarter’s $100 million. The figure topped our estimate of $102 million.The Imaging & Identification segment’s revenues moved up 2.8% year over year to $284 million. The reported figure beat our expectation of $280 million. The segment’s adjusted EBITDA was $81 million, down from the year-ago quarter’s $74 million. The number came in line with our estimate.The Pumps & Process Solutions segment’s revenues rose 9.5% year over year to $472 million in the third quarter and surpassed our estimate of $465 million. The adjusted EBITDA of the segment totaled $151 million, up 16.2% from the year-ago quarter’s $130 million. The reported figure lagged our projection of $151 million.The Climate & Sustainability Technologies segment’s revenues fell 8.2%  to $431 million from $476 million in the year-earlier quarter. We had predicted revenues of $463 million for this segment. The segment’s adjusted EBITDA totaled $83 million compared with $91 million in third-quarter 2022. The figure was lower than our estimate of $98 million.DOV’s Bookings Rose Y/Y in Q3Dover’s bookings at the end of the third quarter were $1.85 billion compared with the prior-year quarter’s $1.75 billion. Total booking missed our estimate of $2.12 billion.Dover’s Q3 Financial PositionThe company had a free cash inflow of $315 million in the third quarter compared with the year-ago quarter’s $291 million. Cash flow from operations amounted to $353 million in the quarter under review compared with the prior-year quarter’s $332 million.DOV’s 2024 OutlookDover completed the sale of its Environmental Solutions Group ("ESG") business in early October. To exclude the impacts of the ESG business unit, which was moved to discontinued operations for reporting purposes, the company lowered its 2024 outlook. DOV has lowered the adjusted EPS view to $8.08-$8.18 for 2024 from $9.05-$9.20. The company anticipates year-over-year revenue growth of 1-3%, modified from the previously announced 3-4%.Dover’s Share Price Outperforms IndustryDOV shares have gained 49.1% in the past year compared with the industry’s growth of 23.1%. Image Source: Zacks Investment Research DOV’s Zacks RankDover currently has a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Dover’s Peer Q3 PerformanceGraco Inc. GGG reported adjusted EPS of 71 cents in third-quarter 2024, which missed the Zacks Consensus Estimate of 76 cents. The bottom fell 7% year over year.Revenues fell 3.8% year over year to $519 million. The top line missed the Zacks Consensus Estimate of $535 million.Manufacturing Stocks Awaiting ResultsFlowserve Corporation FLS is scheduled to release its third-quarter 2024 results on Oct. 28. The Zacks Consensus Estimate for FLS’s third-quarter 2024 earnings is pegged at 67 cents per share, suggesting year-over-year growth of 34%.The Zacks Consensus Estimate for the company’s top line is pegged at $1.14 billion, indicating an increase of 3.8% from the prior year’s actual. FLS has a trailing four-quarter average surprise of 18.2%.Crane Company CR, scheduled to release third-quarter 2024 results on Oct. 28, has a trailing four-quarter average surprise of 11.2%. The Zacks Consensus Estimate for CR’s third-quarter 2024 earnings is pegged at $1.31 per share, suggesting year-over-year growth of 27.8%.The Zacks Consensus Estimate for the company’s top line is pegged at $594.9 million, indicating an increase of 12.2% from the prior-year reported figure.5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Dover Corporation (DOV): Free Stock Analysis Report Flowserve Corporation (FLS): Free Stock Analysis Report Graco Inc. (GGG): Free Stock Analysis Report Crane Company (CR): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks