NYSE$DOV
Dover Corp · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Dover's second quarter results met expectations, with strong performance in high-growth businesses offset by transient manufacturing and shipment disruptions in the vehicle services group.
Dover reported Q2 2023 revenue of $2.1 billion, a decrease of 3% (-3% organic). GAAP net earnings of $242 million decreased 16%, and GAAP diluted EPS of $1.72 was down 14%. On an adjusted basis, net earnings of $288 million decreased 7% and adjusted diluted EPS of $2.05 was down 4%.
- Outperformance in high-growth businesses was offset by transient manufacturing and shipment disruptions in the vehicle services group caused by an ERP system upgrade, reducing top line and EPS by approximately $50 million and $0.10, respectively.
- Order activity in shorter-cycle end markets remained solid amid normalizing lead times, and long-cycle and secular-growth-exposed businesses maintained strong shipment levels.
- Order backlog continued to normalize but remains elevated.
- Company expects roll forward of cost reduction actions, demand seasonality and backlog shipment timing to drive sequential and comparable operating margin improvement in the second half.
Headline financials
Revenue & EPS history
Dover · Revenue · Quarterly
$2.1B
Revenue by segment
Dover · $2.1B total across 5 segments · Q2 2023
- Engineered Products$474M-7.9%22.5%
- Pumps & Process Solutions$466M+5.6%22.2%
- Climate & Sustainability Tech$449M+3.4%21.4%
- Clean Energy & Fueling$441M-10.7%21.0%
- Imaging & Identification$272M-1.5%12.9%
Forward guidance
In 2023, Dover expects to generate GAAP EPS in the range of $7.68 to $7.83 (adjusted EPS of $8.85 to $9.00), based on full year revenue growth of 2% to 4% (all-in and organic).
Tailwinds
- Underlying demand remains good across the portfolio.
- A significant volume of business is already in the backlog.
- Flexible business model.
- Proven execution playbook.
- Revenue growth of 2% to 4%.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
+0.9%
Avg return
Earnings day
+2.2%
Avg return
5 days after
+3.7%
Avg return
30 days after
58%
41 / 71 earnings
Positive
+12.1%
Q4 2018
Best reaction
-8.1%
Q1 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +6.3% | +3.7% | -2.9% | |
| Q4 2025 | -3.4% | +2.7% | +9.5% | |
| Q3 2025 | +8.2% | +7.2% | +9.5% | |
| Q2 2025 | -1.9% | -1.7% | -5.4% | |
| Q1 2025 | +2.0% | +2.3% | +6.9% | |
| Q4 2024 | +4.1% | +2.8% | +0.7% | |
| Q3 2024 | -2.5% | +0.1% | +6.8% | |
| Q2 2024 | +5.0% | +4.6% | +4.7% | |
| Q1 2024 | +5.1% | +4.6% | +7.4% | |
| Q4 2023 | +6.0% | +7.4% | +11.7% | |
| Q3 2023 | -2.8% | -4.1% | +3.5% | |
| Q2 2023 | -3.5% | -4.2% | -7.1% | |
| Q1 2023 | -0.6% | +0.7% | -5.8% | |
| Q4 2022 | +9.3% | +11.4% | +5.6% | |
| Q3 2022 | +2.9% | +4.9% | +14.9% | |
| Q2 2022 | +2.3% | +1.2% | +9.7% | |
| Q1 2022 | -8.1% | -10.6% | -15.9% | |
| Q4 2021 | -1.7% | -0.1% | -6.4% | |
| Q3 2021 | +1.2% | +1.5% | +5.9% | |
| Q2 2021 | +8.0% | +8.1% | +13.5% | |
| Q1 2021 | +6.0% | +5.5% | +5.4% | |
| Q4 2020 | -2.1% | +0.3% | +3.6% | |
| Q3 2020 | +0.9% | +3.1% | +10.6% | |
| Q2 2020 | +2.2% | +2.7% | +6.2% | |
| Q1 2020 | +0.4% | +5.8% | +5.7% | |
| Q4 2019 | -2.2% | +0.1% | -11.7% | |
| Q3 2019 | +6.7% | +8.7% | +14.2% | |
| Q4 2018 | +12.1% | +10.6% | +14.2% | |
| Q3 2018 | +0.2% | +0.5% | +6.6% | |
| Q2 2018 | +8.2% | +6.8% | +13.2% | |
| Q1 2018 | -1.5% | -4.6% | +4.1% | |
| Q4 2017 | +2.4% | -0.4% | -5.6% | |
| Q3 2017 | +1.5% | +2.5% | +0.7% | |
| Q2 2017 | -2.7% | -1.1% | -1.6% | |
| Q1 2017 | +0.1% | +2.5% | +4.9% | |
| Q4 2016 | -2.1% | -4.6% | -1.7% | |
| Q3 2016 | +1.0% | +2.1% | +3.9% | |
| Q2 2016 | -2.4% | -1.0% | +1.8% | |
| Q1 2016 | -0.7% | — | — | |
| Q4 2015 | +4.2% | — | — | |
| Q3 2015 | +7.2% | — | — | |
| Q2 2015 | -2.6% | — | — | |
| Q1 2015 | -1.5% | — | — | |
| Q4 2014 | -3.3% | — | — | |
| Q3 2014 | +3.4% | — | — | |
| Q2 2014 | -0.3% | — | — | |
| Q1 2014 | +3.2% | — | — | |
| Q4 2013 | -3.5% | — | — | |
| Q3 2013 | +0.7% | — | — | |
| Q2 2013 | +6.1% | — | — | |
| Q1 2013 | -5.0% | — | — | |
| Q4 2012 | -2.0% | — | — | |
| Q3 2012 | +1.3% | — | — | |
| Q2 2012 | +4.6% | — | — | |
| Q1 2012 | -4.1% | — | — | |
| Q4 2010 | +1.0% | — | — | |
| Q4 2011 | +1.0% | — | — | |
| Q3 2011 | +0.4% | — | — | |
| Q2 2011 | +0.4% | — | — | |
| Q1 2011 | +3.4% | — | — | |
| Q3 2010 | -2.5% | — | — | |
| Q2 2010 | +5.4% | — | — | |
| Q1 2009 | +6.7% | — | — | |
| Q1 2010 | -0.3% | — | — | |
| Q4 2009 | +1.2% | — | — | |
| Q4 2007 | +1.2% | — | — | |
| Q3 2009 | -3.8% | — | — | |
| Q3 2008 | -3.8% | — | — | |
| Q4 2008 | -5.5% | — | — | |
| Q2 2009 | -5.5% | — | — | |
| Q2 2008 | -5.5% | — | — |
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