DOWNERS GROVE, Ill., April 25, 2024 /PRNewswire/ -- Dover (NYSE:DOV), a diversified global manufacturer, announced its financial results for the first quarter ended March 31, 2024. All comparisons are to the comparable period of the prior fiscal year, unless otherwise noted. Three Months Ended March 31, ($ in millions, except per share data) 2024 2023 % Change* U.S. GAAP Revenue $       2,094 $       2,079 1 % Net earnings  632 229 177 % Diluted EPS  4.52 1.63 177 % Non-GAAP Organic revenue change (1) % Adjusted net earnings 1 273 273 — % Adjusted diluted EPS 1.95 1.94 1 % 1 Q1 2024 and 2023 adjusted net earnings exclude after tax purchase accounting expenses and restructuring and other costs. Q1 2024 also excludes the after tax gain on the sale of De-Sta-Co. * Change may be impacted by rounding. For the quarter ended March 31, 2024, Dover generated revenue of $2.1 billion, an increase of 1% (-1% organic). GAAP net earnings of $632 million increased 177%, and GAAP diluted EPS of $4.52 was up 177%. On an adjusted basis, net earnings of $273 million was approximately flat and adjusted diluted EPS of $1.95 was up 1%. A full reconciliation between GAAP and adjusted measures and definitions of non-GAAP and other performance measures are included as an exhibit herein. MANAGEMENT COMMENTARY: Dover's President and Chief Executive Officer, Richard J. Tobin, said, "Dover's first quarter results were in line with our expectations. We are particularly pleased with the success of our organic growth platforms, as well as the order trends in the quarter, which validate the aggressive working capital posture we adopted in 2023. Order momentum in the quarter was strong and broad-based, particularly in our shorter-cycle end markets, building off the prior year exit rate and bolstering confidence in our full year outlook. Strong growth in several key markets and improving performance in biopharma components set us up for favorable sequential margin mix over the balance of the year. "We remained active in portfolio management and productive capital deployment. During the quarter we completed two synergistic bolt-on acquisitions in our Clean Energy and Fueling segment adding attractive digital and recurring revenue streams to our car wash and retail fueling platforms. We launched a $500 million accelerated share repurchase program returning excess capital to shareholders. Our continued strong cash flow generation, together with proceeds from the recently closed De-Sta-Co divestiture, provide ample capacity for further capital deployment in 2024. "We are off to a solid start in 2024, and the setup for the remainder of the year is encouraging. Our order rate momentum and healthy underlying demand conditions across the portfolio support the outlook for continued volume and profit improvement through the year. We are narrowing our full year adjusted EPS guidance to the higher end of the range, and will further evaluate our full year targets as the year progresses should present demand trends continue." FULL YEAR 2024 GUIDANCE: In 2024, Dover expects to generate GAAP EPS in the range of $10.78 to $10.93 (adjusted EPS of $9.00 to $9.15), based on full year revenue growth of 2% to 4% (1% to 3% on an organic basis). Full year GAAP EPS includes the gain on sale of De-Sta-Co. CONFERENCE CALL INFORMATION: Dover will host a webcast and conference call to discuss its first quarter results at 9:30 A.M. Eastern Time (8:30 A.M. Central Time) on Thursday, April 25, 2024. The webcast can be accessed on the Dover website at dovercorporation.com. The conference call will also be made available for replay on the website. Additional information on Dover's results and its operating segments can be found on the Company's website. ABOUT DOVER: Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 65 years, our team of approximately 25,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." FORWARD-LOOKING STATEMENTS: This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be deemed, "forward-looking" statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control. Factors that could cause actual results to differ materially from current expectations include, among other things, general economic conditions and conditions in the particular markets in which we operate; supply chain constraints and labor shortages that could result in production stoppages, inflation in material input costs and freight logistics; the impact of interest rate and currency exchange rate fluctuations; the impacts of natural or human-induced disasters, acts of war, terrorism, international conflicts, and public health crises on the global economy and on our customers, suppliers, employees, business and cash flows;  changes in customer demand and capital spending; competitive factors and pricing pressures; our ability to develop and launch new products in a cost-effective manner; our ability to realize synergies from newly acquired businesses; and our ability to derive expected benefits from restructuring, productivity initiatives and other cost reduction actions. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2023, and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the Securities and Exchange Commission, and on our website, dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. INVESTOR SUPPLEMENT - FIRST QUARTER 2024 DOVER CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)(in thousands, except per share data*) Three Months Ended March 31, 2024 2023 Revenue $          2,093,941 $            2,079,023 Cost of goods and services 1,336,686 1,332,004 Gross profit 757,255 747,019 Selling, general and administrative expenses 463,124 432,414 Operating earnings 294,131 314,605 Interest expense 36,365 34,214 Interest income (4,757) (2,091) Gain on disposition (529,943) — Other income, net (6,416) (3,808) Earnings before provision for income taxes 798,882 286,290 Provision for income taxes 166,661 57,716 Net earnings $              632,221 $               228,574 Net earnings per share: Basic $                    4.55 $                      1.64 Diluted $                    4.52 $                      1.63 Weighted average shares outstanding: Basic 139,051 139,757 Diluted 139,869 140,616 Dividends paid per common share $                  0.510 $                    0.505 * Per share data may be impacted by rounding.   DOVER CORPORATION QUARTERLY SEGMENT INFORMATION (unaudited)(in thousands) 2024 2023 Q1 Q1 Q2 Q3 Q4 FY 2023 REVENUE Engineered Products $       543,140 $       497,549 $       473,687 $       504,271 $       529,080 $     2,004,587 Clean Energy & Fueling 445,053 430,729 441,166 466,959 449,423 1,788,277 Imaging & Identification 276,806 283,091 271,932 276,179 285,530 1,116,732 Pumps & Process Solutions 465,729 413,881 465,626 431,373 444,811 1,755,691 Climate & Sustainability Technologies 364,292 455,325 449,001 475,911 398,345 1,778,582 Intersegment eliminations (1,079) (1,552) (1,326) (1,425) (1,432) (5,735) Total consolidated revenue $    2,093,941 $    2,079,023 $    2,100,086 $    2,153,268 $   2,105,757 $     8,438,134 NET EARNINGS Segment Earnings: Engineered Products $       103,969 $         84,275 $         73,076 $       101,610 $       118,464 $        377,425 Clean Energy & Fueling 69,675 73,605 83,616 92,483 78,900 328,604 Imaging & Identification 69,959 68,315 61,336 70,316 72,545 272,512 Pumps & Process Solutions 118,737 115,244 129,337 117,907 121,917 484,405 Climate & Sustainability Technologies 50,759 73,778 76,074 84,060 71,468 305,380 Total segment earnings 413,099 415,217 423,439 466,376 463,294 1,768,326 Purchase accounting expenses 1 45,551 42,679 40,200 40,320 41,744 164,943 Restructuring and other costs 2 24,684 14,053 18,143 12,327 19,150 63,673 Disposition costs 3 — — — — 1,302 1,302 Gain on disposition 4 (529,943) — — — — — Corporate expense  / other 5 42,317 40,072 33,922 30,686 45,913 150,593 Interest expense 36,365 34,214 33,804 32,389 30,898 131,305 Interest income (4,757) (2,091) (2,653) (3,808) (4,944) (13,496) Earnings before provision for income taxes 798,882 286,290 300,023 354,462 329,231 1,270,006 Provision for income taxes 6 166,661 57,716 57,784 64,709 32,969 213,178 Net earnings $       632,221 $       228,574 $       242,239 $       289,753 $       296,262 $     1,056,828 SEGMENT EARNINGS MARGIN Engineered Products 19.1 % 16.9 % 15.4 % 20.1 % 22.4 % 18.8 % Clean Energy & Fueling 15.7 % 17.1 % 19.0 % 19.8 % 17.6 % 18.4 % Imaging & Identification 25.3 % 24.1 % 22.6 % 25.5 % 25.4 % 24.4 % Pumps & Process Solutions 25.5 % 27.8 % 27.8 % 27.3 % 27.4 % 27.6 % Climate & Sustainability Technologies 13.9 % 16.2 % 16.9 % 17.7 %