Companies /Industrials

Dover Corp

NYSE: DOV Specialty Industrial Machinery
$201.82
▼ $2.84 (−1.39%) today
Markets closed · 11:22pm ET

Q1 2025 Earnings

Reported Apr 24, 2025, 6:34am ET · SEC source
$2.05
Beat +3.45%
EPS · est. $1.98
$1.9B
Miss −0.54%
Revenue · est. $1.9B
−1.2%
Trailing market
DOV vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−8%−4%0Apr 24Apr 25report 6:34am ETearnings+2.9%−2.2%
−8%−4%0Apr 24Apr 25earnings+2.9%−2.2%
DOV −2.2%S&P 500 +2.9%
−8%−4%0+4%Apr 24Apr 25report 6:34am ETearnings+4.0%−2.2%
−8%−4%0+4%Apr 24Apr 25earnings+4.0%−2.2%
DOV −2.2%NASDAQ +4.0%
−5%0+5%Apr 23May 1report 6:34am ETearnings+5.0%−2.5%
−5%0+5%Apr 23May 1earnings+5.0%−2.5%
DOV −2.5%S&P 500 +5.0%
−5%0+5%Apr 23May 1report 6:34am ETearnings+6.8%−2.5%
−5%0+5%Apr 23May 1earnings+6.8%−2.5%
DOV −2.5%NASDAQ +6.8%
+2.03%
Day of report
−0.42%
Next session
+0.05%
One week
+6.98%
30 days

S&P 500 over the same 30 days: +8.13%.

Did DOV Beat Earnings? Q1 2025 Results

Dover Corporation delivered a stronger-than-expected first quarter, posting adjusted EPS of $2.05 against a consensus estimate of $1.98, a beat of 3.45%, even as revenue of $1.87 billion came in just 0.54% below expectations and edged down 0.9% year-over-year. The headline earnings story was powered by exceptional margin expansion, with total segment earnings margin widening to 22.0% from 19.7% a year ago, driven by favorable mix from high-margin growth platforms and disciplined cost management. On an adjusted basis, earnings from continuing operations climbed 18% year-over-year, offering a cleaner read on performance than the GAAP comparison, which was distorted by a $529.94 million gain on a prior-year asset disposition. Pumps and Process Solutions led the way with 6.5% organic revenue growth and a segment margin of 30.6%. Looking ahead, Dover maintained its full-year 2025 guidance for adjusted EPS of $9.20 to $9.40 and revenue growth of 2% to 4%, with CEO Richard Tobin citing favorable book-to-bill ratios across all five segments and a majority of Q2 revenue already secured in backlog.

Key Takeaways
  • Favorable book-to-bill across all five segments
  • Strength in secular-growth-exposed markets: single-use biopharma components, thermal connectors, and CO2 systems
  • Positive mix impact from high-margin, high-growth platforms
  • Proactive cost management and productivity actions
  • Exceptional margin performance with total segment earnings margin at 22.0% vs. 19.7% prior year
  • Organic revenue growth of 1% despite FX and disposition headwinds

“Dover's first quarter results were encouraging, with favorable book-to-bill across all five segments and growing momentum throughout the quarter providing support for our near-term outlook.”

Dover CEO, on the earnings call

Forward Guidance & Outlook

Dover maintained its full year 2025 guidance, expecting GAAP EPS from continuing operations in the range of $8.04 to $8.24, and adjusted EPS from continuing operations of $9.20 to $9.40, based on full year revenue growth of 2% to 4% (all-in and organic). The company noted favorable book-to-bill across all five segments with a majority of Q2 revenue already in backlog. CEO Tobin expressed confidence in Dover's ability to navigate the current dynamic global trading environment given its regional manufacturing alignment and advantaged capital position.

DOV YoY Financials

Q1 2025 vs Q1 2024 · SEC filings Q1 2024 Q1 2025
$0$600.0M$1.2B$1.8B$1.9B$1.9BRevenue$697.2M$745.5MGross Profit$254.2M$296.3MOperating Income$632.2M$239.2MNet Income
$0$600.0M$1.2B$1.8BRevenueGross ProfitOperating IncomeNet Income

DOV Revenue by Segment

Clean Energy & Fueling$491.1M+1.8%
Pumps & Process Solutions$493.6M+6.5%
Climate & Sustainability Technologies$347.9M−3.7%
Imaging & Identification$280.1M+3.9%
Engineered Products$254.6M−8.0%

Figures from SEC filings and company reports. Not investment advice.