Dover Corp (NYSE:DOV) reported second-quarter FY24 revenue of $2.178 billion, an increase of 4% Y/Y (+5% Y/Y organic), beating the consensus of $2.148 billion.
Booking increased 15% Y/Y (+16% Y/Y organic) to $2.18 billion, book-to-bill ratio standing at 1.00x.
Adjusted EPS was $2.36, up by 15% Y/Y, beating the consensus of $2.21.
Segment earnings margin expanded 190 bps Y/Y to 22.1%. Total adjusted segment EBITDA margin expanded to 23.8% from 21.9% a year ago.
Operating cash flow for the quarter totaled $203.7 million and free cash flow was $162.8 million.
Dover's President and Chief Executive Officer, Richard J. Tobin said, "Volume strength was broad-based across the portfolio, with four of our five operating segments posting top-line growth...Order trends continued their positive trajectory, bolstering our confidence in the second half outlook."
2024 Outlook: Dover raised adjusted EPS from $9.00-$9.15 to $9.05-$9.20 (consensus of $9.10) and revised revenue growth forecast from 2% – 4% to 3% – 4%.
Price Action: DOV shares are up 5% at $185.19 at the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.