Dover reported financial results for the fourth quarter and full year 2024, showing modest revenue growth. Revenue for Q4 increased 1% to $1.93 billion, while full-year revenue rose 1% to $7.75 billion. GAAP earnings from continuing operations for the quarter fell 8% to $238 million, with diluted EPS declining 7% to $1.72. However, full-year GAAP earnings from continuing operations surged 48% to $1.4 billion, with diluted EPS up 50% to $10.09. Adjusted earnings from continuing operations remained flat at $305 million for the quarter, while full-year adjusted earnings increased 3% to $1.15 billion. Adjusted diluted EPS rose 1% for the quarter and 4% for the year.

CEO Richard J. Tobin highlighted strong performances in Clean Energy & Fueling and Pumps & Process Solutions, driven by demand for biopharma components, thermal connectors, and CO2 systems. Order trends were positive, with a book-to-bill ratio above one. Productivity and cost control efforts contributed to margin improvements, which are expected to continue in 2025.

Dover completed six acquisitions over three years, creating a cryogenic components platform in Clean Energy & Fueling. Two bolt-on acquisitions were recently closed in Pumps & Process Solutions. The company ended the year with significant cash reserves, providing flexibility for capital deployment.

For 2025, Dover expects GAAP EPS from continuing operations of $8.16 to $8.36 and adjusted EPS of $9.30 to $9.50, based on revenue growth of 2% to 4%. The company will discuss these results in a conference call on January 30, 2025.

Dover remains optimistic about 2025, citing strong demand, margin expansion opportunities, and strategic capital allocation. It aims for double-digit EPS growth through revenue increases, improved margins, and disciplined capital deployment.