NYSE:DOV

Dover Corporation (NYSE: DOV) declared a regular quarterly cash dividend of $0.525 per share, payable on December 15, 2026, to shareholders of record as of November 30, 2026.

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Dover Corporation Q1 2025 Summary

Revenue and Earnings
Dover reported Q1 2025 revenue of $1.87 billion, a decrease of 1% from the prior year, though organic growth was 1%. GAAP earnings from continuing operations were $239 million, or $1.73 per diluted share, both down 60% due to a large gain from the De-Sta-Co divestiture in Q1 2024. Adjusted earnings increased 18% to $283 million, and adjusted EPS rose 19% to $2.05.

Segment Performance
Total segment earnings rose to $411 million from $372 million, with margin expanding to 22.0% from 19.7%. Key highlights:

- Pumps & Process Solutions: Segment earnings increased 27% with a margin of 30.6%.
- Clean Energy & Fueling: Revenue rose 10%; margin improved to 17.4%.
- Imaging & Identification: Margin reached 27.7%, up from 25.3%.
- Engineered Products: Revenue declined due to the 2024 divestiture of De-Sta-Co; organic decline was 8%.
- Climate & Sustainability Technologies: Revenue fell 5%, mainly from lower volumes.

Regionally, organic growth was strongest in Asia at 8%, while the US declined slightly.

Free Cash Flow and Liquidity
Free cash flow totaled $109 million, slightly higher than $106 million a year ago. Operating cash flow reached $157 million, up from $146 million, while capital expenditures were $48 million.

Guidance for Full Year 2025
- GAAP EPS: $8.04 to $8.24
- Adjusted EPS: $9.20 to $9.40
- Revenue growth: 2% to 4%, both all-in and organic

CEO Richard Tobin emphasized strong bookings, a solid backlog, and margin performance driven by high-growth, high-margin platforms. He noted the company’s regional manufacturing alignment and capital strength as strategic advantages in a dynamic global environment.

Dover's Q1 2025 results reflect strong operational execution and margin expansion despite a tough year-over-year comparison. Growth in core segments like Pumps and Fueling, combined with solid cash generation and reaffirmed guidance, supports a stable outlook for the remainder of the year.
Dover Corporation Secures New $500 Million 364-Day Credit Facility
Downers Grove, IL – April 3, 2025 – Dover Corporation (NYSE: DOV) announced it has entered into a new $500 million 364-day revolving credit facility with a syndicate of twelve banks, led by JPMorgan Chase Bank, N.A. as Administrative Agent.

The credit agreement, dated April 3, 2025, will provide liquidity for working capital, general corporate purposes, and debt repayment, replacing Dover’s prior 364-day revolving facility that expired the same day.

Under the terms of the agreement:

The credit facility matures on April 2, 2026

Dover may extend the maturity date by one additional year, to April 2, 2027, subject to standard conditions including the absence of default and the continued accuracy of representations and warranties.

Dover maintains longstanding commercial relationships with the participating banks.
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.