Dover Reports Fourth Quarter and Full Year 2024 Results

Core Viewpoint - Dover Corporation reported its financial results for Q4 and the full year 2024, showing stable revenue growth and significant increases in earnings from continuing operations compared to the previous year [1][4]. Financial Performance - For Q4 2024, Dover generated revenue of $1.93 billion, a 1% increase from Q4 2023, with GAAP earnings from continuing operations at$ 238 million, down 8% [3][4]. - The diluted EPS from continuing operations for Q4 2024 was $1.72, a decrease of 7% compared to the prior year [3][4]. - For the full year 2024, total revenue reached$ 7.75 billion, also a 1% increase year-over-year, while GAAP earnings from continuing operations surged by 48% to $1.4 billion [4][6]. - The diluted EPS for the full year 2024 was$ 10.09, reflecting a 50% increase from 2023 [4][6]. Adjusted Earnings - Adjusted earnings from continuing operations for Q4 2024 were $305 million, remaining flat compared to Q4 2023, while adjusted diluted EPS increased by 1% to$ 2.20 [3][4]. - For the full year 2024, adjusted earnings from continuing operations were $1.15 billion, a 3% increase, with adjusted diluted EPS rising by 4% to$ 8.29 [4][6]. Segment Performance - The Clean Energy & Fueling and Pumps & Process Solutions segments showed particularly strong performance, contributing to the overall revenue growth [6][8]. - Order trends remained positive, with a book-to-bill ratio above one, driven by robust bookings in high-growth markets [6][8]. Management Commentary - The CEO expressed optimism for 2025, citing solid underlying demand trends and expectations for continued margin improvement through cost containment and productivity initiatives [9][10]. - The company completed six acquisitions over the past three years, enhancing its capabilities in high-margin, high-growth areas [8][9]. Guidance for 2025 - Dover anticipates GAAP EPS from continuing operations in the range of $8.16 to$ 8.36 for 2025, with expected revenue growth of 2% to 4% [10].