Dover Earnings Surpass Estimates in Q1, Revenues Decrease 1% Y/Y

Core Insights - Dover Corporation reported first-quarter 2025 adjusted earnings per share (EPS) of $2.05, exceeding the Zacks Consensus Estimate of $1.99, and up from $1.72 in the same quarter last year [1][2] - Total revenues for the first quarter decreased by 0.9% year over year to $1.87 billion, missing the Zacks Consensus Estimate of $1.88 billion [2] - The company expects adjusted EPS for 2025 to be between $9.20 and $9.40, with anticipated revenue growth of 2-4% year over year [11] Financial Performance - The reported EPS was $1.73, down from $4.30 in the year-ago quarter [1] - Cost of sales fell by 5.6% year over year to $1.12 billion, while gross profit increased by 6.9% to $745.5 million, resulting in a gross margin of 40% compared to 37% in the prior year [2] - Selling, general and administrative expenses rose by 1.4% to $449 million, and adjusted EBITDA increased by 10% year over year to $448 million, with an adjusted EBITDA margin of 24% [3] Segment Performance - Engineered Products segment revenues fell by 23.5% year over year to $255 million, with adjusted EBITDA decreasing by 27.3% to $48.9 million [4] - Clean Energy & Fueling segment revenues increased to $491 million from $445 million, with adjusted EBITDA rising to $94 million from $77.6 million [5] - Imaging & Identification segment revenues grew by 1.2% to $280 million, with adjusted EBITDA improving by 10.9% to $82 million [6] - Pumps & Process Solutions segment revenues increased by 6% to $493.6 million, with adjusted EBITDA totaling $164 million, up from $131 million [7] - Climate & Sustainability Technologies segment revenues fell to $348 million from $364 million, with adjusted EBITDA slightly increasing to $59 million [8] Bookings and Cash Flow - Dover's bookings at the end of the first quarter were valued at $1.99 billion, down from $2 billion in the prior year [9] - The company reported free cash flow of $109 million, compared to $106 million in the year-ago quarter, and cash flow from operations was $157 million, up from $146 million [10] Stock Performance - Dover's shares have declined by 6.1% over the past year, while the industry has seen a decline of 9.9% [12]