Dover Reports Mixed Q2 Results, Reaffirms FY22 Guidance

  • Dover Corp DOV reported second-quarter FY22 revenue growth of 6.3% year-over-year to $2.16 billion and +7% organic, missing the consensus of $2.19 billion.
  • Adjusted EPS improved to $2.14 from $2.06 in 2Q21, beating the consensus of $2.08.
  • Gross margin contracted by 181 bps to 36.2%. Total segment earnings margin declined to 20.6% from 21.4% in 2Q21.
  • Operating income increased by 3.7% Y/Y to $356.85 million, and the margin contracted by 41 bps to 16.5%.
  • Total segment adjusted EBITDA was $477.38 million (+2.2% Y/Y), and the margin contracted by 88 bps to 22.1%.
  • Dover generated cash from operating activities year-to-date of $202.46 million, compared to $437.26 million a year ago. Free cash flow was $101.88 million.
  • At the end of the quarter, the company's backlog was $3.33 billion, up 29.7% Y/Y. Booking totaled $2.11 billion (-11.4% Y/Y).
  • "Our strong backlog, constructive demand, and execution playbook tailored to various operating scenarios position us well to deliver revenue and earnings growth amidst continuing economic uncertainty. We are maintaining our 2022 adjusted full-year guidance," stated CEO Richard J. Tobin.
  • FY22 Guidance, reaffirmed: Dover expects adjusted EPS of $8.45 - $8.65 vs. consensus of $8.44; and revenue growth of 8% - 10%.
  • Price Action: DOV shares are trading higher by 0.39% at $126.18 on the last check Thursday.
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