Dover Corp DOV reported third-quarter FY23 revenue of $2.153 billion, missing the analyst consensus estimate of $2.22 billion. Organic revenue fell 2%.
Gross profit increased 2.6% to $793 million with a profit margin of 36.8%.
Operating income for the quarter climbed slightly by 0.63% to $372.7 million.
Total adjusted segment EBITDA grew 2.4% to $504 million.
Operating cash flow for the quarter totaled $383.4 million, with a free cash flow of $340.3 million.
Adjusted EPS of $2.35 beat the consensus estimate of $2.33.
Outlook: Dover sees FY23 adjusted EPS of $8.75 - $8.85 (prior $8.85 - $9.00) versus the consensus estimate of $8.87.
DOV sees FY23 revenue growth to be flat (prior 2% - 4%).
"We are especially proud of our margin performance as we offset negative product mix with productivity and disciplined pricing," said President and CEO Richard J. Tobin.
"While we are encouraged by the overall trajectory of the portfolio, we are shifting to a more conservative outlook for the remainder of the year to reflect the changes in certain market conditions we observed in the third quarter."
Price Action: DOV shares are trading lower by 2.16% at $130.96 on the last check Tuesday.
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