Dover's Q3 Earnings Miss Amid Soft Revenue Growth, Cuts 2024 Outlook

Dover Corporation (NYSE:DOV) shares are trading lower on Thursday after the company reported third-quarter results.

Revenue stood at $1.984 billion, an increase of 1% year-over-year, missing the consensus of $2.045 billion. 

Segment earnings margin expanded to 22.6% from 21.9% a year ago. Total adjusted segment EBITDA margin expanded to 24.4% from 23.7% a year ago.

Booking increased 5.6% Y/Y to $1.853 billion in the quarter. Adjusted EPS was $2.27, up 6% over the prior year, missing the consensus of $2.29.

Operating cash flow for the quarter totaled $353.2 million, and free cash flow was $315.5 million.

2024 Outlook: Dover lowered adjusted EPS from $9.05 – $9.20 to $8.08 – $8.18 (consensus of $8.84) and revised revenue growth