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Dover Corp DOV

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Despite Near-Term Headwinds, Dover Outperforms Market Expectations; We Raise Fair Value Estimate

Joshua Aguilar Equity Analyst

Analyst Note

| Joshua Aguilar |

Dover produced strong third-quarter results. Revenue came in at $2.02 billion versus our expectations of $1.99 billion, good for a 15.4% year-on-year increase (or 13.2% on an organic basis). And while the third-quarter EPS print came in slightly below our forecast of $2.04 (versus $1.98 of actual results, and up 24.3% year on year), we were directionally correct as results appreciably surpassed even the top end of FactSet consensus.

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Company Profile

Business Description

Dover is a diversified industrial manufacturing company with products and services that include digital printing for fast-moving consuming goods, marking and coding for the food and beverage industry, loaders for the waste collection industry, pumps for the transport of fluids, including petroleum and natural gas, and commercial refrigerators used in groceries and convenience stores. Most of the business operates in the United States. After the spin-off of Apergy, the company operates through five segments: engineered systems, fueling solutions, imaging and identification, pumps and process solutions, and refrigeration and food equipment.

3005 Highland Parkway
Downers Grove, IL, 60515
T +1 630 541-1540
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 23,000