Summary
Dover Corporation reported consolidated revenue of $8.5 billion for the year ended December 31, 2022, a 7.6% increase from the prior year, driven by solid demand and strategic pricing initiatives that largely offset inflationary cost pressures. The company experienced strong organic revenue growth in Engineered Products and Climate & Sustainability Technologies segments, while Clean Energy & Fueling saw a slight organic decline and Imaging & Identification revenue decreased slightly, impacted by foreign currency translation. Net earnings for 2022 were $1.07 billion, a decrease from $1.12 billion in 2021, primarily due to the absence of significant gains on dispositions recorded in the prior year. Dover continues to focus on its strategy of achieving organic sales growth, improving returns on capital through operational enhancements and digital investments, and generating strong free cash flow. The company repurchased approximately $500 million of its stock under an accelerated share repurchase agreement and increased its dividend for the 67th consecutive year, demonstrating a commitment to shareholder returns. Despite ongoing supply chain constraints and labor availability issues, Dover remains focused on operational excellence and portfolio optimization.
Financial Highlights
53 data points| Revenue | $7.84B |
| Cost of Revenue | $4.94B |
| Gross Profit | $2.90B |
| R&D Expenses | $151.35M |
| SG&A Expenses | $1.63B |
| Operating Income | $1.28B |
| Interest Expense | $116.46M |
| Net Income | $1.07B |
| EPS (Basic) | $7.47 |
| EPS (Diluted) | $7.42 |
| Shares Outstanding (Basic) | 142.68M |
| Shares Outstanding (Diluted) | 143.59M |
Key Highlights
- 1Consolidated revenue increased by 7.6% to $8.5 billion in 2022, primarily driven by organic growth and strategic pricing, which helped offset inflationary pressures.
- 2Net earnings decreased by 5.2% to $1.07 billion in 2022 compared to $1.12 billion in 2021, largely due to the absence of significant gains from prior year dispositions.
- 3The Engineered Products segment showed strong performance with a 14.8% revenue increase, driven by robust demand in vehicle service and industrial automation.
- 4The Clean Energy & Fueling segment revenue grew 14.0%, with acquisition-related growth offsetting a slight organic decline, attributed to construction delays and macroeconomic caution in certain markets.
- 5Dover generated $584.8 million in free cash flow in 2022, though this was lower than the $944.4 million in 2021, due to increased investments in working capital.
- 6The company repurchased approximately $500 million of its common stock through an accelerated share repurchase program and continued its history of increasing dividends.
- 7Backlog decreased to $3.0 billion by the end of 2022 from $3.2 billion in the prior year, reflecting normalizing lead times and a return to historical order patterns.