Dover Corporation Reports Q1 2025 Financial Results with $1.87 Billion Revenue

Dover Corporation reported its financial results for the first quarter of 2025, revealing a revenue of $1.87 billion, a decrease of 0.9% from $1.88 billion in the same period last year. The decline was attributed to a 2.7% drop related to dispositions, primarily from the sale of the De-Sta-Co business, and a 1.1% unfavorable impact from foreign currency translation. However, the company experienced a 2.4% increase in revenue from acquisitions and a 0.5% organic growth, driven by strong performance in the Pumps & Process Solutions, Imaging & Identification, and Clean Energy & Fueling segments.

The company's gross profit increased by 6.9% to $745.5 million, resulting in a gross profit margin of 40.0%, up from 37.0% in the prior year. This improvement was attributed to strategic pricing, a favorable product mix, and productivity initiatives. Operating earnings rose 16.6% to $296.3 million, while net earnings fell significantly to $230.8 million, down 63.5% from $632.2 million in the previous year, largely due to a substantial gain on the sale of De-Sta-Co recorded in 2024.

Dover's operational metrics showed mixed results across its segments. The Engineered Products segment saw a revenue decline of 23.5%, primarily due to the aforementioned disposition and lower volumes in North America. In contrast, the Clean Energy & Fueling segment reported a 10.4% revenue increase, driven by acquisitions and organic growth. The Imaging & Identification segment also experienced a modest revenue increase of 1.2%, while the Pumps & Process Solutions segment grew by 6.0%. The Climate & Sustainability Technologies segment faced a 4.5% revenue decline, attributed to project timing and foreign currency impacts.

During the quarter, Dover completed the acquisition of Cryogenic Machinery Corp. for approximately $29.3 million, aimed at enhancing its capabilities in cryogenic applications within the Pumps & Process Solutions segment. The company also repurchased 200,000 shares at a cost of $40.7 million, with 16.9 million shares remaining authorized for repurchase under its current program. Looking ahead, Dover anticipates continued demand growth in key markets, particularly in biopharmaceuticals and clean energy, while managing the impacts of market conditions and foreign currency fluctuations.