Dover Corporation Reports $7.7 Billion Revenue and 48.3% Earnings Surge for Fiscal Year 2024

Dover Corporation reported a consolidated revenue of $7.7 billion for the fiscal year ending December 31, 2024, reflecting a modest increase of $61.4 million, or 0.8%, compared to the previous year. This growth was primarily driven by a 3.0% increase from acquisitions, which was partially offset by a 2.0% decline related to dispositions and a 0.2% unfavorable impact from foreign currency translation. The company's organic revenue remained flat, with notable increases in segments such as Engineered Products (up 8.2%) and Clean Energy & Fueling (up 2.6%), while the Climate & Sustainability Technologies segment experienced a significant decline of 11.2%.

In terms of profitability, Dover's earnings from continuing operations surged by 48.3% to $1.4 billion, or $10.09 per diluted share, compared to $943.9 million, or $6.71 per diluted share, in 2023. This increase was attributed to gains on dispositions, strategic pricing actions, and productivity initiatives, despite facing challenges from lower volumes in certain business areas and rising selling, general, and administrative expenses, which increased by 6.3% to $1.8 billion.

Dover undertook significant strategic developments during the year, completing eight acquisitions for approximately $674 million, aimed at enhancing its operations across various segments. Notably, the company sold its Environmental Solutions Group (ESG) business for $2.0 billion, resulting in a pre-tax gain of $1.6 billion, which was classified as a discontinued operation. The company also divested the De-Sta-Co business for $675.9 million, generating a pre-tax gain of $530.3 million. These transactions reflect Dover's ongoing strategy to optimize its portfolio and focus on higher-margin growth areas.

Operationally, Dover employed around 24,000 people globally as of December 31, 2024. The company reported a total of 2,869,282 shares repurchased under an accelerated share repurchase program, contributing to a decrease in the number of common shares outstanding. The company also experienced a 7.3% increase in bookings, totaling $7.7 billion, with organic bookings growth of 6.5%. However, geographic performance varied, with U.S. organic revenue growing by 3.8%, while Asia and Europe saw declines of 7.1% and 3.1%, respectively.

Looking ahead, Dover aims to achieve organic sales growth of 4% to 6% annually over the long term, supported by strategic acquisitions and operational improvements. The company is focused on enhancing its operational capabilities, investing in digital technologies, and maintaining a conservative financial policy to ensure sustainable growth and shareholder value creation.