Dover Orders Rise In All Five Segments As Third-Quarter Earnings Per Share Climb 14%
Dover guided 2026 adjusted earnings per share to $10.60 to $10.75, and its CEO said much of the backlog ships in 2027.
Dover said third-quarter revenue rose 8% to $2,234 million, with bookings up in all five segments, according to an 8-K filed Thursday. Diluted earnings per share from continuing operations were $2.50, up 14%.
What the results show
Organic revenue, which strips out currency and acquisitions, grew 7%. Earnings from continuing operations were $337 million, up 11% from the year-earlier quarter.
On an adjusted basis, which excludes purchase accounting expenses, restructuring costs and disposition gains, earnings were $388 million, up 7%. Adjusted diluted earnings per share were $2.88, up 10%.
Segment tables show the spread. Organic revenue grew 17.9% at Climate & Sustainability Technologies and 12.1% at Clean Energy & Fueling, while Engineered Products fell 1.6%. Geographically, organic growth was 12.6% in the United States and 15.1% in Asia, against a 3.0% decline in Europe.
For the first nine months, revenue was $6.5 billion, up 8%, and diluted earnings per share from continuing operations were $6.56, up 10%.
Orders, backlog and guidance
Total bookings were $2,310 million in the quarter, versus $1,999.7 million a year earlier. CEO Richard J. Tobin said, "Bookings increased across all five segments and again outpaced shipments, reinforcing our confidence in the forecast."
He said a significant portion of the backlog is scheduled for delivery in 2027. He credited growth in artificial intelligence and power generation infrastructure, energy transition, single-use biopharma, semiconductor manufacturing and space launch, plus improving line rates in food retail.
For 2026, Dover expects earnings per share of $8.93 to $9.08, or $10.60 to $10.75 adjusted. That assumes revenue growth of 7% to 8%, with organic growth of 5% to 6%. Tobin said the company is on track for double-digit adjusted earnings per share growth this year.
The company announced two bolt-on acquisitions in the quarter. It also repurchased over $330 million of its shares, which Tobin described as opportunistic. Operating cash flow was $438.8 million and free cash flow was $383.3 million.
What to watch
Dover hosts its earnings call at 9:30 a.m. Eastern on Thursday, with a replay on its website.
Tobin said Dover's balance sheet gives it "significant flexibility to deploy additional capital."
Sources
- 8-K Filing — DOVER Corp (DOV) — SEC EDGAR
- Exhibit a202610228-kexhibit991pr.htm — DOVER Corp 8-K exhibit — SEC EDGAR
- Dover Reports Third Quarter 2026 Results — prnewswire.com
- Quarterly Earnings Reports News & Press Releases from PR Newswire — prnewswire.com
