Corporate and Financial News

Dover Reports Third Quarter 2022 Results

DOWNERS GROVE, Ill., October 20, 2022 — Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the third quarter ended September 30, 2022.

For the quarter ended September 30, 2022, Dover generated revenue of $2.2 billion, an increase of 7% (+9% organic) compared to the third quarter of the prior year. GAAP net earnings of $286 million increased 8%, and GAAP diluted EPS of $2.00 was up 10%. On an adjusted basis, net earnings of $324 million increased 12% and adjusted diluted EPS of $2.26 was up 14% versus the comparable quarter of the prior year.

For the nine months ended September 30, 2022, Dover generated revenue of $6.4 billion, an increase of 8% (+9% organic) compared to the comparable period of the prior year. GAAP net earnings of $802 million increased 5%, and GAAP diluted EPS of $5.55 was up 6% year-over-year. On an adjusted basis, net earnings of $908 million increased 7%, and adjusted diluted EPS of $6.29 was also up 7% versus the comparable period of the prior year.

A full reconciliation between GAAP and adjusted measures and definitions of non-GAAP and other performance measures are included as an exhibit herein.


Dover’s President and Chief Executive Officer, Richard J. Tobin, said, “Dover delivered strong revenue growth and margin improvement in the third quarter driven by rigorous execution and improving price-cost dynamics that more than offset the significant impact of ongoing input shortages, inflationary cost pressure and foreign currency translation. 

“Demand remains constructive across most of the portfolio and our order backlog remains at double its historical level relative to sales. The supply chain challenges that we have endured for the past 18 months continued to improve in the quarter which has allowed us to deplete our backlog at a faster rate and reduce our order conversion lead times closer to pre-pandemic levels. It is our expectation that this will continue for the balance of the year.

“Our full year outlook for cash generation remains robust, further strengthening our balance sheet position. Despite the macroeconomic uncertainty we are deploying capital to drive productivity and expand capacity in several businesses that are expected to deliver robust growth on secular tailwinds, and we are continuing to pursue attractive bolt-on acquisitions. During the quarter we also announced an accelerated share repurchase program to return excess capital to shareholders while preserving sufficient liquidity for value-creating investments.

“While current demand conditions are solid, our current management posture reflects growing caution in the macroeconomic outlook. As such, through the balance of the year we will be proactively reducing output in several businesses to draw down inventory balances and initiating cost containment measures where appropriate. Our business model is flexible, and we firmly believe that ongoing improvements in the supply chain will allow us to match production to meet demand within prevailing lead times in 2023.

“As we enter the final quarter of the year, I am confident in our team’s ability to continue to outperform in a challenging operating environment. We remain committed to delivering results in line with our 2022 full-year guidance.”


In 2022, Dover expects to generate GAAP EPS in the range of $7.40 to $7.50 (adjusted EPS of $8.40 to $8.50), based on full year revenue growth of 7% to 9% (8% to 10% on an organic basis).


Dover will host a webcast and conference call to discuss its third quarter and year-to-date 2022 results at 9:00 A.M. Eastern Time (8:00 A.M. Central Time) on Thursday, October 20, 2022. The webcast can be accessed on the Dover website at The conference call will also be made available for replay on the website. Additional information on Dover’s third quarter results and its operating segments can be found on the Company’s website.


Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 65 years, our team of over 25,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV."


This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be deemed, “forward-looking” statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company’s control. Factors that could cause actual results to differ materially from current expectations include, among other things, the impacts of COVID-19, or other future pandemics, on the global economy and on our customers, suppliers, employees, business and cash flows, supply chain constraints and labor shortages that could result in production stoppages, inflation in material input costs and freight logistics, other general economic conditions and conditions in the particular markets in which we operate, the impact on global or a regional economy due to the outbreak or escalation of hostilities or war, changes in customer demand and capital spending, competitive factors and pricing pressures, our ability to develop and launch new products in a cost-effective manner, our ability to realize synergies from newly acquired businesses, and our ability to derive expected benefits from restructuring, productivity initiatives and other cost reduction actions. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2021, and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the Securities and Exchange Commission, and on our website, The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.