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    Dover Corp (DOV)

    CFO Change

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    Business Description

    Dover Corporation is a diversified global manufacturer and solutions provider, operating through five main segments . The company offers a range of products and services, including equipment and components for various industries, solutions for fuel storage and dispensing, marking and coding equipment, specialty pumps, and energy-efficient refrigeration technologies . Dover's business model emphasizes technological differentiation and customer loyalty, with recurring demand representing a significant portion of their revenue .

    1. Engineered Products - Offers equipment and components for the vehicle aftermarket, waste handling, aerospace, and defense industries .
    2. Clean Energy & Fueling - Provides solutions for the storage, transport, and dispensing of traditional and clean fuels, as well as cryogenic gases .
    3. Imaging & Identification - Supplies marking and coding equipment, product traceability solutions, and digital textile printing equipment .
    4. Pumps & Process Solutions - Manufactures specialty pumps, flow meters, and digital controls for industries such as biopharmaceutical production and chemical processing .
    5. Climate & Sustainability Technologies - Focuses on energy-efficient equipment for commercial refrigeration and heating and cooling markets .

    Key Metrics

    View all financials →

    Executive Team

    NamePositionStart DateShort Bio
    Richard J. TobinPresident and Chief Executive OfficerMay 2018Richard J. Tobin has been serving as the President and CEO of Dover Corporation since May 2018. He has also been a Director since August 2016. Previously, he was the CEO of CNH Industrial NV from 2013 to 2018 .
    Kimberly K. BorsSenior Vice President and Chief Human Resources OfficerJanuary 2020Kimberly K. Bors has been the Senior Vice President and Chief Human Resources Officer at Dover since January 2020. She was previously with The Mosaic Company and Schneider Electric .
    Ivonne M. CabreraSenior Vice President, General Counsel, and SecretaryJanuary 2013Ivonne M. Cabrera has been serving as the Senior Vice President, General Counsel, and Secretary of Dover Corporation since January 2013 .
    Brad M. CerepakSenior Vice President and Chief Financial OfficerMay 2011Brad M. Cerepak has served as the Senior Vice President and CFO of Dover since May 2011. He plans to retire effective January 31, 2025 .
    Girish JunejaSenior Vice President and Chief Digital OfficerMay 2017Girish Juneja has been the Senior Vice President and Chief Digital Officer at Dover since May 2017. He previously worked at Altisource as Senior Vice President/Chief Technology Officer .
    James M. MoranVice President, TreasurerNovember 2015James M. Moran has been serving as the Vice President, Treasurer at Dover since November 2015. He previously held senior roles at Navistar International Corporation .
    Ryan W. PaulsonVice President and ControllerJuly 2019Ryan W. Paulson has been the Vice President and Controller at Dover since July 2019. He was previously the Assistant Controller, Global Consolidations and Operations Accounting .
    Chris WoenkerUpcoming Senior Vice President and Chief Financial OfficerJanuary 31, 2025Chris Woenker will become the Senior Vice President and CFO of Dover effective January 31, 2025. He is currently the CFO of Dover's Engineered Products and Climate & Sustainability Technologies segments .
    Jack DickensVice President – Investor RelationsN/AJack Dickens is the Vice President of Investor Relations at Dover Corporation. Specific details about his start date are not provided .
    Adrian SakowiczVice President – CommunicationsN/AAdrian Sakowicz is the Vice President of Communications at Dover Corporation. Specific details about his start date are not provided .

    Questions to Ask Management

    1. Given that the anticipated positive bookings inflection in heat exchangers did not occur in Q3 and you've taken down your forecast for the rest of the year to preserve production performance for 2025, what specific strategies are you implementing to turn around the heat exchanger business, and how confident are you in achieving a market recovery that is margin accretive next year?

    2. With revenue declines in Climate & Sustainability Technologies due to weak demand in the broader HVAC complex, particularly in European residential heat pumps, how are you addressing these regional challenges, and what measures are being taken to offset the tough comps and weak demand in this segment?

    3. You mentioned aiming to drive the consolidated segment margin to 25% through portfolio construction, organic investment, and inorganic investment. Given that ESG was a high-growth business with decremental margins, how do you plan to achieve higher growth rates and higher margin profiles in the remaining portfolio to reach this target?

    4. After the divestiture of your ESG business and the resulting increase in liquidity, you expressed a preference to be active on the M&A front. Can you provide more details on the types of acquisition opportunities you are exploring, and how these acquisitions will contribute to your growth platforms and overall strategic objectives?

    5. As you plan for 2025 without the same level of countercyclicality in your portfolio, how are you preparing to manage potential macroeconomic risks, and what contingency plans are in place if the expected demand in your growth platforms does not materialize as projected?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateAugust 2023
    End Date/DurationJanuary 1, 2024 - December 31, 2026
    Total additional amountUp to 20 million shares
    Remaining authorization17,130,718 shares as of September 30, 2024
    DetailsAllows repurchase of up to 20 million shares

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    2025$400.0 3.15% 10-year notes3.15 11.8% = (400.0 / 3,387.1) * 100
    2026€600.0 ($665.7) 1.25% 10-year notes (euro-denominated)1.25 19.6% = (665.7 / 3,387.1) * 100
    2027€500.0 ($554.0) 0.75% 8-year notes (euro-denominated)0.75 16.4% = (554.0 / 3,387.1) * 100
    2028$200.0 6.65% 30-year debentures6.65 5.9% = (200.0 / 3,387.1) * 100
    2029$300.0 2.95% 10-year notes2.95 8.9% = (300.0 / 3,387.1) * 100
    2035$300.0 5.375% 30-year debentures5.375 8.9% = (300.0 / 3,387.1) * 100
    2038$250.0 6.60% 30-year notes6.60 7.4% = (250.0 / 3,387.1) * 100
    2041$350.0 5.375% 30-year notes5.375 10.3% = (350.0 / 3,387.1) * 100

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • Snap-On Inc. (Challenger Lifts, Car-O-Liner) - Competitor in the Engineered Products segment.
    • Hennessey Industries - Competitor in the Engineered Products segment.
    • Oshkosh Corp. (McNeilus) - Competitor in the Engineered Products segment.
    • Labrie Enviroquip Group - Competitor in the Engineered Products segment.
    • Geotab Inc. - Competitor in the Engineered Products segment.
    • AMCS Group - Competitor in the Engineered Products segment.
    • PACCAR (Braden) - Competitor in the Engineered Products segment.
    • Teledyne - Competitor in the Engineered Products segment.
    • Vontier (Gilbarco Veeder-Root, DRB) - Competitor in the Clean Energy & Fueling segment.
    • Tatsuno - Competitor in the Clean Energy & Fueling segment.
    • Verifone - Competitor in the Clean Energy & Fueling segment.
    • Franklin Electric - Competitor in the Clean Energy & Fueling segment.
    • Elaflex - Competitor in the Clean Energy & Fueling segment.
    • Ingersoll Rand (Emco Wheaton) - Competitor in the Clean Energy & Fueling segment.
    • Dixon Valve & Coupling Company - Competitor in the Clean Energy & Fueling segment.
    • PDI Technologies, Inc. - Competitor in the Clean Energy & Fueling segment.
    • Salco - Competitor in the Clean Energy & Fueling segment.
    • Sonny's Enterprises LLC - Competitor in the Clean Energy & Fueling segment.
    • National Carwash Solutions - Competitor in the Clean Energy & Fueling segment.
    • Washtec AG - Competitor in the Clean Energy & Fueling segment.
    • Veralto Corporation (Videojet) - Competitor in the Imaging & Identification segment.
    • Brother Industries, Ltd. (Domino Printing) - Competitor in the Imaging & Identification segment.
    • Electronics for Imaging (Reggiani) - Competitor in the Imaging & Identification segment.
    • SPG Prints - Competitor in the Imaging & Identification segment.
    • Konica Minolta - Competitor in the Imaging & Identification segment.
    • Kornit Digital Ltd. - Competitor in the Imaging & Identification segment.
    • IDEX Corporation - Competitor in the Pumps & Process Solutions segment.
    • Ingersoll Rand - Competitor in the Pumps & Process Solutions segment.
    • Millipore - Competitor in the Pumps & Process Solutions segment.
    • Danaher Corporation (Pall) - Competitor in the Pumps & Process Solutions segment.
    • Avantor (Masterflex) - Competitor in the Pumps & Process Solutions segment.
    • Nordson Corporation - Competitor in the Pumps & Process Solutions segment.
    • ITT - Competitor in the Pumps & Process Solutions segment.
    • SPX Flow Inc. (Waukesha) - Competitor in the Pumps & Process Solutions segment.
    • Spirax Sarco (Watson Marlow) - Competitor in the Pumps & Process Solutions segment.
    • Kingsbury - Competitor in the Pumps & Process Solutions segment.
    • Seko - Competitor in the Pumps & Process Solutions segment.
    • Ecolab - Competitor in the Pumps & Process Solutions segment.
    • Hoerbiger Holdings AG - Competitor in the Pumps & Process Solutions segment.
    • Miba AG - Competitor in the Pumps & Process Solutions segment.
    • Hillenbrand Inc. (Coperion) - Competitor in the Pumps & Process Solutions segment.
    • Panasonic (Hussman Corp.) - Competitor in the Climate & Sustainability Technologies segment.
    • Alfa Laval - Competitor in the Climate & Sustainability Technologies segment.
    • Danfoss - Competitor in the Climate & Sustainability Technologies segment.
    • Stolle Machinery - Competitor in the Climate & Sustainability Technologies segment.
    • Crown Holdings - Competitor in the Climate & Sustainability Technologies segment.

    Auditor

    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP1995 PresentCurrent auditor

    Latest news

    Recent developments and announcements about DOV.

    Financial Reporting

      Earnings Report

      ·
      6 days ago

      Dover Corporation (DOV) Fourth Quarter and Full Year 2024 Earnings Results

      Dover Corporation has released its financial results for the fourth quarter and full year ending December 31, 2024. Below are the key highlights:

      Fourth Quarter 2024 Highlights

      • Revenue: $1.93 billion, a 1% increase compared to Q4 2023 ,.
      • GAAP Earnings from Continuing Operations: $238 million, an 8% decrease year-over-year.
      • GAAP Diluted EPS from Continuing Operations: $1.72, down 7% from Q4 2023.
      • Adjusted Earnings from Continuing Operations: $305 million, flat compared to Q4 2023.
      • Adjusted Diluted EPS from Continuing Operations: $2.20, a 1% increase year-over-year.

      Full Year 2024 Highlights

      • Revenue: $7.75 billion, a 1% increase compared to 2023 ,.
      • GAAP Earnings from Continuing Operations: $1.4 billion, a 48% increase year-over-year.
      • GAAP Diluted EPS from Continuing Operations: $10.09, up 50% from 2023.
      • Adjusted Earnings from Continuing Operations: $1.15 billion, a 3% increase year-over-year.
      • Adjusted Diluted EPS from Continuing Operations: $8.29, up 4% from 2023.

      Key Trends and Segment Performance

      • Clean Energy & Fueling and Pumps & Process Solutions segments showed robust growth, driven by strong demand in biopharma components, thermal connectors, and CO2 systems.
      • Margin improvements were supported by a favorable mix of high-margin platforms and cost containment measures.
      • Organic revenue growth for the year was flat at 0.3%, with acquisitions contributing 3.0% to total growth.

      Strategic Actions

      • Acquisitions: Dover completed eight acquisitions in 2024, totaling $674 million, to expand its Clean Energy & Fueling, Engineered Products, Imaging & Identification, and Pumps & Process Solutions segments.
      • Dispositions: The sale of the Environmental Solutions Group (ESG) business for $2 billion resulted in a pre-tax gain of $1.6 billion.

      2025 Guidance

      • GAAP EPS from Continuing Operations: Expected to range between $8.16 and $8.36.
      • Adjusted EPS from Continuing Operations: Projected between $9.30 and $9.50.
      • Revenue Growth: Anticipated at 2% to 4%, with organic growth of 3% to 5%.

      Conference Call Details

      Dover will host a webcast and conference call on January 30, 2025, at 9:00 AM ET to discuss these results ,.

      For more details, visit Dover's website or access the full earnings release.

      Source Citations: , , , , ,

    Corporate Leadership

      CFO Change

      ·
      Dec 9, 2024, 11:02 PM

      Dover Corporation announced that Brad Cerepak, the Senior Vice President and Chief Financial Officer, will retire on January 31, 2025. Chris Woenker, currently the CFO of Dover's Engineered Products and Climate & Sustainability Technologies segments, will succeed him as the new CFO effective the same date .

      Leadership Change

      ·
      Dec 9, 2024, 11:02 PM

      Brad Cerepak, Senior Vice President and Chief Financial Officer of Dover Corporation, is retiring on January 31, 2025. Chris Woenker, currently CFO of Dover's Engineered Products and Climate & Sustainability Technologies segments, will succeed him. Woenker has been with Dover since 2013 and has held various financial leadership roles, demonstrating strong acumen and leadership .