Total Revenue

–10.9%

Q1 2025 total revenue declined to $1,866.06M from $2,093.94M in Q1 2024. This drop largely reflects a combination of a dramatic decline in Engineered Products and a 16% decrease in U.S. revenue, which more than offset the improvements seen in other segments such as Clean Energy & Fueling and Pumps & Process Solutions. " " "

Engineered Products Revenue

–53%

Revenue plummeted from $543.14M in Q1 2024 to $254.65M in Q1 2025. The decline is driven primarily by continued disposition-related effects and organic downturns that starkly contrast with the previously higher performance in this segment. " "

Clean Energy & Fueling Revenue

+10%

Revenue increased from $445.05M in Q1 2024 to $491.15M in Q1 2025 as a result of robust acquisition-related growth and favorable market demand, building on the positive momentum from the previous period. " "

Pumps & Process Solutions Revenue

+6%

With revenues rising from $465.73M to $493.57M, modest growth was achieved through strong organic performance—particularly from single-use biopharma shipments and demand for connectors—supplemented by a minor acquisition, even as declines in the plastics and polymer processing area moderated the gains. " "

U.S. Revenue

–16%

U.S. revenue fell from $1,222.69M to $1,023.12M, reflecting a significant regional downturn. This decline indicates a substantial shift in domestic performance, likely influenced by reduced contributions from segments like Engineered Products, and highlights emerging challenges in the U.S. market compared to the prior period. " "

Net Earnings

Contraction (significant drop)

Q1 2025 net earnings of $230,821K mark a notable contraction relative to Q1 2024. The decrease is primarily due to a dramatic reduction in one-off gains on dispositions (which fell from a large gain in Q1 2024 to only $2.468M in Q1 2025) and a shift from earnings to losses in discontinued operations, despite improvements in core operating performance. "

Operating Earnings

+16.6%

Despite the revenue challenges, operating earnings rose from $254,206K to $296,309K in Q1 2025—a 16.6% increase—driven by a 6.9% growth in gross profit (boosted by strategic pricing, an enhanced product mix, and cost initiatives). Although SG&A increased slightly, lower net interest expenses further supported this operational improvement over the previous period. " "

Stockholders’ Equity

Increase (from $6.953996B to $7.137767B)

At the close of Q1 2025, stockholders’ equity grew to $7,137,767K from $6,953,996K at the end of FY 2024. This increase is primarily supported by current period earnings of $230.8M, underscoring a robust capitalization profile and strong liquidity even as some revenue segments experienced significant declines. "

Free Cash Flow

FY 2025

14% to 16% of revenue "

Remains on track at 14% to 16% of revenue "

no change

Organic Sales Growth

FY 2025

In line with preliminary outlook "

Guided at the midpoint to be up 3% "

no change

Revenue and EPS Guidance

FY 2025

Organic Revenue and EPS Growth; Double-digit EPS Growth " "

Modestly trimmed guidance ranges "

lowered

Foreign Exchange Impact

FY 2025

no prior guidance

No adjusted forecast for FX with translation headwind reversing to tailwind "

no prior guidance

Consistent strong bookings and backlog performance with book‐to‐bill ratios above 1

Mentioned in Q2 (consistent strong bookings, book‐to‐bill ≥1 " " " ) and Q4 (fifth consecutive quarter with strong bookings across segments " " " ); Q3 discussions were more segmented and less emphatic " "

Q1 emphasized the sixth consecutive quarter of positive organic bookings growth and strong, broad‐based booking performance " "

Consistent and improving; the positive sentiment has strengthened in Q1 2025

Aggressive pricing strategies and margin expansion initiatives

Q4 detailed restructuring benefits, modest price-cost spreads, and mix-related margin improvements " " " ; Q3 highlighted modest positive pricing and cost controls " ; Q2 had minimal explicitly “aggressive” pricing discussion " "

Q1 focused on restructuring, volume leverage, and aggressive pricing measures across segments, especially in Clean Energy and Engineered Products " "

Consistent focus with clearer execution in Q1, indicating ongoing commitment to margin improvement

Diversification into high-growth segments

Discussed across Q2, Q3, and Q4 with detailed emphasis on thermal connectors, liquid cooling, CO2 systems, biopharma, and Imaging & ID driving organic and inorganic growth " " " " " "

Q1 reiterated robust growth in these segments, noting triple-digit growth in thermal connectors and strong performances in biopharma and CO2 systems " " "

A long‐standing strategic pillar with consistently positive sentiment and strong growth drivers

Emerging tariff uncertainty and associated pricing mitigation efforts

Q4 briefly noted no unusual supply chain behavior due to tariffs " ; Q3 and Q2 did not mention tariff uncertainty explicitly

Q1 provided an in-depth discussion on tariff challenges, pricing adjustments, and mitigation strategies, including supplier negotiations and inventory management " " " "

A new or emerging risk factor in Q1, heightening focus on external cost pressures

New concerns over CapEx constraints and project order delays

Earlier periods (Q2 and Q4) mentioned CapEx and macro factors in passing without major emphasis " "

Q1 raised clear concerns about potential delays in customer CapEx projects, with caution over “drift” in project timelines and adjustments to volume forecasts " " "

A newly heightened caution in Q1, signaling potential short-term risk in order flow

Evolving demand visibility and order volume fluctuations

Q2 discussed choppiness and intra-quarter volatility due to short-cycle trends " ; Q3 addressed mixed bookings and adjustments for volatile segments " " ; Q4 detailed the short-cycle nature of liquid cooling demand and its forecasting challenges " "

Q1 continued to acknowledge demand uncertainty through mixed bookings, forecasting adjustments due to tariff influences, and seasonal backlog dynamics " "

A recurring theme with consistent cautious sentiment across all periods

Uncertainty around Total Addressable Market (TAM) in key areas like liquid cooling

Q4 featured explicit comments on the difficulty in sizing the TAM and the short-cycle nature of liquid cooling " " " ; Q2 and Q3 did not emphasize this

Q1 does not explicitly mention TAM uncertainty, focusing instead on strong performance and organic growth in liquid cooling applications " " "

The focus on TAM uncertainty has tapered off in Q1, suggesting reduced concern or shift in emphasis

Management guidance and communication issues

Q3 revealed challenges in providing clear revenue forecasts and timely guidance " " " ; Q2 and Q4 generally offered more clarity

Q1 did not mention any significant guidance or communication issues, indicating smoother messaging

Concerns from Q3 appear to have eased in Q1, reflecting improved communication and clearer guidance

Strategic acquisitions and M&A synergies to drive future growth in clean energy

Q2, Q3, and Q4 highlighted targeted acquisitions, bolt-on deals, and synergy extraction—especially in clean energy and cryogenic components—with robust pipeline activity " " " " "

Q1 reinforced the focus on clean energy through strategic acquisitions, with detailed references to portfolio investments driving margin improvements and growth " " " "

A consistently prioritized area with strong, positive sentiment, critical for future growth

Competitive pressures and risks from increased vertical integration in imaging

Q3 mentioned a competitor’s broader vertical integration in imaging while noting Dover’s strong track record in track and trace and a pharma focus "

Q1 did not reference any competitive pressures or vertical integration risks in imaging

A topic that was briefly raised in Q3 but has since receded, with diminished current concern

Issues related to ESG divestiture and potential EPS dilution

Q2 and Q3 discussed the divestiture of ESG, noting a modest EPS dilution effect, portfolio transformation rationale, and improved capital deployment prospects " " "

Q1 did not address ESG divestiture or EPS dilution, indicating reduced emphasis on these issues

A less frequently mentioned topic in Q1, reflecting either resolution or lower priority in current strategic discussions