Dover Corporation is a diversified global manufacturer and solutions provider, operating through five main segments **[0000029905-24-000008_dov-20231231.htm:5]** **[0000029905-24-000020_dov-20240331.htm:22]** **[0000029905-24-000035_dov-20240630.htm:26]**. 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 **[0000029905-24-000008_dov-20231231.htm:5]** **[0000029905-24-000020_dov-20240331.htm:23]**. Dover's business model emphasizes technological differentiation and customer loyalty, with recurring demand representing a significant portion of their revenue **[0000029905-24-000008_dov-20231231.htm:8]**.

1. **Engineered Products** - Offers equipment and components for the vehicle aftermarket, waste handling, aerospace, and defense industries **[0000029905-24-000008_dov-20231231.htm:5]** **[0000029905-24-000020_dov-20240331.htm:23]**.
2. **Clean Energy & Fueling** - Provides solutions for the storage, transport, and dispensing of traditional and clean fuels, as well as cryogenic gases **[0000029905-24-000008_dov-20231231.htm:5]** **[0000029905-24-000020_dov-20240331.htm:23]**.
3. **Imaging & Identification** - Supplies marking and coding equipment, product traceability solutions, and digital textile printing equipment **[0000029905-24-000008_dov-20231231.htm:5]** **[0000029905-24-000020_dov-20240331.htm:23]**.
4. **Pumps & Process Solutions** - Manufactures specialty pumps, flow meters, and digital controls for industries such as biopharmaceutical production and chemical processing **[0000029905-24-000008_dov-20231231.htm:5]** **[0000029905-24-000020_dov-20240331.htm:23]**.
5. **Climate & Sustainability Technologies** - Focuses on energy-efficient equipment for commercial refrigeration and heating and cooling markets **[0000029905-24-000008_dov-20231231.htm:5]** **[0000029905-24-000020_dov-20240331.htm:23]**.

95fecd47d179b9d0d8dd2fad660b83d750e57b6c34887ebd96b0527502eff33e

17269b3499abf1c9a6e20e6fa92b7ce3d68eedeabf5d85b36a703069893d7d03

Adjustments for Non-Cash Items [USD, Thousands]

Stock-Based Compensation [USD, Thousands]

Changes in Working Capital [USD, Thousands]

Capital Expenditures (CapEx) [USD, Thousands]

Proceeds from / Repayments of Debt [USD, Thousands]

Share Repurchases [USD, Thousands]

Dividend Payments [USD, Thousands]

Net Change in Cash [USD, Thousands]

9c531954748efe11216da9e8ba299214b4ffd1626f14948975fee2066a6d86d0

fe23d99edfda1e768881b83593b8eb16c0f7f3c86fc5a66a8ebeaf2f52ee89ae

| Geographical Segment | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| United States (USD thousands) | N/A | **1,296,776**  **[0000029905-24-000035_dov-20240630.htm:20]**  | **1,222,692**  **[0000029905-24-000020_dov-20240331.htm:18]**  | N/A | **1,183,200**  **[0000029905-23-000034_dov-20230930.htm:22]**  | N/A | N/A | N/A |
| Europe (USD thousands) | N/A | **411,381**  **[0000029905-24-000035_dov-20240630.htm:20]**  | **432,913**  **[0000029905-24-000020_dov-20240331.htm:18]**  | N/A | **433,100**  **[0000029905-23-000034_dov-20230930.htm:22]**  | N/A | N/A | N/A |
| Asia (USD thousands) | N/A | **200,459**  **[0000029905-24-000035_dov-20240630.htm:20]**  | **203,074**  **[0000029905-24-000020_dov-20240331.htm:18]**  | N/A | **235,200**  **[0000029905-23-000034_dov-20230930.htm:22]**  | N/A | N/A | N/A |
| Other Americas (USD thousands) | N/A | **201,871**  **[0000029905-24-000035_dov-20240630.htm:20]**  | **164,303**  **[0000029905-24-000020_dov-20240331.htm:18]**  | N/A | **185,800**  **[0000029905-23-000034_dov-20230930.htm:22]**  | N/A | N/A | N/A |
| Other (USD thousands) | N/A | **67,775**  **[0000029905-24-000035_dov-20240630.htm:20]**  | **70,959**  **[0000029905-24-000020_dov-20240331.htm:18]**  | N/A | **115,900**  **[0000029905-23-000034_dov-20230930.htm:22]**  | N/A | N/A | N/A |

279149acfd6fa9d5b8d4e6cf0abfd0f94e13caa6833ede6d0a63b55e9e8bb382

| Segment / Quarter | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|-------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Engineered Products** ($ million) | **525.0**  **[0000029905-23-000005_a202301318-kexhibit991pr.htm:4]**  | **497.5**  **[0000029905-23-000013_a202304268-kexhibit991pr.htm:3]**  | **474.1**  **[0000029905-23-000028_dov-20230630.htm:28]**  | **504.3**  **[0000029905-23-000032_a202310248-kexhibit991pr.htm:5]**  | **529.1**  **[0000029905-24-000004_a202402018-kexhibit991pr.htm:4]**  | **543.1**  **[0000029905-24-000018_a202425048-kexhibit991pr.htm:3]**  | **514.8**  **[0000029905-24-000033_a202425078-kexhibit991pr.htm:4]**  | **296.1**  **[0000029905-24-000044_a202424108-kexhibit991pr.htm:5]**  |
| **Clean Energy & Fueling** ($ million) | **462.0**  **[0000029905-23-000005_a202301318-kexhibit991pr.htm:4]**  | **430.7**  **[0000029905-23-000013_a202304268-kexhibit991pr.htm:3]**  | **441.2**  **[0000029905-23-000028_dov-20230630.htm:29]**  | **467.0**  **[0000029905-23-000032_a202310248-kexhibit991pr.htm:5]**  | **449.4**  **[0000029905-24-000004_a202402018-kexhibit991pr.htm:4]**  | **445.1**  **[0000029905-24-000018_a202425048-kexhibit991pr.htm:3]**  | **463.0**  **[0000029905-24-000035_dov-20240630.htm:33]**  | **500.7**  **[0000029905-24-000044_a202424108-kexhibit991pr.htm:5]**  |
| **Imaging & Identification** ($ million) | **293.2**  **[0000029905-23-000005_a202301318-kexhibit991pr.htm:4]**  | **283.1**  **[0000029905-23-000013_a202304268-kexhibit991pr.htm:3]**  | **261.7**  **[0000029905-23-000028_dov-20230630.htm:31]**  | **276.2**  **[0000029905-23-000032_a202310248-kexhibit991pr.htm:5]**  | **285.5**  **[0000029905-24-000004_a202402018-kexhibit991pr.htm:4]**  | **276.8**  **[0000029905-24-000018_a202425048-kexhibit991pr.htm:3]**  | **287.6**  **[0000029905-24-000035_dov-20240630.htm:34]**  | **284.0**  **[0000029905-24-000044_a202424108-kexhibit991pr.htm:5]**  |
| **Pumps & Process Solutions** ($ million) | **418.4**  **[0000029905-23-000005_a202301318-kexhibit991pr.htm:4]**  | **413.9**  **[0000029905-23-000013_a202304268-kexhibit991pr.htm:3]**  | **465.6**  **[0000029905-23-000028_dov-20230630.htm:32]**  | **431.4**  **[0000029905-23-000032_a202310248-kexhibit991pr.htm:5]**  | **444.8**  **[0000029905-24-000004_a202402018-kexhibit991pr.htm:4]**  | **465.7**  **[0000029905-24-000018_a202425048-kexhibit991pr.htm:3]**  | **477.2**  **[0000029905-24-000035_dov-20240630.htm:20]**  | **472.5**  **[0000029905-24-000044_a202424108-kexhibit991pr.htm:5]**  |
| **Climate & Sustainability Technologies** ($ million) | **441.8**  **[0000029905-23-000005_a202301318-kexhibit991pr.htm:4]**  | **455.3**  **[0000029905-23-000013_a202304268-kexhibit991pr.htm:3]**  | **457.4**  **[0000029905-23-000028_dov-20230630.htm:34]**  | **475.9**  **[0000029905-23-000032_a202310248-kexhibit991pr.htm:5]**  | **398.3**  **[0000029905-24-000004_a202402018-kexhibit991pr.htm:4]**  | **364.3**  **[0000029905-24-000018_a202425048-kexhibit991pr.htm:3]**  | **436.7**  **[0000029905-24-000035_dov-20240630.htm:37]**  | **431.1**  **[0000029905-24-000044_a202424108-kexhibit991pr.htm:5]**  |

ac5e8005215bcc70651875ae91d89c3d2678b0c27b5d189bba7aebf0d35edb48

9f573f4058c80fd9cfdb5aa71ee9a43d060c19281a811a01ab920613364582d2

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?

0a04806063c20636018132d83bb5b045a68ff060534a3968576225db7c648725

1. **M&A Strategy and Gas & Cryogenics Exposure**  
   **Q:** What's your plan for M&A, especially in gas and cryogenics?  
   **A:** The company is focusing on acquisitions in the gas and cryogenics market. They believe this area has significant growth potential and are building a cluster of businesses to capitalize on it. They expect to achieve **mid-20s EBITDA margins** within **24 months** for this cluster by leveraging synergies and applying their operational playbook.

2. **ESG Divestiture and Impact**  
   **Q:** Why did you divest the ESG business, and what's the impact?  
   **A:** The company sold its Environmental Solutions Group (ESG) to pivot away from capital goods and focus on higher-margin businesses. They received a **13x EBITDA** multiple on the sale, which they considered an attractive valuation. The sale will result in a **$1 dilution to adjusted EPS**, but they plan to redeploy the proceeds into M&A opportunities that align with their strategic focus.

3. **Heat Exchanger and Heat Pump Market Trends**  
   **Q:** What's the outlook for heat exchangers and heat pumps?  
   **A:** The heat exchanger business is expected to trough in **Q3**. The company anticipates that inventory in the European heat pump market has been flushed and orders will return to positive in **Q4**. They believe the heat exchanger business will revert to being a non-cyclical asset moving forward.

4. **Order Rates and Bookings Outlook**  
   **Q:** How do you expect orders to trend for the rest of the year?  
   **A:** Despite choppy short-cycle trends, the company expects the book-to-bill ratio to remain at or above **1** for the balance of the year. They believe order rates will stay strong, supported by easier comps in the second half and positive trends in areas like CO<sub>2</sub> systems and thermal connectors.

5. **Segment Performance in DPPS**  
   **Q:** Can you update us on DPPS, especially biopharma and thermal connectors?  
   **A:** The Dover Precision Components segment is seeing growth in biopharma and thermal connectors. Biopharma is expected to grow year-over-year, rebounding from a trough in mid to late **2023**. Thermal connectors bookings are significantly up, and they expect revenue and earnings to be on target, with clean room production capacity and **100% traceability** by year-end.

6. **Synergies from Acquisitions**  
   **Q:** Are there tangible synergies from your recent acquisitions?  
   **A:** Yes, the acquisitions complement their existing businesses, offering opportunities for manufacturing footprint optimization and back-office integration. They are adding new products under a footprint they already have, often serving the same customers or adjacencies, which should enhance efficiency and margins.

7. **Working Capital and Free Cash Flow Guidance**  
   **Q:** How confident are you in improving working capital and free cash flow?  
   **A:** The company is confident in achieving its free cash flow guidance of **13% to 15%** of revenue. They expect working capital improvements in the second half, similar to prior years, and are on pace with their plans for inventory and receivables management.

8. **Capital Deployment Priorities**  
   **Q:** Will you focus on M&A or share repurchases with your capital?  
   **A:** The company's bias is towards M&A over share repurchases. They believe there will be numerous acquisition opportunities ahead and intend to deploy capital accordingly. They are patient and diligent in their approach, leveraging their strong cash position.

9. **Short-Cycle Trends and Order Patterns**  
   **Q:** What are you seeing in short-cycle trends and orders?  
   **A:** The short-cycle order patterns have been choppy and volatile week over week. However, despite the intra-quarter volatility, they are still growing the top line. They are closely monitoring areas like fueling, which has been slower than expected, but expect that easier comps in the second half will support order rates.

10. **DII Segment Performance**  
    **Q:** How did the DII segment perform, and what's the outlook?  
    **A:** The Dover Imaging & Identification segment had impressive bookings, organic sales growth, and margin performance in Q2. The strong margins were driven by a favorable mix with higher consumables sales. They expect margins may dilute slightly in the second half if printer shipments increase proportionally to consumables, but overall, the business is performing well.

7081e77da5a80833af6c82c1cf023dcde33d4dfe9e79f6a05fcb08828336ee9a

68ae9ec2c44ff51f21b08bd7809979d49bc2dd43377b3afdc4542a7016704ff0

United States

Europe

Asia

Other Americas

Other

Total Revenue

a54ed715a62b42586c9b8fdfdf8eb8cc7459e3a5fa6b2e0b6bb01d176f22654a

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2025
- **Guidance**:
  1. **Adjusted EPS Guidance**: Rebased to **$8.60 to $8.75** assuming 0% organic growth, with potential for an additional **$0.55 to $0.90** EPS with 3% to 5% organic growth at a 40% conversion rate  **[DOV_3403598_4]** .
  2. **Free Cash Flow Guidance**: On track for **13% to 15%** of revenue  **[DOV_3403598_3]** .
  3. **Revenue Growth**: 3% to 5% organic growth framework  **[DOV_3403598_8]** .
  4. **Segment Performance**: Positive margin swing expected in Clean Energy & Fueling  **[DOV_3403598_1]** .
  5. **Bookings and Demand**: Expecting higher bookings in CO2 systems and recovery in heat exchangers  **[DOV_3403598_2]** .
  6. **Capital Deployment**: Significant optionality for capital deployment and/or return  **[DOV_3403598_4]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Adjusted EPS Guidance**: Raised to **$9.05 to $9.20**  **[DOV_3394267_1]** .
  2. **Free Cash Flow Guidance**: Expected to be **13% to 15% of revenue**  **[DOV_3394267_3]** .
  3. **ESG Discontinued Operations**: ESG to be moved to discontinued operations in Q3  **[DOV_3394267_4]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Adjusted EPS**: **$9 to $9.15**  **[DOV_3380722_1]** .
  2. **Organic Revenue Growth**: **1% to 3%**  **[DOV_3380722_1]** .
  3. **Free Cash Flow**: **13% to 15%** of revenue  **[DOV_3380722_3]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Organic Revenue Growth**: **1% to 3%**  **[DOV_3371576_1]** .
  2. **Adjusted EPS**: **$8.95 to $9.15**, representing **5% to 7%** year-over-year organic growth  **[DOV_3371576_1]** .
  3. **Free Cash Flow**: Solid generation expected, with sale proceeds from DESTECO  **[DOV_3371576_4]** .
  4. **Operating Margin**: Improvement expected on volume, product mix, and productivity  **[DOV_3371576_4]** .
  5. **Price and Volume**: Each contributing about **1 to 1.5 points** to growth  **[DOV_3371576_13]** .

13c870b1790d98a78dfcaf5afc25387283ca920f053418a4ae79cfac2486518e

- **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.

ae1d7c72a6b4ca2cf57b1face705f1303fe4ac66f6aff55f14d7959e98ed5a6a

| Name               | Position                                                      | Start Date         | Short Bio                                                                                                                                                                                                 |
|--------------------|---------------------------------------------------------------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Richard J. Tobin   | President and Chief Executive Officer                         | May 2018           | Richard 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  **[0000029905-24-000008_dov-20231231.htm:43]** **[0001193125-24-073302_d826597ddef14a.htm:12]** **[0001193125-24-073302_d826597ddef14a.htm:13]** .                    |
| Kimberly K. Bors   | Senior Vice President and Chief Human Resources Officer       | January 2020       | Kimberly 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  **[0000029905-24-000008_dov-20231231.htm:43]** **[0000029905-23-000008_dov-20221231.htm:40]** .                                                   |
| Ivonne M. Cabrera  | Senior Vice President, General Counsel, and Secretary         | January 2013       | Ivonne M. Cabrera has been serving as the Senior Vice President, General Counsel, and Secretary of Dover Corporation since January 2013  **[0000029905-24-000008_dov-20231231.htm:43]** **[0000029905-23-000008_dov-20221231.htm:40]** .                                                                                                 |
| Brad M. Cerepak    | Senior Vice President and Chief Financial Officer             | May 2011           | Brad M. Cerepak has served as the Senior Vice President and CFO of Dover since May 2011. He plans to retire effective January 31, 2025  **[0001193125-24-273534_d846422d8k.htm:1]** **[0000029905-24-000008_dov-20231231.htm:43]** .                                                                                                  |
| Girish Juneja      | Senior Vice President and Chief Digital Officer               | May 2017           | Girish 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  **[0000029905-24-000008_dov-20231231.htm:43]** .                                                   |
| James M. Moran     | Vice President, Treasurer                                     | November 2015      | James M. Moran has been serving as the Vice President, Treasurer at Dover since November 2015. He previously held senior roles at Navistar International Corporation  **[0000029905-24-000008_dov-20231231.htm:43]** **[0000029905-23-000008_dov-20221231.htm:40]** .                                                                    |
| Ryan W. Paulson    | Vice President and Controller                                 | July 2019          | Ryan 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  **[0000029905-24-000008_dov-20231231.htm:43]** **[0000029905-23-000008_dov-20221231.htm:40]** .                                                        |
| Chris Woenker      | Upcoming Senior Vice President and Chief Financial Officer    | January 31, 2025   | Chris 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  **[0001193125-24-273534_d846422d8k.htm:1]** **[0001193125-24-273534_d846422dex991.htm:0]** .                               |
| Jack Dickens       | Vice President – Investor Relations                           | N/A                | Jack Dickens is the Vice President of Investor Relations at Dover Corporation. Specific details about his start date are not provided  **[0001193125-24-273534_d846422dex991.htm:0]** **[0000029905-24-000044_a202424108-kexhibit991pr.htm:0]** **[0001193125-24-234476_d859250dex991.htm:0]** .                                                                                                |
| Adrian Sakowicz    | Vice President – Communications                               | N/A                | Adrian Sakowicz is the Vice President of Communications at Dover Corporation. Specific details about his start date are not provided  **[0001193125-24-273534_d846422dex991.htm:0]** **[0000029905-24-000044_a202424108-kexhibit991pr.htm:0]** .                                                                                                    |

8982a55d6290f48dfa3a4d20d4d70c6374a5d3f5cb6c2f9d3980c3b29a574062

| Program Details          | Program 1          |
|--------------------------|--------------------|
| Approval Date            | August 2023  **[0000029905-24-000045_dov-20240930.htm:25]** **[0000029905-24-000045_dov-20240930.htm:58]**  |
| End Date/Duration        | January 1, 2024 - December 31, 2026  **[0000029905-24-000045_dov-20240930.htm:25]** **[0000029905-24-000045_dov-20240930.htm:58]**  |
| Total additional amount  | Up to 20 million shares  **[0000029905-24-000045_dov-20240930.htm:25]** **[0000029905-24-000045_dov-20240930.htm:58]**  |
| Remaining authorization  | 17,130,718 shares as of September 30, 2024  **[0000029905-24-000045_dov-20240930.htm:25]** **[0000029905-24-000045_dov-20240930.htm:58]**  |
| Details                  | Allows repurchase of up to 20 million shares  **[0000029905-24-000045_dov-20240930.htm:25]** **[0000029905-24-000045_dov-20240930.htm:58]**  |

0c7f64bc2d2ab2069bc247235923bc860f60b680c5be64892f41afc266c80f3e

**Annual guidance for FY 2025:**
- **Adjusted EPS**: $8.60 to $8.75 plus an additional $0.55 to $0.90 with 3%–5% organic growth at a 40% conversion  **[DOV_3403598_4]**  (raised from $9.05 to $9.20  **[DOV_3394267_1]** )  
- **Free Cash Flow**: 13% to 15% of revenue  **[DOV_3403598_3]**  (no change from prior guidance  **[DOV_3394267_3]** )  
- **Revenue Growth**: 3% to 5% organic growth framework  **[DOV_3403598_8]**  (no prior guidance)  
- **Segment Performance**: Positive margin swing expected in Clean Energy & Fueling  **[DOV_3403598_1]**  (no prior guidance)  
- **Bookings and Demand**: Expecting higher bookings in CO2 systems and recovery in heat exchangers  **[DOV_3403598_2]**  (no prior guidance)  
- **Capital Deployment**: Significant optionality for capital deployment and/or return  **[DOV_3403598_4]**  (no prior guidance)  

b3be52d0913eb8f6999505bca96f9010eea63d55ccc2979e8cac6bffc46c03e9

| Name                          | Start Date | End Date | Reason for Change |
|-------------------------------|------------|----------|-------------------|
| PricewaterhouseCoopers LLP    | 1995  **[0000029905-24-000008_dov-20231231.htm:74]**    | Present  | Current auditor   |

7155cacef98b6e3eeb4eabe2f0575b24ed8b9281ae564ca8585c253932f9974d

aa4022d5d6ed6a929ea67192a156b7c7f26db692051134bc7ffc9dbb12825179

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

- Total Revenue: $1,983.5 million (-8% YoY)  **[0000029905-23-000034_dov-20230930.htm:21]** **[0000029905-24-000045_dov-20240930.htm:24]**   
- Engineered Products: $296.1 million (**-41% YoY**)  **[0000029905-23-000034_dov-20230930.htm:21]** **[0000029905-24-000045_dov-20240930.htm:24]**   
- Clean Energy & Fueling: $500.7 million (+7% YoY)  **[0000029905-23-000034_dov-20230930.htm:21]** **[0000029905-24-000045_dov-20240930.htm:24]**   
- Pumps & Process Solutions: $472.5 million (+9% YoY)  **[0000029905-23-000034_dov-20230930.htm:21]** **[0000029905-24-000045_dov-20240930.htm:24]**   
- Climate & Sustainability: $431.1 million (-9% YoY)  **[0000029905-23-000034_dov-20230930.htm:21]** **[0000029905-24-000045_dov-20240930.htm:24]**   
- United States: $1,099.83 million (-7% YoY)  **[0000029905-23-000034_dov-20230930.htm:22]** **[0000029905-24-000045_dov-20240930.htm:25]**   
- Europe: $406.56 million (-6% YoY)  **[0000029905-23-000034_dov-20230930.htm:22]** **[0000029905-24-000045_dov-20240930.htm:25]**   
- Asia: $206.55 million (-12% YoY)  **[0000029905-23-000034_dov-20230930.htm:22]** **[0000029905-24-000045_dov-20240930.htm:25]**   
- Other: $79.78 million (**-31% YoY**)  **[0000029905-23-000034_dov-20230930.htm:22]** **[0000029905-24-000045_dov-20240930.htm:25]**   
- Net Income: $347.1 million (+20% YoY)  **[0000029905-23-000034_dov-20230930.htm:2]** **[0000029905-24-000045_dov-20240930.htm:2]** **[0000029905-24-000045_dov-20240930.htm:24]** **[0000029905-24-000045_dov-20240930.htm:14]**   
- Diluted EPS: $2.51 (+22% YoY)  **[0000029905-23-000034_dov-20230930.htm:2]** **[0000029905-24-000045_dov-20240930.htm:2]** **[0000029905-24-000045_dov-20240930.htm:24]** **[0000029905-24-000045_dov-20240930.htm:14]**   

f5d708d9d5b9037840ce49063faf771a8f9d84cd87fdca89168546ff99871e6d

- **Strong demand and market share gains in liquid cooling components for data centers:** Dover has invested in capacity ahead of demand, becoming a **market share winner** in liquid cooling applications for data centers. The company is experiencing **very strong demand** and could potentially **double** its revenue in this segment in 2025.  **[DOV_3413742_15]** **[DOV_3413742_23]**
- **Positive bookings momentum with book-to-bill ratio over 1, especially in Climate & Sustainability Technologies (DCST):** Dover has maintained a **book-to-bill ratio above 1**, indicating strong demand and future revenue growth. The company expects **double-digit growth** in CO2 refrigeration systems and positive bookings in heat exchangers, contributing to continued momentum in DCST.  **[DOV_3413742_10]** **[DOV_3413742_12]**
- **Strong recovery in biopharma components with broad-based demand:** After clearing inventories, Dover is seeing **strong orders** in biopharma components, with orders inflecting positively and demand being **broad-based** across customers. This suggests continued growth in this high-margin segment.  **[DOV_3413742_14]**

7bf11fb744a3aeac917af88679ab702858eaacd614ce073a6b25d38ebc03f233

- **Uncertainty in the Total Addressable Market (TAM) for Liquid Cooling in Data Centers**: CEO Richard Tobin acknowledged that the TAM is "anybody's guess right now" and admitted, "I can't even give you TAM numbers, quite frankly." This lack of visibility makes it difficult for Dover to plan capacity and could lead to overinvestment or missed opportunities.  **[DOV_3413742_15]**
- **Limited Demand Visibility and Short-Cycle Nature of Data Center Business**: The liquid cooling segment has become a "very short cycle business," with demand visibility of only "maybe 45 days," according to Richard Tobin. This short lead time challenges demand forecasting and could result in revenue volatility and inventory management issues.  **[DOV_3413742_15]** **[DOV_3413742_23]**
- **Challenges in the European Heat Pump Market**: Despite efforts to clear channel inventories by "underproducing severely" in Q4, orders are improving from "pretty low levels." Richard Tobin mentioned that the company still expects a "bad comp in Q1" and has difficulty obtaining reliable data from customers, which could impact growth projections in the Climate & Sustainability Technologies segment.  **[DOV_3413742_12]**

e67cda2eead4814eeeb3e0eeb96a9ccaca2834488bfc75352cd4b6461ccaf8b0

1. **Margin Outlook and Restructuring Benefits**  
   **Q:** Are you still assuming $25 million restructuring benefits? Margin drivers and price cost?  
   **A:** The **$25 million** restructuring benefit remains unchanged, with more in the pipeline that's not yet in the forecast.  **[DOV_3413742_6]**  Margin accretion seen in Q4 is expected to continue, driven by product mix and potential revenue growth in 2025.  **[DOV_3413742_6]**  Price cost is anticipated to be positive, contributing a **1% to 1.5%** benefit depending on the mix.  **[DOV_3413742_6]** 

2. **European Heat Pump Market and Margins**  
   **Q:** What are you seeing in the European heat pump market now?  
   **A:** We underproduced in Q4 to force inventory clearing in the European heat pump market.  **[DOV_3413742_11]**  Orders have started to inflect positively from low levels, with a ramp expected over the year.  **[DOV_3413742_11]**  Margins are set to improve in 2025 as we lap Q1 and benefit from better fixed cost absorption.  **[DOV_3413742_11]** 

3. **Liquid Cooling Demand and Market Share**  
   **Q:** How has the total addressable market for liquid cooling grown, and where can your share run?  
   **A:** The market has grown significantly, but estimating the TAM is challenging.  **[DOV_3413742_13]**  We've been market share winners due to having capacity installed ahead of demand.  **[DOV_3413742_13]**  Liquid cooling has become a short-cycle business with orders arriving last minute.  **[DOV_3413742_13]**  We're proud of our management team's handling of this complex situation.  **[DOV_3413742_13]** 

4. **M&A Outlook and Cash Deployment**  
   **Q:** Any changes in M&A opportunities and cash deployment?  
   **A:** We're seeing lots of M&A opportunities and are interested to see how valuations play out.  **[DOV_3413742_15]**  We have several proprietary deals in the pipeline.  **[DOV_3413742_15]**  Our cash is currently generating interest income, and we maintain our **$0.50** year-over-year interest income guidance until we deploy capital.  **[DOV_3413742_15]** 

5. **Book-to-Bill and DCST Bookings Momentum**  
   **Q:** Do you expect book-to-bill over 1 again in 2025, particularly for DCST?  
   **A:** Based on our growth rate, we expect book-to-bill to hover around **1** for the year.  **[DOV_3413742_10]**  We received CO2 systems bookings in Q4 and expect more coming, with positive bookings in heat exchangers anticipated in Q2.  **[DOV_3413742_10]** 

6. **Data Center CapEx and Competition**  
   **Q:** Has there been any change in data center CapEx or competitive dynamics?  
   **A:** We don't foresee a significant change in data center CapEx.  **[DOV_3413742_25]**  We're a small part of the total TAM but have a strong IP-protected product and were first to build out capacity.  **[DOV_3413742_25]**  We're comfortable with our 2025 forecast based on current projects underway.  **[DOV_3413742_25]** 

7. **Interest Income and Capital Deployment**  
   **Q:** Are higher interest rates benefiting your cash holdings, and does guidance include free cash flow?  
   **A:** Yes, higher rates are favorable, but our guidance includes uses of cash flow as usual.  **[DOV_3413742_19]**  Interest income is volatile due to potential rate cuts, and capital deployment will impact it.  **[DOV_3413742_19]**  We'll provide more insight as deals materialize.  **[DOV_3413742_19]** 

8. **Refrigeration and CO2 Growth in 2025**  
   **Q:** Is refrigeration growth in 2025 driven by CO2 or pent-up demand?  
   **A:** It's both pent-up demand and CO2 products.  **[DOV_3413742_23]**  We're focusing on margin performance through productivity and CO2 offerings.  **[DOV_3413742_23]**  We're not chasing dilutive growth in retail refrigeration but see opportunities in bundling CO2 systems with cases.  **[DOV_3413742_23]** 

9. **DII Demand and Margins**  
   **Q:** Is the fashion fabric business still lagging and holding back growth?  
   **A:** The fashion fabric business is now de minimis in revenue and earnings.  **[DOV_3413742_19]**  We're not modeling any significant recovery there.  **[DOV_3413742_19]**  The management team has improved margins in the core marking and coding business.  **[DOV_3413742_19]** 

10. **Margin Outlook for DCEF and DPPS**  
    **Q:** Is a 20%+ margin for DCEF and 30% for DPPS reasonable?  
    **A:** We expect DCEF margins to be in excess of **20%** at the segment level, although not every quarter.  **[DOV_3413742_9]**  DPPS margins depend on mix; if biopharma outperforms, margins will improve, and precision components, while slightly dilutive, still deliver **25%** margins.  **[DOV_3413742_9]** 

ea03618b75f52b2d4123884769c03049bd8d62f7645fe58e8272861af2960e73

DOV sees potential to double its data center liquid cooling revenue by 2025, propelled by strong demand and early capacity investments. Book-to-bill remains above 1, supporting momentum across Climate & Sustainability Technologies. Management also reaffirms its $25M restructuring benefit.

04fa709f15b15a6693196ab443514aeccb0e354137614f99f2923910e2bb2e6c

9a531c77da8709dd7c7f8e2da7168a660bf6201ed4b37784341a98f22fb776a7

0642aba27400715b6bc62e41a544001c6dfd171ca750a7f956dcc9398ed771ee

**Annual guidance for FY 2025:**  
- **Free Cash Flow**: 14% to 16%  **[DOV_3413742_3]**  (raised from 13% to 15%  **[DOV_3403598_3]** )  
- **Organic Revenue Growth**: in line with the previous quarter  **[DOV_3413742_5]**  (no change from 3% to 5%  **[DOV_3403598_8]** )  
- **Margin Performance**: strong incremental margin performance  **[DOV_3413742_1]**  (no change from 25% to 35%  **[DOV_3403598_8]** )  
- **EPS Growth**: double-digit  **[DOV_3413742_1]**  (no prior guidance)  
- **Price-Cost Spread**: 1% to 1.5%  **[DOV_3413742_6]**  (no prior guidance)  
- **Book-to-Bill Ratio**: around 1  **[DOV_3413742_10]**  (no prior guidance)  

f95e25e1250191d045bc5364f8f3f8227aa5babeb459d687cd51023ca0b31bd9

3cae4082569862dd6d9c58541caed4d9326a8783cffcb40b083979e75a79b5d6

| Year | Amount Due (in millions) | Debt Type                                   | Interest Rate (%) | % of Total Debt |
|----------|------------------------------|------------------------------------------------|------------------------|---------------------|
| 2025     | $400.0 **[0000029905-24-000045_dov-20240930.htm:15]**               | 3.15% 10-year notes                            | 3.15 **[0000029905-24-000045_dov-20240930.htm:15]**          | 11.8% = (400.0 / 3,387.1) * 100 **[0000029905-24-000045_dov-20240930.htm:51]** **[0000029905-24-000045_dov-20240930.htm:15]** |
| 2026     | €600.0 ($665.7) **[0000029905-24-000045_dov-20240930.htm:15]**      | 1.25% 10-year notes (euro-denominated)         | 1.25 **[0000029905-24-000045_dov-20240930.htm:15]**          | 19.6% = (665.7 / 3,387.1) * 100 **[0000029905-24-000045_dov-20240930.htm:51]** **[0000029905-24-000045_dov-20240930.htm:15]** |
| 2027     | €500.0 ($554.0) **[0000029905-24-000045_dov-20240930.htm:15]**      | 0.75% 8-year notes (euro-denominated)          | 0.75 **[0000029905-24-000045_dov-20240930.htm:15]**          | 16.4% = (554.0 / 3,387.1) * 100 **[0000029905-24-000045_dov-20240930.htm:51]** **[0000029905-24-000045_dov-20240930.htm:15]** |
| 2028     | $200.0 **[0000029905-24-000045_dov-20240930.htm:15]**               | 6.65% 30-year debentures                       | 6.65 **[0000029905-24-000045_dov-20240930.htm:15]**          | 5.9% = (200.0 / 3,387.1) * 100 **[0000029905-24-000045_dov-20240930.htm:51]** **[0000029905-24-000045_dov-20240930.htm:15]** |
| 2029     | $300.0 **[0000029905-24-000045_dov-20240930.htm:15]**               | 2.95% 10-year notes                            | 2.95 **[0000029905-24-000045_dov-20240930.htm:15]**          | 8.9% = (300.0 / 3,387.1) * 100 **[0000029905-24-000045_dov-20240930.htm:51]** **[0000029905-24-000045_dov-20240930.htm:15]** |
| 2035     | $300.0 **[0000029905-24-000045_dov-20240930.htm:15]**               | 5.375% 30-year debentures                      | 5.375 **[0000029905-24-000045_dov-20240930.htm:15]**         | 8.9% = (300.0 / 3,387.1) * 100 **[0000029905-24-000045_dov-20240930.htm:51]** **[0000029905-24-000045_dov-20240930.htm:15]** |
| 2038     | $250.0 **[0000029905-24-000045_dov-20240930.htm:15]**               | 6.60% 30-year notes                            | 6.60 **[0000029905-24-000045_dov-20240930.htm:15]**          | 7.4% = (250.0 / 3,387.1) * 100 **[0000029905-24-000045_dov-20240930.htm:51]** **[0000029905-24-000045_dov-20240930.htm:15]** |
| 2041     | $350.0 **[0000029905-24-000045_dov-20240930.htm:15]**               | 5.375% 30-year notes                           | 5.375 **[0000029905-24-000045_dov-20240930.htm:15]**         | 10.3% = (350.0 / 3,387.1) * 100 **[0000029905-24-000045_dov-20240930.htm:51]** **[0000029905-24-000045_dov-20240930.htm:15]** |

7031d88ae0d4cc5a2f9b7b85a0e16052e07f7b0ae68fda13aa41e2bb8bff8419

b4f99ac6eb782f4e4010ad4b6f987d8dc61a93d7fa2e05e133571b3e906c73b1

- **Orders are down in can-making and European heat exchanger businesses**, as highlighted by management: "orders are up broad-based **with the exception of the two that we highlighted, both in can-making and in heat exchangers in Europe**."  **[DOV_3380722_5]**
- **Dover is facing increased competition in the liquid cooling market**, with many competitors entering the space. The CEO noted that "**Apparently, everybody is in the space, including us**," indicating potential challenges in maintaining market share and margins.  **[DOV_3380722_21]**
- **Dover did not capitalize fully on price increases during supply chain issues**, potentially missing margin expansion opportunities. The CEO admitted, "**We weren't the big winners there to be perfectly frank... arguably, we should have taken more**."  **[DOV_3380722_22]**

bfd0cf3cb97bc35e28ef5f114971eb47cd147504374974ace18492e096e3e652

- **DOV is well-positioned in the growing data center cooling market**, particularly in **liquid cooling technologies**, which are expected to see over **30% growth**, as their **heat exchangers and connectors** play a key role in this area.  **[DOV_3371576_26]**
- **Bookings have turned positive for the first time in eight quarters**, and the company expects **bookings to stay positive throughout 2024**, reflecting improving demand and potential revenue growth.  **[DOV_3371576_6]**
- The company anticipates **margin improvements driven by structural cost savings**, with **carryover benefits from actions taken in 2023** and **additional cost-saving initiatives planned**, enhancing profitability.  **[DOV_3371576_23]**

44b516cee2b30eea962b586c0084d35894a4c6ad730988abd31e078dbcb3604c

1. **Bookings Sustainability**  
   **Q:** Are positive bookings sustainable, and what's the outlook?  
   **A:** Management expects bookings to remain positive throughout **2024** based on their current outlook.  **[DOV_3371576_6]**  They believe that hard work on channel inventory has led to an inflection in bookings, particularly in **biopharma** and **Fueling Solutions**.  **[DOV_3371576_6]**  Unless there is an unforeseen recession in 2024, they do not expect the positive trend to reverse.  **[DOV_3371576_6]** 

2. **Biopharma Recovery and Inventory**  
   **Q:** Is biopharma recovery included in guidance, and what about obsolete inventory?  
   **A:** Dover has very little earnings accretion from biopharma in their guidance, despite orders beginning to pick up.  **[DOV_3371576_7]**  They prefer to position themselves cautiously and will update quarter by quarter.  **[DOV_3371576_7]**  They do not expect biopharma to be down year-over-year but have not included significant operating profit growth.  **[DOV_3371576_7]**  Some biopharma inventory will become obsolete due to **FDA regulations**, which management confirms.  **[DOV_3371576_7]** 

3. **EPS Growth Cadence**  
   **Q:** How will EPS growth progress through the year?  
   **A:** Management expects growth to start slowly, with **Q1** similar to **Q4** due to difficult comparisons.  **[DOV_3371576_8]**  The majority of earnings accretion is anticipated in **Q2 and Q3** as production ramps up.  **[DOV_3371576_8]**  **Q4** performance will depend heavily on production rates adopted.  **[DOV_3371576_8]** 

4. **Inventory Levels and Heat Pumps**  
   **Q:** Are inventory levels balanced across the portfolio, especially in heat pumps and clean energy?  
   **A:** Dover feels good about inventory levels across the portfolio, except for heat exchangers used in **heat pumps**.  **[DOV_3371576_9]**  Demand for heat exchangers declined suddenly in mid-September, leading to cautious expectations for **2024**.  **[DOV_3371576_9]**  They anticipate heat pumps to be down year-over-year but believe this may be conservative.  **[DOV_3371576_9]**  They expect growth to return after inventory flushes in **Q1 and Q2**.  **[DOV_3371576_9]** 

5. **Geographic Sales Volatility**  
   **Q:** Can you discuss the geographic sales volatility, particularly in China and Europe?  
   **A:** China's revenue was up **14%**, but this is only **6%** of total revenue and can be volatile due to large shipments.  **[DOV_3371576_10]**  The base business reflects the **not-so-great Chinese economy**.  **[DOV_3371576_10]**  Europe was down **16%**, exacerbated by a sudden demand drop in heat exchangers for heat pumps.  **[DOV_3371576_10]**  European demand is expected to improve year-over-year due to the prior year's **idiosyncratic headwind**.  **[DOV_3371576_10]**  Majority of growth is **North America** driven.  **[DOV_3371576_10]** 

6. **M&A Outlook**  
   **Q:** What is the outlook for M&A in 2024?  
   **A:** Dover anticipates being more active in M&A due to improved cash flow and balance sheet capacity.  **[DOV_3371576_11]**  They have closed **three acquisitions in the last five months** and have a pipeline of similar opportunities.  **[DOV_3371576_11]**  They are willing to pursue larger deals but have return hurdles; if these aren't met, they will return cash to shareholders.  **[DOV_3371576_11]** 

7. **Sales Growth Drivers**  
   **Q:** Is improvement driven by destocking ending or underlying demand?  
   **A:** Improvement is driven more by investments in specific products and end-market exposure rather than just destocking or overall GDP growth.  **[DOV_3371576_12]**  Underlying growth is higher than the **1–3%** headline, offset by headwinds in cyclical parts of the portfolio like **can-making and polymer processing equipment**.  **[DOV_3371576_12]**  Positive volume growth is expected, except in **Q1** due to an **idiosyncratic issue**.  **[DOV_3371576_12]** 

8. **Price and Volume Outlook**  
   **Q:** What's the assumption for price and volume growth this year?  
   **A:** Dover assumes price increases of about **1 to 1.5 points**, with volume growth roughly the same, making it **50-50 on price and volume**.  **[DOV_3371576_13]**  They believe that managing inventory levels helps protect pricing.  **[DOV_3371576_13]** 

9. **Industrial Pumps Outlook**  
   **Q:** How is the industrial pumps business performing?  
   **A:** The industrial pumps segment is seeing decent performance without significant headwinds from stocking or destocking.  **[DOV_3371576_13]**  Demand is driven by fundamental factors, with some caution in the back half of **2023** due to interest rates.  **[DOV_3371576_13]**  They expect some growth but nothing extraordinary in **2024**.  **[DOV_3371576_13]** 

10. **Margin Impact from Production Cuts**  
    **Q:** Did production cuts impact margins?  
    **A:** Yes, production reductions, particularly in **clean energy**, impacted margins.  **[DOV_3371576_13]**  The company managed production to balance inventories, which affected margins to a degree.  **[DOV_3371576_13]** 

c3a5c86668af7803a893a225935ab0d74e458ced0fc480ac00e77e525c057a7a

- **Strong growth in thermal connectors business, with bookings doubling and positioned to meet increased demand from liquid cooling adoption in data centers.**  **[DOV_3380722_13]**
- **Biopharma business poised for upside as customer inventories normalize, with recent booking trends and positive customer tone indicating potential growth.**  **[DOV_3380722_16]**
- **Positive order momentum across much of the portfolio, with orders expected to be up sequentially in Q2 and Q3, supporting confidence in revenue and earnings growth.**  **[DOV_3380722_5]** **[DOV_3380722_8]**

c77c7047264346d23ccdb1e498ce6b10d609bdee6970264aed4d169681ad7b7c

- **The CEO was unable to provide or recall the company's revenue guidance or approximate figures during the earnings call, potentially indicating management issues**  **[DOV_3403598_19]** .
- **The belowground fueling business has been a headwind for Dover for **three years**, with muted demand and past inflationary pressures, negatively affecting top-line growth**  **[DOV_3403598_17]** .
- **Competitors are expanding their platforms with more vertical integration, potentially putting Dover at a disadvantage in the imaging business**  **[DOV_3403598_13]** .

6292b2a56ac272dc84ac7ca56dac5d394d421b7e224136b570fc1dc6f1b7d53b

- Dover expects **cyclical headwinds** in **polymer processing and can-making equipment** segments in 2024, which may negatively impact revenue and profits.  **[DOV_3371576_17]**
- A **sudden decline in demand** for **heat exchangers and heat pumps** in Europe from mid-September has significantly impacted sales, and Dover is **not overly optimistic on Chinese demand** due to the "not great" Chinese economy.  **[DOV_3371576_10]**
- Anticipated **margin improvements** rely on **cost actions** that are **not yet fully planned or scheduled**, posing a risk to achieving expected earnings growth.  **[DOV_3371576_23]**

d6f6d350abc3d6a718d98a045af6d53061ca7fdd64d4bd7643218994103f1216

1. **Organic Growth Outlook**  
   **Q:** What's your view on organic growth and segment variability for 2025?  
   **A:** We expect organic growth of **3% to 5%** in 2025, with less variability across our segments as we lap the **$300 million** headwind from capital businesses this year.  **[DOV_3403598_8]** **[DOV_3403598_14]**  Our core growth platforms should continue growing at the same pace, and we don't foresee other significant cyclical downturns in our portfolio.  **[DOV_3403598_8]** 

2. **Impact of Capital Businesses**  
   **Q:** How did capital businesses like Maag and Belvac impact 2024, and what's the outlook?  
   **A:** These businesses presented a **4% to 5%** growth headwind in 2024, amounting to a **$300 million** impact.  **[DOV_3403598_14]**  We believe they've bottomed out, and as we move past these headwinds, they should stabilize and contribute positively to growth in 2025.  **[DOV_3403598_8]** **[DOV_3403598_14]** 

3. **M&A Strategy**  
   **Q:** Can you discuss your M&A strategy and synergy extraction in acquisitions?  
   **A:** Over the past **4 to 5 years**, we've paid reasonable multiples, focusing on synergy extraction.  **[DOV_3403598_10]**  We've built an engine to extract synergies, driving margin expansion. For example, in our Clean Energy business, we posted a **20%** margin this year and aim to reach **25%** through synergy extraction alone.  **[DOV_3403598_10]** 

4. **Incremental Margins and Portfolio**  
   **Q:** Is Dover transitioning to higher incremental margins due to portfolio changes?  
   **A:** Yes, we're moving towards higher incremental margins through portfolio transformation.  **[DOV_3403598_25]**  Divesting lower-margin businesses allows us to focus on areas with higher growth and margins. We're investing organically and inorganically to drive consolidated segment margins to **25%**.  **[DOV_3403598_25]** 

5. **Biopharma Recovery**  
   **Q:** What's the outlook for biopharma recovery and margins?  
   **A:** We see recovery in biopharma, particularly in single-use consumables.  **[DOV_3403598_12]** **[DOV_3403598_24]**  Margins reached **29%** this quarter, and as growth continues, we expect margins to potentially surpass **30%** next year.  **[DOV_3403598_24]** 

6. **Belowground Fueling Recovery**  
   **Q:** Is the belowground fueling business improving?  
   **A:** Yes, after being a headwind for **three years**, belowground fueling is inflecting positively.  **[DOV_3403598_17]**  Improved labor availability and cost conditions are boosting margins. We aim to elevate the entire segment to a **25% EBITDA margin** by 2025.  **[DOV_3403598_17]** 

7. **Restructuring Plans**  
   **Q:** Are there additional restructuring efforts planned beyond the $25 million carryover?  
   **A:** The **$25 million** carryover is for actions completed or to be completed in 2024.  **[DOV_3403598_18]**  We have more restructuring planned, especially in our cryogenic acquisitions, with synergy targets around **$20 million**. This will involve costs through the first half of next year.  **[DOV_3403598_18]** 

8. **Pricing Outlook**  
   **Q:** What is your pricing outlook for next year?  
   **A:** We anticipate modestly positive pricing next year, influenced more by mix.  **[DOV_3403598_21]**  We've secured favorable commodity costs for **2025** by taking advantage of current input pricing on metals.  **[DOV_3403598_21]** 

9. **Macroeconomic Impact**  
   **Q:** How might macro factors like elections and interest rates affect your business?  
   **A:** We've observed some caution due to election uncertainty and interest rates.  **[DOV_3403598_23]**  However, if the cost of capital remains low and certainty improves, we expect our project-based businesses to see positive inflection in **2025**.  **[DOV_3403598_23]** 

10. **CST Bookings and Heat Exchangers**  
    **Q:** Do you expect CST bookings to improve with heat exchanger recovery?  
    **A:** We anticipate a material increase in bookings for CO₂ systems, but heat pump bookings are weaker heading into Q4.  **[DOV_3403598_26]**  Improvements are expected in the coming quarters, though timing between Q4 and Q1 remains uncertain.  **[DOV_3403598_26]** 

11. **DII Margin Performance**  
    **Q:** Is the strong margin performance in DII sustainable?  
    **A:** Yes, due to excellent cost management and global synergy extraction.  **[DOV_3403598_9]**  We believe current margins are a reasonable approximation of what the business can deliver in **2025** and **2026**.  **[DOV_3403598_9]** 

12. **Thermal Connectors**  
    **Q:** Who specifies your thermal connectors, and is there recurring revenue?  
    **A:** Our thermal connectors are specified by users and builders in supercomputing applications.  **[DOV_3403598_11]**  Once specified, replacements are typically like-for-like, suggesting potential for recurring revenue.  **[DOV_3403598_11]** 

13. **Interest Income Impact**  
    **Q:** Is interest income from divestments included in EPS guidance?  
    **A:** Yes, interest income from the ESG divestment proceeds is included in our EPS guidance.  **[DOV_3403598_16]**  It helps offset volume reductions, such as those in heat exchangers.  **[DOV_3403598_16]** 

14. **Capacity Utilization**  
    **Q:** Are you managing capacity utilization selectively?  
    **A:** We're selectively managing capacity to maximize cash flow and preserve fixed-cost absorption into next year.  **[DOV_3403598_27]**  This approach is more targeted than previous actions and focuses on prudent production adjustments.  **[DOV_3403598_27]** 

a25b4c994dafa2a0ca7e3547e4cc5824001a80bb4956400380230fe2606f223c

1. **Orders Outlook and Sequential Growth**  
   **Q:** Do you see orders up sequentially going into the second quarter?  
   **A:** Management expects orders to be **up sequentially**, with broad-based increases except in can-making and European heat exchangers.  **[DOV_3380722_5]**  This positive trend supports a significant performance step-up in Q2 and Q3.  **[DOV_3380722_5]** 

2. **European Heat Exchanger Business**  
   **Q:** Is the EU heat pump market affecting your heat exchanger business?  
   **A:** The European heat pump market is expected to be **clearly down year-over-year**, leading to lowered internal estimates.  **[DOV_3380722_7]**  High inventory levels mean orders need to rebound by the end of Q2 to see improvement in the second half.  **[DOV_3380722_7]**  This business is performing worse than initial forecasts.  **[DOV_3380722_17]** 

3. **Biopharma Business Outlook**  
   **Q:** Could you discuss the outlook for the biopharma business?  
   **A:** The biopharma segment is seeing potential upside as inventory issues have been resolved.  **[DOV_3380722_12]**  Orders are expected to **increase from here** since inventory has been cleared over the last 36 months.  **[DOV_3380722_12]**  As revenue climbs, the margin mix will improve, enhancing the segment's performance.  **[DOV_3380722_15]** 

4. **CO2 Systems Growth and Regulatory Tailwinds**  
   **Q:** How far along are you with CO2 systems and regulatory tailwinds?  
   **A:** The company is shipping its first platform, with early adopters driving demand due to **ESG reasons**.  **[DOV_3380722_14]**  They're in the **early innings** but are optimistic about the trajectory.  **[DOV_3380722_14]**  CO2 systems are helping offset declines in the heat exchanger business.  **[DOV_3380722_25]** 

5. **Thermal Connectors and Data Center Exposure**  
   **Q:** What is the outlook for thermal connectors in data centers?  
   **A:** Bookings have **doubled**, and the company feels confident about its market position.  **[DOV_3380722_13]**  They've prebuilt production capacity to meet potential demand surges.  **[DOV_3380722_13]**  Being specified by chip makers is crucial, and they've achieved this, facilitating market entry.  **[DOV_3380722_22]** 

6. **M&A Pipeline Improving**  
   **Q:** Can you talk about the M&A pipeline and priorities?  
   **A:** The M&A environment has **loosened**, with interest rates stabilizing and equity markets rallying.  **[DOV_3380722_6]**  Activity and opportunities are better than a year ago, making the pipeline more actionable.  **[DOV_3380722_6]** 

7. **Pricing and Margin Expectations**  
   **Q:** How is pricing trending, and can you be more successful with price?  
   **A:** Management expects to be **positive on price by the end of the year**.  **[DOV_3380722_23]**  They're not experiencing negative pricing pressures and believe they're positioned appropriately in the market.  **[DOV_3380722_23]** 

8. **Portfolio Management and Potential Divestitures**  
   **Q:** Are you happy with the portfolio, and are there parts to divest?  
   **A:** The company is open to monetizing parts of the portfolio if they find suitable partners.  **[DOV_3380722_24]**  They're focused on creating shareholder value rather than selling assets merely to enhance margins.  **[DOV_3380722_24]** 

9. **Distribution Channel Inventories**  
   **Q:** Are channel inventories lean, and could they move the other way?  
   **A:** Channel inventories are currently **lean**, with no significant build observed.  **[DOV_3380722_11]**  The company sees pass-through demand and hopes for inventory builds if demand continues to improve.  **[DOV_3380722_11]** 

10. **Imaging Business and China Exposure**  
    **Q:** What's the state of the imaging business and China demand?  
    **A:** The imaging business is **stable**, with consumables providing steady revenue.  **[DOV_3380722_26]**  China, previously a headwind, is now **sequentially improving**, which could benefit the segment.  **[DOV_3380722_26]** 

a8a629293994b61ebd49e4b22d65899d69bd69313b03bc5f9c73b8b1904c3888

- **Potential EPS dilution due to the sale of Environmental Services Group (ESG), leading to a \$1 per share negative impact on adjusted EPS**.  **[DOV_3394267_17]**  Management indicates a reliance on future M&A to offset this dilution, which may not be immediate or certain.  **[DOV_3394267_17]**
- **Possible margin dilution in the second half in the Imaging and ID segment**, especially if printer shipments increase proportionally to consumables, potentially impacting overall profitability.  **[DOV_3394267_19]**
- **Uncertainty in bookings growth and order rates**, with management noting that bookings have been "a little bit lumpy" and that they "will see how it goes," bringing potential risk to revenue forecasts for the rest of the year.  **[DOV_3394267_6]**

f317413926d99e8d9c7d5c604244445f6f3e0e27984845a92b92668dbc2cd5bd

- **Dover is transitioning to higher incremental margins through accelerated portfolio transformation**, focusing on investing in businesses with **higher growth rates and higher margin profiles**, such as the **CO2 systems business**, which is a "**high-growth high incremental margin to the segment business**"  **[DOV_3403598_25]** .
- **Management aims to drive the consolidated segment margin to 25%**, managing businesses for margin by making tough decisions, particularly in Europe and Asia, and combining operations with cryogenic components to achieve a **25% EBITDA margin** for the entire segment  **[DOV_3403598_17]** .
- **Positive outlook for CO2 systems and belowground fueling segments in 2025**, as **labor costs and availability improve**, leading to **margin accretion**, and expectations of being "**materially up on CO2 systems in 2025**" due to increased market spend  **[DOV_3403598_6]** **[DOV_3403598_17]** .

1f68465c967342b1f6ed48ba3f13195ea7b5af20984338e6c2a926fea365a2bf

- **Dover is actively pursuing strategic acquisitions in clean energy components, expecting to capture about $12 million in run-rate synergies and drive EBITDA margins to mid-20% within 24 months.**  **[DOV_3394267_27]** **[DOV_3394267_17]** **[DOV_3394267_9]** **[DOV_3394267_5]** **[DOV_3394267_26]**
- **The company anticipates strong order rates with book-to-bill over 1 for the rest of the year, supporting their raised adjusted EPS guidance to $9.05 to $9.20.**  **[DOV_3394267_20]** **[DOV_3394267_6]** **[DOV_3394267_12]**
- **The Imaging and ID segment posted an excellent quarter with strong bookings, organic sales growth, and exceptional margins driven by increased consumables and aftermarket shipments.**  **[DOV_3394267_19]**

23655d0e814ba0df05a97048dce9c50146a424265dd101ef1a357e01da574f73

Dover Corp (DOV)

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