Ink World staff10.22.20
Dover announced its financial results for the third quarter ended Sept. 30, 2020.
For the quarter ended Sept. 30, 2020, Dover generated revenue of $1.7 billion, a decline of 4% compared to the third quarter of the prior year. GAAP net earnings of $200 million decreased 3%, and GAAP diluted EPS of $1.38 was down 1%.
For the nine months ended September 30, 2020, Dover generated revenue of $4.9 billion, a decline of 9% compared to the first nine months of the prior year. GAAP net earnings of $501 million decreased 2%, and GAAP diluted EPS of $3.45 declined 1% year-over-year. On an adjusted basis, net earnings of $599 million declined 7%, and adjusted diluted EPS of $4.12
“Our third quarter results reflect the continued recovery in most of the markets we serve, as well as strong execution by our teams around the world,” Richard J. Tobin, Dover's president and CEO, said. "Operationally, we executed well in the quarter, which allowed us to respond effectively to the improved demand environment, deliver on the backlogs in our long-cycle businesses and positively impact the results for the quarter.
"The trajectory of new orders continued to improve through the third quarter resulting in approximately flat bookings compared to the same quarter last year. We saw activity improve with positive comparable year-over-year organic bookings across multiple markets, most notably marking & coding, automotive aftermarket, food retail, heat exchangers, biopharma, can making, plastics & processing and aerospace & defense. Digital textile printing, compression components and aftermarket, commercial foodservice and waste hauling remained impacted by pandemic-induced disruptions in their respective end-markets,” he added.
"This year has undoubtedly been challenging, but it also has provided Dover an opportunity to demonstrate the strength of our diverse portfolio with balanced end market and geographic exposure,” Tobin concluded.
For the quarter ended Sept. 30, 2020, Dover generated revenue of $1.7 billion, a decline of 4% compared to the third quarter of the prior year. GAAP net earnings of $200 million decreased 3%, and GAAP diluted EPS of $1.38 was down 1%.
For the nine months ended September 30, 2020, Dover generated revenue of $4.9 billion, a decline of 9% compared to the first nine months of the prior year. GAAP net earnings of $501 million decreased 2%, and GAAP diluted EPS of $3.45 declined 1% year-over-year. On an adjusted basis, net earnings of $599 million declined 7%, and adjusted diluted EPS of $4.12
“Our third quarter results reflect the continued recovery in most of the markets we serve, as well as strong execution by our teams around the world,” Richard J. Tobin, Dover's president and CEO, said. "Operationally, we executed well in the quarter, which allowed us to respond effectively to the improved demand environment, deliver on the backlogs in our long-cycle businesses and positively impact the results for the quarter.
"The trajectory of new orders continued to improve through the third quarter resulting in approximately flat bookings compared to the same quarter last year. We saw activity improve with positive comparable year-over-year organic bookings across multiple markets, most notably marking & coding, automotive aftermarket, food retail, heat exchangers, biopharma, can making, plastics & processing and aerospace & defense. Digital textile printing, compression components and aftermarket, commercial foodservice and waste hauling remained impacted by pandemic-induced disruptions in their respective end-markets,” he added.
"This year has undoubtedly been challenging, but it also has provided Dover an opportunity to demonstrate the strength of our diverse portfolio with balanced end market and geographic exposure,” Tobin concluded.
