Dover Corporation Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
February 01, 2024 at 06:30 am
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Dover Corporation reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported sales was USD 2,105.76 million compared to USD 2,139.18 million a year ago. Net income was USD 296.26 million compared to USD 263.58 million a year ago. Basic earnings per share from continuing operations was USD 2.12 compared to USD 1.88 a year ago. Diluted earnings per share from continuing operations was USD 2.11 compared to USD 1.87 a year ago.
For the full year, sales was USD 8,438.13 million compared to USD 8,508.09 million a year ago. Net income was USD 1,056.83 million compared to USD 1,065.38 million a year ago. Basic earnings per share from continuing operations was USD 7.56 compared to USD 7.47 a year ago. Diluted earnings per share from continuing operations was USD 7.52 compared to USD 7.42 a year ago.
Dover Corporation is a diversified industrial group. Net sales break down by family of products as follows:
- material handling equipment (23.7%): industrial and recreational winches, construction and demolition machinery attachments, hydraulic parts, industrial automation tools, etc.;
- fluid management products (21.2%): sucker rods, drill bit inserts for oil and gas exploration, control valves, piston and seal rings, nozzles, swivels, suction system equipment, etc.;
- refrigeration equipment (21.1%): refrigeration systems, commercial kitchen air and ventilation systems, heat transfer equipment, food and beverage packaging machines, etc.;
- mobile equipment (20.8%): tank trailers, compactors, balers, car wash systems, internal engine components, etc.;
- identification products (13.2%): industrial marking and coding systems used to code information on products, product traceability, etc.
Net sales are distributed geographically as follows: the United States (55.8%), Americas (8.1%), Europe (20.8%), Asia (11%) and other (4.3%).