Dover's Q3 Earnings Miss Amid Soft Revenue Growth, Cuts 2024 Outlook
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 24 2024
0mins
Should l Buy DOV?
Source: Benzinga
Third-Quarter Results: Dover Corporation reported third-quarter revenue of $1.984 billion, a 1% increase year-over-year but below the expected $2.045 billion. Adjusted EPS was $2.27, missing the consensus estimate, while bookings rose by 5.6% to $1.853 billion.
2024 Outlook: The company lowered its adjusted EPS forecast for 2024 from $9.05–$9.20 to $8.08–$8.18 and revised revenue growth expectations from 3%-4% to 1%-3%, citing strong underlying demand despite challenges in certain sectors.
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Analyst Views on DOV
Wall Street analysts forecast DOV stock price to fall
13 Analyst Rating
9 Buy
4 Hold
0 Sell
Moderate Buy
Current: 230.570
Low
206.00
Averages
228.91
High
256.00
Current: 230.570
Low
206.00
Averages
228.91
High
256.00
About DOV
Dover Corporation is a diversified global manufacturer and solutions provider. Its Engineered Products segment provides a range of equipment, components, software, solutions and services to the vehicle aftermarket, aerospace and defense, and others. Its Clean Energy & Fueling segment provides components, equipment, and software solutions and services. It also designs, manufactures, and supplies vacuum-insulated piping systems for a variety of liquefied gases like nitrogen, oxygen, carbon dioxide, and other industrial gases. Its Imaging & Identification segment supplies precision marking and coding, product traceability, brand protection and digital textile printing equipment. Its Pumps & Process Solutions segment manufactures specialty pumps and flow meters, fluid transfer connectors, engineered precision components, instruments, and digital controls. Its Climate & Sustainability Technologies segment is a provider of energy-efficient equipment, components, and parts.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Dividend Yield: The forward yield of this dividend stands at 0.9%, reflecting the company's robustness in the current market environment, potentially attracting income-seeking investors.
- Shareholder Record Date: The dividend will be payable on March 13, with a record date of February 27 and an ex-dividend date also on February 27, providing investors with a clear timeline for participation in the dividend distribution.
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- AI Fears Hit Financial Stocks: Concerns over a new AI-driven tax planning feature led to significant declines in Wells Fargo and Capital One, with shares dropping over 7.4% and nearly 7% respectively, highlighting investor sensitivity to potential threats in the wealth management sector, although Wells Fargo's rating upgrade on Friday provided some stabilization.
- Strong Performance in Industrials: Stocks like Eaton, Honeywell, and GE have continued their strong performance in 2026, with Eaton's shares rising over 4% last week and up 22% year-to-date, reflecting market optimism about economic recovery and driving what Jim Cramer describes as an
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- Quarterly Dividend Announcement: Dover Corporation has declared a quarterly dividend of $0.52 per share, consistent with previous distributions, indicating stable cash flow and shareholder return strategies, which are likely to bolster investor confidence.
- Dividend Yield: The forward yield of this dividend stands at 0.9%, reflecting the company's robustness in the current market environment, potentially attracting income-seeking investors.
- Shareholder Record Date: The dividend will be payable on March 13, with a record date of February 27 and an ex-dividend date also on February 27, providing investors with a clear timeline for participation in the dividend distribution.
- Future Earnings Outlook: Dover targets an adjusted EPS of $10.45 to $10.65 for 2026, supported by strong bookings and margin expansion, indicating the company's growth potential and profitability in the coming years.
See More
Dover Corporation Declares Quarterly Cash Dividend
- Quarterly Cash Dividend: Dover Corporation's Board of Directors has declared a cash dividend of $0.52 per share, payable on March 13, 2026, to shareholders of record as of February 27, 2026, aimed at enhancing investor confidence.
- Financial Overview: With annual revenues exceeding $8 billion, Dover operates as a diversified global manufacturer across five segments, showcasing strong market leadership and financial stability.
- Innovation and Solutions: The company provides innovative equipment, consumables, aftermarket parts, and digital solutions, reflecting its ongoing investment in technology and services to meet evolving customer needs.
- Employee and Culture: Employing approximately 24,000 people, Dover fosters an entrepreneurial spirit, emphasizing teamwork and collaboration with customers to redefine industry possibilities and drive long-term growth.
See More
Wall Street Market Dynamics Recap
- Market Dynamics: Wall Street experienced a decline on Thursday, particularly after the conclusion of the Morning Meeting, as the rotation from technology stocks to cyclicals continued, with industrials showing strong performance and driving portfolio results, indicating resilience in cyclical sectors.
- Stock Performance: Companies like Dupont, Dover, Honeywell, Linde, GE Vernova, and Eaton have shown extraordinary year-to-date performance, even as the S&P 500 has only seen slight gains, highlighting the significance of these cyclical stocks in the current market environment.
- Cisco Earnings Impact: Cisco's earnings report on Wednesday, despite a networking order growth exceeding 20%, saw shares drop over 10% on Thursday due to a dip in gross margins from rising memory prices, reflecting market concerns over its profitability.
- Apple Developments: Apple's shares fell more than 3% on Thursday, influenced by Cisco's warnings, and although iPhone sales remain strong, issues with the Siri upgrade testing and a delayed full launch could impact future market performance.
See More
2026 Dividend Growth Rankings for Large-Cap Industrials
- Dividend Growth Leaders: Dover (DOV) and Parker-Hannifin (PH) lead the list with 69 consecutive years of dividend growth, showcasing their stability amidst economic cycles, which attracts investors seeking reliable cash flows.
- Close Contenders: Emerson Electric (EMR) and 3M Company (MMM) follow closely with 68 and 67 years of dividend growth, indicating their strong capability in maintaining shareholder returns and enhancing market competitiveness.
- Top Five Companies: Nordson (NDSN) ranks fifth with 61 years of dividend growth, while Stanley Black & Decker (SWK) and W.W. Grainger (GWW) boast 57 and 54 years respectively, further proving the stability and appeal of the industrial sector.
- Long-Term Investment Value: These companies have consistently increased dividends over decades, reflecting their robust cash flows and profitability, allowing investors to secure long-term stable returns in line with the 2026 market's preference for cyclical stocks.
See More
Market Dynamics and Investment Opportunities Analysis
- Industrial Stock Rally: In 2026, industrial stocks like DuPont have shown remarkable performance, with DuPont up approximately 28% year-to-date, reflecting market confidence in industrial recovery; JPMorgan raised its price target from $50 to $57, indicating optimism about future growth.
- Cisco's Decline: Despite reporting strong quarterly results and raising its annual outlook, Cisco's stock fell about 7% in pre-market trading due to high memory prices squeezing gross margins, highlighting market concerns over its future profitability, prompting us to trim our position ahead of the report to mitigate risk.
- AI Market Funding: Anthropic is set to close a $20 billion funding round, valuing the company at $350 billion, which is crucial for the AI sector as it supports cloud providers' infrastructure investments, ensuring sustained compute demand that drives growth in related industries.
- Rising Power Demand: American Electric Power reported better-than-expected fourth-quarter results, having signed agreements for 28 GW of load capacity since October, bringing total energy commitments to 56 GW by 2030, demonstrating a strong response to high electricity demand, with over 10 GW of gas turbine capacity secured from major manufacturers like GE.
See More
