Dover's third-quarter results below expectations, shares fell, but focus on growth areas.

From CNBC: 2024-10-24 13:05:07

Dover reported third-quarter results below expectations, causing shares to fall. Revenue rose 1.3% to $1.98 billion, missing estimates. Adjusted EPS was $2.27, a 6.1% increase. Dover expressed confidence in growth areas like data centers and biopharma. Management updated guidance post asset sales, adjusting for new focus areas. Shares dipped over 3% due to confusion over sales projections. Dover focuses on AI data center products and biopharma areas. Dover’s shipments of thermal connectors increased in the quarter, CEO notes recovery in biopharma revenue. The company aims to address capital deployment and returns to shareholders. Quarterly commentary highlights organic bookings growth of 5%. Challenges seen in engineered products segment but pumps and process solutions exceed expectations. Dover revised EPS guidance due to divested business but maintains free cash flow targets. Overall, Dover maintains key areas of growth for future success.



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