- Dover Corp (NYSE:DOV) reported fourth-quarter FY21 revenue growth of 12% year-over-year to $1.99 billion and +11% on an organic basis, beating the consensus of $1.92 billion.
- Adjusted EPS improved to $1.78 from $1.55 in 4Q20, beating the consensus of $1.67.
- The gross margin contracted by 33 bps to 36.3%. The total segment margin improved to 26.8% from 16.2% in 4Q20.
- The operating income increased by 15% Y/Y to $282.8 million, and the margin expanded by 40 bps to 14.2%.
- Sales by segments: Engineered Products $462.81 million (+17.4% Y/Y); Clean Energy & Fueling $410.87 million (+0.4% Y/Y); Imaging & Identification $292.43 million (+1.6% Y/Y); Pumps & Process Solutions $447.32 million (+28.7% Y/Y); and Climate & Sustainability Technologies $376.17 million (+9.9% Y/Y).
- SG&A expenses increased by 8.2% Y/Y to $438.68 million, and as a percentage of revenue, was 22.1% versus 22.8% last year.
- Dover generated cash from operating activities for FY21 of $1.12 billion, compared to $1.1 billion a year ago. Free cash flow was $944.4 million.
- Adjusted EBITDA segment increased by 13.2% Y/Y to $421.71 million, and margin expanded by 30 bps to 21.2%.
- At the end of the quarter, the company's backlog was $3.24 billion, up 84.5% Y/Y. Booking totaled $2.38 billion (+22.9% Y/Y).
- FY22 Guidance: Dover expects adjusted EPS of $8.45 - $8.65 vs. consensus of $8.46; and revenue growth of 8% - 10% and 7% - 9% on an organic basis.
- The company expects operational challenges in supply chain and labor availability to continue into early 2022.
- Price Action: DOV shares traded higher by 0.64% at $171.01 on the last check Thursday.
Get all your news in one place.
100’s of premium titles.
One app.
Start reading
One app.
Get all your news in one place.
100’s of premium titles. One news app.
Dover Clocks 12% Revenue Growth In Q4; Tops Consensus
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member?
Sign in here
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Our Picks