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Dover Corporation (DOV), headquartered in Downers Grove, Illinois, produces a wide range of specialized industrial products and manufacturing equipment. Valued at $24.32 billion by market cap, the company provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide. The leading industrial products manufacturer and solutions provider is expected to announce its fiscal second-quarter earnings for 2024 on Tuesday, July 23.
Ahead of the event, analysts expect DOV to report a profit of $2.21 per share on a diluted basis, up 7.8% from $2.05 per share in the year-ago quarter. The company beat or matched the consensus estimates in three of the last four quarters while missing the forecast on another occasion.
For the full year, analysts expect DOV to report EPS of $9.10, up 3.4% from $8.80 in fiscal 2023.
DOV stock has underperformed the S&P 500’s ($SPX) 16.2% gains on a YTD basis, with shares up 14.2% during this period. However, it outshined the S&P 500 Industrial Sector SPDR’s (XLI) 6.5% gains over the same time frame.
On Apr. 25, DOV reported its Q1 results. Its revenue rose 1% year over year to $2.1 billion, but free cash flow fell to 6% of revenue due to working capital investments. The company’s adjusted net earnings were $273 million, and its adjusted EPS rose marginally to $1.95. DOV expects its full-year adjusted EPS to come between $9 and $9.15. DOV shares closed up more than 4% on the day the results were released but have been on a downtrend since then.
The consensus opinion on DOV stock is bullish, with a “Moderate Buy” rating overall. Out of 12 analysts covering the stock, eight advise a “Strong Buy” rating, and four give a “Hold” rating. The average analyst price target for DOV is $193.75, indicating a potential upside of 9.5% from the current levels.
On the date of publication, Dipanjan Banchur did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
