Dover Corporation · Earnings release

Investor Contact:

Media Contact:

Jack Dickens

Adrian Sakowicz

Senior Director - Investor Relations

Vice President - Communications

jdickens@dovercorp.com

asakowicz@dovercorp.com

DOVER REPORTS THIRD QUARTER 2024 RESULTS

DOWNERS GROVE, Ill., October 24, 2024 — Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the third quarter ended September 30, 2024. All comparisons are to the comparable period of the prior fiscal year, unless otherwise noted.

Three Months Ended September 30,

Nine Months Ended September 30,

($ in millions, except per share data)

% Change*

% Change*

U.S. GAAP

Revenue

$

$

1

%

$

$

1

%

Earnings from continuing operations

%

%

Diluted EPS from continuing operations

%

%

Non-GAAP

Organic revenue change

—

%

—

%

Adjusted earnings from continuing operations 1

4

%

4

%

Adjusted diluted EPS from continuing operations

6

%

5

%

1 Q3 and year-to-date 2024 and 2023 adjusted earnings from continuing operations exclude after tax purchase accounting expenses and restructuring and other costs. Q3 and year-to-date 2024 also exclude an after-tax gain on disposition of a minority owned equity method investment, and year-to-date 2024 excludes the after-tax gain and post-closing adjustments on the disposition of De-Sta-Co.

* Change may be impacted by rounding.

For the quarter ended September 30, 2024, Dover generated revenue of $2.0 billion, an increase of 1%. GAAP earnings from continuing operations of $313 million increased 19%, and GAAP diluted EPS from continuing operations of $2.26 was up 22%. On an adjusted basis, earnings from continuing operations of $314 million increased 4% and adjusted diluted EPS from continuing operations of $2.27 was up 6%.

For the nine months ended September 30, 2024, Dover generated revenue of $5.8 billion, an increase of 1% compared to the prior year. GAAP earnings from continuing operations of $1.2 billion increased by 69%, and GAAP diluted EPS from continuing operations of $8.37 was up 72%. On an adjusted basis, earnings from continuing operations of $846 million increased 4%, and adjusted diluted EPS from continuing operations of $6.09 was up 5% compared to the prior year.

A full reconciliation between GAAP and adjusted measures and definitions of non-GAAP and other performance measures are included as an exhibit herein.

MANAGEMENT COMMENTARY:

Dover’s President and Chief Executive Officer, Richard J. Tobin, said, “Dover’s third quarter results were in line with our expectations, driven by excellent production performance and positive margin mix from our growth platforms in clean energy, biopharma components, thermal connectors, and CO2 refrigeration systems. Top line performance was broad-based across the majority of the portfolio, more than offsetting near-term headwinds in polymer processing, beverage can-making, and heat

exchangers for European heat pumps. Consolidated bookings continued their positive trajectory, with robust order rates in our secular-growth-exposed markets.

Our ongoing strategic portfolio evolution is aided by our strong balance sheet position. We closed the divestiture of our Environmental Solutions Group business in early October, reducing our exposure to cyclical capital goods. We expect to end the year with substantial firepower to pursue value-creating capital deployment as we continue to expand our businesses in high growth, high margin priority platforms.

We have a constructive outlook for the remainder of 2024 and for next year. Underlying end market demand is very healthy across the portfolio driven by our secular growth platforms, coupled with the bottoming of our long-cycle-exposed end markets in 2024. We expect to more than offset the dilution from the waste hauling equipment divestiture next year through a combination of solid top line organic growth, healthy margin accretion from positive mix and productivity, and value creating capital deployment.”

G1In 2024, Dover expects to generate GAAP EPS from continuing operations in the range of $10.11 to $10.21 (G2adjusted EPS from continuing operations of $8.08 to $8.18), G3based on full year revenue growth of 1% to 3%. Full year 2024 guidance excludes the impact of the Environmental Solutions Group business unit, which was moved to discontinued operations for reporting purposes.

CONFERENCE CALL INFORMATION:

Dover will host a webcast and conference call to discuss its third quarter results at 9:30 A.M. Eastern Time (8:30 A.M. Central Time) on Thursday, October 24, 2024. The webcast can be accessed on the Dover website at dovercorporation.com. The conference call will also be made available for replay on the website. Additional information on Dover's results and its operating segments can be found on the Company's website.

ABOUT DOVER:

Dover is a diversified global manufacturer and solutions provider with annual revenue of over $7 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 65 years, our team of over 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV."

FORWARD-LOOKING STATEMENTS:

This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be deemed, "forward-looking" statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control. Factors that could cause actual results to differ materially from current expectations include, among other things, general economic conditions and conditions in the particular markets we serve; supply chain constraints and labor shortages that could result in production stoppages, inflation in material input costs and freight logistics; the impact of interest rate and currency exchange rate fluctuations; the impacts of natural or human-induced disasters, acts of war, terrorism, international conflicts, and public health crises on the global economy and on our customers, suppliers, employees, business and cash flows; changes in customer demand and capital spending; competitive factors and pricing pressures; our ability to develop and launch new products in a cost-effective manner; our ability to identify, consummate and successfully integrate acquisitions; acquisition valuation levels; and our ability to derive expected benefits from restructuring, productivity initiatives and other cost reduction actions.

For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2023, and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the Securities and Exchange Commission, and on our website, dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

INVESTOR SUPPLEMENT - THIRD QUARTER 2024

DOVER CORPORATION

CONSOLIDATED STATEMENTS OF EARNINGS

(unaudited)(in thousands, except per share data*)

Three Months Ended September 30,

Nine Months Ended September 30,

Revenue

$

$

$

$

Cost of goods and services

Gross profit

Selling, general and administrative expenses

Operating earnings

Interest expense

Interest income

Gain on dispositions

—

—

Other income, net

Earnings before provision for income taxes

Provision for income taxes

Earnings from continuing operations

Earnings from discontinued operations, net

Net earnings

$

$

$

$

Basic earnings per share:

Earnings from continuing operations

$

$

$

$

Earnings from discontinued operations, net

$

$

$

$

Net earnings

$

$

$

$

Weighted average shares outstanding

Diluted earnings per share:

Earnings from continuing operations

$

$

$

$

Earnings from discontinued operations, net

$

$

$

$

Net earnings

$

$

$

$

Weighted average shares outstanding

Dividends paid per common share

$

$

$

$

* Per share data may be impacted by rounding.

IS - 1

DOVER CORPORATION

QUARTERLY SEGMENT INFORMATION

(unaudited)(in thousands)

Q1

Q2

Q3

Q3 YTD

Q1

Q2

Q3

Q3 YTD

Q4

REVENUE

Engineered Products

$

$

$

$

$

$

$

$

$

$

Clean Energy & Fueling

Imaging & Identification

Pumps & Process Solutions

Climate & Sustainability Technologies

Intersegment eliminations

Total consolidated revenue

$

$

$

$

$

$

$

$

$

$

EARNINGS FROM CONTINUING OPERATIONS

Segment Earnings:

Engineered Products

$

$

$

$

$

$

$

$

$

$

Clean Energy & Fueling

Imaging & Identification

Pumps & Process Solutions

Climate & Sustainability Technologies

Total segment earnings

Purchase accounting

expenses 1

Restructuring and other costs 2

Disposition costs 3

—

—

—

—

—

—

—

—

(Gain) loss on dispositions 4

—

—

—

—

—

—

Corporate expense / other 5

Interest expense

Interest income

Earnings before provision for income taxes

Provision for income taxes 6

Earnings from continuing operations

$

$

$

$

$

$

$

$

$

$

SEGMENT EARNINGS MARGIN

Engineered Products

Clean Energy & Fueling

Imaging & Identification

Pumps & Process Solutions

Climate & Sustainability Technologies

Total segment earnings margin

1 Purchase accounting expenses are primarily comprised of amortization of acquired intangible assets.

2 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.

3 Q4 and FY 2023 disposition costs relate to the sale of De-Sta-Co in our Engineered Products segment.

4 (Gain) loss on dispositions including post-closing adjustments related to the disposition of De-Sta-Co in Q1 2024 and the disposition of a minority owned equity method investment in Q3 2024 in the Engineered Products and Climate & Sustainability Technologies segments, respectively.

5 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital overhead costs, deal related expenses and various administrative expenses relating to the corporate headquarters.

6 Q4 and FY 2023 include the net income tax benefit of internal reorganizations executed in 2023.

IS - 2

DOVER CORPORATION

QUARTERLY EARNINGS PER SHARE

(unaudited)(in thousands, except per share data*)

Earnings Per Share

Q1

Q2

Q3

Q3 YTD

Q1

Q2

Q3

Q3 YTD

Q4

Basic earnings per share:

Continuing operations

$

$

$

$

$

$

$

$

$

$

Discontinued operations

$

$

$

$

$

$

$

$

$

$

Net earnings

$

$

$

$

$

$

$

$

$

$

Diluted earnings per share:

Continuing operations

$

$

$

$

$

$

$

$

$

$

Discontinued operations

$

$

$

$

$

$

$

$

$

$

Net earnings

$

$

$

$

$

$

$

$

$

$

Net earnings and weighted average shares used in calculated earnings per share amounts are as follows:

Continuing operations

$

$

$

$

$

$

$

$

$

$

Discontinued operations

Net earnings

$

$

$

$

$

$

$

$

$

$

Weighted average shares outstanding:

Basic

Diluted

* Per share data may be impacted by rounding.

IS - 3

DOVER CORPORATION

QUARTERLY ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP)

(unaudited)(in thousands, except per share data*)

Non-GAAP Reconciliations

Q1

Q2

Q3

Q3 YTD

Q1

Q2

Q3

Q3 YTD

Q4

Adjusted earnings from continuing operations:

Earnings from continuing operations

$

$

$

$

$

$

$

$

$

$

Purchase accounting expenses, pre-tax 1

Purchase accounting expenses, tax impact 2

Restructuring and other costs, pre-tax 3

Restructuring and other costs, tax impact 2

Disposition costs, pre-tax 4

—

—

—

—

—

—

—

—

Disposition costs, tax impact 2

—

—

—

—

—

—

—

—

(Gain) loss on dispositions, pre-tax 5

—

—

—

—

—

—

(Gain) loss on dispositions, tax-impact 2

—

—

—

—

—

—

Adjusted earnings from continuing operations

$

$

$

$

$

$

$

$

$

$

Adjusted diluted earnings per share from continuing operations:

Diluted earnings from continuing operations per share

$

$

$

$

$

$

$

$

$

$

Purchase accounting expenses, pre-tax 1

Purchase accounting expenses, tax impact 2

Restructuring and other costs, pre-tax 3

Restructuring and other costs, tax impact 2

Disposition costs, pre-tax 4

—

—

—

—

—

—

—

—

Disposition costs, tax impact 2

—

—

—

—

—

—

—

—

—

—

(Gain) loss on dispositions, pre-tax 5

—

—

—

—

—

—

—

(Gain) loss on dispositions, tax-impact 2

—

—

—

—

—

—

—

Adjusted diluted earnings per share from continuing operations

$

$

$

$

$

$

$

$

$

$

1 Purchase accounting expenses are primarily comprised of amortization of acquired intangible assets.

2 Adjustments were tax effected using the statutory tax rates in the applicable jurisdictions or the effective tax rate, where applicable, for each period.

3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Q1 and year-to-date 2024 include $3.4 million and Q3 and FY 2023 include $3.3 million of non-cash asset impairment charges for our Climate & Sustainability Technologies segment.

4 Q4 and FY 2023 disposition costs relate to the sale of De-Sta-Co in our Engineered Products segment.

5 (Gain) loss on dispositions represents a $529.9 million gain recorded during Q1 2024 and a $0.7 million post-closing adjustment recorded in Q2 2024 on the disposition of De-Sta-Co in the Engineered Products segment. Q3 2024 represents a $68.6 million gain primarily on disposition of a minority owned equity method investment in the Climate & Sustainability Technologies segment.

* Per share data and totals may be impacted by rounding.

IS - 4

DOVER CORPORATION

QUARTERLY ADJUSTED SEGMENT EBITDA (NON-GAAP)

(unaudited)(in thousands)

Non-GAAP Reconciliations

Q1

Q2

Q3

Q3 YTD

Q1

Q2

Q3

Q3 YTD

Q4

ADJUSTED SEGMENT EBITDA

Engineered Products:

Segment earnings

$

$

$

$

$

$

$

$

$

$

Other depreciation and amortization 1

Adjusted segment EBITDA 2

Adjusted segment EBITDA margin 2

Clean Energy & Fueling:

Segment earnings

$

$

$

$

$

$

$

$

$

$

Other depreciation and amortization 1

Adjusted segment EBITDA 2

Adjusted segment EBITDA margin 2

Imaging & Identification:

Segment earnings

$

$

$

$

$

$

$

$

$

$

Other depreciation and amortization 1

Adjusted segment EBITDA 2

Adjusted segment EBITDA margin 2

Pumps & Process Solutions:

Segment earnings

$

$

$

$

$

$

$

$

$

$

Other depreciation and amortization 1

Adjusted segment EBITDA 2

Adjusted segment EBITDA margin 2

Climate & Sustainability Technologies:

Segment earnings

$

$

$

$

$

$

$

$

$

$

Other depreciation and amortization 1

Adjusted segment EBITDA 2

Adjusted segment EBITDA margin 2

Total Segments:

Total segment earnings 2, 3

$

$

$

$

$

$

$

$

$

$

Other depreciation and amortization 1

Total Adjusted segment EBITDA 2

Total Adjusted segment EBITDA margin 2

1 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.

2 Refer to Non-GAAP Disclosures section for definition.

3 Refer to Quarterly Segment Information section for reconciliation of total segment earnings to earnings from continuing operations.

IS - 5

DOVER CORPORATION

QUARTERLY EARNINGS FROM CONTINUING OPERATIONS TO ADJUSTED SEGMENT EBITDA RECONCILIATION (NON-GAAP)

(unaudited)(in thousands)

Non-GAAP Reconciliations

Q1

Q2

Q3

Q3 YTD

Q1

Q2

Q3

Q3 YTD

Q4

Earnings from continuing operations

$

$

$

$

$

$

$

$

$

$

Provision for income taxes 1

Earnings before provision for income taxes

Interest income

Interest expense

Corporate expense / other 2

Disposition costs 3

—

—

—

—

—

—

—

—

(Gain) loss on dispositions 4

—

—

—

—

—

—

Restructuring and other costs 5

Purchase accounting expenses 6

Total segment earnings 7

Add: Other depreciation and amortization 8

Total adjusted segment EBITDA 7

$

$

$

$

$

$

$

$

$

$

1 Q4 and FY 2023 include the net income tax benefit of internal reorganizations executed in 2023.

2 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital overhead costs, deal related expenses and various administrative expenses relating to the corporate headquarters.

3 Q4 and FY 2023 disposition costs relate to the sale of De-Sta-Co in our Engineered Products segment.

4 (Gain) loss on dispositions including post-closing adjustments related to the disposition of De-Sta-Co in Q1 2024 and the disposition of a minority owned equity method investment in Q3 2024 in the Engineered Products and Climate & Sustainability Technologies segments, respectively.

5 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.

6 Purchase accounting expenses are primarily comprised of amortization of acquired intangible assets.

7 Refer to Non-GAAP Disclosures section for definition.

8 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.

IS - 6

DOVER CORPORATION

REVENUE GROWTH FACTORS AND ADJUSTED EPS GUIDANCE RECONCILIATIONS (NON-GAAP)

(unaudited)(in thousands, except per share data*)

Non-GAAP Reconciliations

Revenue Growth Factors

Q3

Q3 YTD

Organic

Engineered Products

%

%

Clean Energy & Fueling

%

%

Imaging & Identification

%

%

Pumps & Process Solutions

%

%

Climate & Sustainability Technologies

%

%

Total Organic

%

—

%

Acquisitions

%

%

Dispositions

%

%

Currency translation

%

%

Total*

%

%

* Totals may be impacted by rounding.

Q3

Q3 YTD

Organic

United States

%

%

Other Americas

%

%

Europe

%

%

Asia

%

%

Other

%

%

Total Organic

%

—

%

Acquisitions

%

%

Dispositions

%

%

Currency translation

%

%

Total*

%

%

* Totals may be impacted by rounding.

Adjusted EPS Guidance Reconciliation

Range

2024 Guidance for Earnings per Share from Continuing Operations (GAAP)

Purchase accounting expenses, net

Restructuring and other costs, net

Gain on dispositions, net

2024 Guidance for Adjusted Earnings per Share from Continuing Operations (Non-GAAP)

* Per share data and totals may be impacted by rounding.

IS - 7

DOVER CORPORATION

QUARTERLY CASH FLOW AND FREE CASH FLOW (NON-GAAP)

(unaudited)(in thousands)

Quarterly Cash Flow

Q1

Q2

Q3

Q3 YTD

Q1

Q2

Q3

Q3 YTD

Q4

Net Cash Flows Provided By (Used In):

Operating activities

$

$

$

$

$

$

$

$

$

$

Investing activities

Financing activities

Quarterly Free Cash Flow (Non-GAAP)

Q1

Q2

Q3

Q3 YTD

Q1

Q2

Q3

Q3 YTD

Q4

Cash flow from operating activities 1

$

$

$

$

$

$

$

$

$

$

Less: Capital expenditures

Free cash flow

$

$

$

$

$

$

$

$

$

$

Cash flow from operating activities as a percentage of revenue

Cash flow from operating activities as a percentage of adjusted earnings from continuing operations

Free cash flow as a percentage of revenue

Free cash flow as a percentage of adjusted earnings from continuing operations