US Market News
2月前
Dover Reports First Quarter 2026 ResultsApril 23, 2026 6:55 AM
PR Newswire (US)
DOWNERS GROVE, Ill., April 23, 2026 /PRNewswire/ -- Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the first quarter ended March 31, 2026. All comparisons are to the comparable period of the prior fiscal year, unless otherwise noted.
Three Months Ended March 31,($ in millions, except per share data)*
2026
2025
% Change*U.S. GAAPRevenue
$ 2,054
$ 1,866
10 %Earnings from continuing operations
239
239
— %Diluted EPS from continuing operations
1.76
1.73
2 %
Non-GAAPOrganic revenue change
5 %Adjusted earnings from continuing operations 1
309
283
9 %Adjusted diluted EPS from continuing operations
2.28
2.05
11 % 1Q1 2026 and 2025 adjusted earnings from continuing operations exclude after-tax purchase accounting expenses, restructuring and other costs, and gain on dispositions.*Totals, change and per share data may be impacted by rounding.For the quarter ended March 31, 2026, Dover generated revenue of $2.1 billion, an increase of 10% (+5% organic). GAAP earnings from continuing operations was $239 million, and GAAP diluted EPS from continuing operations of $1.76 was up 2%. On an adjusted basis, earnings from continuing operations of $309 million were up 9% and adjusted diluted EPS from continuing operations of $2.28 was up 11%.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, "We delivered a solid start to the year, with double-digit revenue growth driven by continued strength in our secular-growth-exposed end markets and improving conditions across the portfolio. Performance in the quarter was broad-based, reflecting solid execution by our teams and healthy underlying demand. Bookings rates were excellent in the quarter, with book-to-bill well above one in all five segments, underscoring the momentum across the portfolio and providing improved visibility and confidence to our forecast."Our balance sheet remains strong and continues to provide flexibility to deploy capital toward long-term value creation. During the quarter, we continued to return capital to shareholders through opportunistic share repurchases, while also investing behind high-ROI capacity expansions and productivity investments. Our acquisition pipeline remains active as industrial M&A activity begins to pick up. As always, we remain disciplined in our approach to capital deployment, maintaining our focus on strategic fit and accretive financial returns."Despite a complicated global macroeconomic environment, we are well positioned to drive value creation for our shareholders given the underlying strength of our order books, the flexibility of our business model, the operational execution of our teams, and our strong liquidity position. We remain committed to delivering double-digit adjusted EPS growth at the midpoint of our guidance range in 2026, consistent with Dover's long-term performance trajectory."FULL YEAR 2026 GUIDANCE:In 2026, Dover expects to generate GAAP EPS in the range of $8.92 to $9.12 (adjusted EPS of $10.45 to $10.65), based on full year revenue growth of 5% to 7% (organic growth of 3% to 5%).CONFERENCE CALL INFORMATION:Dover will host a webcast and conference call to discuss its first quarter results at 9:30 A.M. Eastern Time (8:30 A.M. Central Time) on Thursday, April 23, 2026. 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 $8 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 70 years, our team of approximately 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 in which we operate; supply chain constraints and labor shortages that could result in production stoppages; inflation in material input costs and freight logistics; the impacts of natural or human-induced disasters, acts of war, terrorism, international conflicts, and public health crises or other future pandemics 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; changes in law, including the effect of tax laws and developments with respect to trade policy and tariffs; our ability to identify, consummate and successfully integrate and realize synergies from newly acquired businesses; acquisition valuation levels; the impact of interest rate and currency exchange rate fluctuations; capital allocation plans and changes in those plans, including with respect to dividends, share repurchases, investments in research and development, capital expenditures and acquisitions; our ability to effectively deploy capital resulting from dispositions; our ability to derive expected benefits from restructurings, productivity initiatives and other cost reduction actions; the impact of legal compliance risks and litigation, including with respect to product quality and safety, cybersecurity and privacy; and our ability to capture and protect intellectual property rights. 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, 2025, 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 - FIRST QUARTER 2026
DOVER CORPORATIONCONSOLIDATED STATEMENTS OF EARNINGS(unaudited)(in thousands)
Three Months Ended March 31,
2026
2025Revenue$ 2,053,623
$ 1,866,059Cost of goods and services1,255,488
1,120,559Gross profit798,135
745,500Selling, general and administrative expenses492,226
449,191Operating earnings305,909
296,309Interest expense29,522
27,608Interest income(14,060)
(20,254)Gain on dispositions—
(2,468)Other income, net(8,455)
(3,958)Earnings before provision for income taxes298,902
295,381Provision for income taxes60,153
56,140Earnings from continuing operations238,749
239,241Loss from discontinued operations, net(316)
(8,420)Net earnings$ 238,433
$ 230,821 DOVER CORPORATIONQUARTERLY EARNINGS PER SHARE(unaudited)(in thousands, except per share data*)
Earnings Per Share
2026
2025
Q1
Q1Q2Q3Q4FY 2025Basic earnings (loss) per share:Continuing operations$ 1.77
$ 1.74$ 2.04$ 2.21$ 2.02$ 8.01Discontinued operations$ —
$ (0.06)$ (0.01)$ (0.01)$ 0.05$ (0.03)Net earnings$ 1.77
$ 1.68$ 2.03$ 2.20$ 2.07$ 7.99
Diluted earnings (loss) per share:
Continuing operations$ 1.76
$ 1.73$ 2.03$ 2.20$ 2.01$ 7.97Discontinued operations$ —
$ (0.06)$ (0.01)$ (0.01)$ 0.05$ (0.03)Net earnings$ 1.75
$ 1.67$ 2.02$ 2.19$ 2.06$ 7.94
Net earnings (loss) and weighted average shares used in calculated earnings (loss) per share amounts are as follows:Continuing operations$ 238,749
$ 239,241$ 280,130$ 303,292$ 274,766$ 1,097,429Discontinued operations(316)
(8,420)(1,066)(1,296)7,309(3,473)Net earnings$ 238,433
$ 230,821$ 279,064$ 301,996$ 282,075$ 1,093,956
Weighted average shares outstanding:
Basic134,977
137,267137,226137,236135,993136,935Diluted135,895
138,260137,974138,029136,826137,777
Dividends paid per common share$ 0.52
$ 0.515$ 0.515$ 0.52$ 0.52$ 2.07
* Per share data may be impacted by rounding.
DOVER CORPORATIONQUARTERLY SEGMENT INFORMATION(unaudited)(in thousands)
2026
2025
Q1
Q1Q2Q3Q4FY 2025REVENUE
Engineered Products$ 266,639
$ 254,646$ 275,944$ 279,705$ 275,549$ 1,085,844Clean Energy & Fueling554,809
491,148546,097541,368551,8942,130,507Imaging & Identification285,420
280,090292,009299,100302,2441,173,443Pumps & Process Solutions537,810
493,573520,554550,920583,6232,148,670Climate & Sustainability Technologies411,060
347,888416,151408,529387,2731,559,841Intersegment eliminations(2,115)
(1,286)(1,163)(1,781)(1,504)(5,734)Total consolidated revenue$ 2,053,623
$ 1,866,059$ 2,049,592$ 2,077,841$ 2,099,079$ 8,092,571
EARNINGS FROM CONTINUING OPERATIONS
Segment Earnings:
Engineered Products $ 44,991
$ 44,114$ 53,511$ 57,483$ 62,158$ 217,266Clean Energy & Fueling99,041
85,644107,771118,665105,990418,070Imaging & Identification77,457
77,57576,93781,77278,451314,735Pumps & Process Solutions 169,492
151,275159,504168,565172,256651,600Climate & Sustainability Technologies63,995
52,11977,26276,00260,264265,647Total segment earnings454,976
410,727474,985502,487479,1191,867,318Purchase accounting expenses 154,579
49,10451,12359,38158,837218,445Restructuring and other costs 236,795
9,39723,21015,91329,46677,986Gain on dispositions 3—
(2,468)(2,176)——(4,644)Corporate expense / other 449,238
51,95941,87531,51539,190164,539Interest expense29,522
27,60826,79127,23928,134109,772Interest income(14,060)
(20,254)(17,935)(17,804)(17,039)(73,032)Earnings before provision for income taxes298,902
295,381352,097386,243340,5311,374,252Provision for income taxes60,153
56,14071,96782,95165,765276,823Earnings from continuing operations$ 238,749
$ 239,241$ 280,130$ 303,292$ 274,766$ 1,097,429
SEGMENT EARNINGS MARGIN
Engineered Products16.9 %
17.3 %19.4 %20.6 %22.6 %20.0 %Clean Energy & Fueling17.9 %
17.4 %19.7 %21.9 %19.2 %19.6 %Imaging & Identification27.1 %
27.7 %26.3 %27.3 %26.0 %26.8 %Pumps & Process Solutions 31.5 %
30.6 %30.6 %30.6 %29.5 %30.3 %Climate & Sustainability Technologies 15.6 %
15.0 %18.6 %18.6 %15.6 %17.0 %Total segment earnings margin22.2 %
22.0 %23.2 %24.2 %22.8 %23.1 %
1 Purchase accounting expenses are primarily comprised of amortization of 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 Gain on dispositions, including post-closing adjustments.4 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 and IT overhead costs, deal related expenses and various administrative expenses relating to the corporate headquarters. DOVER CORPORATIONQUARTERLY ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP)(unaudited)(in thousands, except per share data*)
Non-GAAP Reconciliations
2026
2025
Q1
Q1Q2Q3Q4FY 2025Adjusted earnings from continuing operations:
Earnings from continuing operations$ 238,749
$ 239,241$ 280,130$ 303,292$ 274,766$ 1,097,429Purchase accounting expenses, pre-tax 154,579
49,10451,12359,38158,837218,445Purchase accounting expenses, tax impact 2(12,692)
(10,919)(11,367)(14,067)(14,134)(50,487)Restructuring and other costs, pre-tax 336,795
9,39723,21015,91329,46677,986Restructuring and other costs, tax impact 2(8,048)
(1,887)(4,642)(3,230)(5,608)(15,367)Gain on dispositions, pre-tax 4—
(2,468)(2,176)——(4,644)Gain on dispositions, tax-impact 2—
689435——1,124Adjusted earnings from continuing operations$ 309,383
$ 283,157$ 336,713$ 361,289$ 343,327$ 1,324,486
Adjusted diluted earnings per share from continuing operations:
Diluted earnings per share from continuing operations$ 1.76
$ 1.73$ 2.03$ 2.20$ 2.01$ 7.97Purchase accounting expenses, pre-tax 10.40
0.360.370.430.431.59Purchase accounting expenses, tax impact 2(0.09)
(0.08)(0.08)(0.10)(0.10)(0.37)Restructuring and other costs, pre-tax 30.27
0.070.170.120.220.57Restructuring and other costs, tax impact 2(0.06)
(0.01)(0.03)(0.02)(0.04)(0.11)Gain on dispositions, pre-tax 4—
(0.02)(0.02)——(0.03)Gain on dispositions, tax-impact 2—
————0.01Adjusted diluted earnings per share from continuing operations$ 2.28
$ 2.05$ 2.44$ 2.62$ 2.51$ 9.61
1 Purchase accounting expenses are primarily comprised of amortization of 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 2026 includes other costs of $3.0 million associated with a footprint reduction in our Climate & Sustainability Technologies segment. Q2 2025, Q3 2025, Q4 2025 and FY 2025 include other costs of $1.9 million, $1.8 million, $2.6 million and $6.3 million, respectively, associated with a footprint reduction within our Climate & Sustainability Technologies segment. Q2 2025 and FY 2025 include other costs of $4.0 million associated with a product line exit within our Climate & Sustainability Technologies segment. 4 Gain on dispositions, including post-closing adjustments.* Per share data and totals may be impacted by rounding. DOVER CORPORATIONQUARTERLY ADJUSTED SEGMENT EBITDA (NON-GAAP)(unaudited)(in thousands)
Non-GAAP Reconciliations
2026
2025
Q1
Q1Q2Q3Q4FY 2025ADJUSTED SEGMENT EBITDA
Engineered Products:
Segment earnings$ 44,991
$ 44,114$ 53,511$ 57,483$ 62,158$ 217,266Other depreciation and amortization 15,486
4,8005,1415,7365,81821,495Adjusted segment EBITDA 250,477
48,91458,65263,21967,976238,761Adjusted segment EBITDA margin 218.9 %
19.2 %21.3 %22.6 %24.7 %22.0 %
Clean Energy & Fueling:
Segment earnings$ 99,041
$ 85,644$ 107,771$ 118,665$ 105,990$ 418,070Other depreciation and amortization 18,552
8,5788,9618,5828,68534,806Adjusted segment EBITDA 2107,593
94,222116,732127,247114,675452,876Adjusted segment EBITDA margin 219.4 %
19.2 %21.4 %23.5 %20.8 %21.3 %
Imaging & Identification:
Segment earnings$ 77,457
$ 77,575$ 76,937$ 81,772$ 78,451$ 314,735Other depreciation and amortization 14,208
4,0934,2294,0915,15517,568Adjusted segment EBITDA 281,665
81,66881,16685,86383,606332,303Adjusted segment EBITDA margin 228.6 %
29.2 %27.8 %28.7 %27.7 %28.3 %
Pumps & Process Solutions:
Segment earnings$ 169,492
$ 151,275$ 159,504$ 168,565$ 172,256$ 651,600Other depreciation and amortization 114,012
12,60113,13114,25614,23854,226Adjusted segment EBITDA 2183,504
163,876172,635182,821186,494705,826Adjusted segment EBITDA margin 234.1 %
33.2 %33.2 %33.2 %32.0 %32.8 %
Climate & Sustainability Technologies:
Segment earnings$ 63,995
$ 52,119$ 77,262$ 76,002$ 60,264$ 265,647Other depreciation and amortization 18,069
7,3257,6057,5587,85630,344Adjusted segment EBITDA 272,064
59,44484,86783,56068,120295,991Adjusted segment EBITDA margin 217.5 %
17.1 %20.4 %20.5 %17.6 %19.0 %
Total Segments:
Total segment earnings 2, 3$ 454,976
$ 410,727$ 474,985$ 502,487$ 479,119$ 1,867,318Other depreciation and amortization 140,327
37,39739,06740,22341,752158,439Total Adjusted segment EBITDA 2495,303
448,124514,052542,710520,8712,025,757Total Adjusted segment EBITDA margin 224.1 %
24.0 %25.1 %26.1 %24.8 %25.0 %
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 Measures Definitions section for definition.3 Refer to Quarterly Segment Information section for reconciliation of total segment earnings to earnings from continuing operations. DOVER CORPORATIONQUARTERLY EARNINGS FROM CONTINUING OPERATIONS TO ADJUSTED SEGMENT EBITDA RECONCILIATION (NON-GAAP)(unaudited)(in thousands)
Non-GAAP Reconciliations
2026
2025
Q1
Q1Q2Q3Q4FY 2025Earnings from continuing operations$ 238,749
$ 239,241$ 280,130$ 303,292$ 274,766$ 1,097,429Provision for income taxes60,153
56,14071,96782,95165,765276,823Earnings before provision for income taxes298,902
295,381352,097386,243340,5311,374,252Interest income(14,060)
(20,254)(17,935)(17,804)(17,039)(73,032)Interest expense29,522
27,60826,79127,23928,134109,772Corporate expense / other 149,238
51,95941,87531,51539,190164,539Gain on dispositions 2—
(2,468)(2,176)——(4,644)Restructuring and other costs 336,795
9,39723,21015,91329,46677,986Purchase accounting expenses 454,579
49,10451,12359,38158,837218,445Total segment earnings 5454,976
410,727474,985502,487479,1191,867,318Add: Other depreciation and amortization 640,327
37,39739,06740,22341,752158,439Total adjusted segment EBITDA 5$ 495,303
$ 448,124$ 514,052$ 542,710$ 520,871$ 2,025,757
1 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 and IT overhead costs, deal related expenses and various administrative expenses relating to the corporate headquarters.2 Gain on dispositions, including post-closing adjustments.3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.4 Purchase accounting expenses are primarily comprised of amortization of intangible assets.5 Refer to Non-GAAP Measures Definitions section for definition.6 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. DOVER CORPORATIONREVENUE GROWTH FACTORS AND ADJUSTED EPS GUIDANCE RECONCILIATIONS (NON-GAAP)(unaudited)
Non-GAAP Reconciliations
Revenue Growth Factors
2026
Q1Organic
Engineered Products2.1 %Clean Energy & Fueling11.1 %Imaging & Identification(3.3) %Pumps & Process Solutions(0.8) %Climate & Sustainability Technologies15.2 %Total Organic5.3 %Acquisitions1.9 %Currency translation2.9 %Total*10.1 %
* Totals may be impacted by rounding.
2026
Q1Organic
United States12.1 %Europe(4.2) %Asia (4.7) %Other Americas3.0 %Other(3.3) %Total Organic5.3 %Acquisitions1.9 %Currency translation2.9 %Total*10.1 %
* Totals may be impacted by rounding. Adjusted EPS Guidance Reconciliation*
Range2026 Guidance for Earnings per Share from Continuing Operations (GAAP)$ 8.92
$ 9.12Purchase accounting expenses, net
1.21
Restructuring and other costs, net
0.31
2026 Guidance for Adjusted Earnings per Share from Continuing Operations (Non-GAAP)$ 10.45
$ 10.65
* Per share data and totals may be impacted by rounding. DOVER CORPORATIONQUARTERLY CASH FLOW AND FREE CASH FLOW (NON-GAAP)(unaudited)(in thousands)
Quarterly Cash Flow
2026
2025
Q1
Q1Q2Q3Q4FY 2025Net Cash Flows Provided By (Used In):
Operating activities$ 190,997
$ 157,474$ 212,340$ 424,245$ 543,946$ 1,338,005Investing activities(61,660)
(74,186)(681,584)(58,857)(71,967)(886,594)Financing activities(161,451)
(122,234)(84,235)(73,878)(344,523)(624,870) Quarterly Free Cash Flow (Non-GAAP)
2026
2025
Q1
Q1Q2Q3Q4FY 2025Cash flow from operating activities$ 190,997
$ 157,474$ 212,340$ 424,245$ 543,946$ 1,338,005Less: Capital expenditures(59,808)
(48,192)(60,932)(54,150)(56,989)(220,263)Free cash flow$ 131,189
$ 109,282$ 151,408$ 370,095$ 486,957$ 1,117,742
Cash flow from operating activities as a percentage of revenue9.3 %
8.4 %10.4 %20.4 %25.9 %16.5 %
Cash flow from operating activities as a percentage of adjusted earnings from continuing operations61.7 %
55.6 %63.1 %117.4 %158.4 %101.0 %
Free cash flow as a percentage of revenue6.4 %
5.9 %7.4 %17.8 %23.2 %13.8 %
Free cash flow as a percentage of adjusted earnings from continuing operations42.4 %
38.6 %45.0 %102.4 %141.8 %84.4 % DOVER CORPORATIONPERFORMANCE MEASURES(unaudited)(in thousands)
2026
2025
Q1
Q1Q2Q3Q4FY 2025BOOKINGS
Engineered Products$ 294,009
$ 264,538$ 276,571$ 273,278$ 281,237$ 1,095,624Clean Energy & Fueling615,197
543,859526,819509,553587,0412,167,272Imaging & Identification312,646
288,169292,092292,229302,0471,174,537Pumps & Process Solutions597,578
499,287530,158510,960500,7792,041,184Climate & Sustainability Technologies646,960
395,623384,246415,099470,0811,665,049Intersegment eliminations(2,714)
(1,892)(1,295)(1,380)(1,472)(6,039)Total consolidated bookings$ 2,463,676
$ 1,989,584$ 2,008,591$ 1,999,739$ 2,139,713$ 8,137,627Non-GAAP Measures DefinitionsIn an effort to provide investors with additional information regarding our results as determined by GAAP, management also discloses non-GAAP information that management believes provides useful information to investors. Adjusted earnings from continuing operations, adjusted diluted earnings per share from continuing operations, total segment earnings, total segment earnings margin, adjusted segment EBITDA, adjusted segment EBITDA margin, free cash flow, free cash flow as a percentage of revenue, free cash flow as a percentage of adjusted earnings from continuing operations, and organic revenue growth are not financial measures under GAAP and should not be considered as a substitute for earnings from continuing operations, diluted earnings per share from continuing operations, cash flows from operating activities, or revenue as determined in accordance with GAAP, and they may not be comparable to similarly titled measures reported by other companies.The items described in our definitions herein, unless otherwise noted, relate solely to our continuing operations.Adjusted earnings from continuing operations represents earnings from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on dispositions. Purchase accounting expenses are primarily comprised of amortization of intangible assets. We exclude after-tax purchase accounting expenses because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions the Company consummates. While we have a history of acquisition activity, our acquisitions do not happen in a predictive cycle. Exclusion of purchase accounting expenses facilitates more consistent comparisons of operating results over time. We believe it is important to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. We exclude the other items because they occur for reasons that may be unrelated to the Company's commercial performance during the period and/or management believes they are not indicative of the Company's ongoing operating costs or gains in a given period.Adjusted diluted earnings per share from continuing operations or adjusted earnings per share from continuing operations represents diluted earnings per share from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on disposition.Total segment earnings is defined as the sum of earnings before purchase accounting expenses, restructuring and other costs/benefits, gain/loss on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes for all segments. Total segment earnings margin is defined as total segment earnings divided by revenue.Adjusted segment EBITDA is defined as segment earnings plus other depreciation and amortization expense, which relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs/benefits. Adjusted segment EBITDA margin is defined as adjusted segment EBITDA divided by revenue.Management believes the non-GAAP measures above are useful to investors to better understand the Company's ongoing profitability as they better reflect the Company's core operating results, offer more transparency and facilitate easier comparability to prior and future periods and to its peers.Free cash flow represents net cash provided by operating activities minus capital expenditures. Free cash flow as a percentage of revenue equals free cash flow divided by revenue. Free cash flow as a percentage of adjusted earnings from continuing operations equals free cash flow divided by adjusted earnings from continuing operations. Management believes that free cash flow and free cash flow ratios are important measures of liquidity because they provide management and investors a measurement of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, paying dividends, repaying debt and repurchasing our common stock.Management believes that reporting organic revenue growth, which excludes the impact of foreign currency exchange rates and the impact of acquisitions and dispositions, provides a useful comparison of our revenue and trends between periods. We do not provide a reconciliation of forward-looking organic revenue to the most directly comparable GAAP financial measure pursuant to the exception provided in Item 10(e)(1)(i)(B) of Regulation S-K because we are not able to provide a meaningful or accurate compilation of reconciling items. This is due to the inherent difficulty in accurately forecasting the timing and amounts of the items that would be excluded from the most directly comparable GAAP financial measure or are out of our control. For the same reasons, we are unable to address the probable significance of unavailable information which may be material.Performance Measures DefinitionsBookings represent total orders received from customers in the current reporting period and exclude de-bookings related to orders received in prior periods, if any. This metric is an important measure of performance and an indicator of revenue order trends.We use the above operational metric in monitoring the performance of the business. We believe the operational metric is useful to investors and other users of our financial information in assessing the performance of our segments.Investor Contact:Media Contact:Jack DickensAdrian SakowiczVice President - Investor RelationsVice President - Communications(630) 743-2566(630) 743-5039jdickens@dovercorp.com asakowicz@dovercorp.com
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Original: Dover Reports First Quarter 2026 Results
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