Dover Corp ( DOV ) reported second-quarter FY24 revenue of $2.178 billion, an increase of 4% Y/Y (+5% Y/Y organic), beating the consensus of $2.148 billion. 

Booking increased 15% Y/Y (+16% Y/Y organic) to $2.18 billion, book-to-bill ratio standing at 1.00x.

Adjusted EPS was $2.36, up by 15% Y/Y, beating the consensus of $2.21.

Segment earnings margin expanded 190 bps Y/Y to 22.1%. Total adjusted segment EBITDA margin expanded to 23.8% from 21.9% a year ago.

Operating cash flow for the quarter totaled $203.7 million and free cash flow was $162.8 million.

Dover's President and Chief Executive Officer, Richard J. Tobin said, “Volume strength was broad-based across the portfolio, with four of our five operating segments posting top-line growth…Order trends continued their positive trajectory, bolstering our confidence in the second half outlook.”

2024 Outlook: Dover raised adjusted EPS from $9.00-$9.15 to $9.05-$9.20 (consensus of $9.10) and revised revenue growth forecast from 2% – 4% to 3% – 4%.

Price Action: DOV shares are up 5% at $185.19 at the last check Thursday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.