DOVER CORPORATION Reports Second Quarter FY2023 Earnings Results on June 30, 2023
August 15, 2023
🌥️Earnings Overview
DOVER CORPORATION ($NYSE:DOV) reported total revenue of USD 2100.1 million for the second quarter of FY2023 on June 30 2023, a 2.7% decrease from the same period in the previous year. Net income was USD 242.2 million, a year-on-year decrease of 16.4%.
Stock Price
On Tuesday, June 30, 2023, DOVER CORPORATION reported their second quarter earnings results for fiscal year 2023. The stock opened at $144.8 and closed at $146.5, a decrease of 3.7% from its last closing price of 152.1. This is a testament to the company’s commitment to becoming more efficient and profitable. Overall, DOVER CORPORATION stock had a tough day on Tuesday and ended up down 3.7%.
However, investors may be encouraged by the strong quarter that the company had, as well as its continued focus on enhancing efficiency and profitability. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Dover Corporation. More…
| Total Revenues | Net Income | Net Margin |
| 8.48k | 1.02k | 12.0% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Dover Corporation. More…
| Operations | Investing | Financing |
| 1.04k | -511.08 | -750.02 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Dover Corporation. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 10.9k | 6.24k | 33.34 |
Key Ratios Snapshot
Some of the financial key ratios for Dover Corporation are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 7.9% | 13.1% | 16.4% |
| FCF Margin | ROE | ROA |
| 9.8% | 19.1% | 8.0% |
Analysis
At GoodWhale, we have conducted an analysis of DOVER CORPORATION‘s wellbeing. Based on our Risk Rating, DOVER CORPORATION is a medium risk investment in terms of both financial and business aspects. With our comprehensive and in-depth approach to assessing the company’s risk, we are able to provide you with invaluable insights into their financial and business areas. By registering with us, you can gain access to an even deeper level of detail regarding the areas of potential risks and other important financial and business considerations. Through our thorough analysis, we are committed to safeguarding your investments and helping you make well-informed decisions. More…
Peers
The company has been in business for over 100 years and has a history of competitive rivalry with other companies in its industry. John Bean Technologies Corp, Georg Fischer AG, and Trelleborg AB are all major competitors of Dover Corp. Each company has a unique set of products and services that it offers, and each company competes for market share in the global marketplace.
– John Bean Technologies Corp ($NYSE:JBT)
John Bean Technologies Corporation provides technology solutions for the food processing and air transportation industries worldwide. It operates through Food & beverage solutions, and Airport solutions segments. The Food & beverage solutions segment offers a range of systems and services for food processors, including protein, fruit and vegetable, grain and pasta, and dairy. This segment also provides solutions for the brewing industry. The Airport solutions segment offers a range of solutions and services for airports, airlines, and ground handlers, including air traffic control towers, bag handling, and deicing. The company was founded in 1884 and is headquartered in Chicago, Illinois.
– Georg Fischer AG ($LTS:0QP4)
Georg Fischer AG is a Switzerland-based holding company engaged in the industrial sector. The Company operates through three business segments. The Piping Systems Division is engaged in the development, production and distribution of pipes, fittings, valves and related accessories made of various materials, including metal and plastic, primarily for the building sector and water and gas utilities. The Automotive Division is a supplier of products, systems and services for the automotive industry. The Machining Solutions Division focuses on developing and supplying products and systems for the machining of large and heavy components. The Company operates in over 30 countries worldwide.
– Trelleborg AB ($LTS:0NL3)
Trelleborg AB is a Swedish multinational conglomerate that develops, manufactures, and sells products for a variety of industries including automotive, aircraft, construction, oil and gas, and more. The company has a market cap of 58.94B as of 2022 and a Return on Equity of 10.04%. Trelleborg is a global leader in its field and has a strong presence in Europe, North America, and Asia.
Summary
Investors in Dover Corporation were disappointed with the company’s second quarter FY2023 earnings results, released on June 30 2023. Total revenue decreased by 2.7% compared to the same period the year prior, while net income dropped 16.4%. This caused the stock price to drop on the same day.
Analysts are now questioning the company’s ability to maintain their profitability in the coming quarters. Investors should carefully consider their potential risk before investing in Dover Corporation.
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