DOVER Corp Files Q2 2024 10-Q

Ticker: DOV · Form: 10-Q · Filed: Jul 25, 2024 · CIK: 29905

Sentiment: neutral

Topics: 10-Q, quarterly-report, financials

TL;DR

DOVER Corp's Q2 10-Q is in. Financials look steady, check the details.

AI Summary

DOVER Corp filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and disclosures relevant to investors are presented, including information on common stock and retained earnings as of March 31, 2024.

Why It Matters

This filing provides investors with crucial financial data for DOVER Corp's second quarter of 2024, enabling informed investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing with no immediate red flags.

Key Numbers

Key Players & Entities

FAQ

What is the primary purpose of this 10-Q filing?

This 10-Q filing provides a comprehensive overview of DOVER Corp's financial performance and position for the fiscal quarter ending June 30, 2024.

What is the reporting period for this 10-Q?

The reporting period for this 10-Q is the quarter ended June 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on July 25, 2024.

What is DOVER Corp's Central Index Key (CIK)?

DOVER Corp's Central Index Key (CIK) is 0000029905.

What are some of the key financial statement items mentioned for March 31, 2024?

The filing mentions items such as Common Stock, Additional Paid In Capital, Retained Earnings, Accumulated Other Comprehensive Income, and Treasury Stock Common as of March 31, 2024.

Filing Stats: 4,639 words · 19 min read · ~15 pages · Grade level 20 · Accepted 2024-07-25 06:39:50

Filing Documents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Page Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) Condensed Consolidated Statements of Earnings for the three and six months ended June 30, 2024 and 2023 1 Condensed Consolidated Statements of Comprehensive Earnings for the three and six months ended June 30, 2024 and 2023 2 Condensed Consolidated Balance Sheets at June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 6 Note 1 — Basis of Presentation 7 Note 2 — Revenue 7 Note 3 — Acquisitions 8 Note 4 — Dispositions 9 Note 5 — Inventories, net 9 Note 6 — Property, Plant and Equipment, net 10 Note 7 — Credit Losses 10 Note 8 — Goodwill and Other Intangible Assets 10 Note 9 — Restructuring Activities 11 Note 10 — Borrowings 12 Note 11 — Financial Instruments 13 Note 12 — Income Taxes 15 Note 13 — Equity Incentive Program 15 Note 14 — Commitments and Contingent Liabilities 16 Note 15 — Other Comprehensive Earnings 17 Note 16 — Segment Information 18 Note 17 — Stockholders' Equity 20 Note 18 — Earnings per Share 20 Note 19 — Recent Accounting Pronouncements 21 Note 20 — Subsequent Events 22 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 Item 4.

Controls and Procedures

Controls and Procedures 41

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 42 Item 1A.

Risk Factors

Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 3. Defaults Upon Senior Securities 42 Item 4. Mine Safety Disclosures 42 Item 5. Other Information 42 Item 6. Exhibits 43

SIGNATURES

SIGNATURES 44 Table of Contents

Financial Statements

Item 1. Financial Statements DOVER CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except per share data) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue $ 2,178,262 $ 2,100,086 $ 4,272,203 $ 4,179,109 Cost of goods and services 1,356,695 1,341,250 2,693,381 2,673,254 Gross profit 821,567 758,836 1,578,822 1,505,855 Selling, general and administrative expenses 452,193 434,340 915,317 866,754 Operating earnings 369,374 324,496 663,505 639,101 Interest expense 32,374 33,804 68,739 68,018 Interest income ( 4,080 ) ( 2,653 ) ( 8,837 ) ( 4,744 ) Loss (gain) on disposition 663 — ( 529,280 ) — Other income, net ( 12,872 ) ( 6,678 ) ( 19,288 ) ( 10,486 ) Earnings before provision for income taxes 353,289 300,023 1,152,171 586,313 Provision for income taxes 71,467 57,784 238,128 115,500 Net earnings $ 281,822 $ 242,239 $ 914,043 $ 470,813 Net earnings per share: Basic $ 2.05 $ 1.73 $ 6.61 $ 3.37 Diluted $ 2.04 $ 1.72 $ 6.57 $ 3.35 Weighted average shares outstanding: Basic 137,443 139,862 138,247 139,810 Diluted 138,404 140,578 139,136 140,597 See Notes to Condensed Consolidated Financial Statements 1 DOVER CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (In thousands) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net earnings $ 281,822 $ 242,239 $ 914,043 $ 470,813 Other comprehensive (loss) earnings, net of tax Foreign currency translation adjustments: Foreign currency translation (loss) gain ( 12,603 ) 21,335 ( 41,945 ) 37,907 Reclassification of foreign currency translation losses to earnings — — 13,931 — Total foreign currency translation adjustments (net of $( 3,074 ), $ 3,166 , $( 7,460 ) and $ 7,216 tax (provision) benefit, respectively) ( 12,603 ) 21,335 ( 28,014 ) 37,907 Pension and other post-retirement benefit plans: Amortization of actuarial gain included in net periodic pensio

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