Dover Corporation reported its financial results for the third quarter and nine months ended September 30, 2024, showcasing a modest increase in revenue and significant growth in profitability compared to the previous fiscal period.
For the third quarter of 2024, Dover's total revenue reached $1,983.5 million, reflecting a $25.1 million increase or 1.3% from $1,958.4 million in Q3 2023. For the nine months ended September 30, 2024, revenue totaled $5,816.0 million, up $36.4 million or 0.6% from $5,779.7 million in the same period last year. The growth was driven by a 3.8% increase in acquisition-related revenue, while organic revenue growth was modest at 0.3%. However, the company faced a 2.7% decline related to dispositions and a slight unfavorable impact from foreign currency translation.
Dover's gross profit for Q3 2024 was $763.2 million, an increase of $23.8 million or 3.2% from $739.4 million in Q3 2023, resulting in a gross profit margin of 38.5%. For the nine-month period, gross profit rose to $2,212.9 million, up 3.0% from $2,148.6 million. Earnings before provision for income taxes for Q3 2024 were $386.3 million, a 21.4% increase from $318.2 million in the prior year. Net earnings for the quarter were $347.1 million, up 19.8% from $289.8 million in Q3 2023. Earnings per share from continuing operations increased to $2.28, compared to $1.87 in the same quarter last year.
Dover's strategic developments included the acquisition of seven businesses for a total consideration of $636.4 million during the nine months ended September 30, 2024, aimed at enhancing operations in various segments, particularly Clean Energy & Fueling. Notably, the company completed the sale of its Environmental Solutions Group (ESG) business for $2.0 billion, which was classified as discontinued operations.
Restructuring charges increased to $13.8 million in Q3 2024, compared to $4.4 million in Q3 2023, primarily related to exit costs and headcount reductions in the Clean Energy & Fueling segment. The company also reported a decrease in net cash provided by operating activities to $648.9 million for the nine months ended September 30, 2024, down from $721.0 million in the prior year, largely due to tax payments related to the De-Sta-Co divestiture.
Overall, Dover Corporation's financial performance in Q3 2024 demonstrated resilience amid market challenges, with strategic acquisitions and divestitures shaping its operational landscape.
About DOVER Corp
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