Dover Corporation - DOV STOCK NEWS

Dover's Hydro Systems has launched the DMx, a state-of-the-art warewash dispenser enhancing food safety compliance in commercial kitchens. It features Hydro Connect, a cloud-based platform for secure data transmission, reducing unauthorized access and providing operational insights. The DMx supports solid and liquid chemicals, with temperature sensing capabilities and maintenance alerts to minimize damage and ensure cleanliness. Certified by global standards, this product aims to boost productivity while enhancing customer satisfaction in food service operations.

Dover (DOV) has announced a quarterly cash dividend increase to $0.50 per share, up from $0.495. This marks the 66th consecutive year of dividend growth, highlighting the company's commitment to returning capital to shareholders. The increased dividend will be payable on September 15, 2021, to shareholders on record as of August 31, 2021. Dover, with annual revenues of approximately $7 billion, operates in diverse segments, including Engineered Products and Fueling Solutions.

On August 3, 2021, SWEP, part of Dover (NYSE: DOV), launched the B85S, a medium-size, high-capacity brazed plate heat exchanger (BPHE). This model features superior thermal performance, a compact design, and is tailored for low-capacity chiller applications and high-performance heat pumps. Its All-Stainless range ensures durability against corrosive media, reducing maintenance needs and improving efficiency with minimal material usage. SWEP emphasizes that the B85S is designed for demanding heat transfer applications, solidifying its position as a leader in the heat exchanger market.

Dover Fueling Solutions (DFS) has announced a reseller agreement with Techniche to market and distribute its asset maintenance and compliance software globally. This partnership enhances DFS's offerings alongside its recently launched DX Connected Solutions Platform, promoting digital transformation in fueling and retail operations. Techniche, trusted by major brands like BP and Shell, serves over 40,000 locations in 29 countries, providing solutions to optimize asset management and reduce environmental risks. Both companies aim to improve customer experience and operational efficiency.

Dover has successfully completed the acquisition of CDS Visual, Inc., a provider of SaaS 3D visualization solutions for industrial applications. This strategic move aims to enhance Dover's Engineered Products segment by integrating CDS Visual's innovative technology, which includes real-time 3D configuration and augmented reality features. The acquisition is expected to improve customer engagement and streamline commercial workflows, tapping into the growing industrial market. Financial terms were not disclosed, but Dover generates over $7 billion in annual revenue.

Dover reported strong financial results for Q2 2021, with revenues of $2.032 billion, a 36% increase from Q2 2020. Net earnings rose by 112% to $265 million, resulting in a diluted EPS of $1.82. For the first half of 2021, revenues reached $3.9 billion, up 24%, and net earnings increased 65% to $497 million. The company raised its full-year revenue growth guidance to 15%-17% and EPS guidance to $6.45-$6.55. CEO Richard J. Tobin noted strong demand across all segments and a robust backlog, expecting continued operational execution and growth.

On July 19, 2021, Dover announced the launch of the AdvansorFlex-Mini™, an eco-friendly CO₂ refrigeration system by its subsidiary Hillphoenix. Designed to cater to small-capacity operations, this innovative system aligns with new environmental regulations phasing out high Global Warming Potential refrigerants. It provides flexibility for retailers transitioning to natural refrigerants and can be utilized in various store sizes and climates across North America. The system’s compact design reduces installation complexity and leak potential.

Unified Brands, a subsidiary of Dover (NYSE: DOV), has launched the Randell Cheeser Station, aimed at helping pizza restaurants minimize cheese waste and improve product consistency. The station can hold up to 25 pounds of cheese and features a mechanism that recaptures cheese that misses the pizza, potentially enhancing profits by reducing waste. Additionally, a scale option allows for precise cheese measurement, with an estimated payback period of six months. The unit is energy-efficient and designed for easy cleaning.

Dover (NYSE: DOV) announced plans to expand its Quattroflow manufacturing capabilities by constructing a new ISO Class 7 cleanroom in Duisburg, Germany, expected to open in October 2021. This new facility will more than double the existing cleanroom space, addressing the growing demand for single-use pumps used in biopharma production, including COVID-19 vaccine manufacturing. The cleanroom will operate independently while adhering to uniform assembly procedures, enhancing production reliability and consistency for Quattroflow's products.