Dover Corp Stock Price, News & Analysis

Dover (NYSE: DOV) announced that its President and CEO, Richard J. Tobin, will present at the virtual Baird 2021 Global Industrial Conference on November 9, 2021, at 9:40 am ET. A live audio webcast will be available at dovercorporation.com, with a replay archived for 90 days. Dover is a diversified global manufacturer with over $7 billion in annual revenue, operating through five segments, and employing over 24,000 people worldwide.

Dover reported third quarter financial results ending September 30, 2021, with revenue of $2.0 billion, a 15% increase year-over-year. Net earnings rose 32% to $264 million, and diluted EPS increased 31% to $1.81. For the nine months, revenue reached $5.9 billion, a 21% increase. The company raised its full-year EPS guidance to a range of $6.64 to $6.69. Despite supply chain challenges impacting margins, strong demand and a record backlog position Dover favorably for future growth.

Dover's subsidiary, Markem-Imaje, launched a new remote user interface (RUI) for the SmartDate® X30 thermal transfer overprinter. This RUI enhances production efficiency by reducing downtime and minimizing human error. Key features include password protection, customizable profiles, and the capability to monitor multiple production metrics. The installation is simple and compatible with various packaging machines. With this innovation, Markem-Imaje aims to offer seamless integration and improved operational performance for its customers, positioning itself as a leader in the industrial marking and coding sector.

Dover has completed its acquisition of LIQAL B.V., a supplier of liquefied natural gas (LNG) and hydrogen refueling equipment. This acquisition strengthens Dover Fueling Solutions' (DFS) portfolio in alternative fuels, particularly in Europe, amid growing demand for decarbonization in transportation. LIQAL’s innovative solutions are expected to enhance DFS's capabilities in serving customers investing in lower-carbon fuels. Although transaction terms were undisclosed, Dover anticipates that this strategic move will bolster its market position.

Dover's MAAG Group has launched the new eXso™ centrifugal dryer, enhancing performance for drying pellets from underwater and wet cut strand pelletizers. The innovative design features a 3-door housing, enabling easier access and reducing contamination risks. With a capability of processing up to 8,200 kg/hr, the eXso dryer aims to improve reliability and product quality, utilizing 23% less floor space. This product addresses customer needs for efficient drying and faster cleaning processes, reflecting MAAG's commitment to innovation.

Environmental Solutions Group (ESG), a part of Dover (DOV), has announced a new Bluetooth integration between Soft-Pak™ and 3rd Eye® that enhances the connection of onboard digital scales with Soft-Pak's tablets. This integration allows for hands-free data transmission of container weight, reducing driver workload and improving safety. The feature provides fleet owners with accurate weight data, enabling potential upsell opportunities. It is part of ESG's Connected Collections Digital Strategy and is compatible with multiple onboard scale brands, enhancing operational efficiency.

Dover Fueling Solutions (DFS), a part of Dover (NYSE: DOV), announced a collaboration with Shep Digital Solutions to improve in-store traffic for convenience retailers. The partnership integrates Shep's merchandising platform with DFS's DX Promote solution, enhancing promotional messaging through data analytics. This allows retailers to convert fuel-only consumers into multi-product purchasers by customizing content based on sales data. DFS aims to address challenges faced by retailers in driving customer engagement and sales.

Dover (NYSE: DOV) has announced a definitive agreement to sell its Unified Brands business to Electrolux Professional AB for approximately $244 million, on a cash-free and debt-free basis. Unified Brands, expected to generate $135 million in sales for 2021, specializes in professional cooking equipment for commercial food service operators. The transaction aims to allow Dover to focus on its core businesses, while Unified Brands will benefit from Electrolux's specialized market focus. The deal is expected to close in the fourth quarter of 2021.