Dover Corp. (NYSE:DOV) reported first-quarter results on Thursday that slightly exceeded analyst expectations, supported by strong demand across key end markets.
The company posted adjusted earnings per share of $2.28, just above the consensus estimate of $2.27. Shares rose modestly, gaining 0.11% in premarket trading following the announcement.
Revenue growth driven by strong end markets
Revenue came in at $2.05 billion, beating the $2 billion forecast and marking a 10% increase from $1.87 billion in the same quarter last year.
Organic revenue grew 5% during the period, reflecting strength in markets tied to long-term growth trends, as well as improving conditions across Dover’s portfolio.
All five of the company’s business segments recorded book-to-bill ratios above one, signaling robust order activity.
“We delivered a solid start to the year, with double-digit revenue growth driven by continued strength in our secular-growth-exposed end markets and improving conditions across the portfolio,” said Richard J. Tobin, President and CEO. “Bookings rates were excellent in the quarter, with book-to-bill well above one in all five segments, underscoring the momentum across the portfolio and providing improved visibility and confidence to our forecast.”
Outlook slightly below consensus
For fiscal 2026, Dover guided for adjusted EPS between $10.45 and $10.65, with a midpoint of $10.55, slightly below the analyst consensus of $10.58.
The company expects full-year revenue growth in the range of 5% to 7%, with organic growth projected at 3% to 5%.
Cash flow and capital allocation
Dover generated $191 million in operating cash flow during the quarter. It also returned capital to shareholders through share buybacks while continuing to invest in capacity expansion and operational efficiency improvements.