Dover Corp

DOV: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Dover Earnings: Full-Year Guidance Disappoints Us, but This Setback Is Transitory

Joshua Aguilar

Oct 25, 2023

Narrow-moat-rated Dover's full-year guidance underwhelmed us, but we maintain our $174 fair value estimate. However, Dover did slightly beat our third-quarter expectations, both for revenue and EPS. We should have anticipated the reduced full-year sales guidance given weak book-to-bills in parts of Dover's business and the implied greater-than-typical seasonal leap in the fourth quarter. That's particularly true in both the climate and pumps portions of Dover's business. We were also anticipating a recovery in Dover's biopharma business this year that simply didn't materialize.

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Dover Corp

Dover Earnings: Full-Year Guidance Disappoints Us, but This Setback Is Transitory

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