Delaware | 1-4018 | 53-0257888 | |||||||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||
3005 Highland Parkway | |||||||||||
Downers Grove, Illinois |
60515 | ||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock | DOV | New York Stock Exchange | ||||||
1.250% Notes due 2026 | DOV 26 | New York Stock Exchange | ||||||
0.750% Notes due 2027 | DOV 27 | New York Stock Exchange |
Date: | April 25, 2024 | DOVER CORPORATION | ||||||||||||
(Registrant) | ||||||||||||||
By: | /s/ Ivonne M. Cabrera | |||||||||||||
Ivonne M. Cabrera | ||||||||||||||
Senior Vice President, General Counsel & Secretary | ||||||||||||||
Investor Contact: | Media Contact: | ||||
Jack Dickens | Adrian Sakowicz | ||||
Senior Director - Investor Relations | Vice President - Communications | ||||
(630) 743-2566 | (630) 743-5039 | ||||
jdickens@dovercorp.com | asakowicz@dovercorp.com | ||||
Three Months Ended March 31, | ||||||||||||||||||||
($ in millions, except per share data) | 2024 | 2023 | % Change* |
|||||||||||||||||
U.S. GAAP | ||||||||||||||||||||
Revenue | $ | 2,094 | $ | 2,079 | 1 | % | ||||||||||||||
Net earnings |
632 | 229 | 177 | % | ||||||||||||||||
Diluted EPS |
4.52 | 1.63 | 177 | % | ||||||||||||||||
Non-GAAP | ||||||||||||||||||||
Organic revenue change | (1) | % | ||||||||||||||||||
Adjusted net earnings 1 |
273 | 273 | — | % | ||||||||||||||||
Adjusted diluted EPS | 1.95 | 1.94 | 1 | % |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Revenue | $ | 2,093,941 | $ | 2,079,023 | |||||||
Cost of goods and services | 1,336,686 | 1,332,004 | |||||||||
Gross profit | 757,255 | 747,019 | |||||||||
Selling, general and administrative expenses | 463,124 | 432,414 | |||||||||
Operating earnings | 294,131 | 314,605 | |||||||||
Interest expense | 36,365 | 34,214 | |||||||||
Interest income | (4,757) | (2,091) | |||||||||
Gain on disposition |
(529,943) | — | |||||||||
Other income, net | (6,416) | (3,808) | |||||||||
Earnings before provision for income taxes | 798,882 | 286,290 | |||||||||
Provision for income taxes | 166,661 | 57,716 | |||||||||
Net earnings | $ | 632,221 | $ | 228,574 | |||||||
Net earnings per share: | |||||||||||
Basic | $ | 4.55 | $ | 1.64 | |||||||
Diluted | $ | 4.52 | $ | 1.63 | |||||||
Weighted average shares outstanding: | |||||||||||
Basic | 139,051 | 139,757 | |||||||||
Diluted | 139,869 | 140,616 | |||||||||
Dividends paid per common share | $ | 0.510 | $ | 0.505 | |||||||
* Per share data may be impacted by rounding. |
2024 | 2023 | ||||||||||||||||||||||
Q1 | Q1 | Q2 | Q3 | Q4 | FY 2023 | ||||||||||||||||||
REVENUE | |||||||||||||||||||||||
Engineered Products | $ | 543,140 | $ | 497,549 | $ | 473,687 | $ | 504,271 | $ | 529,080 | $ | 2,004,587 | |||||||||||
Clean Energy & Fueling | 445,053 | 430,729 | 441,166 | 466,959 | 449,423 | 1,788,277 | |||||||||||||||||
Imaging & Identification | 276,806 | 283,091 | 271,932 | 276,179 | 285,530 | 1,116,732 | |||||||||||||||||
Pumps & Process Solutions | 465,729 | 413,881 | 465,626 | 431,373 | 444,811 | 1,755,691 | |||||||||||||||||
Climate & Sustainability Technologies | 364,292 | 455,325 | 449,001 | 475,911 | 398,345 | 1,778,582 | |||||||||||||||||
Intersegment eliminations | (1,079) | (1,552) | (1,326) | (1,425) | (1,432) | (5,735) | |||||||||||||||||
Total consolidated revenue | $ | 2,093,941 | $ | 2,079,023 | $ | 2,100,086 | $ | 2,153,268 | $ | 2,105,757 | $ | 8,438,134 | |||||||||||
NET EARNINGS | |||||||||||||||||||||||
Segment Earnings: | |||||||||||||||||||||||
Engineered Products | $ | 103,969 | $ | 84,275 | $ | 73,076 | $ | 101,610 | $ | 118,464 | $ | 377,425 | |||||||||||
Clean Energy & Fueling |
69,675 | 73,605 | 83,616 | 92,483 | 78,900 | 328,604 | |||||||||||||||||
Imaging & Identification | 69,959 | 68,315 | 61,336 | 70,316 | 72,545 | 272,512 | |||||||||||||||||
Pumps & Process Solutions | 118,737 | 115,244 | 129,337 | 117,907 | 121,917 | 484,405 | |||||||||||||||||
Climate & Sustainability Technologies |
50,759 | 73,778 | 76,074 | 84,060 | 71,468 | 305,380 | |||||||||||||||||
Total segment earnings | 413,099 | 415,217 | 423,439 | 466,376 | 463,294 | 1,768,326 | |||||||||||||||||
Purchase accounting
expenses 1
|
45,551 | 42,679 | 40,200 | 40,320 | 41,744 | 164,943 | |||||||||||||||||
Restructuring and other costs 2 |
24,684 | 14,053 | 18,143 | 12,327 | 19,150 | 63,673 | |||||||||||||||||
Disposition costs 3 |
— | — | — | — | 1,302 | 1,302 | |||||||||||||||||
Gain on disposition 4 |
(529,943) | — | — | — | — | — | |||||||||||||||||
Corporate expense
/ other 5
|
42,317 | 40,072 | 33,922 | 30,686 | 45,913 | 150,593 | |||||||||||||||||
Interest expense | 36,365 | 34,214 | 33,804 | 32,389 | 30,898 | 131,305 | |||||||||||||||||
Interest income | (4,757) | (2,091) | (2,653) | (3,808) | (4,944) | (13,496) | |||||||||||||||||
Earnings before provision for income taxes | 798,882 | 286,290 | 300,023 | 354,462 | 329,231 | 1,270,006 | |||||||||||||||||
Provision for income taxes 6 |
166,661 | 57,716 | 57,784 | 64,709 | 32,969 | 213,178 | |||||||||||||||||
Net earnings | $ | 632,221 | $ | 228,574 | $ | 242,239 | $ | 289,753 | $ | 296,262 | $ | 1,056,828 | |||||||||||
SEGMENT EARNINGS MARGIN | |||||||||||||||||||||||
Engineered Products | 19.1 % | 16.9 % | 15.4 % | 20.1 % | 22.4 % | 18.8 % | |||||||||||||||||
Clean Energy & Fueling |
15.7 % | 17.1 % | 19.0 % | 19.8 % | 17.6 % | 18.4 % | |||||||||||||||||
Imaging & Identification | 25.3 % | 24.1 % | 22.6 % | 25.5 % | 25.4 % | 24.4 % | |||||||||||||||||
Pumps & Process Solutions | 25.5 % | 27.8 % | 27.8 % | 27.3 % | 27.4 % | 27.6 % | |||||||||||||||||
Climate & Sustainability Technologies |
13.9 % | 16.2 % | 16.9 % | 17.7 % | 17.9 % | 17.2 % | |||||||||||||||||
Total segment earnings margin | 19.7 % | 20.0 % | 20.2 % | 21.7 % | 22.0 % | 21.0 % | |||||||||||||||||
1 Purchase accounting expenses are primarily comprised of amortization of acquired intangible assets. | |||||||||||||||||||||||
2 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. | |||||||||||||||||||||||
3 Q4 and FY 2023 disposition costs relate to the sale of De-Sta-Co. | |||||||||||||||||||||||
4 Gain on disposition due to the sale of De-Sta-Co in the Engineered Products segment. | |||||||||||||||||||||||
5 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters. | |||||||||||||||||||||||
6 Q4 and FY 2023 include the net income tax benefit of internal reorganizations executed in 2023. |
Earnings Per Share | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
Q1 | Q1 | Q2 | Q3 | Q4 | FY 2023 | ||||||||||||||||||
Net earnings per share: | |||||||||||||||||||||||
Basic | $ | 4.55 | $ | 1.64 | $ | 1.73 | $ | 2.07 | $ | 2.12 | $ | 7.56 | |||||||||||
Diluted | $ | 4.52 | $ | 1.63 | $ | 1.72 | $ | 2.06 | $ | 2.11 | $ | 7.52 | |||||||||||
Net earnings and weighted average shares used in calculated earnings per share amounts are as follows: | |||||||||||||||||||||||
Net earnings | $ | 632,221 | $ | 228,574 | $ | 242,239 | $ | 289,753 | $ | 296,262 | $ | 1,056,828 | |||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | 139,051 | 139,757 | 139,862 | 139,878 | 139,893 | 139,848 | |||||||||||||||||
Diluted | 139,869 | 140,616 | 140,578 | 140,615 | 140,586 | 140,599 | |||||||||||||||||
* Per share data may be impacted by rounding. |
2024 | 2023 | ||||||||||||||||||||||
Q1 | Q1 | Q2 | Q3 | Q4 | FY 2023 | ||||||||||||||||||
Adjusted net earnings: | |||||||||||||||||||||||
Net earnings | $ | 632,221 | $ | 228,574 | $ | 242,239 | $ | 289,753 | $ | 296,262 | $ | 1,056,828 | |||||||||||
Purchase accounting expenses, pre-tax 1 |
45,551 | 42,679 | 40,200 | 40,320 | 41,744 | 164,943 | |||||||||||||||||
Purchase accounting expenses, tax impact 2 |
(10,005) | (9,599) | (9,012) | (8,966) | (9,143) | (36,720) | |||||||||||||||||
Restructuring and other costs, pre-tax 3 |
24,684 | 14,053 | 18,143 | 12,327 | 19,150 | 63,673 | |||||||||||||||||
Restructuring and other costs, tax impact 2 |
(4,875) | (2,990) | (3,665) | (2,556) | (3,970) | (13,181) | |||||||||||||||||
Disposition costs, pre-tax 4 |
— | — | — | — | 1,302 | 1,302 | |||||||||||||||||
Disposition costs, tax impact 2 |
— | — | — | — | (270) | (270) | |||||||||||||||||
Gain on disposition, pre-tax 5 |
(529,943) | — | — | — | — | — | |||||||||||||||||
Gain on disposition, tax-impact 2 |
114,973 | — | — | — | — | — | |||||||||||||||||
Adjusted net earnings |
$ | 272,606 | $ | 272,717 | $ | 287,905 | $ | 330,878 | $ | 345,075 | $ | 1,236,575 | |||||||||||
Adjusted diluted net earnings per share: | |||||||||||||||||||||||
Diluted net earnings per share | $ | 4.52 | $ | 1.63 | $ | 1.72 | $ | 2.06 | $ | 2.11 | $ | 7.52 | |||||||||||
Purchase accounting expenses, pre-tax 1 |
0.33 | 0.30 | 0.29 | 0.29 | 0.30 | 1.18 | |||||||||||||||||
Purchase accounting expenses, tax impact 2 |
(0.07) | (0.07) | (0.06) | (0.06) | (0.07) | (0.26) | |||||||||||||||||
Restructuring and other costs, pre-tax 3 |
0.18 | 0.10 | 0.13 | 0.09 | 0.14 | 0.46 | |||||||||||||||||
Restructuring and other costs, tax impact 2 |
(0.03) | (0.02) | (0.03) | (0.02) | (0.03) | (0.10) | |||||||||||||||||
Disposition costs, pre-tax 4 |
— | — | — | — | 0.01 | 0.01 | |||||||||||||||||
Disposition costs, tax impact 2 |
— | — | — | — | — | — | |||||||||||||||||
Gain on disposition, pre-tax 5 |
(3.79) | — | — | — | — | — | |||||||||||||||||
Gain on disposition, tax-impact 2 |
0.82 | — | — | — | — | — | |||||||||||||||||
Adjusted diluted net earnings per share |
$ | 1.95 | $ | 1.94 | $ | 2.05 | $ | 2.35 | $ | 2.45 | $ | 8.80 | |||||||||||
1 Purchase accounting expenses are primarily comprised of amortization of acquired intangible assets. | |||||||||||||||||||||||
2 Adjustments were tax effected using the statutory tax rates in the applicable jurisdictions or the effective tax rate, where applicable, for each period. | |||||||||||||||||||||||
3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Q1 2024 includes $3.4M and Q3 and FY 2023 include $3.3M of non-cash asset impairment charges for our Climate & Sustainability Technologies segment. | |||||||||||||||||||||||
4 Q4 and FY 2023 disposition costs relate to the sale of De-Sta-Co. | |||||||||||||||||||||||
5 Gain on disposition due to the sale of De-Sta-Co in the Engineered Products segment. | |||||||||||||||||||||||
* Per share data and totals may be impacted by rounding. |
2024 | 2023 | ||||||||||||||||||||||
Q1 | Q1 | Q2 | Q3 | Q4 | FY 2023 | ||||||||||||||||||
ADJUSTED SEGMENT EBITDA | |||||||||||||||||||||||
Engineered Products: | |||||||||||||||||||||||
Segment earnings | $ | 103,969 | $ | 84,275 | $ | 73,076 | $ | 101,610 | $ | 118,464 | $ | 377,425 | |||||||||||
Other depreciation and amortization 1 |
6,361 | 7,070 | 7,300 | 7,306 | 6,397 | 28,073 | |||||||||||||||||
Adjusted segment EBITDA 2 |
110,330 | 91,345 | 80,376 | 108,916 | 124,861 | 405,498 | |||||||||||||||||
Adjusted segment EBITDA margin 2 |
20.3 % | 18.4 % | 17.0 % | 21.6 % | 23.6 % | 20.2 % | |||||||||||||||||
Clean Energy & Fueling: | |||||||||||||||||||||||
Segment earnings | $ | 69,675 | $ | 73,605 | $ | 83,616 | $ | 92,483 | $ | 78,900 | $ | 328,604 | |||||||||||
Other depreciation and amortization 1 |
7,921 | 7,046 | 7,541 | 7,686 | 7,844 | 30,117 | |||||||||||||||||
Adjusted segment EBITDA 2 |
77,596 | 80,651 | 91,157 | 100,169 | 86,744 | 358,721 | |||||||||||||||||
Adjusted segment EBITDA margin 2 |
17.4 % | 18.7 % | 20.7 % | 21.5 % | 19.3 % | 20.1 % | |||||||||||||||||
Imaging & Identification: | |||||||||||||||||||||||
Segment earnings | $ | 69,959 | $ | 68,315 | $ | 61,336 | $ | 70,316 | $ | 72,545 | $ | 272,512 | |||||||||||
Other depreciation and amortization 1 |
3,733 | 3,394 | 3,745 | 3,972 | 4,182 | 15,293 | |||||||||||||||||
Adjusted segment EBITDA 2 |
73,692 | 71,709 | 65,081 | 74,288 | 76,727 | 287,805 | |||||||||||||||||
Adjusted segment EBITDA margin 2 |
26.6 % | 25.3 % | 23.9 % | 26.9 % | 26.9 % | 25.8 % | |||||||||||||||||
Pumps & Process Solutions: | |||||||||||||||||||||||
Segment earnings | $ | 118,737 | $ | 115,244 | $ | 129,337 | $ | 117,907 | $ | 121,917 | $ | 484,405 | |||||||||||
Other depreciation and amortization 1 |
12,139 | 10,939 | 11,609 | 12,052 | 11,744 | 46,344 | |||||||||||||||||
Adjusted segment EBITDA 2 |
130,876 | 126,183 | 140,946 | 129,959 | 133,661 | 530,749 | |||||||||||||||||
Adjusted segment EBITDA margin 2 |
28.1 % | 30.5 % | 30.3 % | 30.1 % | 30.0 % | 30.2 % | |||||||||||||||||
Climate & Sustainability Technologies: | |||||||||||||||||||||||
Segment earnings | $ | 50,759 | $ | 73,778 | $ | 76,074 | $ | 84,060 | $ | 71,468 | $ | 305,380 | |||||||||||
Other depreciation and amortization 1 |
7,275 | 6,624 | 6,895 | 6,954 | 7,084 | 27,557 | |||||||||||||||||
Adjusted segment EBITDA 2 |
58,034 | 80,402 | 82,969 | 91,014 | 78,552 | 332,937 | |||||||||||||||||
Adjusted segment EBITDA margin 2 |
15.9 % | 17.7 % | 18.5 % | 19.1 % | 19.7 % | 18.7 % | |||||||||||||||||
Total Segments: | |||||||||||||||||||||||
Total segment earnings 2, 3 |
$ | 413,099 | $ | 415,217 | $ | 423,439 | $ | 466,376 | $ | 463,294 | $ | 1,768,326 | |||||||||||
Other depreciation and amortization 1 |
37,429 | 35,073 | 37,090 | 37,970 | 37,251 | 147,384 | |||||||||||||||||
Total Adjusted segment EBITDA 2 |
450,528 | 450,290 | 460,529 | 504,346 | 500,545 | 1,915,710 | |||||||||||||||||
Total Adjusted segment EBITDA margin 2 |
21.5 % | 21.7 % | 21.9 % | 23.4 % | 23.8 % | 22.7 % | |||||||||||||||||
1 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs. | |||||||||||||||||||||||
2 Refer to Non-GAAP Disclosures section for definition. | |||||||||||||||||||||||
3 Refer to Quarterly Segment Information section for reconciliation of total segment earnings to net earnings. |
2024 | 2023 | ||||||||||||||||||||||
Q1 | Q1 | Q2 | Q3 | Q4 | FY 2023 | ||||||||||||||||||
Net earnings | $ | 632,221 | $ | 228,574 | $ | 242,239 | $ | 289,753 | $ | 296,262 | $ | 1,056,828 | |||||||||||
Provision for income taxes 1 |
166,661 | 57,716 | 57,784 | 64,709 | 32,969 | 213,178 | |||||||||||||||||
Earnings before provision for income taxes | 798,882 | 286,290 | 300,023 | 354,462 | 329,231 | 1,270,006 | |||||||||||||||||
Interest income | (4,757) | (2,091) | (2,653) | (3,808) | (4,944) | (13,496) | |||||||||||||||||
Interest expense | 36,365 | 34,214 | 33,804 | 32,389 | 30,898 | 131,305 | |||||||||||||||||
Corporate expense / other 2 |
42,317 | 40,072 | 33,922 | 30,686 | 45,913 | 150,593 | |||||||||||||||||
Disposition costs 3 |
— | — | — | — | 1,302 | 1,302 | |||||||||||||||||
Gain on disposition 4 |
(529,943) | — | — | — | — | — | |||||||||||||||||
Restructuring and other costs 5 |
24,684 | 14,053 | 18,143 | 12,327 | 19,150 | 63,673 | |||||||||||||||||
Purchase accounting expenses 6 |
45,551 | 42,679 | 40,200 | 40,320 | 41,744 | 164,943 | |||||||||||||||||
Total segment earnings 7 |
413,099 | 415,217 | 423,439 | 466,376 | 463,294 | 1,768,326 | |||||||||||||||||
Add: Other depreciation and amortization 8 |
37,429 | 35,073 | 37,090 | 37,970 | 37,251 | 147,384 | |||||||||||||||||
Total adjusted segment EBITDA 7 |
$ | 450,528 | $ | 450,290 | $ | 460,529 | $ | 504,346 | $ | 500,545 | $ | 1,915,710 | |||||||||||
1 Q4 and FY 2023 include the net income tax benefit of internal reorganizations executed in 2023. | |||||||||||||||||||||||
2 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters. | |||||||||||||||||||||||
3 Q4 and FY 2023 disposition costs relate to the sale of De-Sta-Co. | |||||||||||||||||||||||
4 Gain on disposition due to the sale of De-Sta-Co in the Engineered Products segment. | |||||||||||||||||||||||
5 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. | |||||||||||||||||||||||
6 Purchase accounting expenses are primarily comprised of amortization of acquired intangible assets. | |||||||||||||||||||||||
7 Refer to Non-GAAP Disclosures section for definition. | |||||||||||||||||||||||
8 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs. |
2024 | |||||
Q1 | |||||
Organic | |||||
Engineered Products | 9.2 | % | |||
Clean Energy & Fueling |
1.4 | % | |||
Imaging & Identification | (1.6) | % | |||
Pumps & Process Solutions | 4.5 | % | |||
Climate & Sustainability Technologies |
(20.3) | % | |||
Total Organic | (1.3) | % | |||
Acquisitions | 2.0 | % | |||
Currency translation | — | % | |||
Total* | 0.7 | % |
2024 | |||||
Q1 | |||||
Organic | |||||
United States | 1.3 | % | |||
Other Americas | (5.5) | % | |||
Europe | (0.5) | % | |||
Asia | (4.9) | % | |||
Other | (21.7) | % | |||
Total Organic | (1.3) | % | |||
Acquisitions | 2.0 | % | |||
Currency translation | — | % | |||
Total* | 0.7 | % |
Adjusted EPS Guidance Reconciliation | |||||||||||
Range | |||||||||||
2024 Guidance for Earnings per Share (GAAP) |
$10.78 | $10.93 | |||||||||
Purchase accounting expenses, net | 1.00 | ||||||||||
Restructuring and other costs, net | 0.22 | ||||||||||
Gain on disposition, net | (3.00) | ||||||||||
2024 Guidance for Adjusted Earnings per Share (Non-GAAP) |
$9.00 | $9.15 |
2024 | 2023 | ||||||||||||||||||||||
Q1 | Q1 | Q2 | Q3 | Q4 | FY 2023 | ||||||||||||||||||
Net Cash Flows Provided By (Used In): | |||||||||||||||||||||||
Operating activities | $ | 166,593 | $ | 241,284 | $ | 195,254 | $ | 383,457 | $ | 516,350 | $ | 1,336,345 | |||||||||||
Investing activities | 429,851 | (43,556) | (42,454) | (50,243) | (590,377) | (726,630) | |||||||||||||||||
Financing activities | (80,782) | (306,565) | (137,924) | (312,716) | 189,149 | (568,056) |
2024 | 2023 | ||||||||||||||||||||||
Q1 | Q1 | Q2 | Q3 | Q4 | FY 2023 | ||||||||||||||||||
Cash flow from operating activities | $ | 166,593 | $ | 241,284 | $ | 195,254 | $ | 383,457 | $ | 516,350 | $ | 1,336,345 | |||||||||||
Less: Capital expenditures | (44,475) | (48,375) | (40,079) | (43,128) | (61,010) | (192,592) | |||||||||||||||||
Free cash flow | $ | 122,118 | $ | 192,909 | $ | 155,175 | $ | 340,329 | $ | 455,340 | $ | 1,143,753 | |||||||||||
Cash flow from operating activities as a percentage of revenue | 8.0 % | 11.6 % | 9.3 % | 17.8 % | 24.5 % | 15.8 % | |||||||||||||||||
Cash flow from operating activities as a percentage of adjusted net earnings | 61.1 % | 88.5 % | 67.8 % | 115.9 % | 149.6 % | 108.1 % | |||||||||||||||||
Free cash flow as a percentage of revenue | 5.8 % | 9.3 % | 7.4 % | 15.8 % | 21.6 % | 13.6 % | |||||||||||||||||
Free cash flow as a percentage of adjusted net earnings | 44.8 % | 70.7 % | 53.9 % | 102.9 % | 132.0 % | 92.5 % | |||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
Q1 | Q1 | Q2 | Q3 | Q4 | FY 2023 | ||||||||||||||||||
BOOKINGS |
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Engineered Products | $ | 541,982 | $ | 536,472 | $ | 489,131 | $ | 576,641 | $ | 494,528 | $ | 2,096,772 | |||||||||||
Clean Energy & Fueling |
471,610 | 454,526 | 440,137 | 449,663 | 401,195 | 1,745,521 | |||||||||||||||||
Imaging & Identification | 278,433 | 290,712 | 262,092 | 271,113 | 297,312 | 1,121,229 | |||||||||||||||||
Pumps & Process Solutions | 473,632 | 464,297 | 394,317 | 363,111 | 455,390 | 1,677,115 | |||||||||||||||||
Climate & Sustainability Technologies |
453,086 | 371,643 | 310,911 | 340,474 | 325,625 | 1,348,653 | |||||||||||||||||
Intersegment eliminations | (1,107) | (1,530) | (1,918) | (849) | (2,125) | (6,422) | |||||||||||||||||
Total consolidated bookings | $ | 2,217,636 | $ | 2,116,120 | $ | 1,894,670 | $ | 2,000,153 | $ | 1,971,925 | $ | 7,982,868 | |||||||||||
2024 | |||||
Q1 | |||||
BOOKINGS GROWTH FACTORS |
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Organic |
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Engineered Products | 1.0 | % | |||
Clean Energy & Fueling |
1.6 | % | |||
Imaging & Identification | (3.4) | % | |||
Pumps & Process Solutions | (4.6) | % | |||
Climate & Sustainability Technologies |
22.3 | % | |||
Total Organic | 3.0 | % | |||
Acquisitions | 1.9 | % | |||
Currency translation | (0.1) | % | |||
Total* | 4.8 | % | |||
* Totals may be impacted by rounding. |
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