DOWNERS GROVE, Ill., January 30, 2025 — Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the fourth quarter and full year ended December 31, 2024. All comparisons are to the comparable period of the prior fiscal year, unless otherwise noted.

1 Q4 and year-to-date 2024 and 2023 adjusted earnings from continuing operations exclude after-tax purchase accounting expenses and restructuring and other costs. Year-to-date 2024 also excludes an after-tax gain on disposition of a minority owned equity method investment, and the after-tax gain and post-closing adjustments on the disposition of De-Sta-Co.

* Change may be impacted by rounding.

For the quarter ended December 31, 2024, Dover generated revenue of $1.9 billion, an increase of 1%. GAAP earnings from continuing operations of $238 million decreased 8%, and GAAP diluted EPS from continuing operations of $1.72 was down 7%. On an adjusted basis, earnings from continuing operations of $305 million remained flat and adjusted diluted EPS from continuing operations of $2.20 was up 1%.

For the year ended December 31, 2024, Dover generated revenue of $7.7 billion, an increase of 1% compared to the prior year. GAAP earnings from continuing operations of $1.4 billion increased by 48%, and GAAP diluted EPS from continuing operations of $10.09 was up 50%. On an adjusted basis, earnings from continuing operations of $1.2 billion increased 3%, and adjusted diluted EPS from continuing operations of $8.29 was up 4% compared to the prior year.

A full reconciliation between GAAP and adjusted measures and definitions of non-GAAP and other performance measures are included as an exhibit herein.

Dover's President and Chief Executive Officer, Richard J. Tobin, said, "Dover’s fourth quarter results were very encouraging as we move into 2025, with broad-based top line strength across the portfolio and particularly robust performances within the Clean Energy & Fueling and Pumps & Process Solutions segments. Order trends continued their positive trajectory in the quarter with book-to-bill above one, driven by robust bookings in our secular-growth-exposed markets in single-use biopharma components, thermal connectors, and CO2 systems.

"Margin improvement was solid during the period due to the positive mix impact from our high margin, high growth platforms, and our rigorous cost containment and productivity actions. We expect these ongoing productivity and cost containment actions will continue to benefit consolidated margins in 2025.

"Our strong operational results were complemented by our ongoing portfolio actions. We have completed six acquisitions over the last three years to create a new platform in cryogenic components within our Clean Energy & Fueling segment, and we are very excited about the future value creation through margin expansion and durable, secular end market growth. We recently closed two bolt-on acquisitions within our high-priority Pumps & Process Solutions segment, and our acquisition pipeline remains robust. We ended the year with a significant cash position that provides flexibility as we pursue value-creating capital deployment to further expand our businesses in high growth, high margin priority platforms.

"We are optimistic about 2025. Underlying demand trends remain solid across the portfolio, as evidenced by our order momentum, and we have significant runway for continued margin improvement through positive mix benefits and numerous cost and performance levers. We have high confidence in Dover’s attractive end market exposures, flexible business model, and proven execution playbook. With this backdrop, we are poised to deliver double-digit EPS growth in 2025 through a combination of accretive top line growth, margin improvement, and value-creating capital allocation."

In 2025, Dover expects to generate GAAP EPS from continuing operations in the range of $8.16 to $8.36 (adjusted EPS from continuing operations of $9.30 to $9.50), based on full year revenue growth of 2% to 4% (organic growth of 3% to 5%).

Dover will host a webcast and conference call to discuss its fourth quarter and full year 2024 results at 9:00 A.M. Eastern Time (8:00 A.M. Central Time) on Thursday, January 30, 2025. The webcast can be accessed on the Dover website at dovercorporation.com. The conference call will also be made available for replay on the website. Additional information on Dover's results and its operating segments can be found on the Company's website.

Dover is a diversified global manufacturer and solutions provider with annual revenue of over $7 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV."

This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be deemed, "forward-looking" statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control. Factors that could cause actual results to differ materially from current expectations include, among other things, general economic conditions and conditions in the particular markets in which we operate; supply chain constraints and labor shortages that could result in production stoppages; inflation in material input costs and freight logistics; the impacts of natural or human-induced disasters, acts of war, terrorism, international conflicts, and public health crises on the global economy and on our customers, suppliers, employees, business and cash flows; changes in customer demand and capital spending; competitive factors and pricing pressures; our ability to develop and launch new products in a cost-effective manner; changes in law; our ability to identify, consummate and successfully integrate and realize synergies from newly acquired businesses; acquisition valuation levels; the impact of interest rate and currency exchange rate fluctuations; capital allocation plans and changes in those plans, including with respect to dividends, share repurchases, investments in research and development, capital expenditures and acquisitions; our ability to effectively deploy capital resulting from dispositions; our ability to derive expected benefits from restructurings, productivity initiatives and other cost reduction actions; the impact of legal compliance risks and litigation, including with respect to product quality and safety, cybersecurity and privacy; and our ability to capture and protect intellectual property rights.

For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2023, and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the Securities and Exchange Commission, and on our website, dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

* Per share data and totals may be impacted by rounding.

The discussion throughout this Investor Supplement, unless otherwise noted, relates solely to our continuing operations.

During the fourth quarter of 2024, the Company completed the acquisition of certain assets from Carter Day International, Inc.'s petrochemical division, within the Pumps & Process Solutions segment for $34.0 million, inclusive of contingent consideration.

For the full year 2024, the Company acquired eight businesses in separate transactions for total consideration of $674.0 million, net of cash acquired and inclusive of measurement period adjustments and contingent consideration of $38.7 million. These businesses were acquired to complement and expand upon existing operations within the Clean Energy & Fueling, Engineered Products, Imaging & Identification and Pumps & Process Solutions segments. The purchase price allocations for these acquisitions are preliminary and subject to change during the measurement period.

During the fourth quarter of 2024, the Company completed the sale of the Environmental Solutions Group ("ESG") business, an operating company within the Engineered Products segment, for a total consideration, net of cash transferred, of $2.0 billion. The disposal represented a strategic shift with a major effect on the Company's operations and qualified for discontinued operations presentation. This sale resulted in a preliminary pre-tax gain on disposition of $1.6 billion ($1.2 billion after-tax), included within earnings from discontinued operations, net in the consolidated statements of earnings for the year ended December 31, 2024. The preliminary total consideration and preliminary pre-tax gain on disposition are subject to standard working capital adjustments.

For the full year 2024, the Company completed two additional sales. On March 31, 2024, the Company completed the sale of the De-Sta-Co business, an operating company within the Engineered Products segment, for total consideration, net of cash transferred, of $675.9 million. This sale resulted in a pre-tax gain on disposition of $530.3 million ($415.4 million after-tax) included within the consolidated statements of earnings for the year ended December 31, 2024. On September 30, 2024, a minority owned equity method investment held within the Climate & Sustainability Technologies segment was sold and the Company received its proportionate share of the proceeds amounting to $93.0 million. The sale resulted in a preliminary pre-tax gain of $67.4 million, ($47.0 million after-tax), subject to customary post-closing adjustments and included within the consolidated statements of earnings for the year ended December 31, 2024.

During the fourth quarter and year ended December 31, 2024, restructuring and other costs included restructuring charges of $28.2 million and $69.8 million, respectively, and other costs of $4.7 million and $15.2 million, respectively. The restructuring expenses incurred during the year ended December 31, 2024 were primarily related to headcount reductions and product line and other exit costs in the Clean Energy & Fueling and Climate & Sustainability Technologies segments. These restructuring programs were initiated in 2023 and 2024 and were undertaken in light of current market conditions. Other costs were primarily due to non-cash asset impairment charges and reorganization costs in the Climate & Sustainability Technologies and Imaging & Identification segments, respectively.

The effective tax rate was 21.5% and 7.7% for the fourth quarters of 2024 and 2023, respectively. On a full year basis, the effective tax rate for 2024 and 2023 was 20.3% and 16.0%, respectively. The 2024 tax rate was primarily driven by gains on dispositions. The 2023 tax rate was primarily driven by the release of a net valuation allowance against non-U.S. tax loss carryforwards mainly related to an internal reorganization, partially offset by an accrual of withholding taxes on current and future repatriation of certain foreign earnings.

During the year ended December 31, 2024, the Company received a total of 2,869,282 shares upon completion of the accelerated repurchase program (the "ASR Program") for $500 million. The total number of shares ultimately repurchased under the ASR Program was based on the volume-weighted average share price of Dover's common stock during the calculation period, less a discount, which was $174.26 over the term of the ASR Program. During the year ended December 31, 2024, exclusive of any ASR Program, there were no share repurchases.

The following table provides a calculation of net debt to net capitalization from the most directly comparable GAAP measures: