Dover Reports Third Quarter 2021 Results; Raises Full Year Guidance
DOWNERS GROVE, Ill., Oct. 19, 2021 /PRNewswire/ -- Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the third quarter ended September 30, 2021.
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
($ in millions, except per share data) | 2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||||||||||||||
U.S. GAAP | ||||||||||||||||||||||
Revenue | $ | 2,018 | $ | 1,748 | 15 | % | $ | 5,918 | $ | 4,903 | 21 | % | ||||||||||
Net earnings 1 | 264 | 200 | 32 | % | 761 | 501 | 52 | % | ||||||||||||||
Diluted EPS | 1.81 | 1.38 | 31 | % | 5.24 | 3.45 | 52 | % | ||||||||||||||
Non-GAAP | ||||||||||||||||||||||
Organic revenue change | 13 | % | 17 | % | ||||||||||||||||||
Adjusted net earnings 2 | 288 | 232 | 24 | % | 850 | 599 | 42 | % | ||||||||||||||
Adjusted diluted EPS | 1.98 | 1.60 | 24 | % | 5.86 | 4.12 | 42 | % | ||||||||||||||
1 Q3 2021 and 2020 net earnings include rightsizing and other (benefits) costs of $(2.3) million and $4.5 million, respectively. Q3 2020 also includes a $0.4 million expense related to the sale of AMS Chino. Year-to-date 2021 and 2020 net earnings include rightsizing and other costs of $9.0 million and $24.1 million, respectively. Year-to-date 2020 also includes a $3.9 million non-cash gain on the sale of AMS Chino. | ||||||||||||||||||||||
2 Q3 2021 and 2020 adjusted net earnings exclude after tax acquisition-related amortization costs of $26.9 million and $26.5 million, respectively, and rightsizing and other (benefits) costs of $(2.3) million and $4.5 million, respectively. Q3 2020 also excludes a $0.4 million expense related to the sale of AMS Chino. Year-to-date 2021 and 2020 adjusted net earnings exclude acquisition-related amortization costs of $80.3 million and $77.8 million, respectively, and rightsizing and other costs of $9.0 million and $24.1 million, respectively. Year-to-date 2020 also excludes a $3.9 million non-cash gain on the sale of AMS Chino. | ||||||||||||||||||||||
For the quarter ended September 30, 2021, Dover generated revenue of $2.0 billion, an increase of 15% (+13% organic) compared to the third quarter of the prior year. GAAP net earnings of $264 million increased 32%, and GAAP diluted EPS of $1.81 was up 31%. On an adjusted basis, net earnings of $288 million increased 24% and adjusted diluted EPS of $1.98 was also up 24% versus the comparable quarter of the prior year.
For the nine months ended September 30, 2021, Dover generated revenue of $5.9 billion, an increase of 21% (+17% organic) compared to the first nine months of the prior year. GAAP net earnings of $761 million increased 52%, and GAAP diluted EPS of $5.24 was also up 52% year-over-year. On an adjusted basis, net earnings of $850 million increased 42%, and adjusted diluted EPS of $5.86 was also up 42% versus the comparable period of 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.
MANAGEMENT COMMENTARY:
Dover's President and Chief Executive Officer, Richard J. Tobin, said, "Our results in the third quarter reflect continued robust demand and solid execution by our teams in an increasingly complex supply chain and labor environment.
"During the quarter we demonstrated the strength of our portfolio with revenue and new order growth across all five of our operating segments. We improved margins year-over-year despite well-advertised supply chain, logistics, and labor availability challenges that adversely impacted shipment timing and margin performance in several businesses, most notably in our Refrigeration and Food Equipment and Engineered Products segments. Overall, our diversified end market exposures, ongoing productivity initiatives and time-tested localized manufacturing and sourcing strategy provide us an advantage as we execute against record backlogs and deliver critical products to our customers.
"We also continued to enhance and invest behind our portfolio. We progressed necessary capacity expansion in several high-growth businesses to meet their prevailing demand forecasts. Recently we completed three highly-complementary bolt-on acquisitions in radio signal intelligence solutions, industrial 3D visualization software and fueling solutions for alternative fuels like LNG and hydrogen. We also agreed to sell Unified Brands, Dover's commercial foodservice business, to enable greater focus on our core growth platforms. Our balance sheet is healthy and we remain disciplined in pursuit of opportunities to further enhance our portfolio.
"As we enter the final quarter of the year, we do not anticipate the challenges from the third quarter to abate and therefore we remain focused on operational execution to deliver against robust demand in this strained operational environment. More positively, our high backlog levels provide beneficial near-term visibility for the remainder of the year and into 2022. As a result, we are raising our full year EPS guidance."
FULL YEAR 2021 GUIDANCE UPDATE:
EPS guidance for full year 2021 was raised to $6.64 to $6.69 ($7.45 to $7.50 on an adjusted basis).
CONFERENCE CALL INFORMATION:
Dover will host a webcast and conference call to discuss its third quarter and year-to-date 2021 results as well as updated 2021 guidance at 10:00 A.M. Eastern Time (9:00 A.M. Central Time) on Tuesday, October 19, 2021. 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 third quarter results and its operating segments can be found on the Company's website.
ABOUT DOVER:
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, Fueling Solutions, Imaging & Identification, Pumps & Process Solutions and Refrigeration & Food Equipment. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 65 years, our team of over 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." Additional information is available at dovercorporation.com.
FORWARD-LOOKING STATEMENTS:
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, the impacts of COVID-19, or other future pandemics, on the global economy and on our customers, suppliers, employees, business and cash flows, supply chain constraints and labor shortages that could result in production stoppages, inflation in material input costs and freight logistics, other general economic conditions and conditions in the particular markets in which we operate, 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, our ability to realize synergies from newly acquired businesses, and our ability to derive expected benefits from restructuring, productivity initiatives and other cost reduction actions. 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, 2020, 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.
INVESTOR SUPPLEMENT - THIRD QUARTER 2021
DOVER CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)(in thousands, except per share data) | |||||||||||||||
Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Revenue | $ | 2,018,269 | $ | 1,748,256 | $ | 5,917,846 | $ | 4,903,370 | |||||||
Cost of goods and services | 1,263,690 | 1,089,527 | 3,669,547 | 3,080,800 | |||||||||||
Gross profit | 754,579 | 658,729 | 2,248,299 | 1,822,570 | |||||||||||
Selling, general, and administrative expenses | 412,553 | 381,831 | 1,249,593 | 1,135,512 | |||||||||||
Operating earnings | 342,026 | 276,898 | 998,706 | 687,058 | |||||||||||
Interest expense | 26,433 | 27,724 | 79,917 | 83,703 | |||||||||||
Interest income | (1,466) | (960) | (3,088) | (2,871) | |||||||||||
Loss (gain) on sale of a business | — | 557 | — | (5,213) | |||||||||||
Other income, net | (10,460) | (1,420) | (18,236) | (9,887) | |||||||||||
Earnings before provision for income taxes | 327,519 | 250,997 | 940,113 | 621,326 | |||||||||||
Provision for income taxes | 63,763 | 50,697 | 179,080 | 119,981 | |||||||||||
Net earnings | $ | 263,756 | $ | 200,300 | $ | 761,033 | $ | 501,345 | |||||||
Net earnings per share: | |||||||||||||||
Basic | $ | 1.83 | $ | 1.39 | $ | 5.29 | $ | 3.48 | |||||||
Diluted | $ | 1.81 | $ | 1.38 | $ | 5.24 | $ | 3.45 | |||||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 143,976 | 144,032 | 143,895 | 144,082 | |||||||||||
Diluted | 145,440 | 145,289 | 145,220 | 145,313 | |||||||||||
Dividends paid per common share | $ | 0.50 | $ | 0.495 | $ | 1.49 | $ | 1.475 | |||||||
* Per share data may be impacted by rounding. | |||||||||||||||
DOVER CORPORATION QUARTERLY SEGMENT INFORMATION (unaudited)(in thousands) | |||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q3 YTD | Q1 | Q2 | Q3 | Q3 YTD | Q4 | FY 2020 | ||||||||||||||||||||||
REVENUE | |||||||||||||||||||||||||||||||
Engineered Products | $ | 428,127 | $ | 442,091 | $ | 447,798 | $ | 1,318,016 | $ | 408,160 | $ | 342,380 | $ | 386,562 | $ | 1,137,102 | $ | 394,175 | $ | 1,531,277 | |||||||||||
Fueling Solutions | 389,678 | 437,042 | 410,561 | 1,237,281 | 359,982 | 326,495 | 380,511 | 1,066,988 | 409,294 | 1,476,282 | |||||||||||||||||||||
Imaging & Identification | 284,328 | 294,076 | 292,535 | 870,939 | 256,765 | 227,977 | 265,690 | 750,432 | 287,746 | 1,038,178 | |||||||||||||||||||||
Pumps & Process Solutions | 394,377 | 428,701 | 438,240 | 1,261,318 | 319,536 | 309,095 | 347,875 | 976,506 | 347,497 | 1,324,003 | |||||||||||||||||||||
Refrigeration & Food Equipment | 372,077 | 430,506 | 429,425 | 1,232,008 | 311,913 | 293,527 | 368,395 | 973,835 | 342,255 | 1,316,090 | |||||||||||||||||||||
Intra-segment eliminations | (686) | (740) | (290) | (1,716) | (417) | (299) | (777) | (1,493) | (577) | (2,070) | |||||||||||||||||||||
Total consolidated revenue | $ | 1,867,901 | $ | 2,031,676 | $ | 2,018,269 | $ | 5,917,846 | $ | 1,655,939 | $ | 1,499,175 | $ | 1,748,256 | $ | 4,903,370 | $ | 1,780,390 | $ | 6,683,760 | |||||||||||
NET EARNINGS | |||||||||||||||||||||||||||||||
Segment Earnings: | |||||||||||||||||||||||||||||||
Engineered Products 1 | $ | 68,779 | $ | 62,720 | $ | 71,717 | $ | 203,216 | $ | 69,094 | $ | 47,702 | $ | 64,890 | $ | 181,686 | $ | 56,481 | $ | 238,167 | |||||||||||
Fueling Solutions | 66,480 | 78,755 | 65,593 | 210,828 | 53,498 | 47,214 | 66,601 | 167,313 | 69,661 | 236,974 | |||||||||||||||||||||
Imaging & Identification | 56,992 | 60,747 | 63,419 | 181,158 | 51,482 | 38,046 | 51,928 | 141,456 | 52,017 | 193,473 | |||||||||||||||||||||
Pumps & Process Solutions | 123,645 | 138,632 | 142,414 | 404,691 | 66,079 | 67,702 | 89,786 | 223,567 | 81,709 | 305,276 | |||||||||||||||||||||
Refrigeration & Food Equipment 2 | 38,117 | 48,971 | 42,841 | 129,929 | 23,529 | 11,459 | 40,159 | 75,147 | 27,725 | 102,872 | |||||||||||||||||||||
Total segment earnings (EBIT) | 354,013 | 389,825 | 385,984 | 1,129,822 | 263,682 | 212,123 | 313,364 | 789,169 | 287,593 | 1,076,762 | |||||||||||||||||||||
Corporate expense / other | 38,620 | 40,762 | 33,498 | 112,880 | 24,097 | 27,311 | 35,603 | 87,011 | 39,651 | 126,662 | |||||||||||||||||||||
Interest expense | 26,823 | 26,661 | 26,433 | 79,917 | 27,268 | 28,711 | 27,724 | 83,703 | 28,234 | 111,937 | |||||||||||||||||||||
Interest income | (680) | (942) | (1,466) | (3,088) | (1,183) | (728) | (960) | (2,871) | (700) | (3,571) | |||||||||||||||||||||
Earnings before provision for income taxes | 289,250 | 323,344 | 327,519 | 940,113 | 213,500 | 156,829 | 250,997 | 621,326 | 220,408 | 841,734 | |||||||||||||||||||||
Provision for income taxes | 56,481 | 58,836 | 63,763 | 179,080 | 37,221 | 32,063 | 50,697 | 119,981 | 38,302 | 158,283 | |||||||||||||||||||||
Net earnings | $ | 232,769 | $ | 264,508 | $ | 263,756 | $ | 761,033 | $ | 176,279 | $ | 124,766 | $ | 200,300 | $ | 501,345 | $ | 182,106 | $ | 683,451 | |||||||||||
SEGMENT MARGIN | |||||||||||||||||||||||||||||||
Engineered Products 1 | 16.1 % | 14.2 % | 16.0 % | 15.4 % | 16.9 % | 13.9 % | 16.8 % | 16.0 % | 14.3 % | 15.6 % | |||||||||||||||||||||
Fueling Solutions | 17.1 % | 18.0 % | 16.0 % | 17.0 % | 14.9 % | 14.5 % | 17.5 % | 15.7 % | 17.0 % | 16.1 % | |||||||||||||||||||||
Imaging & Identification | 20.0 % | 20.7 % | 21.7 % | 20.8 % | 20.1 % | 16.7 % | 19.5 % | 18.8 % | 18.1 % | 18.6 % | |||||||||||||||||||||
Pumps & Process Solutions | 31.4 % | 32.3 % | 32.5 % | 32.1 % | 20.7 % | 21.9 % | 25.8 % | 22.9 % | 23.5 % | 23.1 % | |||||||||||||||||||||
Refrigeration & Food Equipment 2 | 10.2 % | 11.4 % | 10.0 % | 10.5 % | 7.5 % | 3.9 % | 10.9 % | 7.7 % | 8.1 % | 7.8 % | |||||||||||||||||||||
Total segment operating margin | 19.0 % | 19.2 % | 19.1 % | 19.1 % | 15.9 % | 14.1 % | 17.9 % | 16.1 % | 16.2 % | 16.1 % | |||||||||||||||||||||
DEPRECIATION AND AMORTIZATION EXPENSE | |||||||||||||||||||||||||||||||
Engineered Products | $ | 14,047 | $ | 11,981 | $ | 11,123 | $ | 37,151 | $ | 10,122 | $ | 9,722 | $ | 10,717 | $ | 30,561 | $ | 12,042 | $ | 42,603 | |||||||||||
Fueling Solutions | 19,269 | 19,475 | 19,920 | 58,664 | 18,339 | 17,968 | 18,014 | 54,321 | 18,482 | 72,803 | |||||||||||||||||||||
Imaging & Identification | 9,593 | 9,294 | 9,821 | 28,708 | 8,769 | 9,224 | 9,809 | 27,802 | 10,576 | 38,378 | |||||||||||||||||||||
Pumps & Process Solutions | 16,926 | 16,866 | 17,843 | 51,635 | 18,336 | 17,572 | 17,206 | 53,114 | 19,077 | 72,191 | |||||||||||||||||||||
Refrigeration & Food Equipment | 12,096 | 12,077 | 12,392 | 36,565 | 11,548 | 11,421 | 12,081 | 35,050 | 11,491 | 46,541 | |||||||||||||||||||||
Corporate | 1,875 | 1,826 | 1,812 | 5,513 | 1,638 | 1,696 | 1,662 | 4,996 | 1,539 | 6,535 | |||||||||||||||||||||
Total depreciation and amortization expense | $ | 73,806 | $ | 71,519 | $ | 72,911 | $ | 218,236 | $ | 68,752 | $ | 67,603 | $ | 69,489 | $ | 205,844 | $ | 73,207 | $ | 279,051 | |||||||||||
1 Q3 2021 includes a $9,078 payment received for previously incurred restructuring costs related to a product line exit. | |||||||||||||||||||||||||||||||
2 Q1, Q2, Q3, FY 2020 include a $6,551 gain, a $781 expense, a $557 expense, and a $5,213 net gain, respectively, on the sale of the Chino, California branch of The AMS Group ("AMS Chino"). Q2, Q3 YTD and FY 2020 also include a $3,640 write-off of assets. | |||||||||||||||||||||||||||||||
DOVER CORPORATION QUARTERLY EARNINGS PER SHARE (unaudited)(in thousands, except per share data*) | |||||||||||||||||||||||||||||||
Earnings Per Share | |||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q3 YTD | Q1 | Q2 | Q3 | Q3 YTD | Q4 | FY 2020 | ||||||||||||||||||||||
Net earnings per share: | |||||||||||||||||||||||||||||||
Basic | $ | 1.62 | $ | 1.84 | $ | 1.83 | $ | 5.29 | $ | 1.22 | $ | 0.87 | $ | 1.39 | $ | 3.48 | $ | 1.27 | $ | 4.74 | |||||||||||
Diluted | $ | 1.61 | $ | 1.82 | $ | 1.81 | $ | 5.24 | $ | 1.21 | $ | 0.86 | $ | 1.38 | $ | 3.45 | $ | 1.25 | $ | 4.70 | |||||||||||
Net earnings and weighted average shares used in calculated earnings per share amounts are as follows: | |||||||||||||||||||||||||||||||
Net earnings | $ | 232,769 | $ | 264,508 | $ | 263,756 | $ | 761,033 | $ | 176,279 | $ | 124,766 | $ | 200,300 | $ | 501,345 | $ | 182,106 | $ | 683,451 | |||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||||||||||
Basic | 143,765 | 143,941 | 143,976 | 143,895 | 144,259 | 143,955 | 144,032 | 144,082 | 143,954 | 144,050 | |||||||||||||||||||||
Diluted | 144,938 | 145,118 | 145,440 | 145,220 | 145,782 | 144,995 | 145,289 | 145,313 | 145,355 | 145,393 | |||||||||||||||||||||
* Per share data may be impacted by rounding. | |||||||||||||||||||||||||||||||
DOVER CORPORATION QUARTERLY ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP) (unaudited)(in thousands, except per share data*) | |||||||||||||||||||||||||||||||
Non-GAAP Reconciliations | |||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q3 YTD | Q1 | Q2 | Q3 | Q3 YTD | Q4 | FY 2020 | ||||||||||||||||||||||
Adjusted net earnings: | |||||||||||||||||||||||||||||||
Net earnings | $ | 232,769 | $ | 264,508 | $ | 263,756 | $ | 761,033 | $ | 176,279 | $ | 124,766 | $ | 200,300 | $ | 501,345 | $ | 182,106 | $ | 683,451 | |||||||||||
Acquisition-related amortization, pre-tax 1 | 35,516 | 35,162 | 35,587 | 106,265 | 34,062 | 34,101 | 35,325 | 103,488 | 35,027 | 138,515 | |||||||||||||||||||||
Acquisition-related amortization, tax impact 2 | (8,720) | (8,571) | (8,700) | (25,991) | (8,411) | (8,451) | (8,810) | (25,672) | (8,695) | (34,367) | |||||||||||||||||||||
Rightsizing and other costs (benefits), pre-tax 3 | 4,162 | 10,779 | (3,201) | 11,740 | 7,859 | 16,840 | 5,848 | 30,547 | 20,925 | 51,472 | |||||||||||||||||||||
Rightsizing and other costs (benefits), tax impact 2 | (1,031) | (2,597) | 902 | (2,726) | (1,605) | (3,452) | (1,343) | (6,400) | (4,402) | (10,802) | |||||||||||||||||||||
(Gain) loss on disposition, pre-tax 4 | — | — | — | — | (6,551) | 781 | 557 | (5,213) | — | (5,213) | |||||||||||||||||||||
(Gain) loss on disposition, tax-impact 2 | — | — | — | — | 1,592 | (190) | (135) | 1,267 | — | 1,267 | |||||||||||||||||||||
Adjusted net earnings | $ | 262,696 | $ | 299,281 | $ | 288,344 | $ | 850,321 | $ | 203,225 | $ | 164,395 | $ | 231,742 | $ | 599,362 | $ | 224,961 | $ | 824,323 | |||||||||||
Adjusted diluted net earnings per share: | |||||||||||||||||||||||||||||||
Diluted net earnings per share | $ | 1.61 | $ | 1.82 | $ | 1.81 | $ | 5.24 | $ | 1.21 | $ | 0.86 | $ | 1.38 | $ | 3.45 | $ | 1.25 | $ | 4.70 | |||||||||||
Acquisition-related amortization, pre-tax 1 | 0.25 | 0.24 | 0.24 | 0.73 | 0.23 | 0.24 | 0.24 | 0.71 | 0.24 | 0.95 | |||||||||||||||||||||
Acquisition-related amortization, tax impact 2 | (0.06) | (0.06) | (0.06) | (0.18) | (0.06) | (0.06) | (0.06) | (0.18) | (0.06) | (0.24) | |||||||||||||||||||||
Rightsizing and other costs (benefits), pre-tax 3 | 0.03 | 0.07 | (0.02) | 0.08 | 0.05 | 0.12 | 0.04 | 0.21 | 0.14 | 0.35 | |||||||||||||||||||||
Rightsizing and other costs (benefits), tax impact 2 | (0.01) | (0.02) | 0.01 | (0.02) | (0.01) | (0.02) | (0.01) | (0.04) | (0.03) | (0.07) | |||||||||||||||||||||
(Gain) loss on disposition, pre-tax 4 | — | — | — | — | (0.04) | — | — | (0.04) | — | (0.03) | |||||||||||||||||||||
(Gain) loss on disposition, tax-impact 2 | — | — | — | — | 0.01 | — | — | 0.01 | — | 0.01 | |||||||||||||||||||||
Adjusted diluted net earnings per share | $ | 1.81 | $ | 2.06 | $ | 1.98 | $ | 5.86 | $ | 1.39 | $ | 1.13 | $ | 1.60 | $ | 4.12 | $ | 1.55 | $ | 5.67 | |||||||||||
1 Includes amortization on acquisition-related intangible assets and inventory step-up. | |||||||||||||||||||||||||||||||
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 Rightsizing and other costs (benefits) include actions taken on employee reductions, facility consolidations and site closures, product line exits, and other asset charges. Q3 2021 includes a $9,078 payment received for previously incurred restructuring costs related to a product line exit in our Engineered Products segment. | |||||||||||||||||||||||||||||||
4 Represents a (gain) loss on the disposition of AMS Chino within the Refrigeration & Food Equipment segment, including working capital adjustments. | |||||||||||||||||||||||||||||||
* Per share data and totals may be impacted by rounding. | |||||||||||||||||||||||||||||||
DOVER CORPORATION QUARTERLY SEGMENT ADJUSTED EBIT AND ADJUSTED EBITDA (NON-GAAP) (unaudited)(in thousands) | |||||||||||||||||||||||||||||||
Non-GAAP Reconciliations | |||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q3 YTD | Q1 | Q2 | Q3 | Q3 YTD | Q4 | FY 2020 | ||||||||||||||||||||||
ADJUSTED SEGMENT EBIT AND ADJUSTED EBITDA | |||||||||||||||||||||||||||||||
Engineered Products: | |||||||||||||||||||||||||||||||
Segment earnings (EBIT) | $ | 68,779 | $ | 62,720 | $ | 71,717 | $ | 203,216 | $ | 69,094 | $ | 47,702 | $ | 64,890 | $ | 181,686 | $ | 56,481 | $ | 238,167 | |||||||||||
Rightsizing and other costs(benefits) 1 | 4,019 | 4,654 | (8,332) | 341 | 361 | 4,169 | 2,375 | 6,905 | 4,625 | 11,530 | |||||||||||||||||||||
Adjusted EBIT - Segment | 72,798 | 67,374 | 63,385 | 203,557 | 69,455 | 51,871 | 67,265 | 188,591 | 61,106 | 249,697 | |||||||||||||||||||||
Adjusted EBIT % | 17.0 % | 15.2 % | 14.2 % | 15.4 % | 17.0 % | 15.2 % | 17.4 % | 16.6 % | 15.5 % | 16.3 % | |||||||||||||||||||||
Adjusted D&A 2 | 10,594 | 9,695 | 11,123 | 31,412 | 10,122 | 9,722 | 10,651 | 30,495 | 10,193 | 40,688 | |||||||||||||||||||||
Adjusted EBITDA - Segment | $ | 83,392 | $ | 77,069 | $ | 74,508 | $ | 234,969 | $ | 79,577 | $ | 61,593 | $ | 77,916 | $ | 219,086 | $ | 71,299 | $ | 290,385 | |||||||||||
Adjusted EBITDA % | 19.5 % | 17.4 % | 16.6 % | 17.8 % | 19.5 % | 18.0 % | 20.2 % | 19.3 % | 18.1 % | 19.0 % | |||||||||||||||||||||
Fueling Solutions: | |||||||||||||||||||||||||||||||
Segment earnings (EBIT) | $ | 66,480 | $ | 78,755 | $ | 65,593 | $ | 210,828 | $ | 53,498 | $ | 47,214 | $ | 66,601 | $ | 167,313 | $ | 69,661 | $ | 236,974 | |||||||||||
Rightsizing and other costs | 58 | 1,657 | 1,584 | 3,299 | 1,493 | 868 | 1,615 | 3,976 | 2,727 | 6,703 | |||||||||||||||||||||
Adjusted EBIT - Segment | 66,538 | 80,412 | 67,177 | 214,127 | 54,991 | 48,082 | 68,216 | 171,289 | 72,388 | 243,677 | |||||||||||||||||||||
Adjusted EBIT % | 17.1 % | 18.4 % | 16.4 % | 17.3 % | 15.3 % | 14.7 % | 17.9 % | 16.1 % | 17.7 % | 16.5 % | |||||||||||||||||||||
Adjusted D&A 2 | 19,180 | 19,475 | 19,335 | 57,990 | 18,339 | 17,783 | 18,014 | 54,136 | 18,225 | 72,361 | |||||||||||||||||||||
Adjusted EBITDA - Segment | $ | 85,718 | $ | 99,887 | $ | 86,512 | $ | 272,117 | $ | 73,330 | $ | 65,865 | $ | 86,230 | $ | 225,425 | $ | 90,613 | $ | 316,038 | |||||||||||
Adjusted EBITDA % | 22.0 % | 22.9 % | 21.1 % | 22.0 % | 20.4 % | 20.2 % | 22.7 % | 21.1 % | 22.1 % | 21.4 % | |||||||||||||||||||||
Imaging & Identification: | |||||||||||||||||||||||||||||||
Segment earnings (EBIT) | $ | 56,992 | $ | 60,747 | $ | 63,419 | $ | 181,158 | $ | 51,482 | $ | 38,046 | $ | 51,928 | $ | 141,456 | $ | 52,017 | $ | 193,473 | |||||||||||
Rightsizing and other costs (benefits) | 682 | 178 | 1,291 | 2,151 | 264 | (527) | 99 | (164) | 6,191 | 6,027 | |||||||||||||||||||||
Adjusted EBIT - Segment | 57,674 | 60,925 | 64,710 | 183,309 | 51,746 | 37,519 | 52,027 | 141,292 | 58,208 | 199,500 | |||||||||||||||||||||
Adjusted EBIT % | 20.3 % | 20.7 % | 22.1 % | 21.0 % | 20.2 % | 16.5 % | 19.6 % | 18.8 % | 20.2 % | 19.2 % | |||||||||||||||||||||
Adjusted D&A 2 | 9,218 | 9,184 | 9,821 | 28,223 | 8,769 | 9,224 | 9,809 | 27,802 | 10,201 | 38,003 | |||||||||||||||||||||
Adjusted EBITDA - Segment | $ | 66,892 | $ | 70,109 | $ | 74,531 | $ | 211,532 | $ | 60,515 | $ | 46,743 | $ | 61,836 | $ | 169,094 | $ | 68,409 | $ | 237,503 | |||||||||||
Adjusted EBITDA % | 23.5 % | 23.8 % | 25.5 % | 24.3 % | 23.6 % | 20.5 % | 23.3 % | 22.5 % | 23.8 % | 22.9 % | |||||||||||||||||||||
Pumps & Process Solutions: | |||||||||||||||||||||||||||||||
Segment earnings (EBIT) | $ | 123,645 | $ | 138,632 | $ | 142,414 | $ | 404,691 | $ | 66,079 | $ | 67,702 | $ | 89,786 | $ | 223,567 | $ | 81,709 | $ | 305,276 | |||||||||||
Rightsizing and other (benefits) costs | (2,006) | 899 | 487 | (620) | 3,846 | 4,691 | 1,771 | 10,308 | 3,128 | 13,436 | |||||||||||||||||||||
Adjusted EBIT - Segment | 121,639 | 139,531 | 142,901 | 404,071 | 69,925 | 72,393 | 91,557 | 233,875 | 84,837 | 318,712 | |||||||||||||||||||||
Adjusted EBIT % | 30.8 % | 32.5 % | 32.6 % | 32.0 % | 21.9 % | 23.4 % | 26.3 % | 24.0 % | 24.4 % | 24.1 % | |||||||||||||||||||||
Adjusted D&A 2 | 16,926 | 16,866 | 17,206 | 50,998 | 16,230 | 16,816 | 17,206 | 50,252 | 17,565 | 67,817 | |||||||||||||||||||||
Adjusted EBITDA - Segment | $ | 138,565 | $ | 156,397 | $ | 160,107 | $ | 455,069 | $ | 86,155 | $ | 89,209 | $ | 108,763 | $ | 284,127 | $ | 102,402 | $ | 386,529 | |||||||||||
Adjusted EBITDA % | 35.1 % | 36.5 % | 36.5 % | 36.1 % | 27.0 % | 28.9 % | 31.3 % | 29.1 % | 29.5 % | 29.2 % | |||||||||||||||||||||
Refrigeration & Food Equipment: | |||||||||||||||||||||||||||||||
Segment earnings (EBIT) | $ | 38,117 | $ | 48,971 | $ | 42,841 | $ | 129,929 | $ | 23,529 | $ | 11,459 | $ | 40,159 | $ | 75,147 | $ | 27,725 | $ | 102,872 | |||||||||||
Rightsizing and other (benefits) costs | (38) | 2,539 | 1,520 | 4,021 | 704 | 6,016 | (971) | 5,749 | 726 | 6,475 | |||||||||||||||||||||
(Gain) loss on disposition 3 | — | — | — | — | (6,551) | 781 | 557 | (5,213) | — | (5,213) | |||||||||||||||||||||
Adjusted EBIT - Segment | 38,079 | 51,510 | 44,361 | 133,950 | 17,682 | 18,256 | 39,745 | 75,683 | 28,451 | 104,134 | |||||||||||||||||||||
Adjusted EBIT % | 10.2 % | 12.0 % | 10.3 % | 10.9 % | 5.7 % | 6.2 % | 10.8 % | 7.8 % | 8.3 % | 7.9 % | |||||||||||||||||||||
Adjusted D&A 2 | 11,745 | 12,077 | 12,392 | 36,214 | 11,548 | 11,421 | 12,081 | 35,050 | 11,491 | 46,541 | |||||||||||||||||||||
Adjusted EBITDA - Segment | $ | 49,824 | $ | 63,587 | $ | 56,753 | $ | 170,164 | $ | 29,230 | $ | 29,677 | $ | 51,826 | $ | 110,733 | $ | 39,942 | $ | 150,675 | |||||||||||
Adjusted EBITDA % | 13.4 % | 14.8 % | 13.2 % | 13.8 % | 9.4 % | 10.1 % | 14.1 % | 11.4 % | 11.7 % | 11.4 % | |||||||||||||||||||||
Total Segments: | |||||||||||||||||||||||||||||||
Segment earnings (EBIT) 4 | $ | 354,013 | $ | 389,825 | $ | 385,984 | $ | 1,129,822 | $ | 263,682 | $ | 212,123 | $ | 313,364 | $ | 789,169 | $ | 287,593 | $ | 1,076,762 | |||||||||||
Rightsizing and other costs (benefits) 1 | 2,715 | 9,927 | (3,450) | 9,192 | 6,668 | 15,217 | 4,889 | 26,774 | 17,397 | 44,171 | |||||||||||||||||||||
(Gain) loss on disposition 3 | — | — | — | — | (6,551) | 781 | 557 | (5,213) | — | (5,213) | |||||||||||||||||||||
Adjusted EBIT - Segment 5 | 356,728 | 399,752 | 382,534 | 1,139,014 | 263,799 | 228,121 | 318,810 | 810,730 | 304,990 | 1,115,720 | |||||||||||||||||||||
Adjusted EBIT % 5 | 19.1 % | 19.7 % | 19.0 % | 19.2 % | 15.9 % | 15.2 % | 18.2 % | 16.5 % | 17.1 % | 16.7 % | |||||||||||||||||||||
Adjusted D&A 2 | 67,663 | 67,297 | 69,877 | 204,837 | 65,008 | 64,966 | 67,761 | 197,735 | 67,675 | 265,410 | |||||||||||||||||||||
Adjusted EBITDA - Segment 5 | $ | 424,391 | $ | 467,049 | $ | 452,411 | $ | 1,343,851 | $ | 328,807 | $ | 293,087 | $ | 386,571 | $ | 1,008,465 | $ | 372,665 | $ | 1,381,130 | |||||||||||
Adjusted EBITDA % 5 | 22.7 % | 23.0 % | 22.4 % | 22.7 % | 19.9 % | 19.5 % | 22.1 % | 20.6 % | 20.9 % | 20.7 % | |||||||||||||||||||||
1 Q3 2021 includes a $9,078 payment received for previously incurred restructuring costs related to a product line exit. | |||||||||||||||||||||||||||||||
2 Adjusted D&A is depreciation and amortization expense, excluding depreciation and amortization included within rightsizing and other costs. | |||||||||||||||||||||||||||||||
3 Q1, Q2, Q3, and FY 2020 includes a $6,551 gain, a $781 expense, a $557 expense and a $5,213 net gain on the sale of a business for AMS Chino, respectively. | |||||||||||||||||||||||||||||||
4 Refer to Quarterly Segment Information section for reconciliation of total segment earnings (EBIT) to net earnings. | |||||||||||||||||||||||||||||||
5 Refer to Non-GAAP Disclosures section for definition. | |||||||||||||||||||||||||||||||
DOVER CORPORATION REVENUE GROWTH FACTORS (NON-GAAP) (unaudited)(in thousands, except per share data*) | |||||
Non-GAAP Reconciliations
Revenue Growth Factors | |||||
2021 | |||||
Q3 | Q3 YTD | ||||
Organic | |||||
Engineered Products | 14.2 | % | 13.3 | % | |
Fueling Solutions | 3.0 | % | 9.7 | % | |
Imaging & Identification | 7.4 | % | 10.0 | % | |
Pumps & Process Solutions | 24.6 | % | 25.4 | % | |
Refrigeration & Food Equipment | 16.0 | % | 25.1 | % | |
Total Organic | 13.2 | % | 16.8 | % | |
Acquisitions | 1.1 | % | 1.2 | % | |
Dispositions | — | % | (0.1) | % | |
Currency translation | 1.1 | % | 2.8 | % | |
Total* | 15.4 | % | 20.7 | % | |
* Totals may be impacted by rounding. | |||||
2021 | |||||
Q3 | Q3 YTD | ||||
Organic | |||||
United States | 15.7 | % | 15.6 | % | |
Other Americas | 8.7 | % | 18.9 | % | |
Europe | 15.5 | % | 18.9 | % | |
Asia | 4.6 | % | 19.4 | % | |
Other | 0.1 | % | 10.9 | % | |
Total Organic | 13.2 | % | 16.8 | % | |
Acquisitions | 1.1 | % | 1.2 | % | |
Dispositions | — | % | (0.1) | % | |
Currency translation | 1.1 | % | 2.8 | % | |
Total* | 15.4 | % | 20.7 | % | |
* Totals may be impacted by rounding. | |||||
Adjusted EPS Guidance Reconciliation | |||||||
Range | |||||||
2021 Guidance for Earnings per Share (GAAP) | $ | 6.64 | $ | 6.69 | |||
Acquisition-related amortization, net | 0.74 | ||||||
Rightsizing and other costs, net | 0.07 | ||||||
2021 Guidance for Adjusted Earnings per Share (Non-GAAP) | $ | 7.45 | $ | 7.50 | |||
Note: The above guidance reflects on going results of Unified Brands business within the Refrigeration & Food Equipment segment and, therefore, excludes the impact of the pending sale which is expected to close in Q4 2021. | |||||||
DOVER CORPORATION QUARTERLY CASH FLOW AND FREE CASH FLOW (NON-GAAP) (unaudited)(in thousands) | |||||||||||||||||||||||||||||||
Quarterly Cash Flow | |||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q3 YTD | Q1 | Q2 | Q3 | Q3 YTD | Q4 | FY 2020 | ||||||||||||||||||||||
Net Cash Flows Provided By (Used In): | |||||||||||||||||||||||||||||||
Operating activities | $ | 177,184 | $ | 260,073 | $ | 351,329 | $ | 788,586 | $ | 75,863 | $ | 271,809 | $ | 339,247 | $ | 686,919 | $ | 417,891 | $ | 1,104,810 | |||||||||||
Investing activities | (29,572) | (121,631) | (135,439) | (286,642) | (230,511) | (67,763) | (64,724) | (362,998) | (118,381) | (481,379) | |||||||||||||||||||||
Financing activities | (124,239) | (75,949) | (74,610) | (274,798) | 280,954 | (67,458) | (496,832) | (283,336) | (222,954) | (506,290) | |||||||||||||||||||||
Quarterly Free Cash Flow (Non-GAAP) | |||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q3 YTD | Q1 | Q2 | Q3 | Q3 YTD | Q4 | FY 2020 | ||||||||||||||||||||||
Cash flow from operating activities1 | $ | 177,184 | $ | 260,073 | $ | 351,329 | $ | 788,586 | $ | 75,863 | $ | 271,809 | $ | 339,247 | $ | 686,919 | $ | 417,891 | $ | 1,104,810 | |||||||||||
Less: Capital expenditures | (31,260) | (41,971) | (47,926) | (121,157) | (40,172) | (38,999) | (44,393) | (123,564) | (42,128) | (165,692) | |||||||||||||||||||||
Free cash flow | $ | 145,924 | $ | 218,102 | $ | 303,403 | $ | 667,429 | $ | 35,691 | $ | 232,810 | $ | 294,854 | $ | 563,355 | $ | 375,763 | $ | 939,118 | |||||||||||
Free cash flow as a percentage of revenue | 7.8 % | 10.7 % | 15.0 % | 11.3 % | 2.2 % | 15.5 % | 16.9 % | 11.5 % | 21.1 % | 14.1 % | |||||||||||||||||||||
Free cash flow as a percentage of net earnings | 62.7 % | 82.5 % | 115.0 % | 87.7 % | 20.2 % | 186.6 % | 147.2 % | 112.4 % | 206.3 % | 137.4 % | |||||||||||||||||||||
1 FY 2020 cash flow from operating activities reflects benefits from permitted deferrals of tax payments, most significantly in Q2, Q3, and Q4 and advanced payments on contracts, most significantly in Q3. | |||||||||||||||||||||||||||||||
DOVER CORPORATION PERFORMANCE MEASURES (unaudited)(in thousands) | |||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q3 YTD | Q1 | Q2 | Q3 | Q3 YTD | Q4 | FY 2020 | ||||||||||||||||||||||
BOOKINGS | |||||||||||||||||||||||||||||||
Engineered Products | $ | 528,310 | $ | 497,200 | $ | 502,767 | $ | 1,528,277 | $ | 414,972 | $ | 278,373 | $ | 381,139 | $ | 1,074,484 | $ | 484,002 | $ | 1,558,486 | |||||||||||
Fueling Solutions | 422,668 | 453,146 | 467,821 | 1,343,635 | 373,070 | 311,498 | 383,902 | 1,068,470 | 403,400 | 1,471,870 | |||||||||||||||||||||
Imaging & Identification | 293,614 | 299,608 | 293,782 | 887,004 | 272,604 | 221,315 | 266,423 | 760,342 | 304,756 | 1,065,098 | |||||||||||||||||||||
Pumps & Process Solutions | 551,365 | 521,010 | 490,581 | 1,562,956 | 369,403 | 275,872 | 323,801 | 969,076 | 365,262 | 1,334,338 | |||||||||||||||||||||
Refrigeration & Food Equipment | 537,326 | 606,545 | 540,280 | 1,684,151 | 355,157 | 326,400 | 449,549 | 1,131,106 | 379,393 | 1,510,499 | |||||||||||||||||||||
Intra-segment eliminations | (863) | (498) | (407) | (1,768) | (375) | (460) | (926) | (1,761) | (425) | (2,186) | |||||||||||||||||||||
Total consolidated bookings | $ | 2,332,420 | $ | 2,377,011 | $ | 2,294,824 | $ | 7,004,255 | $ | 1,784,831 | $ | 1,412,998 | $ | 1,803,888 | $ | 5,001,717 | $ | 1,936,388 | $ | 6,938,105 | |||||||||||
BACKLOG | |||||||||||||||||||||||||||||||
Engineered Products | $ | 562,557 | $ | 613,517 | $ | 662,834 | $ | 453,867 | $ | 378,874 | $ | 373,458 | $ | 463,701 | |||||||||||||||||
Fueling Solutions | 238,822 | 256,497 | 312,176 | 211,518 | 199,305 | 204,574 | 201,521 | ||||||||||||||||||||||||
Imaging & Identification | 198,556 | 206,125 | 204,766 | 170,119 | 168,904 | 171,158 | 192,785 | ||||||||||||||||||||||||
Pumps & Process Solutions | 539,097 | 634,477 | 682,415 | 397,969 | 379,090 | 361,631 | 390,238 | ||||||||||||||||||||||||
Refrigeration & Food Equipment | 677,309 | 854,188 | 964,233 | 356,133 | 390,368 | 472,140 | 510,498 | ||||||||||||||||||||||||
Intra-segment eliminations | (544) | (262) | (252) | (159) | (367) | (269) | (192) | ||||||||||||||||||||||||
Total consolidated backlog | $ | 2,215,797 | $ | 2,564,542 | $ | 2,826,172 | $ | 1,589,447 | $ | 1,516,174 | $ | 1,582,692 | $ | 1,758,551 | |||||||||||||||||
Bookings Growth Factors | |||||
2021 | |||||
Q3 | Q3 YTD | ||||
Organic | |||||
Engineered Products | 30.3 | % | 39.4 | % | |
Fueling Solutions | 15.8 | % | 18.0 | % | |
Imaging & Identification | 7.5 | % | 10.4 | % | |
Pumps & Process Solutions | 50.1 | % | 56.5 | % | |
Refrigeration & Food Equipment | 19.7 | % | 47.8 | % | |
Total Organic | 24.8 | % | 35.6 | % | |
Acquisitions | 1.1 | % | 1.6 | % | |
Dispositions | — | % | (0.1) | % | |
Currency translation | 1.3 | % | 2.9 | % | |
Total* | 27.2 | % | 40.0 | % | |
* Totals may be impacted by rounding. | |||||
Non-GAAP Measures Definitions
In an effort to provide investors with additional information regarding our results as determined by GAAP, management also discloses non-GAAP information that management believes provides useful information to investors. Adjusted net earnings, adjusted diluted net earnings per share, total segment earnings (EBIT), adjusted EBIT by segment, adjusted EBIT margin by segment, adjusted EBITDA by segment, adjusted EBITDA margin by segment, free cash flow, free cash flow as a percentage of revenue, free cash flow as a percentage of net earnings, and organic revenue growth are not financial measures under GAAP and should not be considered as a substitute for net earnings, diluted net earnings per share, cash flows from operating activities, or revenue as determined in accordance with GAAP, and they may not be comparable to similarly titled measures reported by other companies.
Adjusted net earnings represents net earnings adjusted for the effect of acquisition-related amortization, rightsizing and other costs/benefits, and a gain/loss on disposition. We exclude after-tax acquisition-related amortization because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions the Company consummates. We exclude the other items because they occur for reasons that may be unrelated to the Company's commercial performance during the period and/or Management believes they are not indicative of the Company's ongoing operating costs or gains in a given period.
Adjusted diluted net earnings per share represents adjusted net earnings divided by average diluted shares.
Total segment earnings (EBIT) is defined as net earnings before income taxes, net interest expense and corporate expenses. Total segment earnings (EBIT) margin is defined as total segment earnings (EBIT) divided by revenue.
Adjusted EBIT by Segment is defined as net earnings before income taxes, net interest expense, corporate expenses, rightsizing and other costs/benefits, and a 2020 gain/loss on disposition. Adjusted EBIT Margin by Segment is defined as adjusted EBIT by segment divided by segment revenue.
Adjusted EBITDA by Segment is defined as adjusted EBIT by segment plus depreciation and amortization, excluding depreciation and amortization included within rightsizing and other costs/benefits. Adjusted EBITDA Margin by Segment is defined as adjusted EBITDA by segment divided by segment revenue.
Management believes these measures are useful to investors to better understand the Company's ongoing profitability as it will better reflect the Company's core operating results, offer more transparency and facilitate easier comparability to prior and future periods and to its peers.
Free cash flow represents net cash provided by operating activities minus capital expenditures. Free cash flow as a percentage of revenue equals free cash flow divided by revenue. Free cash flow as a percentage of net earnings equals free cash flow divided by net earnings. Management believes that free cash flow and free cash flow ratios are important measures of operating performance because it provides management and investors a measurement of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, paying dividends, repaying debt and repurchasing our common stock.
Management believes that reporting organic revenue growth, which excludes the impact of foreign currency exchange rates and the impact of acquisitions and dispositions, provides a useful comparison of our revenue and bookings performance and trends between periods.
Performance Measures Definitions
Bookings represent total orders received from customers in the current reporting period. This metric is an important measure of performance and an indicator of revenue order trends.
Organic bookings represent total orders received from customers in the current reporting period excluding the impact of foreign currency exchange rates and the impact of acquisition and dispositions. This metric is an important measure of performance and an indicator of revenue order trends.
Backlog represents an estimate of the total remaining bookings at a point in time for which performance obligations have not yet have satisfied. This metric is useful as it represents the aggregate amount we expect to recognize as revenue in the future.
We use the above operational metrics in monitoring the performance of the business. We believe the operational metrics are useful to investors and other users of our financial information in assessing the performance of our segments.
Investor Contacts: | Media Contact: |
Andrey Galiuk | Adrian Sakowicz |
Vice President - Corporate Development and Investor Relations | Vice President - Communications |
(630) 743-5131 | (630) 743-5039 |
Jack Dickens | |
Director - Corporate Development and Investor Relations | |
(630) 743-2566 | |
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SOURCE Dover