Dover Corp. Q3 FY2023 results: revenue $2.2 billion, down 0.2% on the year

Dover Corp. (DOV) reported revenue of $2.2 billion for Q3 FY2023, the quarter ended 30 September 2023, down 0.2% on the same quarter a year earlier. Net income was $290 million, up 1.3% on the year, and diluted earnings per share $2.06. The figures are the company's own, from the 10-Q it filed with the SEC on 24 October 2023.

Revenue$2.2 billiondown 0.2%

Net income$290 millionup 1.3%

Diluted EPS$2.06

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	2,153	n/a	n/a	n/a
Cost of revenue	1,360	n/a	n/a	n/a
Gross profit	793	n/a	n/a	n/a
Gross margin	36.8%	n/a	n/a
Selling, general and administrative	420	n/a	n/a	n/a
Operating income	373	n/a	n/a	n/a
Operating margin	17.3%	n/a	n/a
Interest expense	32.4	n/a	n/a	n/a
Pre-tax income	354	n/a	n/a	n/a
Income tax	64.7	n/a	n/a	n/a
Effective tax rate	18.3%	n/a	n/a
Net income	290	n/a	n/a	n/a
Net margin	13.5%	n/a	n/a
Diluted EPS	$2.06	n/a	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	383	n/a	n/a	n/a
Capital expenditure	43.1	n/a	n/a	n/a
Free cash flow	340	n/a	n/a	n/a
Free cash flow margin	15.8%	n/a	n/a
Depreciation and amortisation	80.3	n/a	n/a	n/a
Share-based compensation	6.7	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Dividends paid	71.4	n/a	n/a	n/a
Dividend per share	$0.51	n/a	n/a	n/a
Diluted shares, weighted	141m	n/a	n/a	n/a
Shares outstanding at period end	140m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Total assets	10,772	n/a	n/a	n/a
Cash and equivalents	284	n/a	n/a	n/a
Receivables	1,549	n/a	n/a	n/a
Inventory	1,280	n/a	n/a	n/a
Goodwill	4,607	n/a	n/a	n/a
Long-term debt	2,945	n/a	n/a	n/a
Shareholders' equity	4,832	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	2,153	2,106	2,094	2,178	1,984	1,490	1,866	2,050	2,078	2,099	2,054	2,190
Cost of revenue	1,360	1,320	1,337	1,357	1,220	874	1,121	1,231	1,244	1,278	1,255	1,309
Gross profit	793	786	757	822	763	617	746	818	834	821	798	881
Gross margin	37%	37%	36%	38%	38%	41%	40%	40%	40%	39%	39%	40%
SG&A	420	431	463	452	430	407	449	464	456	476	492	489
Operating income	373	354	294	369	334	209	296	355	377	345	306	392
Operating margin	17%	17%	14%	17%	17%	14%	16%	17%	18%	16%	15%	18%
Interest expense	32.4	30.9	36.4	32.4	34.1	28.3	27.6	26.8	27.2	28.1	29.5	29.1
Pre-tax income	354	329	799	353	386	219	n/a	n/a	n/a	n/a	n/a	n/a
Tax rate	18%	10%	21%	20%	19%	21%	n/a	n/a	n/a	n/a	n/a	n/a
Net income	290	296	632	282	347	1,436	231	279	302	282	238	312
Net margin	13%	14%	30%	13%	17%	96%	12%	14%	15%	13%	12%	14%
Diluted EPS	$2.06	$2.11	$4.52	$2.04	$2.51	$10.38	$1.67	$2.02	$2.19	$2.06	$1.75	$2.30
Operating cash flow	383	516	167	204	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Capital expenditure	43.1	61.0	44.5	40.9	28.3	53.9	48.2	60.9	54.1	57.0	59.8	47.8
Free cash flow	340	455	122	163	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Buybacks	0.0	0.0	500	0.0	0.0	0.0	40.7	0.0	0.0	500	53.9	0.0
Dividends paid	71.4	71.4	71.4	70.2	70.7	70.8	71.4	70.6	71.2	69.8	70.4	70.0
Shares outstanding	140m	140m	137m	137m	137m	137m	137m	137m	137m	135m	135m	135m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 24 October 2023, accession 0000029905-23-000034: the filing on EDGAR. All of Dover Corp.'s filings: EDGAR company page.

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