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What were the key takeaways from Dover's earnings call?

- **Revenue & Margin Strength**: 5% revenue growth, 26.1% EBITDA margin, and 15% EPS growth highlight Q3 performance, driven by acquisitions and secular markets.
- **Acquisition Success**: SIKORA outperformed expectations, and 2-3 additional deals in 2026 could drive further growth.
- **2026 Outlook**: Improved booking rates in Refrigeration and vehicle services set the stage for high single-digit organic growth, with no cyclical declines forecasted.
- **Cash & Buybacks**: $631 million free cash flow and undervalued shares suggest potential buybacks to enhance shareholder returns.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue increased 5% year-over-year, driven by short-cycle components, secular growth markets, and recent acquisitions. Organic order growth was 4%, with bookings up 8% overall and 25% in Climate & Sustainability Technologies.
- **Margin Performance**: Consolidated EBITDA margin reached a record 26.1%, up 170 basis points, with all segments improving margins. Adjusted EPS rose 15% in Q3 and 17% year-to-date.
- **Acquisition Outperformance**: SIKORA, acquired in Q2, significantly outperformed expectations, and the company anticipates closing 2-3 additional deals in 2026.
- **2026 Outlook**: CEO expressed confidence in the portfolio, with no cyclical declines forecasted. Refrigeration segment headwinds (1.5-2% organic growth drag) are expected to reverse in 2026 due to improved booking rates.

**【CFO Financial Commentary】**
- **Free Cash Flow**: Year-to-date free cash flow was $631 million (11% of revenue), up $96 million year-over-year, with Q3 acceleration and Q4 expected to be the strongest cash-generating quarter.
- **Capital Deployment**: $40 million incremental restructuring benefits projected for 2026, with ongoing focus on high ROI projects and bolt-on acquisitions.
- **Balance Sheet Strength**: Flexible capital structure supports acquisitions and potential buybacks, with shares considered undervalued.

**【Q&A Highlights】**
- **Booking Conversion**: Q3 bookings up 8% (4% organic), with Q4 expected to show sequential improvement in Refrigeration and vehicle services. Management aims for book-to-bill >1x in Q4.
- **Share Buybacks**: CEO hinted at potential buybacks, noting Dover shares trade below portfolio value and cash generation capacity.
- **Data Center Exposure**: Thermal connectors and brazed plate heat exchangers are key components in liquid cooling, with 2025 revenue contributions exceeding $100 million.
- **Pipeline Visibility**: Fueling infrastructure, biopharma components, and CO2 refrigeration systems are high-growth areas, with secular trends supporting double-digit growth in targeted segments.
- **Risk Management**: Despite macroeconomic uncertainty, order trends in secular growth markets remain healthy, providing visibility into 2026.

Dover Corporation (DOV) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

DOV

DOV fundamentals

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