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Dover Reports 1Q 2021 Results

Had revenue of $1.9 billion, an increase of 13% compared to 1Q 2020.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

Dover announced its financial results for the first quarter ended March 31, 2021.

 

For the quarter ended March 31, 2021, Dover generated revenue of $1.9 billion, an increase of 13% compared to the first quarter of the prior year. GAAP net earnings of $233 million increased 32%, and GAAP diluted EPS of $1.61 was up 33%.

 

“Overall, we are off to an encouraging start with first quarter results that exceeded our forecasts,” said Richard J. Tobin, Dover’s president and CEO. “Our businesses capitalized on the improving demand conditions in their markets and delivered strong volume growth despite some notable supply chain disruptions during the quarter.”

 

“Order trends were strong and improved throughout the quarter across the majority of our businesses,” added Tobin. “We saw particularly healthy new order activity in biopharma connectors and pumps, plastics & polymer processing, food retail, industrial pumps, refuse collection, and automotive-exposed markets. Several markets that are still recovering, such as food service equipment, digital printing and industrial winches have also been posting encouraging trends. As a result of strong orders, our backlog at the end of the first quarter was substantially higher than the backlog we carried into the quarter.”

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