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Dover Corporation (DOV-3.02%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The company reported revenue of $7.7 billion, an increase of 0.8% from the previous year. The increase was driven by acquisition-related growth, partially offset by a disposition-related decline and an unfavorable impact from foreign currency translation.
Operating earnings were $1.2 billion, a decrease of 1.1% from the previous year. The decrease was primarily due to increased selling, general and administrative expenses.
Net income for the year was $2.7 billion, up from $1.1 billion in the previous year. This increase was largely due to a gain on dispositions.
Dover's Engineered Products segment reported a revenue decrease of 3.9% to $1.2 billion, with organic growth offset by a disposition-related decline.
The Clean Energy & Fueling segment saw an 8.3% increase in revenue to $1.9 billion, driven by acquisition-related growth and organic growth.
Imaging & Identification segment revenue increased by 1.8% to $1.1 billion, with growth driven by pricing initiatives and increased demand for marking and coding consumables.
Pumps & Process Solutions segment revenue grew by 7.9% to $1.9 billion, driven by acquisition-related growth and increased demand in several key markets.
The Climate & Sustainability Technologies segment reported a revenue decline of 11.2% to $1.6 billion, primarily due to reduced shipments of heat exchangers and beverage can-making equipment.
Dover completed the sale of its Environmental Solutions Group business for $2.0 billion, resulting in a significant gain that contributed to the increase in net income.
The company also completed the sale of its De-Sta-Co business and a minority owned equity method investment, contributing to the gain on dispositions.
Dover's cash flow from operating activities was $1.1 billion, a decrease from the previous year, primarily due to tax payments related to gains on asset sales.
The company ended the year with $1.8 billion in cash and cash equivalents, an increase from $415.9 million at the end of the previous year.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Dover Corporation annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.