Dover (NYSE:DOV) reported its Q1 earnings results yesterday, with EPS of $1.94 coming in above the Street estimate of $1.93. Revenue was $2.08 billion, slightly better than the Street estimate of $2.07 billion.
Organic growth came in at 2.9%. As expected, the company’s bookings were down 3.7% year-over-year as easing the supply chain and improving lead times led to normalizing order patterns.
Free cash flow conversion was strong at approximately 70%, well above its Q1 average of 7%. 2023 EPS and growth guidance were reaffirmed. For 2023, the company expects EPS to be in the range of $8.85-$9.05, compared to the Street estimate of $8.94. Full-year revenue growth is seen at 3%-5%.