Q1 2026 Dover Corp Earnings Call Transcript
Key Points
- Dover Corp (DOV) reported double-digit revenue growth in the first quarter of 2026, driven by strong demand across its end markets.
- Bookings increased by 24% year-over-year, with a healthy book-to-bill ratio of 1.2, providing improved visibility and confidence in future forecasts.
- The company returned capital to shareholders through share repurchases and invested in high-return capacity expansions and productivity projects.
- Adjusted EPS increased by 11% year-over-year, and the company reaffirmed its guidance for double-digit adjusted EPS growth for the full year.
- Climate and sustainability technologies delivered 15% organic growth, with strong performance in heat exchangers and CO2 refrigeration systems.
- Revenue in Pumps and Process Solutions declined modestly due to tough comparisons in the biopharma sector.
- Foreign currency translation headwinds impacted margins in the Imaging & Identification segment.
- The company faces longer lead times in certain growth markets, which could impact delivery schedules.
- Despite strong bookings, there are capacity constraints in some areas, leading to longer delivery times.
- Multiples for potential acquisitions remain high, posing challenges for strategic M&A activities.
Good morning, and welcome to Dover's first-quarter 2026 earnings conference call. Speaking today are Richard J. Tobin, President and Chief Executive Officer; Chris Woenker, Senior Vice President, and Chief Financial Officer; and Jack Dickens, Vice President of Investor Relations. After the speaker's remarks, there will be a question-and-answer period.
(Operator Instructions)
As a reminder, ladies and gentlemen, this conference call is being recorded, and your participation implies consent to our recording of this call. If you do not agree with these terms, please disconnect at this time. Thank you. I would now like to turn the call over to Mr. Jack Dickens. Please go ahead, sir.
Thank you, Clay. Good morning, everyone, and thank you for joining our call. An audio version of this call will be available on our website through May 14, and a replay link of the webcast will be archived for 90 days. Our comments today will include forward-looking statements based on current expectations
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