DOVER Corp Q3 FY2024 earnings call

• Quarter was modestly better than internal forecast; top line broad-based. - Segment margin 22.6% (all-time high); bookings up 5% organically; adjusted EPS up 6% to $2.27. - Completed divestiture of Environmental Solutions Group; exit 2024 with significant capital deployment optionality. - Setup for 2025 compelling with portfolio rotation to higher margin businesses; active on portfolio pruning.

Engineered Products: Strong top line from volume growth in vehicle services and industrial winches; Aerospace and defense down due to shipment timing and tough comps, margin down modestly. Clean Energy & Fueling: Down 1% organic; positive in clean energy components and North American retail fueling offset by lower volumes in Europe and Asia; bookings positive, margin flat due to integration costs. Imaging & Identification: Excellent quarter with solid marketing and coating performance in U.S. and Europe; new printer shipments inflected positively; robust margin performance. Pumps & Process Solutions: Up 2% organically; biopharma revenue up mid-teens YTD and over 30% vs prior year comparable; bookings up 15% organically; margin improvement from Biopharma volume growth and FW Murphy acquisition. Climate & Sustainability Technologies: Revenue down; solid demand in food retail systems offset by tough comps in beverage can making equipment and weak HVAC complex; took down forecast in heat exchangers, but看好 2025 setup with CO2 demand and market recovery.

• Full year adjusted EPS guidance adjusted for discontinued operations. - Pro forma 2025 EPS range $8.60-$8.75 with potential for additional $0.55-$0.90 with 3%-5% organic growth and 40% conversion rate. - Will provide formal 2025 guidance after year-end; interest income from ESG divestment proceeds impacts EPS; cash balance provides value creation opportunities.

• Actual results could differ from forward-looking statements due to risks in SEC filings. - Short-term challenges in Climate & Sustainability Technologies. - Macroeconomic factors could impact capital deployment and EPS.

Q: Clarification on Climate & Sustainability Technologies bookings and 2025 outlook A: Bookings in heat exchangers didn't inflect as hoped, but看好 CO2 systems and market recovery in 2025 Q: M&A and EPS bridge A: Expect to deploy M&A capital, cash balance from divestitures provides optionality, pro forma view shows potential EPS range Q: Organic growth and segment variability A: Growth platforms show consistent growth, lapping previous headwinds makes 3%-5% organic growth reasonable Q: M&A synergies and segment margin A: Recent acquisitions have synergy capture plans, DII segment margin due to cost to serve optimization Q: Biopharma recovery and imaging platform A: Biopharma recovery due to consumable nature, imaging business already has track and trace platform Q: Restructuring and 2025 EPS A: $25M restructuring carryover, with more to come from synergy capture in acquisitions Q: Pricing and business outlook A: Modestly positive pricing, mix and input costs favorable; only secular growth, DII, and headwind businesses with some risks Q: Macro and biopharma margins A: Election and interest rate uncertainty could impact project-based business, biopharma margins expected to improve with growth Q: Bookings and heat exchangers A: Expect material booking inflection in CO2 systems, but timing depends on order intake Q: Capacity utilization and inventory A: Selective capacity utilization in Q4 to optimize cash flow, not across wide portfolio