Dover said full-year 2023 consolidated revenue was $8.4 billion, down $70.0 million (0.8%) from the prior year. The company cited an organic revenue decline of 1.5% and an unfavorable foreign currency translation impact of 0.2%, which was partially offset by acquisition-related growth of 0.9%.

10-KAnnual reportFiled Feb 9, 2024Period of report Dec 31, 2023Summary published (UTC) Oct 24, 2026

Key points

AI summary

Dover said full-year 2023 consolidated revenue was $8.4 billion, down $70.0 million (0.8%) from the prior year. The company cited an organic revenue decline of 1.5% and an unfavorable foreign currency translation impact of 0.2%, which was partially offset by acquisition-related growth of 0.9%.
The company said gross profit for 2023 rose $21.1 million (0.7%) to $3.1 billion, and gross profit margin was 36.6%, up from 36.0% a year earlier. Bookings fell 4.4% to $8.0 billion, and book-to-bill was 0.95.
The company said it completed 2 business acquisitions in 2023 for a total of $535.3 million (net of cash acquired and including contingent consideration). On October 11, 2023, it also entered into an agreement to sell De-Sta-Co for an enterprise value of about $680 million, and said the transaction is expected to close in Q1 2024.
The company said free cash flow for 2023 was $1.1 billion (13.6% of revenue and 108.2% of net earnings), an increase from 2022 $584.8 million. The net debt to net capitalization ratio fell from 43.5% at year-end 2022 to 37.3% at year-end 2023.

Key figures

Fiscal year ended December 31, 2023

Revenue: $8.4B
Operating income: $1.4B
Net income: $1.1B
EPS: $7.52
Gross profit: $3.1B
Operating cash flow: $1.3B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Annual revenue of $8.4 billion; organic revenue down 1.5%

Dover said full-year 2023 consolidated revenue was $8.4 billion, down $70.0 million (0.8%) from the prior year. The company cited an organic revenue decline of 1.5% and an unfavorable foreign currency translation impact of 0.2%, which was partially offset by acquisition-related growth of 0.9%.

Source · Based on the MD&A text of the filing

Gross margin at 36.6%; bookings down 4.4%

The company said gross profit for 2023 rose $21.1 million (0.7%) to $3.1 billion, and gross profit margin was 36.6%, up from 36.0% a year earlier. Bookings fell 4.4% to $8.0 billion, and book-to-bill was 0.95.

Source · Based on the MD&A text of the filing

Acquisitions of $535.3 million and De-Sta-Co Sale Agreement

The company said it completed 2 business acquisitions in 2023 for a total of $535.3 million (net of cash acquired and including contingent consideration). On October 11, 2023, it also entered into an agreement to sell De-Sta-Co for an enterprise value of about $680 million, and said the transaction is expected to close in Q1 2024.

Source · Based on the MD&A text of the filing

Free cash flow of $1.1 billion; net debt to capitalization at 37.3%

The company said free cash flow for 2023 was $1.1 billion (13.6% of revenue and 108.2% of net earnings), an increase from 2022 $584.8 million. The net debt to net capitalization ratio fell from 43.5% at year-end 2022 to 37.3% at year-end 2023.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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