Dover Corp. (NYSE: DOV) shares rose more than 9% since the company’s reported Q4 results on Tuesday, with EPS of $2.16 coming in better than the Street estimate of $2.15. Revenue was $2.14 billion, beating the Street estimate of $2.12 billion.
Orders were sharply down year-over-year (vs. elevated comps, and in line with expectations) although a strong backlog continues to provide top-line visibility and underlying demand remains solid across the majority of Dover businesses.
According to the analysts at Oppenheimer, the well-understood exceptions to favorable underlying demand should both transition to EPS tailwinds during the year, with resumed growth in high-margin biopharma applications and significant cost savings in above-ground fueling.
The company provided its fiscal 2023 outlook, expecting EPS to be in the range of $8.85-$9.05, compared to the Street estimate of $8.86.