Dover Corporation (NYSE:DOV) Q3 2023 Earnings Conference Call October 24, 2023 10:00 AM ET
Company Participants
Andrey Galiuk - Vice President, Corporate Development and Investor Relations
Richard Tobin - President and Chief Executive Officer
Brad Cerepak - Senior Vice President and Chief Financial Officer
Conference Call Participants
Steve Tusa - JPMorgan Chase & Co.
Jeffrey Sprague - Vertical Research Partners, LLC
David Ridley-Lane - Bank of America Merrill Lynch
Michael Halloran - Robert W. Baird & Co.
Andrew Kaplowitz - Citigroup Inc.
Joseph Ritchie - Goldman Sachs Group, Inc.
Brett Linzey - Mizuho Securities USA LLC
Julian Mitchell - Barclays Bank PLC
Deane Dray - RBC Capital Markets
Nigel Coe - Wolfe Research, LLC
Operator
Good morning, and welcome to Dover's Third Quarter 2023 Earnings Conference Call. Speaking today are Richard J. Tobin, President and Chief Executive Officer; Brad Cerepak, Senior Vice President and Chief Financial Officer; and Andrey Galiuk, Vice President, Corporate Development and Investor Relations.
After the speakers' 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. Andrey Galiuk. Please go ahead, sir.
Andrey Galiuk
Thank you, Angela. Good morning, everyone, and thank you for joining our call today. An audio version of this call will be available on our website through November 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. Actual results and events could differ from those statements due to a number of risks and uncertainties, which are discussed in our SEC filings. We assume no obligation to update our forward-looking statements.
With that, I will turn this call over to Rich.
Richard Tobin
Okay. Thanks, Andrey. We posted very encouraging results [and let us] become a dynamic operating environment across our different end markets and geographies.
Revenue and order rates improved sequentially in the quarter on normalizing lead times and inventories, improving demands across several end markets and a return to normal seasonality. Our backlog continued to normalize in the quarter, in tandem with lead times as we shipped longer-dated orders from our books.
Broadly speaking, margins performance in the quarter was exceptional, reaching an all-time high driven by productivity, cost controls and disciplined pricing, which more than offset the negative product mix in Pumps & Process Solutions. The proactive structural cost actions we have undertaken over the last 12 months are paying dividends and should support strong margin conversion going forward.