Dover Corporation (NYSE:DOV) Q1 2024 Earnings Conference Call April 25, 2024 9:30 AM ET

Company Participants

Jack Dickens - Senior Director, Investor Relations.
Richard Tobin - President and Chief Executive Officer
Brad Cerepak - Senior Vice President and Chief Financial Officer

Conference Call Participants

Mike Halloran - Baird
Steve Tusa - JPMorgan
Julian Mitchell - Barclays
Brett Linzey - Mizuho
Joe Ritchie - Goldman Sachs
Andy Kaplowitz - Citigroup
David Ridley-Lane - Bank of America
Jeff Sprague - Vertical Research Partners
Scott Davis - Melius Research
Joe O'Dea - Wells Fargo
Deane Dray - RBC Capital Markets

Operator

Good morning, and welcome to Dover's First Quarter 2024 Earnings Conference Call. Speaking today are Richard J. Tobin, President and Chief Executive Officer; Brad Cerepak, Senior Vice President and Chief Financial Officer; and Jack Dickens, Senior Director, 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. Jack Dickens. Please go ahead, sir.

Jack Dickens

Thank you, Natalie. Good morning, everyone and thank you for joining our call. An audio version of this call will be available on our website through May 16, 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

Thanks, Jack. Let's go to Slide 3. First quarter results were in line with our expectations, strong performance across several of our end markets together with improving order and shipment trends in biopharma components and growth platforms, we're able to offset the counter cyclicality in some of our long cycle portfolio in what was expected to be our toughest comparable quarter this year. It is clear that our operating posture that we took in the second half of 2023 to proactively curtail production has had its intended effect.

Customer and channel inventories are now largely in balance with prevailing demand conditions and level set to normalize lead times. As a result, order momentum in the quarter was strong and broad based particularly in our shorter cycle end markets building off an exit rate from last and bolstering our confidence in our full year outlook. We remain active on capital deployment. During the quarter, we closed two synergistic bolt-on acquisitions that add attractive digital and reoccurring revenue streams to our retail fueling and car wash platforms. The De-Sta-Co divestiture closed at the end of March as part of our ongoing portfolio evolution.