Dover Corporation (DOV) Q1 2023 Earnings Call Transcript

Dover Corporation (NYSE:DOV) Q1 2023 Results Conference Call April 26, 2023 9:00 AM ET

Company Participants

Richard Tobin - President & Chief Executive Officer

Brad Cerepak - Senior Vice President & Chief Financial Officer

Jack Dickens - Senior Director of Investor Relations

Conference Call Participants

Jeff Sprague - Vertical Research Partners

Steve Tusa - JPMorgan

Andy Kaplowitz - Citigroup

Joe Ritchie - Goldman Sachs

Andrew Obin - Bank of America

Mike Halloran - Baird

Julian Mitchell - Barclays

Scott Davis - Melius Research

Josh Pokrzywinski - Morgan Stanley

Brett Linzey - Mizuho Americas

Operator

Good morning, and welcome to Dover's First 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 Jack Dickens, Senior Director of Investor Relations.

After the speaker's 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, Todd. Good morning, everyone, and thank you for joining our call. An audio version of this call will be available on our website through May 17 and a replay link of the webcast will be archived for 90 days.

Dover provides non-GAAP information and reconciliations between GAAP and adjusted measures are included in our investor supplement and presentation materials, which are available on our website.

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 the call over to Rich.

Richard Tobin

Thanks, Jack. Good morning, everybody. Let's start with the performance highlights on Slide 3. The quarter was solid overall. We are very pleased with our production performance to start the year which allowed us to begin reducing our inventory balances towards the end of the quarter.

Consolidated organic revenue was up 3%, with growth across most of our businesses driven largely by the secular growth tailwinds that we outlined at our most recent Investor Day. The majority of our input and supply chain constraints have dissipated, resulting in production lead times largely returning to pre-pandemic levels. This has led to more normalized order patterns, improved shipping volumes and a gradual reduction of elevated backlog.