Dover Corporation (DOV) Q3 2022 Earnings Call Transcript

Dover Corporation (NYSE:DOV) Q3 2022 Earnings Conference Call October 20, 2022 9:00 AM ET

Company Participants

Jack Dickens - Senior Director of Investor Relations

Richard Tobin - President & Chief Executive Officer

Brad Cerepak - Senior Vice President & Chief Financial Officer

Conference Call Participants

Steve Tusa - JPMorgan

Andy Kaplowitz - Citigroup

Jeff Sprague - Vertical Research

Andrew Obin - Bank of America

Joe Ritchie - Goldman Sachs

Scott Davis - Melius Research

Joe O'Dea - Wells Fargo

Deane Dray - RBC Capital Markets

Nigel Coe - Wolfe Research

Julian Mitchell - Barclays

Operator

Good morning and welcome to Dover's Third Quarter 2022 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 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, Gretchen. Good morning, everyone, and thank you for joining our call. An audio version of this call will be available on our website through November 10, and a replay link of the webcast will be archived for three months.

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

All right. Thanks, Jack. Good morning, everyone. Let's start with the performance highlights on slide three. Dover delivered revenue growth and margin improvement in the third quarter, driven by rigorous execution and improving price/cost dynamics that were offset -- that more than offset the impact of supply chain challenges, inflationary cost pressures and foreign currency translation.

Demand remains constructive across most of the portfolio with four out of five segments posting organic growth in the quarter. Backlog at $3.2 billion was up 12% year-over-year and remains approximately double the historical levels relative to revenue, driven by continued strong demand across many end markets.