Dover Corporation (NYSE:DOV) Q2 2024 Earnings Conference Call July 25, 2024 9:30 AM ET

Company Participants

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

Conference Call Participants

Andy Kaplowitz – Citigroup
Jeff Sprague – Vertical Research Partners
Steve Tusa – J.P. Morgan
Andrew Obin – Bank of America
Scott Davis – Melius Research
Brett Linzey – Mizuho
Julian Mitchell – Barclays
Joe Ritchie – Goldman Sachs
Mike Halloran – Baird
Deane Dray – RBC Capital Markets
Nigel Coe – Wolfe Research

Operator

Good morning, and welcome to Dover's Second 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, Jamie. Good morning, everyone, and thank you for joining our call. An audio version of this call will be available on our website through August 15th, 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 the call over to Rich.

Richard J. Tobin

Thanks, Jack. I'm on Slide 3. Second quarter results were solid, driven by excellent production and shipment performance against our order book. Strong revenue performance was broad-based across our end market and geographic exposures with four out of five segments posting top line growth. Organic revenue was up 5% for the quarter. Bookings were up 16% organically year-over-year, continuing their upward trajectory over the last several quarters and bolstering our confidence in our second half outlook. Margin performance was excellent, up 200 basis points over the prior year to 22.1%, driven by volume leverage, organic and inorganic mix, proactive cost management and rigorous productivity actions.