- Dover Corp (NYSE:DOV) reported second-quarter revenue growth of 36% year-over-year to $2.03 billion, beating a consensus of $1.89 billion. Organic revenue growth was 30%.
- Adjusted earnings per share were $2.06, an improvement of 112% compared to last year, beating the consensus of $1.83.
- Revenue by segments: Engineered Products $442.09 million (+29.1% Y/Y); Fueling Solutions $437.04 million (+33.8% Y/Y); Imaging & Identification $294.08 million (+29% Y/Y); Pumps & Process Solutions $428.7 million (+38.7% Y/Y); Refrigeration & Food Equipment $430.51 million (+46% Y/Y).
- Gross profit increased by 40% Y/Y to $772.17 million, and margin expanded by over 120 basis points to 38%.
- The operating margin expanded by around 460 basis points to 16.9% and the total segment operating margin improved to 19.2%.
- Total adjusted EBITDA segment increased by 59.4% Y/Y to $467.05 million.
- Bookings for the quarter increased to $2.38 billion (+68.2% Y/Y), and Backlog was at $2.56 billion compared to $1.6 billion a year ago.
- Cash flow from operating activities year-to-date was $437.25 million, with free cash flow at $364.03 million.
- Outlook: The company raised FY21 revenue growth outlook to 15% to 17%, versus prior outlook of 10% to 12%.
- EPS guidance was raised to $6.45 to $6.55 from prior outlook of $5.92 to $6.02.
- On adjusted basis, the company now sees EPS of $7.30 to $7.40, versus prior outlook of $6.75 to $6.85, compared to analyst consensus of $6.99.
- Price Action: DOV shares are gaining 0.92% at $153.37 on the last check Tuesday.
Vertex Reports Health Canada Granted Marketing Authorization For TRIKAFTA In People 12+ With At Least 1 F508del Mutation
Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) today announced Health Canada has granted Marketing Authorization for TRIKAFTA® (elexacaftor/tezacaftor/ivacaftor and ivacaftor) for the treatment of cystic fibrosis
