See the section below titled “Special Notes Regarding Forward-Looking Statements” for a discussion of factors that could cause our actual results to differ from the forward-looking statements contained below and throughout this quarterly report.
Throughout this MD&A, we refer to measures used by management to assess performance as well as liquidity, including a number of financial measures that are not defined under generally accepted accounting principles.
Dover is a diversified global manufacturer and solutions provider providing innovative equipment and components, consumables, spare parts, software and digital solutions, and support services across five operating segments: engineered products , clean energy and fuel, imaging and identification, pumps and process solutions. , and Climate and Sustainability Technologies. The company’s entrepreneurial business model encourages, promotes and fosters deep engagement and collaboration with customers, which has led to Dover’s well-established and valued reputation for providing superior customer service and cutting-edge innovative products. Of the industry. Unless the context otherwise requires, references herein to “Dover”, “the company” and words such as “we”, “us” or “our” include
Dover’s five operating segments are:
• Our Engineered Products segment provides a wide range of equipment, components, software, solutions and services for the vehicle aftermarket, waste management, industrial automation, aerospace and defense, industrial winches and hoists and fluid distribution end markets.
• Our Clean Energy & Fueling segment provides components, equipment, software and service solutions enabling the safe transport of traditional and clean fuels and other hazardous substances throughout the supply chain, as well as the safe and efficient operation of convenience retail, retail fueling and vehicle wash establishments.
• Our Imaging and Identification segment provides precision marking and coding, packaging intelligence, product traceability, brand protection and digital textile printing equipment, as well as consumables, software and services related to global packaged and consumer goods, pharmaceuticals, industrial manufacturing, fashion and apparel and other end markets.
• Our Pumps & Process Solutions segment manufactures specialty pumps and flow meters, fluid connection solutions, plastics and polymer processing equipment, and high-tech precision components for rotary and reciprocating machinery serving biopharmaceutical production single-use, diversified industrial manufacturing, polymer processing, midstream, and downstream oil and gas and other end markets.
• Our Climate & Sustainability Technologies segment is a provider of innovative, energy-efficient equipment and systems that serve the commercial refrigeration, heating and cooling equipment and beverage container manufacturing markets.
In the first quarter of 2022, revenue was
Organic revenue growth of 9.3% for the first quarter of 2022 was broad-based across most of our businesses due to strong underlying demand and our ability to produce and ship despite chain constraints supply, input inflation and unplanned production interruptions. The engineered products segment recorded organic revenue growth of 14.6%, mainly due to the strength of our waste processing, vehicle services, industrial automation and industrial hoists and hoists businesses, while that our aerospace and defense businesses declined year-over-year due to constrained labor availability and supply chain disruptions. Organic revenue in the Clean Energy & Fueling segment remained stable, growth within our
Table of Contents availability challenges, and un-forecasted production interruptions. The Imaging & Identification segment experienced organic revenue decline of 1.1% driven by sourced component shortages and logistics headwinds that impacted shipment volumes in the core marking and coding market and a prolonged recovery in the digital textile printing end market. The Pumps & Process Solutions segment had organic revenue growth of 12.6% reflecting strong demand in biopharma and hygienic markets for pumps and connectors, industrial pumps, polymer processing, and continued recovery in bearings and compression components. The Climate & Sustainability Technologies segment posted organic revenue growth of 17.4%, driven by robust demand in retail refrigeration, can-shaping, and heat exchangers. From a geographic perspective, organic revenue for the
U.S., our largest market, increased 9.0% in the first quarter of 2022. Organic revenue in Asiaand Europegrew 18.9% and 5.8%, respectively. Most of our businesses experienced broad-based increases in revenues, however, there remain operational challenges and a difficult backdrop in Eastern Europeand China.
Order book at
Scale the costs of
and other costs of
write-off of assets in the context of an exit of certain
countries in our Climate & Sustainability Technologies segment.
After the first quarter of 2022, the
The COVID-19 outbreak and associated control measures implemented by governments and businesses around the world, as well as the subsequent accelerated recovery in global business activity, have increased uncertainty in the global business environment. and led to supply chain disruptions and shortages in global commodity markets. , logistics and labor, and input cost inflation. Currently, we expect the impact of material cost inflation, labor and logistical constraints and, to some extent, component availability from suppliers to continue through 2022. .
The public health situation, the continuation of global response measures and the corresponding impacts on various markets remain fluid and uncertain and may lead to sudden changes in trajectory and outlook. We are actively monitoring government restrictions and their potential impact on global trade. We will continue to respond proactively to the situation and may take other actions that alter our business activity, as required by government authorities, or as we determine to be in the best interests of our employees and our operations.
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