By Will Feuer
Dover Corp. issued 2023 adjusted earnings guidance that topped Wall Street expectations, as the manufacturing conglomerate sees demand holding strong and the benefits of price increases cycling through results.
The Downers Grove, Ill., company expects earnings of $7.87 a share to $8.07 a share in 2023. On an adjusted basis, Dover expects earnings of $8.85 a share to $9.05 a share. Analysts surveyed by FactSet were expecting adjusted earnings of $8.85 a share this year.
The company expects revenue growth of 3% to 5%. Analysts surveyed by FactSet expected 2023 revenue of $8.59 billion, which would have been roughly 1% growth over 2022 levels.
“Demand trends in our industrial markets remain healthy and we have a significant volume of business in backlog entering the new year,” Chief Executive Richard Tobin said. “Expected revenue growth, pricing actions and productivity measures from 2022 lay the foundation for margin accretion in 2023.”
Write to Will Feuer at Will.Feuer@wsj.com