Dover Corporation

Please stand by. Your program is about to begin. If you require assistance throughout the event today, please press star zero. Good morning and welcome to Dover's Third Quarter 2025 Earnings Conference Call. Speaking today are Richard J. Tobin, President and Chief Executive Officer, Chris Winker, Senior Vice President and Chief Financial Officer, and Jack Dickens, Vice President of Investor Relations. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, press star and then the number one on your telephone keypad. If you would like to withdraw your question, please press the pound key. 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.

Thank you, Chloe. Good morning, everyone, and thank you for joining our call. An audio version of this call will be available on our website through November 13th, 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. Thanks, Jack.

Good morning, everybody. Let's get started on slide three. Overall, we are pleased with Dover's third quarter results. Revenue is up 5% in the quarter, driven by broad-based shipment growth and short-cycle components, continued strength across our secular growth end markets, and very encouraging results from recently closed acquisitions. Order trends continued to pause momentum in the quarter, up 8% all in year over year, or 4% organically, providing good visibility for the remainder of the year and into 2026. Margin performance in the quarter was excellent, with a record consolidated EBITDA margin of 26.1%, up 170 basis points over the comparable period as a result of positive mixed impact from our growth platforms solid execution, and our rigorous cost containment and productivity actions, all five segments posted margin improvements during the quarter. All-in adjusted EPS was up 15% in the quarter and is up 17% year-to-date. Capital deployment remains a key driver of our double-digit earnings growth. This year, we increased our investments in high ROI capital projects, focused on productivity and capacity expansions, as well as targeted footprint optimization. Our balance sheet strength is an advantage that provides flexibility and attractive optionality as we pursue value-creating bolt-on acquisitions and opportunistic capital return strategies. We have a constructive outlook for the remainder of 2025 and into 26, Despite some macroeconomic uncertainty, underlying end market demand is healthy across much of the portfolio and is supported by our sustained order growth. As a result, we are increasing our full year adjusted EPS guidance from $9.35 to $9.55 to $9.50 to $9.60. Let's go to slide five. Engineered products revenue was down in the quarter on lower volumes and vehicle services, partially offset by solid performance in aerospace and defense components. Despite the organic volume decline, absolute segment profit improved in the quarter on well-executed structural cost management, product mix, and productivity initiatives. Clean energy and fueling was up 5% organically in the quarter, led by strong shipments and clean energy components, fluid transport, and North American retailing. fueling software and equipment. Our recent acquisition of SiteIQ, a provider remote site monitoring of fueling sites, is off to a good start. Margin performance, as expected, was solid in the quarter, up 200 basis points on volume leverage and a higher mix of below-ground fueling equipment and restructuring benefit carry forward. Imaging and ID was up 3% organically in the quarter and growth in our core marketing and coding business and in serialization software. Margin performance remains very good in this segment at 29% adjusted EBITDA margin as management actions on cost to serve and structural cost controls continue to drive incremental margins higher. Pumps and process solutions is up 6% organically with growth in single-use biopharma components, thermal connectors for liquid cooling of data centers, and precision components and digital controls for natural grass and power generation infrastructure. Sikora, which we acquired, at the end of the second quarter is significantly outperforming our underwriting case. Segment revenue mix, volume leverage drove margin improvement on solid production performance and volume in secular growth exposed end markets. Revenue was down in the quarter in climate sustainability technologies and comparative declines in food retail cases and engineering services, which were collectively down 30% year to date. Industry-wide, shipments of door cases are at a 20-year low, in part because of tariff uncertainty has caused customers to delay maintenance and replacement upgrade spending. These projects cannot be delayed indefinitely, and encouragingly, we saw material acceleration in booking rates in the quarter, which signals volume improvement moving forward. Meanwhile, the segment had record quarterly volumes in CO2 systems, as well as double-digit growth in heat exchangers and accelerating demand, for liquid cooling of data centers and improving sentiment in European heat pumps. Despite the lower top line, the segment posted 120 points of margin improvement on productivity actions and a higher mix of US CO2 systems and brazed plate heat exchangers. I'll pass it to Chris.