DOVER Corp
For the period ended Sep 30, 2024. Filed Oct 24, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 24, 2024
DOV$203.85+0.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-07-25.
0000029905-24-000035
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-10-24.
0000029905-24-000045
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 145 previous paragraphs and 153 current paragraphs.
68 unchanged; 65 reworded; 20 added; 12 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 16 previous and 16 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (20)
Current report
During the three months ended September 30, 2024, the Company completed four business acquisitions for approximately $460.5 million, subject to post-closing adjustments and inclusive of contingent consideration. See Note 3 — Acquisitions in the condensed consolidated financial statements in Item 1 of this Form 10-Q for further details.
Current report
On September 30, 2024, a minority owned equity method investment held within the Climate & Sustainability Technologies segment was sold and the Company received its proportionate share of the proceeds amounting to $92,962 which resulted in a preliminary pre-tax gain of $68,712, subject to customary post-closing adjustments. See Note 4 — Discontinued and Disposed Operations in the condensed consolidated financial statements in Item 1 of this Form 10-Q for further details.
Current report
On October 8, 2024, the Company completed the previously announced sale of the Environmental Solutions Group ("ESG") business, an operating company within the Engineered Products segment, for total consideration, net of cash transferred, of $2.0 billion, subject to customary post-closing adjustments. For the three and nine months ended September 30, 2024 and 2023, the results of ESG are presented as discontinued operations as the sale represents a strategic shift in operations with a major impact on our operations and financial results. See Note 4 — Discontinued and Disposed Operations in the condensed consolidated financial statements in Item 1 of this Form 10-Q for further details. The discussion in this MD&A, unless otherwise noted, relates solely to our continuing operations.
Current report
During the nine months ended September 30, 2024, the Company received a total of 2,869,282 shares upon completion of the accelerated repurchase agreement (the ASR Agreement"). The total number of shares ultimately repurchased under the ASR Agreement was based on the volume-weighted average share price of Dover's common stock during the calculation period of the accelerated share repurchase program (the "ASR Program"), less a discount, which was $174.26 over the term of the ASR Program.
Current report
In the three and nine months ended September 30, 2024 and 2023, exclusive of the ASR Program, there were no share repurchases. As of September 30, 2024, 17,130,718 shares remain authorized for repurchase under the August 2023 share repurchase authorization.
Current report
Gain on Dispositions
Current report
Earnings from Continuing Operations
Current report
Earnings from continuing operations for the three months ended September 30, 2024 increased 19.4% to $312.9 million, or $2.26 diluted earnings per share from continuing operations, from $262.0 million, or $1.86 diluted earnings per share from continuing operations, in the prior year comparable quarter. The increase in earnings from continuing operations is driven by the after-tax gain on the sale of the minority owned equity investment, partially offset by higher selling, general and administrative expense.
Current report
Discontinued Operations
Current report
For the three and nine months ended September 30, 2024 and 2023, the historical results of ESG were presented as discontinued operations as the sale represents a strategic shift that will have a major impact on our operations and financial results. For the three and nine months ended September 30, 2024, earnings from discontinued operations, net were $34.2 million and $99.6 million, respectively. For the three and nine months ended September 30, 2023, earnings from discontinued operations, net were $27.8 million and $74.9 million, respectively.
Current report
Bookings decreased 13.8% for the segment, due primarily to a disposition-related decline of 15.1%, partially offset by acquisition-related growth of 1.1% and a favorable impact from foreign currency translation of 0.2%. The disposition-related bookings decline was due to the divestiture of De-Sta-Co in the first quarter of 2024. Segment book-to-bill was 0.96.
Current report
Overall bookings increased 12.8% as compared to the prior year comparable quarter, driven by organic growth of 7.0% and acquisition growth of 6.1%, partially offset by an unfavorable impact from foreign currency translation of 0.3%. The organic bookings growth was primarily driven by North America above and below-ground retail fueling equipment and clean energy platform. Segment book-to-bill was 1.01.
Current report
Imaging & Identification segment earnings increased $6.9 million, or 9.9%, over the prior year comparable quarter. The increase was primarily driven by higher volume, pricing and productivity initiatives, partially offset by an unfavorable impact from foreign currency translation. Segment margin increased to 27.2% from 25.5% in the prior year comparable quarter.
Current report
Overall bookings increased 3.8% as compared to the prior year comparable quarter, reflecting organic growth of 4.3% and acquisition-related growth of 0.5%, partially offset by an unfavorable impact from foreign currency translation of 1.0%. The organic bookings growth was primarily driven by serialization software order timing and improved marking and coding demand. Segment book-to-bill was 0.99.
Current report
(3) Gain on dispositions, including post-closing adjustments; see Note 4 — Discontinued and Disposed Operations in the condensed consolidated financial statements in Item 1 of this Form 10-Q for further details.
Current report
•Acquisitions: During the nine months ended September 30, 2024, we deployed approximately $602.7 million, net, to acquire seven businesses. In comparison, during the nine months ended September 30, 2023, we deployed approximately $7.2 million, net to acquire one business. See Note 3 — Acquisitions in the condensed consolidated financial statements in Item 1 of this Form 10-Q for further details.
Current report
Cash Flows from Discontinued Operations
Current report
Our cash flows from discontinued operations for the nine months ended September 30, 2024 and 2023, generated $93.9 million and $93.8 million, respectively, representing the operating results of ESG during the periods presented. Cash flows from discontinued operations generated for the nine months ended September 30, 2024, primarily relate to cash provided by operations of approximately $108.3 million, partially offset by cash used in investing activities of $14.4 million, which comprised capital expenditures partially offset by proceeds from a sale of investment. Cash flows generated for the nine months ended September 30, 2023, primarily relate to cash provided by operating activities of $99.3 million, partially offset by capital expenditures of $5.5 million.
Current report
On March 31, 2024, the Company completed the sale of the De-Sta-Co business for total consideration, net of cash transferred, of $674.7 million. On September 30, 2024, a minority owned equity method investment held within the Climate & Sustainability Technologies segment was sold and the Company received its proportionate share of the proceeds amounting to $93.0 million. On October 8, the Company completed the previously announced sale of the ESG business, an operating company in the Engineered Products segment, for total consideration, net of cash transferred, of $2.0 billion, subject to customary post-closing adjustments. See Note 4 — Discontinued and Disposed Operations in the condensed consolidated financial statements in Item 1 of this Form 10-Q for further details.
Current report
During the nine months ended September 30, 2024, the Company completed seven business acquisitions for total consideration of $636.4 million, subject to post-closing adjustments and inclusive of contingent consideration. See Note 3 — Acquisitions in the condensed consolidated financial statements in Item 1 of this Form 10-Q for further details.
Removed paragraphs (12)
Previous report
In July 2024, the Company completed two business acquisitions for approximately $436.0 million, subject to post-closing adjustments, plus potential contingent consideration of up to approximately $14.0 million. In addition, the Company entered into a definitive agreement to sell Environmental Solutions Group ("ESG"), for approximately $2.0 billion on a cash-free and debt-free basis, subject to customary post-closing adjustments. The transaction is expected to close before year-end 2024, subject to customary closing conditions, including receipt of regulatory approvals. See Note 20 — Subsequent Events in the condensed consolidated financial statements in Item 1 of this Form 10-Q for further details.
Previous report
Gain on Disposition
Previous report
Net earnings
Previous report
Net earnings for the three months ended June 30, 2024 increased 16.3% to $281.8 million, or $2.04 diluted earnings per share, from $242.2 million, or $1.72 diluted earnings per share, in the prior year comparable quarter. The increase in net earnings is driven by increased revenue primarily driven by pricing initiatives and increased demand, partially offset by a higher provision for income taxes.
Previous report
Bookings increased 18.9% for the segment, driven by organic growth of 29.3%, partially offset by a disposition-related decline of 10.3% and an unfavorable impact from foreign currency translation of 0.1%. The organic bookings growth was broad-based, but most notable in our waste handling, vehicle service, and aerospace and defense businesses. Segment book-to-bill was 1.13.
Previous report
Imaging & Identification segment earnings increased $14.5 million, or 23.6%, over the prior year comparable quarter. This increase was primarily driven by pricing initiatives, higher volume and cost controls, partially offset by an unfavorable impact from foreign currency translation. Segment margin increased to 26.4% from 22.6% in the prior year comparable quarter.
Previous report
Overall bookings increased 10.1% as compared to the prior year comparable quarter, reflecting organic growth of 11.1% and acquisition-related growth of 1.0%, partially offset by an unfavorable impact from foreign currency translation of 2.0%. The organic bookings growth was primarily driven by order intake and timing in marking and coding and digital textile printing businesses. Segment book-to-bill was 1.00.
Previous report
Bookings in the second quarter of 2024 increased 30.7% from the prior year comparable quarter, reflecting organic growth of 31.6% and acquisition-related growth of 0.1%, partially offset by an unfavorable impact from foreign currency translation of 1.0%. The organic bookings growth was principally driven by favorable demand trends across retail refrigeration, including continued strong demand for low-GWP CO 2 refrigerant systems. This was partially offset by temporary reductions in heat exchanger demand in Europe. Segment book-to-bill was 0.93.
Previous report
(3) Loss (gain) on disposition due to the sale of De-Sta-Co in the Engineered Products segment.
Previous report
•Acquisitions: During the six months ended June 30, 2024, we deployed approximately $144.9 million, net, to acquire Transchem Group and Bulloch Technologies, Inc. within the Clean Energy & Fueling segment and one other immaterial acquisition within the Imaging & Identification segment. In comparison, during the six months ended June 30, 2023, there were no acquisitions.
Previous report
On March 31, 2024, the Company completed the sale of the De-Sta-Co business for total consideration, net of cash transferred, of $674.7 million. Of the total consideration, $63.0 million was received upon finalization of closing activities in India and China, which occurred during the second quarter. See Note 4 — Dispositions in the condensed consolidated financial statements in Item 1 of this Form 10-Q for further details.
Previous report
In July 2024, the Company completed two business acquisitions for approximately $436.0 million, subject to post-closing adjustments, plus potential contingent consideration of up to approximately $14.0 million. In addition, the Company entered into a definitive agreement to sell ESG for approximately $2.0 billion on a cash-free and debt-free basis, subject to customary post-closing adjustments. The transaction is expected to close before year-end 2024, subject to customary closing conditions, including receipt of regulatory approvals. See Note 20 — Subsequent Events in the condensed consolidated financial statements in Item 1 of this Form 10-Q for further details.
Reworded paragraphs (65)
Previous wording
•Our Engineered Products segment provides a wide range of equipment, components, software, solutions and services to the vehicle aftermarket, waste handling, aerospace and defense, industrial winch and hoist, and fluid dispensing end-markets.
Current wording
•Our Engineered Products segment provides a wide range of equipment, components, software, solutions and services to the vehicle aftermarket, aerospace and defense, industrial winch and hoist, and fluid dispensing end-markets.
Previous wording
In the second quarter of 2024, revenue was $2.2 billion, which increased $0.1 billion, or 3.7%, as compared to the second quarter of 2023. This was driven by organic revenue growth of 4.8% and acquisition-related revenue growth of 2.1%, partially offset by disposition-related decline of 2.6% and an unfavorable impact from foreign currency translation of 0.6%. Strong results were driven by excellent production performance and strong shipment rates on robust orders received.
Current wording
In the third quarter of 2024, revenue was $2.0 billion, which increased $25.1 million, or 1.3%, as compared to the third quarter of 2023. This was driven by acquisition-related revenue growth of 3.8% and organic revenue growth of 0.3% , partially offset by disposition-related decline of 2.7% and an unfavorable impact from foreign currency translation of 0.1%. The results were driven by solid demand across most end markets and strategic pricing initiatives.
Previous wording
The 4.8% organic revenue growth for the second quarter of 2024 was driven by our Engineered Products, Imaging & Identification and Clean Energy & Fueling segments which grew 20.2%, 6.9%, and 2.3%, respectively. The growth was partially offset by the Pumps & Process Solutions and Climate & Sustainability Technologies segments which declined 3.1% and 2.3%, respectively. For further information, see "Segment Results of Operations" within this Item 2.
Current wording
The 0.3% organic revenue growth for the third quarter of 2024 was driven by our Engineered Products, Imaging & Identification and Pumps & Process Solutions segments which grew 12.1%, 3.3%, and 1.9%, respectively. The growth was partially offset by the Climate & Sustainability Technologies and Clean Energy & Fueling segments which declined 9.4% and 1.2%, respectively. For further information, see "Segment Results of Operations" within this Item 2.
Previous wording
From a geographic perspective, organic revenue for the U.S., our largest market, increased 11.4% in the second quarter of 2024 compared to the prior year comparable quarter driven by strong demand in our waste handling business and retail and refrigeration equipment and services. Organic revenue increased for Other Americas by 17.6%, and decreased for Asia and Europe by 8.5% and 3.8%, respectively.
Current wording
From a geographic perspective, organic revenue for the U.S., our largest market, increased 8.4% in the third quarter of 2024 compared to the prior year comparable quarter, driven by broad-based growth across all segments. Organic revenue increased for Other Americas by 1.7%, and decreased for Asia and Europe by 9.5% and 4.6%, respectively.
Previous wording
Bookings were $2.2 billion for the three months ended June 30, 2024, an increase of $0.3 billion, or 15.0% compared to the prior year comparable quarter. Included in this result was organic growth of 16.1% and acquisition-related growth of 2.1%, partially offset by disposition-related decline of 2.7% and an unfavorable impact from foreign currency translation of 0.5%. The organic bookings growth was primarily driven by positive demand trends and order timing.
Current wording
Bookings were $1.9 billion for the three months ended September 30, 2024, an increase of $0.1 billion, or 5.6% compared to the prior year comparable quarter. Included in this result was organic growth of 5.1% and acquisition-related growth of 3.5%, partially offset by disposition-related decline of 2.9% and an unfavorable impact from foreign currency translation of 0.1%. The organic bookings growth was primarily driven by positive demand trends and order timing.
Previous wording
Restructuring and other costs for the three months ended June 30, 2024 were $11.6 million which included restructuring charges of $9.1 million and other costs of $2.5 million. Restructuring and other costs were generally related to exit costs and headcount reductions across all segments. For further discussion related to our restructuring and other costs, see "Restructuring and Other Costs (Benefits)," within this Item 2.
Current wording
Restructuring and other costs for the three months ended September 30, 2024 were $16.6 million which included restructuring charges of $13.8 million and other costs of $2.7 million. Restructuring and other costs were generally related to exit costs and headcount reductions in the Clean Energy & Fueling segment. For further discussion related to our restructuring and other costs, see "Restructuring and Other Costs (Benefits)," within this Item 2.
Previous wording
Revenue for the three months ended June 30, 2024 increased $0.1 billion, or 3.7%, from the prior year comparable quarter. The increase in revenue was driven by organic revenue growth of 4.8% and acquisition-related growth of 2.1%, partially offset by disposition-related decline of 2.6% and an unfavorable impact from foreign currency translation of 0.6%. Customer pricing favorably impacted revenue by approximately 2.0% in the second quarter of 2024 and by 4.5% in the prior year comparable quarter.
Current wording
Revenue for the three months ended September 30, 2024 increased $25.1 million, or 1.3%, from the prior year comparable quarter. The increase in revenue was driven by acquisition-related growth of 3.8% and organic revenue growth of 0.3%, partially offset by disposition-related decline of 2.7% and an unfavorable impact from foreign currency translation of 0.1%. Customer pricing favorably impacted revenue by approximately 1.6% in the third quarter of 2024 and by 3.2% in the prior year comparable quarter.
Previous wording
Revenue for the six months ended June 30, 2024 increased $0.1 billion, or 2.2%, from the prior year comparable period. The increase primarily reflects an acquisition-related growth of 2.1% and organic revenue growth of 1.8%. This growth was partially offset by a disposition-related decline of 1.3% and an unfavorable impact from foreign currency translation of 0.4%. Customer pricing favorably impacted revenue by approximately 1.8% for the six months ended June 30, 2024, and by 4.8% in the prior year comparable period.
Current wording
Revenue for the nine months ended September 30, 2024 increased $36.4 million, or 0.6%, from the prior year comparable period. The increase primarily reflects an acquisition-related growth of 2.8% and organic revenue remained flat. This increase was partially offset by a disposition-related decline of 1.8% and an unfavorable impact from foreign currency translation of 0.4%. Customer pricing favorably impacted revenue by approximately 1.6% for the nine months ended September 30, 2024, and by 4.3% in the prior year comparable period.
Previous wording
Gross profit for the three months ended June 30, 2024 increased $62.7 million, or 8.3%, and gross profit margin increased 160 basis points to 37.7%, versus the prior year comparable quarter. Gross profit margin increased driven by volume leverage and mix, pricing and productivity actions.
Current wording
Gross profit for the three months ended September 30, 2024 increased $23.8 million, or 3.2%, and gross profit margin increased 70 basis points to 38.5%, versus the prior year comparable quarter. The gross profit margin increase was driven by positive product mix and productivity actions.
Previous wording
Gross profit for the six months ended June 30, 2024 increased $73.0 million, or 4.8%, and gross profit margin increased by 100 basis points to 37.0%, from the prior year comparable period. Gross profit margin increased driven by pricing and productivity actions.
Current wording
Gross profit for the nine months ended September 30, 2024 increased $64.3 million, or 3.0%, and gross profit margin increased by 80 basis points to 38.0%, from the prior year comparable period. Gross profit margin increased driven by positive product mix and productivity actions.
Previous wording
Selling, general and administrative expenses for the three months ended June 30, 2024 increased $17.9 million, or 4.1%, from the prior year comparable quarter, primarily driven by increased employee compensation and benefits and acquisition-related amortization costs. As a percentage of revenue, selling, general and administrative expenses increased 10 basis points as compared to the prior year comparable quarter to 20.8%.
Current wording
Selling, general and administrative expenses for the three months ended September 30, 2024 increased $26.7 million, or 6.6%, from the prior year comparable quarter, primarily driven by increased employee compensation and benefits and acquisition-related amortization costs. As a percentage of revenue, selling, general and administrative expenses increased 110 basis points as compared to the prior year comparable quarter to 21.7%.
Previous wording
Selling, general and administrative expenses for the six months ended June 30, 2024 increased $48.6 million, or 5.6%, from the prior year comparable period, primarily driven by increased employee compensation and benefits and acquisition-related amortization costs, partially offset by lower restructuring costs. Selling, general and administrative expenses as a percentage of revenue increased 70 basis points as compared to the prior year comparable period to 21.4% driven by a higher rate of increase in selling, general and administrative expenses compared to revenue.
Current wording
Selling, general and administrative expenses for the nine months ended September 30, 2024 increased $67.4 million, or 5.5%, from the prior year comparable period, primarily driven by increased employee compensation and benefits, acquisition-related amortization costs and computer software costs, partially offset by lower restructuring costs. Selling, general and administrative expenses as a percentage of revenue increased 100 basis points as compared to the prior year comparable period to 22.4%.
Previous wording
Research and development costs, including qualifying engineering costs, are expensed when incurred and amounted to $40.6 million and $39.3 million for the three months ended June 30, 2024 and 2023, respectively, and $80.6 million and $77.3 million, for the six months ended June 30, 2024 and 2023, respectively. The costs as a percentage of revenue are 1.9% for the three and six months ended June 30, 2024 and 2023.
Current wording
Research and development costs, including qualifying engineering costs, are expensed when incurred and amounted to $35.6 million and $34.4 million for the three months ended September 30, 2024 and 2023, respectively, and $108.0 million and $105.1 million, for the nine months ended September 30, 2024 and 2023, respectively. The costs as a percentage of revenue are 1.8% and 1.9% for the three and nine months ended September 30, 2024, respectively, and 1.8% for the three and nine months ended September 30, 2023.
Previous wording
Gain on disposition of $529.3 million for the six months ended June 30, 2024 was due to the sale of the De-Sta-Co business on March 31, 2024 and includes net post-closing adjustments of $0.7 million recorded during the three months ended June 30, 2024. See Note 4 — Dispositions in the condensed consolidated financial statements in Item 1 of this Form 10-Q for further details.
Current wording
Gain on dispositions of $597.9 million for the nine months ended September 30, 2024 was primarily due to the sale of the De-Sta-Co business on March 31, 2024 and the sale of a minority owned equity investment on September 30, 2024. See Note 4 — Discontinued and Disposed Operations in the condensed consolidated financial statements in Item 1 of this Form 10-Q for further details.
Previous wording
Other income, net includes non-service pension benefit, deferred compensation plan investments gain or loss, earnings or charges from equity method investments, foreign exchange gain or loss, and various other items. Other income, net for the three and six months ended June 30, 2024 increased $6.2 million and increased $8.8 million, respectively, from the comparable prior period driven by various immaterial items.
Current wording
Other income, net includes non-service pension benefit, deferred compensation plan investments gain or loss, earnings or charges from equity method investments, foreign exchange gain or loss, and various other items. Other income, net for the three and nine months ended September 30, 2024 increased $2.8 million and $12.3 million, respectively, from the comparable prior period primarily driven by an increase in equity earnings and gain on deferred compensation plan investments.
Previous wording
The effective tax rates for the three months ended June 30, 2024 and 2023 were 20.2% and 19.3%, respectively. The increase in the effective tax rate for the three months ended June 30, 2024 relative to the prior year comparable quarter was primarily driven by favorable audit resolutions in the prior year.
Current wording
The effective tax rates for the three months ended September 30, 2024 and 2023 were 19.0% and 17.7%, respectively. The increase in the effective tax rate for the three months ended September 30, 2024 relative to the prior year comparable quarter was primarily driven by a gain on disposition.
Previous wording
The effective tax rates for the six months ended June 30, 2024 and 2023 were 20.7% and 19.7%, respectively. The increase in the effective tax rate for the six months ended June 30, 2024 relative to the prior year comparable period was primarily driven by the gain on the sale of De-Sta-Co.
Current wording
The effective tax rates for the nine months ended September 30, 2024 and 2023 were 20.1% and 18.7%, respectively. The increase in the effective tax rate for the nine months ended September 30, 2024 relative to the prior year comparable period was primarily driven by the gains on dispositions.
Previous wording
Net earnings for the six months ended June 30, 2024 increased 94.1% to $914.0 million, or $6.57 diluted earnings per share, from $470.8 million, or $3.35 diluted earnings per share, in the prior year comparable period. The increase in net earnings is driven by the after-tax gain on the sale of De-Sta-Co of $414.5 million.
Current wording
Earnings from continuing operations for the nine months ended September 30, 2024 increased 65.8% to $1.2 billion, or $8.37 diluted earnings per share from continuing operations, from $685.7 million, or $4.88 diluted earnings per share from continuing operations, in the prior year comparable period. The increase in earnings from continuing operations is primarily driven by the after-tax gains on the sale of De-Sta-Co and a minority owned equity method investment totaling $464.2 million.
Previous wording
Our Engineered Products segment provides a wide range of equipment, components, software, solutions and services to the vehicle aftermarket, waste handling, aerospace and defense, industrial winch and hoist, and fluid dispensing end-markets.
Current wording
Our Engineered Products segment provides a wide range of equipment, components, software, solutions and services to the vehicle aftermarket, aerospace and defense, industrial winch and hoist, and fluid dispensing end-markets.
Previous wording
Engineered Products revenue for the second quarter of 2024 increased $41.2 million, or 8.7%, as compared to the second quarter of 2023, driven by organic growth of 20.2%, partially offset by a disposition-related decline of 11.3% and an unfavorable impact from foreign currency translation of 0.2%. The disposition-related decline was due to the divestiture of De-Sta-Co in the first quarter of 2024. Customer pricing favorably impacted revenue by approximately 2.1% in the second quarter of 2024 and in the prior year comparable quarter.
Current wording
Engineered Products revenue for the third quarter of 2024 decreased $13.3 million, or 4.3%, as compared to the third quarter of 2023, due to a disposition-related decline of 17.0%, partially offset by organic growth of 12.1%, acquisition-related growth of 0.3% and a favorable impact from foreign currency translation of 0.3%. The disposition-related decline was due to the divestiture of De-Sta-Co in the first quarter of 2024. Customer pricing favorably impacted revenue by approximately 1.1% in the third quarter of 2024 and 1.2% in the prior year comparable quarter.
Previous wording
The organic revenue growth was primarily driven by continued robust demand in our waste handling business as national and regional waste haulers continue to upgrade their refuse collection vehicle fleets and implement our leading digital technologies to drive efficiencies in waste collection. We also saw increased revenue in our vehicle service business driven by increasing demand in Europe and improved production performance, along with continued solid demand trends in our aerospace and defense business. We expect positive organic growth trends to continue in the second half of 2024 on the back of robust customer demand in waste handling, growth in aerospace and defense, and improving demand conditions and production performance in our vehicle service business.
Current wording
The organic revenue growth was primarily driven by our vehicle service business, which saw increased demand in Europe and improved production performance in North America, along with favorable demand trends in our industrial winch and hoist business. We expect positive organic growth trends to continue into the fourth quarter on the back of improved demand conditions and production performance in our vehicle service business.
Previous wording
Engineered Products segment earnings increased $28.2 million, or 38.6%, compared to the second quarter of 2023. The increase was primarily driven by organic volume increases, favorable price versus cost dynamics, and productivity initiatives, partially offset by disposition impacts. As a result, segment margin increased to 19.7% from 15.4% as compared to the prior year comparable quarter.
Current wording
Engineered Products segment earnings decreased $6.9 million, or 10.9%, compared to the third quarter of 2023. The decrease was primarily due to the disposition of De-Sta-Co and shipment timing of aerospace and defense components, which was partially offset by organic volume increases and favorable price versus cost dynamics. Segment margin decreased to 19.1% from 20.5% as compared to the prior year comparable quarter.
Previous wording
Engineered Products revenue for the six months ended June 30, 2024 increased $86.7 million, or 8.9%, compared to the prior year comparable period. This was comprised of organic revenue growth of 14.6%, a disposition-related decline of 5.5% and an unfavorable impact from foreign currency translation of 0.2%. The organic revenue growth was driven by robust demand in our waste handling business, improved production performance and increased demand in our vehicle service business and solid demand trends in our aerospace and defense business. Customer pricing favorably impacted revenue by approximately 1.8% and by 3.0% in the prior year comparable period.
Current wording
Engineered Products revenue for the nine months ended September 30, 2024 decreased $8.6 million, or 0.9%, compared to the prior year comparable period. This was comprised of a disposition-related decline of 11.5%, partially offset by organic revenue growth of 10.5% and acquisition-related growth of 0.1%. Organic revenue growth was driven by improved production performance and increased demand in our vehicle service business, along with solid demand trends in both our aerospace and defense business, and in our industrial winch and hoist business. Customer pricing favorably impacted revenue by approximately 0.8% and by 2.0% in the prior year comparable period.
Previous wording
Segment earnings for the six months ended June 30, 2024 increased $47.9 million, or 30.4%, as compared to the 2023 comparable period. The increase was primarily driven by organic volume increases, favorable price versus cost dynamics, and productivity initiatives, partially offset by disposition impacts and an unfavorable impact from foreign currency translation. Segment margin increased to 19.4% from 16.2% as compared to the prior year comparable period.
Current wording
Segment earnings for the nine months ended September 30, 2024 increased $14.8 million, or 9.5%, as compared to the 2023 comparable period. The increase was primarily driven by organic volume increases and favorable price versus cost dynamics, partially offset by disposition impacts. Segment margin increased to 18.7% from 17.0% as compared to the prior year comparable period.
Previous wording
Clean Energy & Fueling revenue for the second quarter of 2024 increased $21.8 million, or 5.0%, as compared to the second quarter of 2023, driven by acquisition-related growth of 3.0%, organic growth of 2.3% and an unfavorable foreign currency translation of 0.3%. Customer pricing favorably impacted revenue in the second quarter of 2024 by approximately 3.2% and by 4.8% in the prior year comparable quarter.
Current wording
Clean Energy & Fueling revenue for the third quarter of 2024 increased $33.7 million, or 7.2%, as compared to the third quarter of 2023, driven by acquisition-related growth of 8.8%, partially offset by an organic decline of 1.2% and an unfavorable foreign currency translation impact of 0.4%. Customer pricing favorably impacted revenue in the third quarter of 2024 by approximately 2.0% and by 4.0% in the prior year comparable quarter.
Previous wording
The organic revenue growth was primarily driven by pricing initiatives, clean energy solutions, and strong demand in North America and Latin America above ground retail fueling equipment, partially offset by volume headwinds in the fluid transfer solutions business. We expect continued organic growth in the second half of the year driven by strong demand in North America above ground retail fueling equipment and the clean energy solutions business.
Current wording
The organic revenue decline was primarily due to lower shipments in Europe for above-ground retail fueling projects and reduced year-over-year demand in vehicle wash solutions, partially offset by pricing initiatives, clean energy solutions and strong demand in North America above-ground retail fueling equipment. We expect organic growth in the fourth quarter driven by strong demand in North America above and below-ground retail fueling, as well as the clean energy solutions business.
Previous wording
Clean Energy & Fueling segment earnings increased $3.9 million, or 4.7%, over the prior year comparable quarter. The increase was primarily driven by strategic pricing and cost actions, partially offset by inflationary impacts. Segment margin remained flat compared to prior year comparable quarter.
Current wording
Clean Energy & Fueling segment earnings increased $7.1 million, or 7.6%, over the prior year comparable quarter. The increase was primarily driven by strategic pricing and the favorable impact of acquisitions, partially offset by the negative impact from lower volumes and integration costs in clean energy solutions. Segment margin remained flat compared to prior year comparable quarter.
Previous wording
Clean Energy & Fueling segment revenue increased $36.2 million, or 4.1%, as compared to the six months ended June 30, 2023, attributable to acquisition-related growth of 2.4% and organic growth of 1.9%, partially offset by an unfavorable impact from foreign currency translation of 0.2%. Organic revenue was higher in the first six months of the year compared with the prior year comparable period, driven by pricing actions and above ground retail fueling equipment, partially offset by lower volume in fluid transfer solutions and below ground retail fueling businesses. Customer pricing favorably impacted revenue by approximately 3.0% and by approximately 4.7% in the prior year comparable period.
Current wording
Clean Energy & Fueling segment revenue increased $69.9 million, or 5.2%, as compared to the nine months ended September 30, 2023, attributable to acquisition-related growth of 4.7% and organic growth of 0.8%, partially offset by an unfavorable impact from foreign currency translation of 0.3%. Organic revenue growth was driven by pricing actions and above-ground retail fueling equipment, partially offset by lower volume in fluid transfer solutions and below-ground retail fueling businesses. Customer pricing favorably impacted revenue by approximately 2.6% and by approximately 4.4% in the prior year comparable period.
Previous wording
Clean Energy & Fueling segment earnings remained flat, for the six months ended June 30, 2024. Pricing actions and productivity initiatives were offset by lower volume and inflationary costs. Segment margin decreased to 17.3% from 18.0% in the prior year comparable period, mainly due to revenue mix.
Current wording
Clean Energy & Fueling segment earnings increased $7.0 million or 2.8%, for the nine months ended September 30, 2024. Pricing actions and productivity initiatives and the favorable impact of acquisitions were partially offset by lower volume and inflationary costs. Segment margin decreased to 18.2% from 18.7% in the prior year comparable period, primarily due to product mix.
Previous wording
Imaging & Identification revenue for the second quarter of 2024 increased $15.7 million, or 5.8%, as compared to the second quarter of 2023, comprised of organic growth of 6.9% and acquisition-related growth of 0.7%, partially offset by an unfavorable impact from foreign currency translation of 1.8%. Customer pricing favorably impacted revenue in the second quarter of 2024 by approximately 2.8% and by approximately 6.0% in the prior year comparable quarter.
Current wording
Imaging & Identification revenue for the third quarter of 2024 increased $7.8 million, or 2.8%, as compared to the third quarter of 2023, comprised of organic growth of 3.3% and acquisition-related growth of 0.6%, partially offset by an unfavorable impact from foreign currency translation of 1.1%. Customer pricing favorably impacted revenue in the third quarter of 2024 by approximately 2.6% and by approximately 5.3% in the prior year comparable quarter.
Previous wording
The organic revenue growth was primarily driven by pricing actions, serialization software, and strong consumables and aftermarket sales. We expect continued favorable organic growth in the second half of the year driven by pricing and increased demand for marking and coding equipment, particularly in the United States and Latin America.
Current wording
The organic revenue growth was primarily driven by pricing actions and increased demand for marking and coding equipment and consumables, partly offset by softer digital textile printing equipment and consumables. We expect continued favorable organic growth in the fourth quarter primarily driven by continued strength in marking and coding and favorable pricing.
Previous wording
Imaging & Identification segment revenue increased $9.4 million, or 1.7%, as compared to the six months ended June 30, 2023, attributable to organic growth of 2.6% and acquisition-related growth of 0.5%, partially offset by an unfavorable impact from foreign currency translation of 1.4%. The organic revenue growth was primarily driven by pricing initiatives, partially offset by weaker demand in our digital textile printing business. Customer pricing favorably impacted revenue by approximately 3.2% and by approximately 6.4% in the prior year comparable period.
Current wording
Imaging & Identification segment revenue increased $17.2 million, or 2.1%, as compared to the nine months ended September 30, 2023, attributable to organic growth of 2.8% and acquisition-related growth of 0.5%, partially offset by an unfavorable impact from foreign currency translation of 1.2%. The organic revenue growth was primarily driven by pricing initiatives, partially offset by weaker demand in our digital textile printing business. Customer pricing favorably impacted revenue by approximately 3.0% and by approximately 6.0% in the prior year comparable period.
Previous wording
Imaging & Identification segment earnings increased $16.1 million, or 12.4%, for the six months ended June 30, 2024 over the prior year comparable period. The increase was primarily driven by pricing initiatives and cost controls, partially offset by the unfavorable impact of foreign currency translation. Segment margin increased to 25.8% from 23.4% in the prior year comparable period.
Current wording
Imaging & Identification segment earnings increased $23.0 million, or 11.5%, for the nine months ended September 30, 2024 over the prior year comparable period. The increase was primarily driven by favorable product mix, pricing initiatives and cost controls, partially offset by the unfavorable impact of foreign currency translation. Segment margin increased to 26.3% from 24.1% in the prior year comparable period.
Previous wording
Pumps & Process Solutions revenue for the second quarter of 2024 increased $11.6 million, or 2.5%, as compared to the second quarter of 2023, driven by acquisition-related growth of 6.0%, partially offset by organic decline of 3.1% and an unfavorable impact from foreign currency translation of 0.4%. Acquisition-related growth was driven by the acquisition of FW Murphy Production Controls business ("FW Murphy") in the fourth quarter of 2023. Customer pricing favorably impacted revenue in the second quarter of 2024 by approximately 1.8% and by approximately 5.1% in the prior year comparable quarter.
Current wording
Pumps & Process Solutions revenue for the third quarter of 2024 increased $41.1 million, or 9.5%, as compared to the third quarter of 2023, driven by acquisition-related growth of 7.0%, organic growth of 1.9% and a favorable impact from foreign currency translation of 0.6%. Acquisition-related growth was driven by the acquisition of FW Murphy Production Controls business ("FW Murphy") in the fourth quarter of 2023. Customer pricing favorably impacted revenue in the third quarter of 2024 by approximately 1.7% and by approximately 3.6% in the prior year comparable quarter.
Previous wording
The organic revenue decline was primarily due to decreased revenue in our plastics and polymer processing solutions business, partially offset by increased revenue in our precision components business and increased demand for connectors used in bioprocessing and high performance computing and data center applications. We expect overall revenue to trend favorably in the second half of the year driven by the FW Murphy acquisition, positive demand trends in bioprocessing and recent specification wins for thermal connectors in liquid cooling for high performance computing and data center applications. We expect this to be partially offset by slower expected demand in our polymer processing equipment business.
Current wording
The organic revenue growth was primarily driven by increased revenue in our precision components business and increased demand for connectors used in bioprocessing and high performance computing and data center applications, partially offset by decreased revenue in our plastics and polymer processing solutions business. We expect overall revenue to trend favorably in the fourth quarter driven by the FW Murphy acquisition, positive demand trends in bioprocessing and thermal connectors in liquid cooling for high performance computing applications. We expect this growth to be partially offset by lower shipments in our polymer processing equipment business.
Previous wording
Pumps & Process Solutions segment earnings increased $7.9 million, or 6.1%, over the prior year comparable quarter. The increase was driven by the favorable impact from the FW Murphy acquisition, along with the positive impact of pricing initiatives and productivity actions, partially offset by a negative impact from lower volume. Segment margin increased to 28.8% from 27.8% from the prior year comparable quarter driven by productivity initiatives and favorable portfolio mix.
Current wording
Pumps & Process Solutions segment earnings increased $20.4 million, or 17.3%, over the prior year comparable quarter. The increase was driven by the favorable impact from the FW Murphy acquisition, along with the positive impact of product line mix, pricing initiatives and productivity actions. Segment margin increased to 29.3% from 27.3% in the prior year comparable quarter driven by productivity initiatives and favorable portfolio mix.
Previous wording
Overall bookings increased 17.0% as compared to the prior year comparable quarter with organic growth of 10.5% and acquisition-related growth of 6.9%, partially offset by an unfavorable impact from foreign currency translation of 0.4%. The organic bookings growth was primarily driven by positive demand trends in connectors, supported by improving customer sentiment in bioprocessing along with recent specification wins in high performance computing applications. Segment book-to-bill was 0.97.
Current wording
Overall bookings increased 23.4% as compared to the prior year comparable quarter with organic growth of 15.1% and acquisition-related growth of 8.3%. The organic bookings growth was primarily driven by positive demand trends in connectors, supported by improving customer sentiment in bioprocessing and high performance computing applications. Segment book-to-bill was 0.95.
Previous wording
Pumps & Process Solutions segment revenue increased $63.5 million, or 7.2%, as compared to the six months ended June 30, 2023, attributable to acquisition-related growth of 6.7% for the acquisition of FW Murphy and organic growth of 0.5%. The organic growth was primarily driven by pricing initiatives, increased revenue in precision components and single-use components used in biopharmaceutical manufacturing, partially offset by our polymer processing equipment business. Customer pricing favorably impacted revenue by approximately 1.6% and by approximately 5.0% in the prior year comparable period.
Current wording
Pumps & Process Solutions segment revenue increased $104.6 million, or 8.0%, as compared to the nine months ended September 30, 2023, attributable to acquisition-related growth of 6.8% for the acquisition of FW Murphy, organic growth of 1.0% and a favorable impact from foreign currency translation of 0.2%. The organic growth was primarily driven by pricing initiatives, increased revenue in precision components and single-use components used in biopharmaceutical manufacturing, partially offset by our polymer processing equipment business. Customer pricing favorably impacted revenue by approximately 1.6% and by approximately 4.6% in the prior year comparable period.
Previous wording
Pumps & Process Solutions segment earnings increased $11.4 million, or 4.6%, for the six months ended June 30, 2024 over the prior year comparable period. The increase was driven by the favorable impact from the FW Murphy acquisition, pricing initiatives and productivity, partially offset by lower volume. Segment margin decreased to 27.1% from 27.8% from the prior year comparable period.
Current wording
Pumps & Process Solutions segment earnings increased $31.7 million, or 8.8%, for the nine months ended September 30, 2024 over the prior year comparable period. The increase was driven by the favorable impact from the FW Murphy acquisition, product line mix, pricing initiatives and productivity, partially offset by lower volumes. Segment margin increased to 27.9% from 27.7% from the prior year comparable period.
Previous wording
Climate & Sustainability Technologies revenue decreased $12.3 million, or 2.7%, as compared to the second quarter of 2023, reflecting organic revenue decline of 2.3% and an unfavorable impact from foreign currency translation of 0.8%, partially offset by acquisition-related growth of 0.4%. Customer pricing favorably impacted revenue in the second quarter of 2024 by approximately 0.3% and by approximately 5.3% in the prior year comparable quarter.
Current wording
Climate & Sustainability Technologies revenue decreased $44.8 million, or 9.4%, as compared to the third quarter of 2023, reflecting organic revenue decline of 9.4%. Customer pricing favorably impacted revenue in the third quarter of 2024 by approximately 1.0% and by approximately 2.4% in the prior year comparable quarter.
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