DOVER Corp
For the period ended Mar 31, 2025. Filed Apr 24, 2025.
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.
Mar 31, 2025 · Filed Apr 24, 2025
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 2024-09-30; filed 2024-10-24.
0000029905-24-000045
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-04-24.
0000029905-25-000014
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 153 previous paragraphs and 136 current paragraphs.
66 unchanged; 49 reworded; 19 added; 38 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 16 previous and 14 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 (19)
Current report
Bookings were $2.0 billion for the three months ended March 31, 2025, a decrease of $16.3 million or 0.8% compared to the prior year comparable quarter. Included in this result was disposition-related decline of 2.6% and an unfavorable impact from foreign currency translation of 1.1%, partially offset by acquisition-related growth of 2.4% and organic growth of 0.5%. The organic bookings growth was primarily driven by broad-based strength within the Clean Energy & Fueling segment and robust order rates in biopharmaceutical and data center liquid cooling applications in our Pumps & Process Solutions segment.
Current report
Non-Operating Items
Current report
Interest Expense, net
Current report
For the three months ended March 31, 2025, interest expense, net of interest income, decreased $24.3 million, or 76.7%, to $7.4 million compared to the prior year comparable quarter primarily due to increased interest income generated by the proceeds from the sale of ESG held in highly liquid short-term investments and reduced interest expense resulting from a lack of commercial paper borrowings.
Current report
Earnings from discontinued operations, net for the three months ended March 31, 2025 and 2024 amounted to a loss of $8.4 million, and a gain of $30.1 million, respectively. The Company completed the sale of ESG on October 8, 2024. See Note 4 — Discontinued and Disposed Operations in the condensed consolidated financial statements in Item 1 of this Form 10-Q for additional details.
Current report
The organic revenue decline was primarily due to lower volumes in our North America vehicle service business and order timing within aerospace and defense, partially offset by favorable demand trends in our fluid dispensing and industrial winch and hoist businesses. We expect improving sequential performance over the rest of the year due to improving demand trends in several of our key end markets, most notably in our aerospace and defense businesses, as well as improving dynamics in vehicle service business demand.
Current report
Overall bookings decreased 19.8% as compared to the prior year comparable quarter, due to a disposition-related decline of 15.8%, organic decline of 4.1% and an unfavorable impact from foreign currency translation of 0.6%, partially offset by acquisition-related growth of 0.7%. The organic bookings decline was due to reduced demand in our vehicle service business, partially offset by strength in aerospace and defense. Segment book-to-bill was 1.04.
Current report
The organic revenue growth was primarily driven by pricing actions and favorable demand trends in our below-ground retail fueling and clean energy components businesses. We expect demand conditions to remain constructive across end markets the rest of the year.
Current report
Clean Energy & Fueling segment earnings increased $16.0 million, or 22.9%, over the prior year comparable quarter. The increase was primarily driven by strategic pricing, the favorable impact from acquisitions, productivity initiatives and the benefits from restructuring actions, partially offset by inflationary costs. Segment earnings margin increased to 17.4% from 15.7% as compared to prior year comparable quarter.
Current report
Imaging & Identification revenue for the first quarter of 2025 increased $3.3 million, or 1.2%, as compared to the first quarter of 2024, driven by organic growth of 3.9% and acquisition-related growth of 0.3%, partially offset by an unfavorable impact from foreign currency translation of 3.0%. Customer pricing favorably impacted revenue in the first quarter of 2025 by approximately 2.3% and by approximately 3.6% in the prior year comparable quarter.
Current report
Overall bookings increased 3.5% as compared to the prior year comparable quarter, reflecting organic growth of 5.6% and acquisition-related growth of 0.7%, partially offset by an unfavorable impact from foreign currency translation of 2.8%. The organic bookings growth was primarily driven by increased marking and coding demand, and order intake in serialization software. Segment book-to-bill was 1.03.
Current report
Pumps & Process Solutions revenue for the first quarter of 2025 increased $27.8 million, or 6.0%, as compared to the first quarter of 2024, driven by organic growth of 6.5% and acquisition-related growth of 0.2%, partially offset by an unfavorable impact from foreign currency translation of 0.7%. Acquisition-related growth was driven by the acquisition of Cryogenic Machinery Corp. ("Cryo-Mach") in the first quarter of 2025. Customer pricing favorably impacted revenue in the first quarter of 2025 by approximately 1.3% and by approximately 1.4% in the prior year comparable quarter.
Current report
The organic revenue growth was primarily driven by robust shipment rates of single-use biopharma components and connectors used in liquid cooling of high performance computers and data center applications, together with solid performance in precision components and industrial pumps, partially offset by expected revenue declines in our plastics and polymer processing solutions business, as customers shift focus to optimizing the significant capacity investments made over the last several years. Our outlook is favorable for the remainder of the year, most notably as it relates to demand for single use biopharma components and thermal connectors.
Current report
Pumps & Process Solutions segment earnings increased $32.5 million, or 27.4%, over the prior year comparable quarter. The increase was driven by the favorable impact from higher volumes, productivity initiatives, pricing actions and favorable portfolio mix, partially offset by an unfavorable impact from foreign currency translation. Segment earnings margin increased to 30.6% from 25.5% in the prior year comparable quarter.
Current report
Climate & Sustainability Technologies revenue decreased $16.4 million, or 4.5%, as compared to the first quarter of 2024, due to an organic revenue decline of 3.7% and an unfavorable impact from foreign currency translation of 0.8%. Customer pricing favorably impacted revenue in the first quarter of 2025 by approximately 0.2% and unfavorably impacted the prior year comparable quarter by approximately 0.6%.
Current report
The organic revenue decline was primarily due to project timing in retail refrigeration, partially offset by continued strong demand for low-GWP CO 2 refrigerant systems, and improving demand across heat exchanger applications. We expect improvement as we move through 2025, as solid demand in CO 2 refrigerant systems continues, demand for heat exchangers in data center cooling applications accelerates, and demand headwinds in both beverage can-making equipment and European residential heat pumps abates.
Current report
Cash flow from operating activities for the three months ended March 31, 2025 increased by $11.0 million compared to March 31, 2024, primarily driven by higher operating earnings during the quarter.
Current report
•Commercial paper and other short-term borrowings, net: The Company had no commercial paper borrowings during the three months ended March 31, 2025. During the three months ended March 31, 2024, we received net proceeds of $500.7 million from commercial paper borrowings, primarily used to fund our accelerated share repurchase transaction.
Current report
Net cash (used in) provided by discontinued operations for the three months ended March 31, 2025 and March 31, 2024 amounted to $(0.9) million and $17.6 million, respectively.
Removed paragraphs (38)
Previous report
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 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.
Previous 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.
Previous 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.
Previous report
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 report
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 report
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 report
Other Income, net
Previous report
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 report
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 report
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 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.
Previous report
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 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.
Previous report
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 report
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 report
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 report
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 report
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 report
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 report
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 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.
Previous report
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 report
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 report
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 report
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 report
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 report
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 report
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 report
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.
Previous report
The organic revenue decline was primarily due to near-term, transient slowing in heat exchanger demand in Europe due to HVAC OEMs efforts to reduce component inventories, as well as continued headwinds in new beverage can-making equipment sales as customers pivot from new equipment investment to scaling production and expanding utilization of recent capacity additions. This headwind was partially offset by increased demand for retail refrigeration equipment and services, including the growing demand for low-global warming potential ("GWP") CO 2 refrigerant systems. We expect organic revenue declines to continue into the fourth quarter, primarily due to continued year-over-year reductions in the sales of heat exchangers in Europe and in beverage can-making equipment. We expect to begin to see sequential improvements in demand for both of these product lines in 2025.
Previous report
Climate & Sustainability Technologies segment revenue decreased $148.1 million, or 10.7%, compared to the nine months ended September 30, 2023, reflecting an organic revenue decline of 10.7%, and an unfavorable foreign currency translation impact of 0.3%, partially offset by acquisition-related growth of 0.3%. The organic revenue decline for the nine months ended September 30, 2024 was due to near-term, transient slowing in heat exchanger demand in Europe due to HVAC OEMs efforts to reduce component inventories, as well as continued headwinds in new beverage can-making equipment sales as customers pivot from new equipment investment to scaling production and expanding utilization of recent capacity additions. This was partially offset by increased demand for retail refrigeration equipment and services, including the growing demand for low-GWP CO 2 refrigerant systems. Customer pricing favorably impacted revenue by approximately 0.2%, and by approximately 4.4% in the prior year comparable period.
Previous report
Climate & Sustainability Technologies segment earnings decreased $28.0 million, or 12.0%, for the nine months ended September 30, 2024, as compared to the prior year comparable period. Segment margin decreased to 16.7% from 16.9% in the prior year comparable period. The earnings decrease was primarily due to lower volumes in heat exchangers and beverage can-making equipment, partially offset by increased retail refrigeration volumes, productivity initiatives and cost reduction actions.
Previous report
Cash flow from operating activities for the nine months ended September 30, 2024 decreased by $72.1 million compared to September 30, 2023, primarily due to tax payments related to the gain from the De-Sta-Co divestiture.
Previous report
•Commercial paper and other short-term borrowings, net: During the nine months ended September 30, 2024 and 2023, we used $89.0 million and $528.8 million, respectively, to pay off commercial paper borrowings.
Previous 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.
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. 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.
Previous 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.
Reworded paragraphs (49)
Previous wording
•Our Pumps & Process Solutions segment manufactures specialty pumps and flow meters, fluid transfer connectors, highly engineered precision components, instruments and digital controls for rotating and reciprocating machines, polymer processing equipment, serving single-use biopharmaceutical production, diversified industrial manufacturing applications, chemical production, plastics and polymer processing, midstream and downstream oil and gas, clean energy markets, thermal management, food and beverage, semiconductor production and medical applications and other end-markets.
Current wording
•Our Pumps & Process Solutions segment manufactures specialty pumps and flow meters, fluid transfer connectors, highly engineered precision components, instruments and digital controls for rotating and reciprocating machines, and polymer processing equipment, serving single-use biopharmaceutical production, diversified industrial manufacturing applications, chemical production, plastics and polymer processing, midstream and downstream oil and gas, clean energy markets, thermal management, food and beverage, semiconductor production and medical applications and other end-markets.
Previous wording
•Our Climate & Sustainability Technologies segment is a provider of innovative and energy-efficient equipment, components and parts for the commercial refrigeration, heating and cooling and beverage can-making equipment end-markets.
Current wording
•Our Climate & Sustainability Technologies segment is a provider of innovative and energy-efficient equipment, components, solutions, services and parts for the commercial refrigeration, heating and cooling and beverage can-making equipment end-markets.
Previous 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.
Current wording
In the first quarter of 2025, revenue was $1.9 billion, which decreased $17.7 million, or 0.9%, as compared to the first quarter of 2024. This was due to disposition-related decline of 2.7% and an unfavorable impact from foreign currency translation of 1.1%, partially offset by acquisition-related revenue growth of 2.4% and organic revenue growth of 0.5%. The disposition-related decline was due to the sale of De-Sta-Co and was partially offset by acquisition-related growth primarily in our Clean Energy & Fueling segment.
Previous 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.
Current wording
The 0.5% organic revenue growth for the first quarter of 2025 was driven by our Pumps & Process Solutions, Imaging & Identification and Clean Energy & Fueling segments which grew 6.5%, 3.9%, and 1.8%, respectively. The growth was partially offset by the Engineered Products and Climate & Sustainability Technologies segments which declined 8.0% and 3.7%, 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 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.
Current wording
From a geographic perspective, organic revenue for the U.S., our largest market, decreased 0.2% in the first quarter of 2025 compared to the prior year comparable quarter, due to decreased organic revenue in the Engineered Products segment. Organic revenue increased for Asia and Other Americas by 8.0% and 0.6%, respectively and decreased for Europe by 3.5%.
Previous 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.
Current wording
Restructuring and other costs for the three months ended March 31, 2025 were $9.4 million which included restructuring charges of $8.3 million and other costs of $1.1 million. Restructuring and other costs were generally related to headcount reductions and exit costs across the segments. For further discussion related to our restructuring and other costs, see "Restructuring and Other Costs (Benefits)," within this Item 2.
Previous wording
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 wording
During the three months ended March 31, 2025, the Company completed one business acquisition for approximately $29.3 million, subject to post-closing adjustments. See Note 3 — Acquisitions in the condensed consolidated financial statements in Item 1 of this Form 10-Q for further details.
Previous wording
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 wording
During the three months ended March 31, 2025, the Company repurchased 200,000 shares at a total cost of $40.7 million, or $203.50 per share. As of March 31, 2025, 16,930,718 shares remain authorized for repurchase under the August 2023 share repurchase authorization.
Previous 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.
Current wording
Revenue for the three months ended March 31, 2025 decreased $17.7 million, or 0.9%, from the prior year comparable quarter. The decrease in revenue was due to disposition-related decline of 2.7% and an unfavorable impact from foreign currency translation of 1.1%, partially offset by acquisition-related growth of 2.4% and organic revenue growth of 0.5%. Customer pricing favorably impacted revenue by approximately 1.3% in the first quarter of 2025 and by 1.5% in the prior year comparable quarter.
Previous 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.
Current wording
Gross profit for the three months ended March 31, 2025 increased $48.3 million, or 6.9%, and gross profit margin increased 300 basis points to 40.0%, versus the prior year comparable quarter. The gross profit margin increase was driven by strategic pricing, positive product mix and productivity and cost actions.
Previous 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%.
Current wording
Selling, general and administrative expenses for the three months ended March 31, 2025 increased $6.2 million, or 1.4%, from the prior year comparable quarter, primarily due to increases in acquisition-related amortization expense and employee compensation and benefits, partially offset by lower restructuring costs. As a percentage of revenue, selling, general and administrative expenses increased 60 basis points as compared to the prior year comparable quarter to 24.1%.
Previous 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.
Current wording
Research and development costs, including qualifying engineering costs, are expensed when incurred and amounted to $37.5 million and $36.1 million for the three months ended March 31, 2025 and 2024. The costs as a percentage of revenue are 2.0% for the three months ended March 31, 2025 and 1.9% for the three months ended March 31, 2024.
Previous 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.
Current wording
Gain on dispositions amounted to $2.5 million and $529.9 million for the three months ended March 31, 2025 and 2024, respectively. The 2024 gain on disposition was driven by the sale of the De-Sta-Co business on March 31, 2024. See Note 4 — Discontinued and Disposed Operations in the condensed consolidated financial statements in Item 1 of this Form 10-Q for additional details.
Previous 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.
Current wording
The effective tax rates for the three months ended March 31, 2025 and 2024 were 19.0% and 20.7%, respectively. The decrease in the effective tax rate for the three months ended March 31, 2025 relative to the prior year comparable quarter was primarily due to a gain on disposition in the prior year.
Previous wording
The Company is monitoring the changes in tax laws resulting from the Organization for Economic Cooperation and Development’s multi-jurisdictional plan of action to address base erosion and profit shifting. We do not expect this to have a material impact on our effective tax rate.
Current wording
The Company is continuing to monitor the changes in tax laws resulting from the Organization for Economic Cooperation and Development’s multi-jurisdictional plan of action to address base erosion and profit shifting. We do not expect this to have a material impact on our effective tax rate.
Previous wording
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 wording
Earnings from continuing operations for the three months ended March 31, 2025 decreased 60.3% to $239.2 million, or $1.73 diluted earnings per share from continuing operations, from $602.1 million, or $4.30 diluted earnings per share from continuing operations, in the prior year comparable quarter. The decrease in earnings from continuing operations is due to the after-tax gain on the sale of De-Sta-Co.
Previous 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.
Current wording
Engineered Products revenue for the first quarter of 2025 decreased $78.2 million, or 23.5%, as compared to the first quarter of 2024, due to a disposition-related decline of 15.4%, organic decline of 8.0% and an unfavorable impact from foreign currency translation of 0.6%, partially offset by acquisition-related growth of 0.5%. The disposition-related decline was due to the divestiture of De-Sta-Co in the first quarter of 2024. Acquisition-related growth was driven by the acquisition of Criteria Labs, Inc. in the third quarter of 2024. Customer pricing favorably impacted revenue by approximately 1.3% in the first quarter of 2025 and 0.8% in the prior year comparable quarter.
Previous 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.
Current wording
Engineered Products segment earnings decreased $18.4 million, or 29.5%, compared to the first quarter of 2024. The decrease was primarily due to the divestiture of De-Sta-Co and the negative impact from lower volumes in North America vehicle service and aerospace and defense, partially offset by favorable price versus cost dynamics and benefits from restructuring actions. Segment earnings margin decreased to 17.3% from 18.8% as compared to the prior year comparable quarter.
Previous 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.
Current wording
Clean Energy & Fueling revenue for the first quarter of 2025 increased $46.1 million, or 10.4%, as compared to the first quarter of 2024, driven by acquisition-related growth of 9.4% and organic growth of 1.8%, partially offset by an unfavorable foreign currency translation impact of 0.8%. Acquisition-related growth was primarily driven by the acquisition of Marshall Excelsior Company in the third quarter of 2024. Customer pricing favorably impacted revenue in the first quarter of 2025 by approximately 1.4% and by 2.8% in the prior year comparable quarter.
Previous wording
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 wording
Overall bookings increased 15.3% as compared to the prior year comparable quarter, driven by acquisition-related growth of 9.1% and organic growth of 7.5%, partially offset by an unfavorable impact from foreign currency translation of 1.3%. The organic bookings growth was primarily driven by North America above and below-ground retail fueling equipment and our clean energy platforms. Segment book-to-bill was 1.11.
Previous 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.
Current wording
The organic revenue growth was primarily driven by pricing actions and increased demand for serialization software and marking and coding equipment and consumables, partly offset by lower volumes in digital textile printing. The demand outlook is favorable for the remainder of the year in our marking and coding business as well as in serialization software.
Previous wording
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 wording
Imaging & Identification segment earnings increased $7.6 million, or 10.9%, over the prior year comparable quarter. The increase was primarily driven by the favorable impact from organic volume growth, pricing actions and productivity initiatives, partially offset by an unfavorable impact from foreign currency translation. Segment earnings margin increased to 27.7% from 25.3% in the prior year comparable quarter.
Previous wording
Our Pumps & Process Solutions segment manufactures specialty pumps and flow meters, fluid transfer connectors, highly engineered precision components, instruments and digital controls for rotating and reciprocating machines, polymer processing equipment, serving single-use biopharmaceutical production, diversified industrial manufacturing applications, chemical production, plastics and polymer processing, midstream and downstream oil and gas, clean energy markets, thermal management, food and beverage, semiconductor production and medical applications and other end-markets.
Current wording
Our Pumps & Process Solutions segment manufactures specialty pumps and flow meters, fluid transfer connectors, highly engineered precision components, instruments and digital controls for rotating and reciprocating machines, and polymer processing equipment, serving single-use biopharmaceutical production, diversified industrial manufacturing applications, chemical production, plastics and polymer processing, midstream and downstream oil and gas, clean energy markets, thermal management, food and beverage, semiconductor production and medical applications and other end-markets.
Previous 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.
Current wording
Overall bookings increased 5.4% as compared to the prior year comparable quarter with organic growth of 5.9% and acquisition-related growth of 0.2%, partially offset by an unfavorable impact from foreign currency translation of 0.7%. The organic bookings growth was primarily driven by positive demand trends in biopharmaceutical end market and growth in high performance computing and data center application demand. Segment book-to-bill was 1.01.
Previous wording
Our Climate & Sustainability Technologies segment is a provider of innovative and energy-efficient equipment, components and parts for the commercial refrigeration, heating and cooling and beverage can-making equipment end-markets.
Current wording
Our Climate & Sustainability Technologies segment is a provider of innovative and energy-efficient equipment, components, solutions, services and parts for the commercial refrigeration, heating and cooling and beverage can-making equipment end-markets.
Previous wording
Climate & Sustainability Technologies segment earnings decreased $8.0 million, or 9.6%, as compared to the third quarter of 2023. The segment earnings decrease was primarily due to the negative impact from lower volumes in heat exchangers and beverage can-making equipment, partially offset by increased volumes in retail refrigeration, along with productivity initiatives and cost actions across the segment. Segment margin decreased to 17.6% from 17.7% in the prior year comparable quarter.
Current wording
Climate & Sustainability Technologies segment earnings increased $1.4 million, or 2.7%, as compared to the first quarter of 2024. The segment earnings increase was primarily driven by productivity initiatives and cost actions across businesses, as well as the favorable mix impact from CO 2 refrigerant systems growth in retail refrigeration, partially offset by the unfavorable impact from lower volumes. Segment earnings margin increased to 15.0% from 13.9% in the prior year comparable quarter.
Previous wording
Bookings in the third quarter of 2024 decreased 2.3% from the prior year comparable quarter, reflecting an organic decline of 2.1% and an unfavorable impact from foreign currency translation of 0.2%. The organic bookings decline was principally due to order timing in retail refrigeration. Segment book-to-bill was 0.77.
Current wording
Bookings in the first quarter of 2025 decreased 12.7% from the prior year comparable quarter, due to an organic decline of 12.1% and an unfavorable impact from foreign currency translation of 0.6%. The organic bookings decline was primarily due to order timing in retail refrigeration, partially offset by favorable heat exchanger demand trends. Segment book-to-bill was 1.14.
Previous wording
(4) Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital overhead costs, deal related expenses and various administrative expenses relating to the corporate headquarters.
Current wording
(4) Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal related expenses and various administrative expenses relating to the corporate headquarters.
Previous wording
Restructuring and other costs are not presented in our segment earnings because these costs are excluded from the segment operating performance measure reviewed by management. During the three and nine months ended September 30, 2024, we incurred restructuring charges of $13.8 million and $41.6 million and other costs, net of $2.7 million and $10.5 million. Restructuring charges for the three months ended September 30, 2024 were primarily related to exit costs and headcount reductions in the Clean Energy & Fueling segment. Restructuring charges for the nine months ended September 30, 2024 were primarily related to product line exit costs and headcount reductions in the Clean Energy & Fueling, and the Climate & Sustainability Technologies segments. These restructuring programs were initiated in 2023 and 2024 and the Company will continue to make proactive adjustments to its cost structure to align with current demand trends. Other costs, net of $10.5 million for the nine months ended September 30, 2024, were primarily due to non-cash asset impairment charges and reorganization costs in the Climate & Sustainability Technologies and Imaging & Identification segments, respectively. These restructuring and other charges were recorded in cost of goods and services and selling, general and administrative expenses in the condensed consolidated statement of earnings. Additional programs beyond the scope of the announced programs may be implemented during 2024 with related restructuring charges.
Current wording
Restructuring and other costs are not presented in our segment earnings because these costs are excluded from the segment operating performance measure reviewed by management. During the three months ended March 31, 2025, we incurred restructuring charges of $8.3 million and other costs, net of $1.1 million. Restructuring charges for the three months ended March 31, 2025 were primarily related to headcount reductions and exit costs across the segments. These restructuring programs were initiated in 2024 and 2025 and the Company will continue to make proactive adjustments to its cost structure to align with current demand trends. These restructuring and other charges were recorded in cost of goods and services and selling, general and administrative expenses in the condensed consolidated statements of earnings. Additional programs beyond the scope of the announced programs may be implemented during 2025 with related restructuring and other cost charges.
Previous wording
We recorded the following restructuring and other costs for the three and nine months ended September 30, 2024:
Current wording
We recorded the following restructuring and other costs for the three months ended March 31, 2025:
Previous wording
Restructuring and other costs for the three and nine months ended September 30, 2023 included restructuring charges of $4.4 million and $33.3 million, respectively and other costs, net of $7.2 million and $10.5 million, respectively. Restructuring charges for the three months ended September 30, 2023 primarily related toheadcount reductions and exit costs in the Pumps & Process Solutions, Climate & Sustainability Technologies and Engineered Products segments. Restructuring charges for the nine months ended September 30, 2023 primarily related toheadcount reductions and exit costs in the Clean Energy & Fueling, Pumps & Process Solutions, Engineered Products and Climate & Sustainability Technologies segments. These restructuring programs were initiated in 2022 and 2023 and were undertaken in light of current market conditions. Other costs, net of $7.2 million and $10.5 million for the three and nine months ended September 30, 2023, were primarily due to an asset impairment in our Climate & Sustainability Technologies segment and product line rationalization and footprint reduction in our Clean Energy & Fueling segment. These restructuring and other charges were recorded in cost of goods and services and selling, general and administrative expenses in the condensed consolidated statement of earnings.
Current wording
During the three months ended March 31, 2024, we incurred restructuring charges of $18.7 million and other costs, net of $5.3 million. Restructuring charges for the three months ended March 31, 2024 primarily related to product line exit costs and headcount reductions in the Climate & Sustainability Technologies, Clean Energy & Fueling and Pumps & Process Solutions segments. These restructuring programs were initiated in 2023 and 2024. Other (benefits) costs, net of $5.3 million for the three months ended March 31, 2024, were primarily due to a non-cash asset impairment charge in our Climate & Sustainability Technologies segment. These restructuring and other charges were recorded in cost of goods and services and selling, general and administrative expenses in the condensed consolidated statements of earnings.
Previous wording
We recorded the following restructuring and other costs for the three and nine months ended September 30, 2023:
Current wording
We recorded the following restructuring and other costs for the three months ended March 31, 2024:
Previous wording
Adjusted Working Capital: We believe adjusted working capital (a non-GAAP measure calculated as receivables, plus inventory, less accounts payable) provides a meaningful measure of liquidity by showing changes caused by operational results. The following table provides a calculation of adjusted working capital:
Current wording
Adjusted Working Capital: We believe adjusted working capital (a non-GAAP measure calculated as receivables, plus inventory, less accounts payable) provides a meaningful measure of liquidity by showing changes caused by operational results.
Previous wording
Adjusted working capital increased by $167.3 million, or 10.4%, in the nine months ended September 30, 2024, which reflected an increase of $107.9 million in receivables, net, an increase of $70.2 million in inventory, net and an increase in accounts payable of $10.7 million. These amounts include the effects of acquisitions, dispositions and foreign currency translation. The increase in adjusted working capital versus year-end 2023 is primarily a result of timing of cash flows, with the fourth quarter traditionally representing our highest cash flow quarter.
Current wording
Adjusted working capital increased by $93.4 million, or 5.7%, in the three months ended March 31, 2025, which reflected an increase of $25.0 million in receivables, net, an increase of $64.5 million in inventory, net and a decrease in accounts payable of $3.9 million. These amounts include the effects of acquisitions, dispositions and foreign currency translation. The change in accounts receivable and payable reflect the timing of payments and collections. The increase in inventories is driven by production planning ahead of higher expected shipment volumes in the next several quarters.
Previous wording
•Proceeds from dispositions: During the nine months ended September 30, 2024, we received net proceeds of $767.7 million from the sales of De-Sta-Co, an operating company within the Engineered Products segment, and a minority owned equity method investment within Climate & Sustainability Technologies segment. There were no proceeds from disposition during the nine months ended September 30, 2023. 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 wording
•Proceeds from dispositions: During the three months ended March 31, 2025, we received an additional $3.8 million of net proceeds related to the sale of a minority-owned equity method investment within the Climate & Sustainability Technologies segment. During the three months ended March 31, 2024, we received net proceeds of $611.7 million from the disposition of De-Sta-Co. 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
•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 wording
•Acquisitions: During the three months ended March 31, 2025, we deployed approximately $29.3 million, net to acquire one business within the Pumps & Process Solutions segment. In comparison, during the three months ended March 31, 2024, we deployed approximately $144.9 million, net to acquire three businesses within the Clean Energy & Fueling segment. See Note 3 — Acquisitions in the condensed consolidated financial statements in Item 1 of this Form 10-Q for further details.
Previous wording
•Capital spending: Capital expenditures decreased $12.5 million during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, in line with our planned capital expenditures for the year.
Current wording
•Capital spending: Capital expenditures increased $8.1 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, in line with our planned capital expenditures for the year.
Previous wording
We anticipate that capital expenditures and any additional acquisitions we make through the remainder of 2024 will be funded from available cash and internally generated funds and, if necessary, through the issuance of commercial paper, or by accessing the public debt or equity markets. We estimate capital expenditures in 2024 to range from $145.0 million to $155.0 million.
Current wording
We anticipate that capital expenditures and any additional acquisitions we make through the remainder of 2025 will be funded from available cash and internally generated funds and, if necessary, through the issuance of commercial paper, or by accessing the public debt or equity markets. We estimate capital expenditures in 2025 to range from $170.0 million to $190.0 million.
Previous wording
•Repurchase of common stock, including accelerated share repurchase program: During the nine months ended September 30, 2024, the Company received a total of 2,869,282 shares upon completion the ASR Agreement for $500.0 million. During the nine months ended September 30, 2023, we repurchased no shares. See Note 17 — Stockholders' Equity in the condensed consolidated financial statements in Item 1 of this Form 10-Q for further details.
Current wording
•Repurchase of common stock, including accelerated share repurchase program: During the three months ended March 31, 2025, the Company repurchased a total of 200,000 shares for $40.7 million. During the three months ended March 31, 2024, the Company used $500.0 million to repurchase 2,569,839 shares on March 1, 2024 under an accelerated share repurchase transaction. See Note 17 — Stockholders' Equity in the condensed consolidated financial statements in Item 1 of this Form 10-Q for further details.
Previous wording
•Dividend payments: Total dividend payments to common shareholders were $212.4 million during the nine months ended September 30, 2024, as compared to $212.9 million during the same period in 2023. Our dividends paid per common share increased 1.0% to $1.54 during the nine months ended September 30, 2024 compared to $1.52 during the same period in 2023. The number of common shares outstanding decreased from September 30, 2023 to September 30, 2024, as share repurchases exceeded share issuances.
Current wording
•Dividend payments: Total dividend payments to common shareholders were $71.4 million during the three months ended March 31, 2025 and 2024. Our dividends paid per common share increased 1.0% to $0.515 during the three months ended March 31, 2025 compared to $0.51 during the same period in 2024.
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Current report — wording carried from elsewhere
The following table provides a calculation of adjusted working capital:
Current report — wording carried from elsewhere
We believe the net debt to net capitalization ratio and free cash flow are important measures of liquidity. Net debt to net capitalization is helpful in evaluating our capital structure and the amount of leverage we employ. Free cash flow and free cash flow ratios provide both management and investors a measurement of cash generated from operations that is available to fund acquisitions, pay dividends, repay debt and repurchase our common stock. We believe that reporting adjusted working capital provides a meaningful measure of liquidity by showing changes caused by operational results. We believe that reporting organic revenue growth provides a useful comparison of our revenue performance and trends between periods.