DOVER Corp
For the period ended Jun 30, 2025. Filed Jul 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.
Jun 30, 2025 · Filed Jul 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 2025-03-31; filed 2025-04-24.
0000029905-25-000014
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-24.
0000029905-25-000024
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 136 previous paragraphs and 151 current paragraphs.
77 unchanged; 52 reworded; 21 added; 7 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 14 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 (21)
Current report
Bookings were $2.0 billion for the three months ended June 30, 2025, an increase of $131.2 million or 7.0% compared to the prior year comparable quarter. The bookings growth was primarily driven by strong bookings in the Clean Energy & Fueling and Pumps & Process Solutions segments.
Current report
Revenue for the three months ended June 30, 2025 increased $100.8 million, or 5.2%, from the prior year comparable quarter. The increase in revenue was driven by acquisition-related growth of 3.0%, primarily in our Clean Energy & Fueling and Pumps & Process Solutions segments, a favorable impact from foreign currency translation of 1.3% and organic revenue growth of 0.9%. Customer pricing favorably impacted revenue by approximately 1.9% in the second quarter of 2025 and by 1.7% in the prior year comparable quarter.
Current report
Revenue for the six months ended June 30, 2025 increased $83.2 million, or 2.2%, from the prior year comparable period. The increase in revenue was driven by acquisition-related growth of 2.7%, primarily in our Clean Energy & Fueling and Pumps & Process Solutions segments, organic revenue growth of 0.7% and a favorable impact from foreign currency translation of 0.1%. This increase was partially offset by a disposition-related decline of 1.3%. Customer pricing favorably impacted revenue by approximately 1.6% for the six months ended June 30, 2025 and 2024.
Current report
Gross profit for the six months ended June 30, 2025 increased $114.1 million, or 7.9%, and gross profit margin increased by 210 basis points to 39.9%, from the prior year comparable period. Gross profit margin increased driven by productivity initiatives, favorable portfolio mix, and benefits from restructuring actions.
Current report
Selling, general and administrative expenses for the six months ended June 30, 2025 increased $40.8 million, or 4.7%, 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 50 basis points as compared to the prior year comparable period to 23.3%.
Current report
On July 4, 2025, the One Big Beautiful Bill was enacted into law, introducing changes to the U.S. tax code. The Company is currently evaluating the various provisions, but does not expect this to have a material impact on our effective tax rate.
Current report
Earnings from continuing operations for the three months ended June 30, 2025 increased 13.6% to $280.1 million, or $2.03 diluted earnings per share from continuing operations, from $246.6 million, or $1.78 diluted earnings per share from continuing operations, in the prior year comparable quarter. The increase in earnings from continuing operations is primarily driven by acquisition-related and organic revenue growth primarily in our Clean Energy & Fueling and Pumps & Process Solutions segments and higher margin resulting from favorable mix, productivity initiatives and benefits from restructuring actions.
Current report
Engineered Products revenue for the six months ended June 30, 2025 decreased $87.5 million, or 14.2%, compared to the prior year comparable period. This was comprised of a disposition-related decline of 8.3% and an organic revenue decline of 6.7%, partially offset by acquisition-related growth of 0.6% and a favorable impact from foreign currency translation of 0.2%. The organic revenue decline was primarily due to lower volumes in our vehicle service business. Customer pricing favorably impacted revenue by approximately 2.1% and by 0.6% in the prior year comparable period.
Current report
Segment earnings for the six months ended June 30, 2025 decreased $17.0 million, or 14.8%, as compared to the 2024 comparable period. The decrease was primarily due to the divestiture of De-Sta-Co and lower volumes in vehicle service, partially offset by favorable price versus cost dynamics and the benefit of restructuring actions. Segment earnings margin decreased to 18.4% from 18.5% as compared to the prior year comparable period.
Current report
Clean Energy & Fueling segment revenue increased $129.2 million, or 14.2%, as compared to the six months ended June 30, 2024, attributable to acquisition-related growth of 9.2% and organic growth of 5.0%. Organic revenue growth was driven by pricing actions and strong demand in our above and below-ground retail fueling, fluid transport, and clean energy components businesses. Customer pricing favorably impacted revenue by approximately 1.5% and by approximately 3.0% in the prior year comparable period.
Current report
Clean Energy & Fueling segment earnings increased $36.2 million or 23.0%, for the six months ended June 30, 2025. The increase was primarily driven by volume growth, pricing, the favorable impact from acquisitions and benefits from restructuring actions, partially offset by inflationary costs. Segment earnings margin increased to 18.6% from 17.3% in the prior year comparable period.
Current report
Imaging & Identification revenue for the second quarter of 2025 increased $4.4 million, or 1.5%, as compared to the second quarter of 2024, driven by a favorable impact from foreign currency translation of 1.5% with organic revenue remaining flat. Customer pricing favorably impacted revenue in the second quarter of 2025 by approximately 4.1% and by approximately 2.8% in the prior year comparable quarter.
Current report
Imaging & Identification segment earnings increased $1.2 million, or 1.5%, over the prior year comparable quarter. The increase was primarily driven by favorable price versus cost dynamics and productivity initiatives, partially offset by reduced volumes. Segment earnings margin decreased to 26.3% from 26.4% in the prior year comparable quarter.
Current report
Overall bookings increased 1.2% as compared to the prior year comparable quarter. The bookings growth was primarily driven by our marking and coding and serialization software businesses. Segment book-to-bill was 1.00.
Current report
Imaging & Identification segment revenue increased $7.7 million, or 1.4%, as compared to the six months ended June 30, 2024, attributable to organic growth of 1.9% and acquisition-related growth of 0.1%, partially offset by an unfavorable impact from foreign currency translation of 0.6%. The organic revenue growth was primarily driven by pricing actions and increased demand increased demand for core marking and coding equipment, partially offset by reduced demand in digital textile printing. Customer pricing favorably impacted revenue by approximately 3.2% in the first half of 2025 and in the prior year comparable period.
Current report
Imaging & Identification segment earnings increased $8.8 million, or 6.0%, for the six months ended June 30, 2025 over the prior year comparable period. The increase was primarily driven by favorable price versus cost dynamics and productivity initiatives. Segment earnings margin increased to 27.0% from 25.8% in the prior year comparable period.
Current report
Pumps & Process Solutions segment revenue increased $71.2 million, or 7.5%, as compared to the six months ended June 30, 2024, attributable to organic growth of 5.2%, acquisition-related growth of 1.6% for the acquisitions of Cryo-Mach and Sikora AG, and a favorable impact from foreign currency translation of 0.7%.
Current report
The organic growth was primarily driven by single-use biopharma components, thermal connectors used in liquid cooling of data centers, and digital controls for midstream natural gas compression, together with solid performance in precision components and industrial pumps, partially offset by expected declines in our polymer processing equipment business. Customer pricing favorably impacted revenue by approximately 1.5% and by approximately 1.6% in the prior year comparable period.
Current report
Pumps & Process Solutions segment earnings increased $54.8 million, or 21.4%, for the six months ended June 30, 2025 over the prior year comparable period. The increase was driven by the impact of higher volumes, favorable portfolio mix, the impact from acquisitions and productivity initiatives. Segment earnings margin increased to 30.6% from 27.1% from the prior year comparable period.
Current report
Climate & Sustainability Technologies segment revenue decreased $37.0 million, or 4.6%, compared to the six months ended June 30, 2024, reflecting an organic revenue decline of 4.8%, partially offset by a favorable foreign currency translation impact of 0.2%. The organic revenue decline for the six months ended June 30, 2025 was due to project timing in retail refrigeration, partially offset by continued strong demand for low-GWP CO 2 refrigerant systems, and improving demand across beverage can-making and heat exchanger applications. Customer pricing favorably impacted revenue by approximately 0.2%, and unfavorably impacted revenue by approximately 0.2% in the prior year comparable period.
Current report
Climate & Sustainability Technologies segment earnings decreased $0.5 million, or 0.4%, for the six months ended June 30, 2025, as compared to the prior year comparable period. Segment earnings margin increased to 16.9% from 16.2% in the prior year comparable period. The earnings decrease was primarily due to lower volumes in retail refrigeration, partially offset by increased heat exchanger and beverage can-making volumes, productivity initiatives and the favorable mix impact from CO 2 refrigerant systems growth.
Removed paragraphs (7)
Previous 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.
Previous report
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 report
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 report
•Organic bookings represent bookings excluding the impact of foreign currency exchange rates and the impact of acquisitions and dispositions. This metric is an important measure of performance and an indicator of revenue order trends.
Previous 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.
Previous report
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 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.
Reworded paragraphs (52)
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, 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.
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, polymer processing equipment, and measurement, inspection, and control technologies, 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, wire and cable, food and beverage, semiconductor production and medical applications and other end-markets.
Previous 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.
Current wording
In the second quarter of 2025, revenue was $2.0 billion, which increased $100.8 million, or 5.2%, as compared to the second quarter of 2024. This increase was driven by acquisition-related revenue growth of 3.0%, a favorable impact from foreign currency translation of 1.3% and organic revenue growth of 0.9%. The acquisition-related growth was driven by our acquisitions in the Clean Energy & Fueling and Pumps & Process Solutions segments.
Previous 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.
Current wording
The 0.9% organic revenue growth for the second quarter of 2025 was driven by our Clean Energy & Fueling and Pumps & Process Solutions segments which grew 8.0% and 3.9%, respectively. The growth was partially offset by the Climate & Sustainability Technologies and Engineered Products segments which declined 5.6% and 5.1%, 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, 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%.
Current wording
From a geographic perspective, organic revenue for the U.S., our largest market, increased 3.9% in the second quarter of 2025 compared to the prior year comparable quarter, driven by increased organic revenue in the Clean Energy & Fueling and Pumps & Process Solutions segments. Organic revenue increased for Europe by 0.2%, and decreased for Other Americas and Asia by 19.3%, and 0.6%, respectively.
Previous 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.
Current wording
Restructuring and other costs for the three months ended June 30, 2025 were $23.2 million, which included restructuring charges of $13.5 million and other costs of $9.7 million. Restructuring and other costs were primarily related to exit costs and headcount reductions in the Climate & Sustainability Technologies, Clean Energy & Fueling, and Pumps & Process Solutions and 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 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.
Current wording
During the three months ended June 30, 2025, the Company completed two business acquisitions for approximately $629.6 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
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.
Current wording
Gross profit for the three months ended June 30, 2025 increased $65.7 million, or 8.7%, and gross profit margin increased 130 basis points to 39.9%, versus the prior year comparable quarter. The gross profit margin increase was driven by productivity initiatives, favorable portfolio mix, and benefits from restructuring actions.
Previous 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%.
Current wording
Selling, general and administrative expenses for the three months ended June 30, 2025 increased $34.6 million, or 8.1%, from the prior year comparable quarter, primarily due to increases in employee compensation and benefits, acquisition-related amortization expense, and an unfavorable impact from foreign currency translation. As a percentage of revenue, selling, general and administrative expenses increased 60 basis points as compared to the prior year comparable quarter to 22.6%.
Previous 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.
Current wording
Research and development costs, including qualifying engineering costs, are expensed when incurred and amounted to $40.8 million and $36.4 million for the three months ended June 30, 2025 and 2024, and $78.3 million and $72.5 million, for the six months ended June 30, 2025 and 2024. The costs as a percentage of revenue is 2.0% for both the three and six months ended June 30, 2025 and 1.9% for both the three and six months ended June 30, 2024.
Previous wording
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 wording
For the three and six months ended June 30, 2025, interest expense, net of interest income, decreased $19.4 million, or 68.7%, to $8.9 million and $43.7 million or 72.9%, to $16.2 million, respectively compared to the prior year comparable period. The decreases were primarily due to higher interest income generated by the investment of 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.
Previous 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.
Current wording
Gain on dispositions amounted to $2.2 million and $4.6 million for the three and six months June 30, 2025 and a loss of $0.7 million and a gain of $529.3 million for the three and six months ended June 30, 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 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.
Current wording
The effective tax rates for the six months ended June 30, 2025 and 2024 were 19.8% and 20.5%, respectively. The decrease in the effective tax rate for the six months ended June 30, 2025 relative to the prior year comparable quarter was primarily driven by a gain on disposition in the prior year.
Previous 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.
Current wording
Earnings from continuing operations for the six months ended June 30, 2025 decreased 38.8% to $519.4 million, or $3.76 diluted earnings per share from continuing operations, from $848.7 million, or $6.10 diluted earnings per share from continuing operations, in the prior year comparable period. The decrease in earnings from continuing operations is primarily due to the after-tax gain on disposition of De-Sta-Co of $414.5 million in the prior year, partially offset by higher operating earnings in the current period.
Previous wording
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 wording
Loss from discontinued operations, net for the three and six months ended June 30, 2025 amounted to $1.1 million and $9.5 million, respectively. Earnings from discontinued operations, net for the three and six months ended June 30, 2024 amounted to $35.2 million and $65.4 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.
Previous 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.
Current wording
Engineered Products revenue for the second quarter of 2025 decreased $9.4 million, or 3.3%, as compared to the second quarter of 2024, due to organic decline of 5.1%, partially offset by a favorable impact from foreign currency translation of 1.1% and acquisition-related growth of 0.7%. 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 3.0% in the second quarter of 2025 and 0.3% in the prior year comparable quarter.
Previous wording
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 wording
The organic revenue decline was primarily due to lower volumes in our vehicle service business, partially offset by pricing actions and favorable demand trends in our industrial winch and hoist businesses. We expect continued sequential performance improvement and organic growth in the second half of the year due to solid demand trends in several of our key end markets, most notably in our aerospace and defense business, as well as improving dynamics in vehicle service business demand.
Previous 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.
Current wording
Engineered Products segment earnings increased $1.4 million, or 2.7%, compared to the second quarter of 2024. The increase was primarily driven by favorable price versus cost dynamics and benefits from restructuring actions, partially offset by the negative impact from lower volumes in vehicle service. Segment earnings margin increased to 19.4% from 18.3% as compared to the prior year comparable quarter.
Previous wording
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 wording
Overall bookings decreased 1.4% as compared to the prior year comparable quarter. The 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 1.00.
Previous 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.
Current wording
Clean Energy & Fueling revenue for the second quarter of 2025 increased $83.1 million, or 17.9%, as compared to the second quarter of 2024, driven by acquisition-related growth of 9.1%, organic growth of 8.0% and a favorable 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 second quarter of 2025 by approximately 1.7% and by 3.2% in the prior year comparable quarter.
Previous wording
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 wording
The organic revenue growth was primarily driven by pricing actions and favorable demand trends in our above and below-ground retail fueling, fluid transport, and clean energy components businesses. We expect demand conditions to remain constructive across end markets in the second half of the year.
Previous wording
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 wording
Clean Energy & Fueling segment earnings increased $20.2 million, or 23.1%, over the prior year comparable quarter. The increase was primarily driven by higher volumes, pricing, the favorable impact from acquisitions and benefits from restructuring actions, partially offset by inflationary costs. Segment earnings margin increased to 19.7% from 18.9% as compared to prior year comparable quarter.
Previous 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.
Current wording
Overall bookings increased 19.2% as compared to the prior year comparable quarter. The bookings growth was primarily driven by acquisition-related growth in clean energy platforms and demand in North America above and below-ground retail fueling equipment. Segment book-to-bill was 0.96.
Previous 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.
Current wording
Organic revenue remained flat as growth in core marking and coding was offset by lower demand in digital textile printing. We expect revenue growth in the second half of the year driven by pricing and increased demand in our marking and coding business, as well as in serialization software.
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, 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.
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, polymer processing equipment, and measurement, inspection, and control technologies, 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, wire and cable, food and beverage, semiconductor production and medical applications and other end-markets.
Previous wording
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 wording
Pumps & Process Solutions revenue for the second quarter of 2025 increased $43.3 million, or 9.1%, as compared to the second quarter of 2024, driven by organic growth of 3.9%, acquisition-related growth of 2.8% and a favorable impact from foreign currency translation of 2.4%. Acquisition-related growth was driven by the acquisitions of Cryogenic Machinery Corp. ("Cryo-Mach") in the first quarter of 2025 and Sikora AG ("Sikora") in the second quarter of 2025. Customer pricing favorably impacted revenue in the second quarter of 2025 by approximately 1.7% and by approximately 1.8% in the prior year comparable quarter.
Previous wording
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 wording
The organic revenue growth was primarily driven by robust demand for single-use biopharma components, thermal connectors used in liquid cooling of data centers, and digital controls for midstream natural gas compression, as well as solid performance in industrial pumps, partially offset by anticipated 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. We expect continued growth in the second half of the year supported by demand trends in several of our businesses and an improving outlook in polymer processing equipment.
Previous wording
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 wording
Pumps & Process Solutions segment earnings increased $22.3 million, or 16.2%, over the prior year comparable quarter. The increase was driven by the favorable impact from higher volumes, productivity initiatives, favorable portfolio mix and the impact from acquisitions. Segment earnings margin increased to 30.6% from 28.8% in the prior year comparable quarter.
Previous 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.
Current wording
Overall bookings increased 14.9% as compared to the prior year comparable quarter. The 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 1.02.
Previous wording
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 wording
Climate & Sustainability Technologies revenue decreased $20.6 million, or 4.7%, as compared to the second quarter of 2024, due to an organic revenue decline of 5.6%, partially offset by a favorable impact from foreign currency translation of 0.9%. Customer pricing favorably impacted revenue in the second quarter of 2025 by approximately 0.2% and by approximately 0.3% in the prior year comparable quarter.
Previous wording
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 wording
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 in beverage can-making and 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 abate.
Previous 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.
Current wording
Climate & Sustainability Technologies segment earnings decreased $1.9 million, or 2.4%, as compared to the second quarter of 2024. The segment earnings decrease was primarily due to the unfavorable impact from lower volumes, partially offset by productivity initiatives and the favorable mix impact from CO 2 refrigerant systems growth in retail refrigeration. Segment earnings margin increased to 18.6% from 18.1% in the prior year comparable quarter.
Previous 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.
Current wording
Bookings in the second quarter of 2025 decreased 5.4% from the prior year comparable quarter. The bookings decline was primarily due to order timing in retail refrigeration, partially offset by favorable heat exchanger demand trends and higher beverage can-making bookings. Segment book-to-bill was 0.92.
Previous wording
(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 wording
(3) (Gain) loss 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.
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 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.
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 and six months ended June 30, 2025, we incurred restructuring charges of $13.5 million and $21.8 million and other costs, net of $9.7 million and $10.8 million. Restructuring charges for the three and six months ended June 30, 2025 were primarily related to exit costs and headcount reductions in the Climate & Sustainability Technologies, Pumps & Process Solutions and Clean Energy & Fueling 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. Other costs, net of $9.7 million and $10.8 million for the three and six months ended June 30, 2025 primarily relate to $4.0 million in costs associated with a product line exit 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. 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 months ended March 31, 2025:
Current wording
We recorded the following restructuring and other costs for the three and six months ended June 30, 2025:
Previous 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.
Current wording
Restructuring and other costs for the three and six months ended June 30, 2024 include restructuring charges of $9.1 million and $27.8 million and other costs, net of $2.5 million and $7.8 million. Restructuring charges for the three months ended June 30, 2024 were primarily related to exit costs and headcount reductions across all segments. Restructuring charges for the six months ended June 30, 2024 were 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 and the Company will continue to make proactive adjustments to its cost structure to align with current demand trends. Other costs, net of $7.8 million for the six months ended June 30, 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 statement of earnings.
Previous wording
We recorded the following restructuring and other costs for the three months ended March 31, 2024:
Current wording
We recorded the following restructuring and other costs for the three and six months ended June 30, 2024:
Previous wording
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 wording
Cash flow from operating activities for the six months ended June 30, 2025 increased by $74.2 million compared to June 30, 2024, primarily driven by higher operating earnings during the period.
Previous 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.
Current wording
Adjusted working capital has increased by $265.9 million, or 16.1%, year-to-date, driven by an increase of $126.9 million in net receivables and an increase of $161.0 million in net inventory, partially offset by an increase in accounts payable of $21.9 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 near term.
Previous 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.
Current wording
•Proceeds from dispositions: During the six months ended June 30, 2025, we received an additional $6.0 million of net proceeds related to the sale of a minority owned equity method investment in the third quarter of 2024 within the Climate & Sustainability Technologies segment. During the six months ended June 30, 2024, we received net proceeds of $674.7 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.
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Current report — wording carried from elsewhere
The effective tax rates for the three months ended June 30, 2025 and 2024 were 20.4% and 19.8%, respectively. The increase in the effective tax rate for the three months ended June 30, 2025 relative to the prior year comparable quarter was primarily driven by a prior year valuation allowance release.