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Dover (DOV) Wraps Up the Buyout of Electric RCV Bodies
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Dover Corporation (DOV - Free Report) closed the acquisition of certain intellectual property associated to electrically operated refuse collection vehicle (“RCV”) bodies from Boivin Evolution Inc. (“BEV”). The buyout will expand the technological footprint and product portfolio of Dover’s Environmental Solutions Group (“ESG”) business unit within Dover's Engineered Products segment.
BEV is an inventor in the development of an all-electric automated side-loading RCV body, offers a zero-emission refuse truck, when combined with an electric truck chassis. BEV's RCV body can be equipped to be completely self-powered with its own battery pack and riding on conventional diesel, compressed natural gas or electric power chassis. It can also be fitted into the electric-powered chassis to use a common battery pack. An all-electric RCV uses BEV's technology, which enables waste truckers and their municipal waste customers a new technologically and economically profitable tool for sustainability initiatives.
Dover’s ESG business is a leading global provider of solutions for the waste and recycling industries. BEV's intellectual property portfolio offers ESG an additional innovative capability and an exclusive technology, which will aid ESG to support customers as they invest in alternative-fuel and sustainable RCV offerings. ESG is well poised to capitalize on the growing demand for the adoption of electric RCVs through the latest buyout while strengthening leadership in alternative fuels.
Dover focuses on investments in capacity expansions in high-growth businesses and productivity improvements across its portfolio. It has a long tradition of making successful acquisitions in diverse end markets. The company deployed $1.1 billion in nine bolt-on acquisitions in 2021, including Acme and RegO. These acquisitions are contributing to the company’s top line. Dover will remain active on the buyout front in 2022.
Dover is gaining from robust order trends across the majority of its businesses, stemming from strong end-market demand. The company is well poised to deliver robust top-line growth, margin expansion and double-digit earnings per share (EPS) growth in 2022, driven by a strong backlog, margin conversion efforts and benefits from acquisitions. DOV expects adjusted earnings per share between $8.45 and $8.65 for 2022, up from $7.63 per share reported in 2021.
In the Engineered Products segment, Dover has been witnessing solid demand for engineered products, vehicle service and industrial automation. The Clean Energy and Fueling segment will gain from underground vehicle wash and software solutions. The Imaging & Identification segment will continue to benefit from strong demand for consumables and fast-moving consumer goods solutions. The marking & coding business is expected to maintain its growth trajectory with serialization and brand protection software. In the Pumps & Process Solutions business, demand for biopharma connectors and pumps will likely be healthy, aided by the COVID vaccine and non-COVID-related pharmaceutical tailwinds. The Climate and Sustainability Technologies segment will perform well in 2022, given the large backlog and continued elevated order rates.
Price Performance
Dover’s shares have gained 11.3% in the past year against the industry’s loss of 5.2%.
AGCO Corp has an estimated earnings growth rate of around 12% for 2022. In the past 60 days, the Zacks Consensus Estimate for current-year earnings has been revised upward by 10.6%.
AGCO pulled off a trailing four-quarter earnings surprise of 56.6%, on average. In the past six months, the company’s shares have gained 13.7%.
Packaging Corp has an expected earnings growth rate of 12.6% for 2022. The Zacks Consensus Estimate for the current year’s earnings has moved up 0.9% in the past 60 days.
PKG has a trailing four-quarter earnings surprise of 22.7%, on average. PKG’s shares have gained 9.9% in the past six months.
Deere has a projected earnings growth rate of 19.7% for the current fiscal. The Zacks Consensus Estimate for fiscal 2022 earnings has moved north by 2.3% in the past 60 days.
DE delivered a trailing four-quarter earnings surprise of 20.6%, on average. Deere has moved up 23.3% in the past six months.
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Dover (DOV) Wraps Up the Buyout of Electric RCV Bodies
Dover Corporation (DOV - Free Report) closed the acquisition of certain intellectual property associated to electrically operated refuse collection vehicle (“RCV”) bodies from Boivin Evolution Inc. (“BEV”). The buyout will expand the technological footprint and product portfolio of Dover’s Environmental Solutions Group (“ESG”) business unit within Dover's Engineered Products segment.
BEV is an inventor in the development of an all-electric automated side-loading RCV body, offers a zero-emission refuse truck, when combined with an electric truck chassis. BEV's RCV body can be equipped to be completely self-powered with its own battery pack and riding on conventional diesel, compressed natural gas or electric power chassis. It can also be fitted into the electric-powered chassis to use a common battery pack. An all-electric RCV uses BEV's technology, which enables waste truckers and their municipal waste customers a new technologically and economically profitable tool for sustainability initiatives.
Dover’s ESG business is a leading global provider of solutions for the waste and recycling industries. BEV's intellectual property portfolio offers ESG an additional innovative capability and an exclusive technology, which will aid ESG to support customers as they invest in alternative-fuel and sustainable RCV offerings. ESG is well poised to capitalize on the growing demand for the adoption of electric RCVs through the latest buyout while strengthening leadership in alternative fuels.
Dover focuses on investments in capacity expansions in high-growth businesses and productivity improvements across its portfolio. It has a long tradition of making successful acquisitions in diverse end markets. The company deployed $1.1 billion in nine bolt-on acquisitions in 2021, including Acme and RegO. These acquisitions are contributing to the company’s top line. Dover will remain active on the buyout front in 2022.
Dover is gaining from robust order trends across the majority of its businesses, stemming from strong end-market demand. The company is well poised to deliver robust top-line growth, margin expansion and double-digit earnings per share (EPS) growth in 2022, driven by a strong backlog, margin conversion efforts and benefits from acquisitions. DOV expects adjusted earnings per share between $8.45 and $8.65 for 2022, up from $7.63 per share reported in 2021.
In the Engineered Products segment, Dover has been witnessing solid demand for engineered products, vehicle service and industrial automation. The Clean Energy and Fueling segment will gain from underground vehicle wash and software solutions. The Imaging & Identification segment will continue to benefit from strong demand for consumables and fast-moving consumer goods solutions. The marking & coding business is expected to maintain its growth trajectory with serialization and brand protection software. In the Pumps & Process Solutions business, demand for biopharma connectors and pumps will likely be healthy, aided by the COVID vaccine and non-COVID-related pharmaceutical tailwinds. The Climate and Sustainability Technologies segment will perform well in 2022, given the large backlog and continued elevated order rates.
Price Performance
Dover’s shares have gained 11.3% in the past year against the industry’s loss of 5.2%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Dover currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Industrial Products sector are AGCO Corporation (AGCO - Free Report) , Packaging Corporation of America (PKG - Free Report) and Deere and Company (DE - Free Report) , each carry a Zacks Rank #2 (Buy), at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
AGCO Corp has an estimated earnings growth rate of around 12% for 2022. In the past 60 days, the Zacks Consensus Estimate for current-year earnings has been revised upward by 10.6%.
AGCO pulled off a trailing four-quarter earnings surprise of 56.6%, on average. In the past six months, the company’s shares have gained 13.7%.
Packaging Corp has an expected earnings growth rate of 12.6% for 2022. The Zacks Consensus Estimate for the current year’s earnings has moved up 0.9% in the past 60 days.
PKG has a trailing four-quarter earnings surprise of 22.7%, on average. PKG’s shares have gained 9.9% in the past six months.
Deere has a projected earnings growth rate of 19.7% for the current fiscal. The Zacks Consensus Estimate for fiscal 2022 earnings has moved north by 2.3% in the past 60 days.
DE delivered a trailing four-quarter earnings surprise of 20.6%, on average. Deere has moved up 23.3% in the past six months.