You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: So we're going to have a robust Q&A session.
So let's move to page three.
The business challenge moving into Q1 was twofold for Dover.
First, we exited 2020 with a healthy backlog of business, which we needed to operationally deliver against.
Second, we had to work closely with our distributors and customers to seize opportunities in the marketplace despite a complex set of challenges with raw materials, components, logistics and labor availability.
We are pleased with our first quarter performance on both counts, which is reflected in a robust revenue growth and the increase in our order backlog as we move into Q2.
Let's take a look at the metrics.
Total revenue was up 13%, 9% organic to the comparable period.
Clearly, the quarter benefited from a good order backlog position and the willingness of the channels to receive product deliveries as market demand accelerated, resulting in the highest volume quarter since 2014 and the largest first quarter volume since 2012 for the company.
This performance clear indication that our product portfolio was attractive and often under-appreciated growth avenues and that the work that we have done on operational excellence is gaining traction.
Order rates outpaced revenue in the quarter, posting bookings of $2.3 billion, a 27% comparable organic increase.
The growth was broad-based with all five segments contributing to the increase.
This resulted in the seasonally high backlog of $2.2 billion, an increase of 39%.
Since our earnings are issued among the first in the industrial sector, I suppose it is upon it's -- it's on us to explain the drivers of growth and their impact on seasonality and full-year demand.
I'm going to try to be careful with my choice of terms and comments not to cast unwarranted shade on a clearly positive market demand environment.
There are several factors driving healthy customer activity, including pent-up demand from last year as a result of low starting channel inventories in certain sectors.
Importantly, before we get all wound up trying to quantify the impact of channel inventory stocking in inflationary pre-buy, and how it impacts quarterly demand, let's not lose sight of the fact that total marketplace demand is robust, which is reflected in our backlog and which also leads us to revise our revenue growth guidance upward for the full year to 10% to 12%.
So put succinctly, it's not pre-buy if we don't remove it from the full-year revenue estimates.
Still early in the year and we will continue to produce to meet customer demand and watch our backlog and order patterns carefully [Phonetic].
We'll have more color on the drivers of demand and our revenue performance, including contribution of market share gains, as we progress through the year.
For now, we are focused on executing operationally in demanding conditions to win in the marketplace.
But we clearly believe that favorable demand conditions remain durable through the year.
Let's move to profitability.
Q1 was solid with consolidated adjusted segment margin of 19.1%, 320 basis points higher versus the comparable quarter.
This was supported by strong volumes, favorable mix of products delivered positive pricing [Phonetic] and continued operational discipline and efficiency initiatives, which more than offset input cost headwinds.
Strong profitability and continued focus on working capital management resulted in seasonally strong free cash flow, which was up $110 million compared to last year's first quarter or the comparable period.
With a solid Q1 under our belt, we look at the remainder of 2020 with constructive optimism.
Strong order trends and a record backlog portend a robust topline outlook and we have confidence in our team's ability to navigate the supply chain challenges.
With that, we are raising our guidance for the year to 10% to 12% all in revenue growth and adjusted earnings per share of $6.75 to $6.85 per share, a substantial step up compared to our prior guidance.
I will skip slide four, which provides a more detailed overview of our results for the first quarter.
So let's move to slide five.
Engineered Products revenue was up 2% organically as demand conditions improved modestly through a comparable period.
Vehicle services entered the year with a strong order book and faced solid demand across all geographies and product lines.
Industrial automation grew on automotive recovery and channel restocking, and aerospace and defense shipments were solid.
The business remains booked well into the second half of the year.
As expected, waste hauling was down year-over-year given a lower starting backlog entering Q1, which was further impacted by component availability issues that constrained shipments in the quarter.
We have forecasted this business to be levered toward H2 and order trends and backlog reflect that.
Same dynamic for industrial winches with revenue down in the quarter.
But recovery in order rates, we expect a continued gradual recovery in this business over the year.
Margin performance in the quarter was flat year-over-year as volume leverage and pricing offset the negative fixed cost absorption in the capital goods portion of the portfolio.
And Fueling Solutions was up 3% organically in the quarter on the strength of North American retail fueling as well as our software and systems business in Europe.
Activity in China remains subdued.
Order backlogs are up 13%, and we expect our hanging hardware, vehicle wash and compliance driven underground product offerings to contribute positively due to an increase in miles driven and construction seasonality as we make our way through the year.
The segment posted another quarter of strong margin performance on higher volumes, productivity actions of mix, which is a continuation of the trajectory that we exited in 2020.
Sales in Imaging & Identification improved 4% organically.
The core marking and coding business grew well on strong printer and services demand in North America and Asia, but was partially offset by a decline in consumables against the comparable quarter where customers stocked up on inks at the onset of the pandemic.
We also saw a nice pickup in serialization software sales.
Textile printer sales remained soft as global apparel and retail remains impacted by COVID.
Ink consumable volumes were up as we significantly improved ink attachment rates, and we saw encouraging improvement in the pipeline in new printer sales as the quarter progressed.
Margins improved slightly in the segment on higher volumes and we were able to offset material cost inflation with strategic pricing during the quarter.
Pumps & Process Solutions posted 18% organic growth in the quarter on improved volumes across all businesses except precision components.
Order rates and shipments for biopharma connectors and pumps continued to be strong.
Industrial pumps had a solid quarter, driven by improved end market conditions and distributor demand.
And polymer processing shipments grew year-over-year on robust demand in Asia and the U.S. Precision components was down in the quarter though demand conditions stabilized in hydrodynamic bearings and compression parts as well as broadly in China through new OEM builds remains impacted.
Adjusted operating margin in the quarter expanded by 890 basis points on strong volume, favorable mix and pricing.
This team has moved the segment to best-in-class topline and bottom line metrics through a dedication to operational excellence, robust product development and innovation management and proactive and purposeful inorganic actions.
It's a world-class collection of assets that we will continue to invest behind.
Refrigeration & Food Equipment continued its solid momentum from the second half of last year posting 18% organic growth.
Revenue on new orders in beverage can making more than doubled year-over-year.
Food retail saw broad-based increases across its product lines as key retailers resumed capital investment in product programs plus we've seen good demand for some of our new product introductions and customer wins.
Our natural refrigerant systems business in particular experienced robust demand in Europe and in the US as customers are adopting more environmentally friendly solutions.
The heat exchanger business grew on robust demand in Asia and Europe across all end markets.
Foodservice equipment was down in the quarter but saw a stabilization in chain restaurant demand.
Despite operational challenges in food retail due to availability issues with installation raw materials, adjusted margin performance improved by 450 basis points, supported by stronger volumes, productivity initiatives and cost actions we took in the middle of 2020, partially offset by input cost inflation.
I'll pass it to Brad from here.
I'm on slide six.
On the top is the revenue bridge.
Our topline benefited from organic growth across all five segments, with particular strength in Pumps & Process Solutions and Refrigeration & Food Equipment segments.
FX benefited topline by 3% or $51 million.
Acquisitions more than offset dispositions in the quarter by $15 million.
We expect this number to grow in subsequent quarters.
The revenue breakdown by geography reflects strong growth in North America, Europe and Asia.
Our three largest geographic regions.
The U.S., our largest market posted 7% organic growth in the quarter on solid order rates and retail fueling, marking and coding, biopharma connectors, food retail and can making among others and was partially offset by delayed shipments in waste hauling.
Europe grew by 13% in the quarter on strong shipments in vehicle aftermarket, biopharma, industrial pumps and heat exchangers.
All of Asia returned to growth and was up 20% organically driven by China, which was up 60% against the COVID impacted comparable quarter in the prior year.
Moving to the bottom of the page.
Bookings were up 27% organically reflecting the continued broad-based momentum we are seeing across the portfolio.
In the quarter, we saw organic bookings growth across all five segments.
Overall, our backlog is currently up $626 million or 39% versus this time last year, positioning us well for the remainder of the year.
Let's go to the earnings bridges on slide seven.
On the top of the chart, adjusted segment EBIT was up nearly $100 million.
On margin improvement -- but margin improved several hundred basis points as improved volumes continued productivity initiatives and strategic pricing offset input cost inflation.
Going to the bottom of the chart.
The adjusted net earnings improved by $60 million, as higher segment EBIT more than offset higher taxes as well as higher corporate expenses, primarily related to compensation accruals and deal expenses.
The effective tax rate excluding discrete tax benefits was approximately 21.7% [Phonetic] for the quarter compared to 21.5% [Phonetic] in the prior year.
Discrete tax benefits were $6 million in the quarter or approximately $3 million lower than in 2020.
Rightsizing and other costs were $4 million in the quarter or $3 million after tax.
Now on slide eight.
We are pleased with the cash flow performance in the first quarter with free cash flow of $146 million or $110 million increase over last year.
Free cash flow conversion stands at 8% of revenue in the first quarter, which is historically our lowest cash flow quarter due to seasonality of our production.
Let's go to slide nine.
We expect demand in Engineered Products to improve sequentially through the remainder of the year, which is supported by a robust backlog.
We continue to see strong result with strong bookings trends in vehicle services and industrial automation.
Aerospace and defense have significant revenue visibility through its government programs and is booked well into the second half of the year.
Order rates and waste handling improved significantly during the first quarter, though the shipment schedule will be levered toward the second half and we are watching the supply chain here closely, which is a stabilizer we expect a gradual recovery through the second half of the year.
As communicated at our Investor Meeting in November, we expect Fueling Solutions to post modern organic growth for the year.
There was a known headwind from EMV roll-off in the U.S. but order trends support a number of positives offsetting it, including growth in systems and software recovery in underground businesses and growth in vehicle wash.
We also expect that Asia, particularly -- China in particular should stabilize and become a net positive for us in the second half.
The ICS acquisition, which we closed at the end of last year is off to a very good start as vehicle wash market is recovering healthily.
Imaging & ID is expected to perform well this year.
Our core marking and coding business stalwart in 2020 is expected to continue to deliver low to mid single-digit growth with services and serialization products positively impacting performance.
Digital textile printing remains slow, although we saw a year-over-year improvement in ink tonnage sales in Q1, as we continue executing our strategy to attach consumables to machine sales.
We expect recovery here in the second half.
Pumps & Process Solutions should have another solid year.
Demand for biopharma and hygienic applications remains robust and trading conditions in industrial pumps rebounded quickly in the first quarter and momentum should continue.
Our recent investments in biopharma capacity were prescient, and we are well positioned to continue capitalizing on the secular growth story.
Plastics and polymers is expected to deliver steady performance as a global shortage of plastic and rubber, as well as petrochemical investments are driving increased investment in processing plants.
Precision components are stabilized and we expect it to contribute to year-over-year growth beginning in the second half of the year.
And with its large backlog and high order rates, Refrigeration & Food Equipment is expected to have a strong year.
New orders in the core food retail businesses have been healthy in the last few quarters, as retailers that had paused their remodel programs last year amid the pandemic are restarting these strategic initiatives.
Additionally, we are capitalizing on our leadership position in natural refrigerant systems both in Europe and also in the U.S. where we believe the recent mandate in California will foretell a trend among the other 49 states to mandate the transition to more environmentally friendly solutions.
We also see good growth in our specialty product line and small format customer segment.
Belvac continues to work through a record backlog and had another significant bookings quarter in Q1 they're booked for the year.
Our heat exchanger business is seeing strong order rates across all verticals and geographies.
We are investing in capacity and new capabilities in these two businesses and are well positioned to capture growth.
Demand is stabilized in foodservice equipment at restaurant chains.
And we expect the institutional business to recover in the second half as students return to schools and traffic improves at stadiums and hotels.
Our revised annual guidance is on page 10, we covered the most pertinent of these items in the slides and we summarized here for your reference.
Finally, on slide 11, puts expected 2021 performance in a multi-year perspective.
2020 was proof of lower topline cyclicality in a demanding environment and our ability to protect profitability.
Operational excellence and operating margin expansion has been our priority over the last couple of years and we are on track to deliver more than 100 basis points of average margin expansion over that period.
And we have the playbook and tools for this to continue.
Dover is positioned to deliver attractive double-digit earnings per share growth in line with our long-term corporate targets communicated in 2019.
So, Andrey, we can open it up for Q&A.

user
sees fy adjusted earnings per share $6.75 to $6.85.
compname says guidance for full year 2021 revenue growth was raised to 10% to 12%.

assistant