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Text: Our second quarter results were strong across the board and we are especially pleased with the top-line performance considering the complicated operating environment.
The demand environment in the quarter was robust and continued the momentum from the first quarter and despite posting a 30% organic top-line growth, we exit Q2 with a sequentially higher order backlog.
I'll focus on the bigger picture here and highlight again what we believe is underappreciated aspect of our portfolio, it's organic growth potential.
Our revenue in the second quarter was above the pre-pandemic comparable quarter in 2019 and resulted in the highest revenue first half of the year in recent Dover history, meaning that the majority of our markets are not simply recovering but are operating in a growth environment.
New order bookings remain robust with all segments posting book-to-bill above one [Phonetic], resulting in sequential comparable growth in backlog as I mentioned earlier.
Operating margin conversion was solid for the quarter as a result of good execution at the operating level on healthy mix of products delivered in the quarter.
All of this is well and good, but make no mistake, the operating environment remains very challenging.
It's been 90 days since the last time we were asked the question about the duration of "transitory inflation".
As we've discussed after the first quarter, we had some line of sight of raw materials cost trajectory coming into the year, which allowed us to get in front from a price cost perspective.
We have also proactively given our operating companies some leeway on working capital decisions to build inventories based on the backlog trajectory.
What we underestimated was the -- was the total cost impacts of a strained logistics system and tight labor market that shows no signs of abating.
This has had two knock-on effects on our results.
First, the absolute costs of inbound and outbound freight were materially higher, and second and more important, the costs associated with production line stoppages due to lack of labor and components caused by trends and time uncertainty and overall supply chain tightness.
Our teams have done a commendable job navigating these choppy waters and continue shipping products and driving robust margin conversion and strong cash flow.
Overall, we believe that our operating model has been an advantage to us as we are largely a localized producer and are not overly reliant on extended supply chains.
This is clearly reflected in our top-line performance in the quarter.
As we look to the second half of the year, our order backlogs make us confident in our top-line trajectory.
Our forecast do not incorporate much in the way of an improvement nor deterioration of the operating challenges that we've witnessed during the first half.
We're just going to have to power through and work with our suppliers and customers to adapt to the prevailing conditions.
We are raising our annual revenue growth guidance to 15% to 17%, and our adjusted earnings per share guidance to $7.30 a share to $7.40 a share.
We also expect stronger cash flow as a result of the improved margin performance.
Skip to Slide 4, which provides a more detailed overview of our results in the quarter.
Engineered Products revenue was up 25% organically.
Vehicle services which is strong across all geographies and product lines and had record bookings during the quarter.
Industrial automation demand was strong across the automotive sector and in China.
Aerospace and defense posted an all-time record revenue during the second quarter.
Waste hauling was flat year-over-year as the business continues to wrestle with component and labor availability issues that are constraining product shipments.
Importantly, waste handling bookings were robust and the backlog was up nearly 75% versus the prior year.
Engineered Products is our most exposed segment to input and logistics cost inflation due to materials intensity, contractual pricing dynamics and relatively higher share of international sourcing in vehicle services.
You can see it in the margin -- the segment's margin was flat year-over-year as strong volume leverage and pricing increases were offset by input cost and freight inflation, as well as labor and component availability challenges.
Fueling Solutions was up 25% organically in the quarter on the strength of the above ground and below ground retail fueling globally, including some remaining tailwinds from the EMV opportunity in the U.S. following the April deadline.
Vehicle wash has had -- has been strong this year and our recent ICS acquisition integration and performance is ahead of plan.
Activity in China in fuel transport remains subdued, but there are signs of Chinese operators reopening their tendering activity.
Order backlogs were up 29%, and we expect our software and service business hanging hardware, vehicle wash and compliance-driven underground product offerings to help offset the anticipated headwinds from the EMV roll-off.
The segment posted another strong sequential margin performance on higher volumes, strategic pricing initiatives, productivity actions and mix.
Sales in Imaging & ID improved 20% organically.
The core marking & coding business grew well on strong printer demand across all geographies with China and India driving particularly strong performance.
Serialization software also grew ahead of expectations.
The digital textile [Phonetic] printing business was up significantly against the comparable quarter when much of their operations were locked down in Northern Italy last year, but nevertheless, the business remains impacted though we are beginning to see growth in demand for large printers, particularly in Asia and continued growth in ink consumable volumes.
Margins improved by 420 basis points on volume leverage, pricing and productivity initiatives.
Pumps & Process Solution posted another banner quarter at 34% organic growth on improved volumes across all businesses except Precision Components.
Demand for biopharma connectors and pumps are intended to be -- to be strong driven by vaccine and non-COVID related pharmaceutical tailwinds.
Industrial pumps grew by over 20% on robust end customer demand with particular strength in China.
Polymer processing shipments grew year-over-year and continued strength in Asia and is gaining momentum in the U.S. market.
Precision Components was slightly down in the quarter though demand conditions have stabilized and are recovering well in some end markets and geography giving us confidence in the second half trajectory.
Margins in the quarter expanded by 910 basis points on strong volumes, favorable mix and pricing.
Top-line growth in Refrigeration & Food Equipment continued its impressive clip posting a 44% organic growth.
Revenue in the beverage can making doubled in the quarter and bookings nearly doubled as well.
The business is now booked into late 2022.
Food retail saw broad-based growth across its product lines, door cases are now booking into 2022, and the demand for natural refrigerants is driving outside growth in our systems business in the U.S. and in Europe.
Backlog in food retail is now double where it was last year.
The heat exchanger business grew on robust demand in all geographies with rebounding order rates and commercial HVAC in North America and record order intake in EMEA extending lead times for heat pumps and boilers.
Foodservice equipment was up in the quarter on a tough comp, chain -- no, actually on an easy comp, and chain restaurant demand is robust, but the institutional market is still recovering.
Margins in the segment improved by 580 basis points, driven by strong volumes and productivity actions partially offset by availability issues with installation raw materials and labor and food retail operations, we expect -- which we expect to subside in the second half.
And I'll pass it on to Brad here.
Our top-line organic revenue increased by 30% in the quarter with all five segments posting growth with particular strength in our Pumps & Process Solutions and Refrigeration & Food Equipment segments.
FX benefited the top-line by about 5% or $68 million.
Acquisitions added $19 million of revenue in the quarter.
There were no year over impacts from dispositions.
The revenue breakdown by geography reflect strong growth in North America, Europe and Asia, our three largest regions.
The U.S., our largest market posted 25% organic growth in the quarter on solid trading conditions in retail fueling, marking & coding, biopharma, food retail and can making.
Europe grew by 30% on strong shipments in vehicle aftermarket, biopharma and industrial pumps and heat exchangers.
All of Asia was up 38% organically on growth in biopharma, marking & coding, plastics and polymers, heat exchangers and retail fueling demand outside of China.
China, which represents a little over half of our business in Asia was up 33% organically in the quarter.
Moving to the bottom of the page, bookings were up 61% organically, reflecting continued broad-based momentum across the portfolio.
In the quarter, we saw organic growth across all five segments.
Going to the earnings bridges now on Slide 7.
On the top of the chart, adjusted EBIT was up $173 million and margin improved 400 basis points, as improved volumes, continued productivity initiatives and strategic pricing offset input cost inflation.
Adjusted segment EBITDA was up 350 basis points.
Going to the bottom of the chart.
Adjusted net earnings improved by $135 million as higher segment EBIT more than offset higher taxes, as well as higher corporate expenses primarily relating to compensation accruals and deal expenses.
The effective tax rate excluding discrete tax benefits was approximately 21.7% for the quarter compared to 21.6% in the prior year.
Discrete tax benefits were $11 million in the quarter or $9 million higher than 2020 for approximately $0.07 of a year-over-year earnings per share impact.
Rightsizing and other costs were $11 million in the quarter or $8 million after-tax.
Now, on Slide 8.
We are pleased with the cash performance thus far this year, with free cash flow of $364 million, a $96 million increase over last year.
Free cash flow conversion stands at 9% of revenue for the first half of the year, 80 basis points higher than the comparable period last year, despite a significant investment in working capital and the impact of prior year tax deferrals that did not repeat this year.
Also as we discussed last quarter, we remain focused on delivering against our customers' strong order rates and build inventory to ensure we can meet the current demand in the second half of the year.
Let's try to pause here for a moment, because this is a complicated slide, but I think it's a transparent view of what we think is going to happen over the second half of the year and includes our current view of the outlook of the second half by segment provides context of how we are thinking about full-year guidance, which I'll get to shortly.
Remember, the demand environment is strong across the portfolio, so let's not try to get overexcited about headwinds or mix commentary.
We managed it in H1 and we will do it again in H2, but this is the reality of the situation in terms of the dynamic of the business.
We expect top-line growth -- top-line in Engineered Products to remain robust through the remainder of the year based on solid backlog and good bookings trajectory.
Momentum in the vehicle aftermarket, industrial automation should continue, while we expect the improved order rates and backlogs and solid waste handling and industrial winches to drive solid year-over-year growth in the second half.
Aerospace and defense is expected to be modestly down largely as a result of a difficult year-over-year comparison on -- on project deliveries.
Supply chain constraints and cost inflation are expected to continue to have a material impact on the segment.
Waste handling and automotive aftermarket businesses are our largest business exposed to the trifecta of raw materials inflation, extended supply chains and a larger proportion of assembly labor.
Our management teams are winning in the marketplace considering the headwinds which is reflected in the growth rate and order books.
But we are clearly at the point of having defend our market position at the expense of the price cost dynamic, which will be detrimental to near-term margins, but not material, slightly detrimental.
And we expect Fueling Solutions to provide organic growth for the full-year above our initial expectations on the back of growth in systems and software, recovering underground demand and vehicle wash.
Recall that above ground business as a tough second half due to the North American EMV volumes.
Margins in Fueling Solutions will be up for the full-year, though we expect modest margin compression in the second half relative to the first half on slightly lower volumes and negative product and geographic mix, which I think that we covered at the end of Q1 as with less North America volume due to EMV and more international volume that's slightly dilutive.
Trading conditions in Imaging & ID are expected to continue their positive trajectory for the remainder of the year.
Our core marking & coding business is expected to maintain its growth trajectory with services and serialization products positively impacting performance.
Digital textile printing is recovering, and we expect the end of the year, we will well above 2020, but below its 2019 high watermark.
We expect operating margins to remain stable in the second half.
Pumps & Process Solutions should see a solid second half.
Demand for biopharma and hygienic applications remain robust with customers now placing orders into 2022.
We are strategically investing an additional clean room capacity for this platform to support its growth.
Trading conditions in industrial pumps are strong and driven by robust and customer demand as opposed to channel stocking.
Plastics and polymers is expected to be steady though this business faces a difficult comparable period due to a strong performance last year.
Precision Components will return to growth in the second half as OEM new-builds will supplant increased activities at refineries and petrochemical plants.
We expect margins to remain strong in the segment, but we may see some minor dilution due to mix on the back half as our Precision Components business recovers, but the absolute profit trajectory of this segment is in very good shape.
With its large backlog and high sustained order rates, Refrigeration & Food Equipment will finish the year strong, with double-digit growth expected for all operating businesses.
New orders in core food retail business have been healthy across the product segments and the tailwinds from our leadership position and natural refrigerants are driving outside growth for our systems business.
We expect to begin to significantly ramp up shipments of our new digital door product.
Belvac continues to work through its record backlogs.
They are now taking orders for late 2022 and even into 2023.
Heat exchanger business is positioned well as they are seeing strong order rates across all verticals and geographies.
We have been investing in capacity and new capabilities in these two businesses and are well positioned to capture the growth.
Foodservice equipment demand is normalized and returned to growth at restaurant chains and institutional business continues to improve.
We expect this business to post solid growth in the second half albeit against a low comparable.
We expect margins to continue their seasonally adjusted upward trajectory for the remainder of the year.
Improved volume leverage, productivity gains and positive product mix and business mix should more than offset operational challenges related to component and labor shortages, increased logistics costs and input cost inflation.
Moving to Slide 10.
We remain on the front foot investing behind our business to support the growth, productivity and long-term portfolio enhancement.
Organic high return on investment projects remain our top priority for capital allocation.
On the left hand, you can see a sample of the current growth and productivity capex projects that we are working on, that add up to $75 million of spend.
The project mix is balanced between growth and productivity with a skew toward new capacity and supporting long-term growth in key priority portions of our portfolio.
Our next priority in capital allocation is strategic bolt-on acquisitions and enhance the long-term growth profile and attractiveness of our portfolio.
You can see that with that all four of our recent acquisitions were in either digital or high growth single use pumps markets.
These are small additions, but we are very excited about scaling up these highly innovative technologies as part of our G&A [Phonetic] portfolio.
We remain on the hunt for acquisitions, have a solid M&A pipeline as we enter the second half.
Our current dry powder on a full-year '21 basis is approximately $3.3 billion.
Our revised annual guidance is on Page 11.
We are increasing our top-line forecast to reflect the durability and demand trends that we are seeing.
We now expect to achieve 15% to 17% all-in revenue growth this year.
On the bottom of the page, we show our expected '21 performance in a multi-year perspective.
We remain on track to deliver strong returns through a combination of robust organic revenue growth, strong margin expansion and disciplined capital allocation.
And with that Andrey, we'll open it up to Q&A.

user
sees fy adjusted earnings per share $7.30 to $7.40.
guidance for full year 2021 revenue growth was raised to 15% to 17%.

assistant