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DOVER Investor Contact : Andrey Galiuk Vice President - Corporate Development and Investor Relations ( 630 ) 743-5131 agaliuk@dovercorp.com Media Contact : Adrian Sakowicz Vice President - Communications ( 630 ) 743-5039 asakowicz@dovercorp.com DOVER REPORTS FIRST QUARTER 2021 RESULTS ; RAISES 2021 ANNUAL GUIDANCE DOWNERS GROVE , III . , April 20 , 2021 — Dover ( NYSE : DOV ) , a diversified global manufacturer , announced its financial results for the first quarter ended March 31 , 2021 . ( $ in millions , except per share data ) U.S. GAAP Revenue Net earnings 1 Diluted EPS Three Months Ended March 31 , 2021 2020 % Change $ 1,868 $ 1,656 13 % 233 176 32 % 1.61 1.21 33 % Non - GAAP Organic revenue change 2 9 % Adjusted net earnings Adjusted diluted EPS 263 203 29 % 1.81 1.39 30 % 1 Q1 2021 and 2020 net earnings include rightsizing and other costs of $ 3.1 million and $ 6.3 million , respectively . Q1 2020 also includes a $ 5.0 million non - cash after - tax gain on the sale of Chino . 2 Q1 2021 and 2020 adjusted net earnings exclude after tax acquisition - related amortization costs of $ 26.8 million and $ 25.7 million , respectively , and rightsizing and other costs of $ 3.1 million and $ 6.3 million , respectively . Q1 2020 also excludes a $ 5.0 million non - cash after - tax gain on the sale of Chino . For the quarter ended March 31 , 2021 , Dover generated revenue of $ 1.9 billion , an increase of 13 % ( + 9 % organic ) compared to the first quarter of the prior year . GAAP net earnings of $ 233 million increased 32 % , and GAAP diluted EPS of $ 1.61 was up 33 % . On an adjusted basis , net earnings of $ 263 million increased 29 % and adjusted diluted EPS of $ 1.81 was up 30 % versus the comparable quarter of the prior year . A full reconciliation between GAAP and adjusted measures and definitions of non - GAAP and other performance measures are included as an exhibit herein . MANAGEMENT COMMENTARY : Dover's President and Chief Executive Officer , Richard J. Tobin , said , “ Overall , we are off to an encouraging start with first quarter results that exceeded our forecasts . Our businesses capitalized on the improving demand conditions in their markets and delivered strong volume growth despite some notable supply chain disruptions during the quarter . Comparable operating margins increased in the quarter on volume leverage , favorable product mix , and continued progress on our center - led efficiency initiatives . " Order trends were strong and improved throughout the quarter across the majority of our businesses . We saw particularly healthy new order activity in biopharma connectors and pumps , plastics & polymer processing , food retail , industrial pumps , refuse collection , and automotive - exposed markets . Several markets that are still recovering , such as foodservice equipment , digital printing and industrial winches have also been posting encouraging trends . As a result of strong orders , our backlog at the end of the first quarter was substantially higher than the backlog we carried into the quarter .