Dover backs FY23 adjusted EPS view $8.85-$9.05, consensus $8.98

Lowers FY23 revenue view to up 2%-4% from up 3%-5%, consensus $8.8B . The company said, “We had forecasted softer comparable margins in the first half of 2023 primarily due to business mix and lower volumes in biopharma and EMV payment systems. We prepared for this by proactively intervening on our cost structure starting in the latter half of 2022, and have continued these structural cost reductions in 2023. We expect the roll forward of these actions, demand seasonality and backlog shipment timing to drive sequential and comparable operating margin improvement in the second half.”