Dover reports rising sales driven by AI and energy demand

Dover reported an 8% increase in third-quarter revenue, reaching $2.234 billion, driven by strengthening demand for equipment used in energy markets and artificial intelligence infrastructure. Earnings from continuing operations rose 11% to $337 million, while adjusted earnings per share increased 10% to $2.88.

Chief Executive Richard Tobin noted that orders increased by 16% and the company's backlog grew by 35% compared to the previous year. Growth in these sectors now accounts for more than 25% of total company revenue. To meet demand, Dover is investing to double its global capacity for large heat exchangers through 2027.

Demand for liquid cooling in data centers is reportedly accelerating in Europe and Asia, following initial concentration in the United States. The company also announced two acquisitions to expand manufacturing capacity and capabilities.