2024-02-01 12:46:04 ET
Dover Corporation (DOV)
Q4 2023 Earnings Conference Call
February 01, 2024, 09:30 AM ET
Company Participants
Jack Dickens - Senior Director, Investor Relations.
Richard Tobin - President and Chief Executive Officer
Brad Cerepak - Senior Vice President and Chief Financial Officer
Conference Call Participants
Andrew Obin - Bank of America
Andrew Kaplowitz - Citi Group
Scott Davis - Melius Research
Mike Halloran - Baird
Steve Tusa - JPMorgan
Joe Ritchie - Goldman Sachs
Jeff Sprague – Vertical Research
Julian Mitchell - Barclays
Nigel Coe - Wolfe Research
Deane Dray - RBC Capital Markets
Presentation
Operator
Good morning, and welcome to Dover's Fourth Quarter and Full Year 2023 Earnings Conference Call. Speaking today are Richard J. Tobin, President and Chief Executive Officer; Brad Cerepak, Senior Vice President and Chief Financial Officer; and Jack Dickens, Senior Director, Investor Relations.
After the speakers' remarks, there will be a question-and-answer period. [Operator Instructions] As a reminder, ladies and gentlemen, this conference call is being recorded, and your participation implies consent to our recording of this call. If you do not agree with these terms, please disconnect at this time. Thank you.
I would now like to turn the call over to Mr. Jack Dickens. Please go ahead, sir.
Jack Dickens
Thank you, Angela. Good morning, everyone, and thank you for joining our call. An audio version of this call will be available on our website through February 22, and a replay link of the webcast will be archived for 90 days. Our comments today will include forward-looking statements based on current expectations. Actual results and events could differ from those statements due to a number of risks and uncertainties, which are discussed in our SEC filings. We assume no obligation to update our forward-looking statements.
With that, I will turn this call over to Rich.
Richard Tobin
Thanks, Jack. Let's start with the key messages on Slide 3. market demand conditions in the fourth quarter played out largely as we expected. And as we discussed at the end of Q3, we adopted a business posture focused on managing down production in certain product lines to balance channel inventories to the detriment of fixed cost absorption. This puts us in a good inventory position and enable us to match demand and production in 2024.
This operating posture also drove solid operating free cash flow performance in the quarter, which positions us to play offense on the capital deployment front in 2024. We capitalized on strong volumes in several markets and drove margin mix higher for the consolidated portfolio in the quarter....
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Dover Corporation (DOV) Q4 2023 Earnings Call Transcript