Manufacturer Dover has announced its second quarter results and revealed the impact that COVID-19 has had on its business.
The last few months have impacted businesses almost irrespective of industry, with many not surviving the ordeal.
Dover reported, however, that it is happy with its Q2 results. The company’s foodservice equipment brands include SWEP, Dover Food Retail and Unified Brands.
It saw revenue of $1.5 billion, a decline of 17% on 2019.
For the six months ending June 30, 2020, meanwhile, Dover generated revenue of $3.2 billion, a decline of 11%.
Dover’s president and CEO, Richard J. Tobin, said: “We are proud of our work and results in the second quarter. Economic uncertainty and operational disruption caused by the COVID-19 pandemic slowed activity across many markets and made the operating environment undeniably challenging.
“Our businesses have navigated the quarter well, as we focused on what was and remains within our control: diligently managing our costs and cash flow, providing a safe working environment for our associates and supporting our customers with the critical products they needed to keep their essential operations running.”
He concluded: “Looking forward, the demand outlook for the remainder of the year remains uncertain, with activity across most markets improving but not back to business-as-usual.
“As a result of our improved demand visibility into the third quarter, and our solid margin performance year-to-date, we are making the decision to reinstate our annual guidance, though with a wider range than usual for the mid-year reflecting the fluidity of market conditions. We retain additional flexibility to adjust our cost base if macroeconomic conditions in the second half of the year necessitate a response.”
Dover offers equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services to the foodservice sector.