Shares of industrial conglomerate Dover Corp (NYSE: DOV) surged 5.94% in pre-market trading on Thursday, following the company's robust third-quarter earnings report and positive outlook for its clean energy and sustainability segments.

For the quarter ended September 30, 2024, Dover achieved an all-time high segment margin of 22.6%, driven by strong performance in clean energy, external connectors, CO2 systems, and biopharma components. The company reported a 5% organic increase in consolidated portfolio bookings, while adjusted earnings per share (EPS) from continuing operations rose 6% to $2.27.

Furthermore, Dover completed the divestiture of its Environmental Solutions Group, reducing exposure to the capital goods sector and enhancing its capital deployment opportunities. The company's strong balance sheet provides significant optionality for future growth investments and shareholder-friendly initiatives.

While certain segments like aerospace, defense, and climate technologies faced headwinds, Dover's CEO Richard Jay Tobin expressed optimism about the company's growth platforms, particularly in clean energy and fueling solutions. The company expects to benefit from the increasing global demand for sustainable and environmentally-friendly solutions.

Looking ahead to 2025, Dover anticipates a material increase in bookings for heat pumps, CO2 systems, and other climate-related products, driven by market demand and regulatory tailwinds. The company also plans to pursue strategic acquisitions and operational improvements to drive further growth and margin expansion.