Dover Corporation DOV reported first-quarter 2021 adjusted earnings per share from continuing operations of $1.81, which beat the Zacks Consensus Estimate of $1.47. The figure increased 30% year over year. Improved demand and solid volume growth contributed to the company’s quarterly results.On a reported basis, Dover delivered earnings per share of $1.61 in the March-end quarter, reflecting year-over-year growth of 33%.Total revenues in the first quarter were up 13% year over year to $1,868 million. The top line surpassed the Zacks Consensus Estimate of $1,738 million.Costs and MarginsCost of sales rose 9.7% year over year to $1,146 million in the reported quarter. Gross profit increased 18% year over year to $722 million. Gross margin came in at 38.6% compared with the year-ago quarter’s 36.9%.Selling, general and administrative expenses increased 5.7% to $409 million from the prior-year quarter. Adjusted EBITDA increased 29.2% year over year to $424.4 million. Adjusted EBITDA margin was 22.7% in first-quarter 2021 compared with the last-year quarter’s 19.9%Dover Corporation Price, Consensus and EPS Surprise Dover Corporation price-consensus-eps-surprise-chart | Dover Corporation QuoteSegmental PerformanceThe Engineered Products segment revenues were up 5% year over year to $428 million in first-quarter 2021. The segment’s adjusted operating income improved 5.8% year over year to $73 million.The Fueling Solutions segment revenues climbed 8.2% to $389.7 million from the year-earlier quarter’s $359.9 million. The segment’s adjusted operating income was up 21.8% year on year to $67 million.The Imaging & Identification segment revenues increased 10.5% year over year to $284 million. The segment’s adjusted operating income grew 11.5% year over year to $58 million.The Pumps & Process Solutions revenues climbed 23.5% year over year to $394 million during the first quarter. The adjusted operating income for the segment came in at $121.6 million compared with the year-ago quarter’s $69.9 million.The Refrigeration & Food Equipment segment’s revenues increased to $372 million from the year-earlier quarter’s $312 million. The segment’s adjusted operating income totaled $38 million, indicating a year-over-year jump of 111%.Bookings and BacklogDover’s bookings at the end of the first quarter were worth $2.33 billion compared with the prior-year quarter’s $1.78 billion. Backlog increased 39.4% year over year to $2.22 billion at the end of the reported quarter.Financial PositionThe company generated free cash flow of $146 million in the first quarter compared with the $36 million witnessed in the year-ago quarter. Cash flow from operations amounted to $177 million in the March-end quarter compared with the year-ago quarter’s $76 million.OutlookBacked by stellar first-quarter 2021 results and the current demand scenario, the company is raising its adjusted earnings per share (EPS) and sales guidance for the current year. Dover now expects adjusted EPS to lie between $6.75 and $6.85, up from the prior projection of $6.25 and $6.45. Revenues are projected to register growth of 10-12% in 2021 compared with the earlier estimate of an 8-10% increase. The company is poised to gain from strong end market demand, bookings rates and robust backlog.Price PerformanceDover’s shares have gained 66.2% over the past year compared with the industry’s rally of 206.6%.Zacks Rank and Stocks to ConsiderDover currently carries a Zacks Rank #3 (Hold).Better-ranked stocks in the Industrial Products sector include Deere & Co. DE, ACCO Brands Corporation ACCO and Astec Industries, Inc. ASTE, each sporting a Zacks Rank of 1 (Strong Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.Deere has a projected earnings growth rate of 82.5% for fiscal 2021. Over the past year, the company’s shares have soared 133.2%.ACCO Brands has an estimated earnings growth rate of 62.8% for the ongoing year. The company’s shares have gained 57.7% in the past year.Astec has an expected earnings growth rate of 14.3% for 2021. The stock has surged 111.9% in a year’s time.+1,500% Growth: One of 2021’s Most Exciting Investment OpportunitiesIn addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.Click here to download this report FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Astec Industries, Inc. (ASTE): Free Stock Analysis Report Deere & Company (DE): Free Stock Analysis Report Dover Corporation (DOV): Free Stock Analysis Report Acco Brands Corporation (ACCO): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research