DOVER Corp - FORM 8-K - EX-99.2 - EXHIBIT 99.2

Attached files

file	filename
8-K - FORM 8-K - DOVER Corp	form8k-102111.htm
EX-99.1 - EXHIBIT 99.1 - DOVER Corp	form8k-102111ex991.htm
EX-99.3 - EXHIBIT 99.3 - DOVER Corp	form8k-102111ex993.htm

Exhibit 99.2

INVESTOR SUPPLEMENT - THIRD QUARTER 2011

DOVER CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(unaudited) (in thousands, except per share figures)

	Three Months Ended September 30,					Nine Months Ended September 30,
	2011			2010		2011			2010
Revenue	$	2,203,388		$	1,802,158	$	6,122,287		$	5,023,750
Cost of goods and services		1,381,337			1,111,364		3,786,458			3,065,621
Gross profit		822,051			690,794		2,335,829			1,958,129
Selling and administrative expenses		484,350			397,927		1,401,198			1,198,645
Operating earnings		337,701			292,867		934,631			759,484
Interest expense, net		30,048			26,335		86,468			80,446
Other expense, net		252			9,786		2,848			3,836
Earnings before provision for income taxes and discontinued operations		307,401			256,746		845,315			675,202
Provision for income taxes		78,824			37,437		195,319			162,789
Earnings from continuing operations		228,577			219,309		649,996			512,413
(Loss) earnings from discontinued operations, net		(56,297	)		4,450		(33,042	)		(10,657	)
Net earnings	$	172,280		$	223,759	$	616,954		$	501,756


Basic earnings (loss) per common share:
Earnings from continuing operations	$	1.23		$	1.17	$	3.49		$	2.74
(Loss) earnings from discontinued operations, net		(0.30	)		0.02		(0.18	)		(0.06	)
Net earnings		0.93			1.20		3.31			2.68

Weighted average shares outstanding		185,770			186,721		186,246			186,917


Diluted earnings (loss) per common share:
Earnings from continuing operations	$	1.21		$	1.16	$	3.43		$	2.71
(Loss) earnings from discontinued operations, net		(0.30	)		0.02		(0.17	)		(0.06	)
Net earnings		0.91			1.19		3.26			2.66

Weighted average shares outstanding		188,436			188,565		189,420			188,898


Dividends paid per common share	$	0.315		$	0.28	$	0.865		$	0.80

The following table is a reconciliation of the share amounts used in computing earnings per share:

	Three Months Ended September 30,					Nine Months Ended September 30,
		2011			2010		2011			2010
Weighted average shares outstanding - Basic		185,770			186,721		186,246			186,917
Dilutive effect of assumed exercise of employee stock options, SARs and Performance Shares		2,666			1,844		3,174			1,981


Weighted average shares outstanding - Diluted		188,436			188,565		189,420			188,898

Anti-dilutive options/SARs excluded from diluted EPS computation		1,495			3,709		1,287			1,432

DOVER CORPORATION - INVESTOR SUPPLEMENT

THIRD QUARTER 2011

DOVER CORPORATION

QUARTERLY SEGMENT INFORMATION

(unaudited) (in thousands)

	2011												2010
		Q1			Q2			Q3		Q3 YTD				Q1			Q2			Q3		Q3 YTD				Q4		FY 2010

REVENUE
Industrial Products
Material Handling	$	158,731		$	173,806		$	182,232		$	514,769		$	122,265		$	132,695		$	135,987		$	390,947		$	145,106		$	536,053
Mobile Equipment		266,675			290,668			277,696			835,039			240,139			248,523			250,664			739,326			255,833			995,159
Eliminations		(623	)		(713	)		(507	)		(1,843	)		(379	)		(432	)		(428	)		(1,239	)		(353	)		(1,592	)
		424,783			463,761			459,421			1,347,965			362,025			380,786			386,223			1,129,034			400,586			1,529,620
Engineered Systems
Product Identification		226,330			239,035			246,395			711,760			212,500			219,551			221,677			653,728			236,743			890,471
Engineered Products		334,315			406,620			423,476			1,164,411			271,773			357,570			398,685			1,028,028			311,176			1,339,204
		560,645			645,655			669,871			1,876,171			484,273			577,121			620,362			1,681,756			547,919			2,229,675
Fluid Management
Energy		303,540			321,076			367,889			992,505			205,327			216,020			220,001			641,348			244,234			885,582
Fluid Solutions		205,563			213,599			217,138			636,300			175,505			187,759			196,554			559,818			194,832			754,650
Eliminations		(163	)		(137	)		(22	)		(322	)		(32	)		(105	)		(127	)		(264	)		(178	)		(442	)
		508,940			534,538			585,005			1,628,483			380,800			403,674			416,428			1,200,902			438,888			1,639,790

Electronic Technologies		373,330			412,630			492,250			1,278,210			290,989			345,607			381,386			1,017,982			405,682			1,423,664

Intra-segment eliminations		(2,656	)		(2,727	)		(3,159	)		(8,542	)		(1,590	)		(2,093	)		(2,241	)		(5,924	)		(2,362	)		(8,286	)

Total consolidated revenue	$	1,865,042		$	2,053,857		$	2,203,388		$	6,122,287		$	1,516,497		$	1,705,095		$	1,802,158		$	5,023,750		$	1,790,713		$	6,814,463

NET EARNINGS
Segment Earnings:
Industrial Products	$	57,430		$	65,194		$	64,481		$	187,105		$	52,848		$	58,567		$	54,728		$	166,143		$	50,061		$	216,204
Engineered Systems		67,313			94,116			102,564			263,993			54,843			84,655			91,442			230,940			70,966			301,906
Fluid Management		113,685			131,382			144,327			389,394			86,767			96,168			101,847			284,782			103,638			388,420
Electronic Technologies		59,775			76,917			60,163			196,855			44,905			59,582			69,617			174,104			76,324			250,428
Total Segments		298,203			367,609			371,535			1,037,347			239,363			298,972			317,634			855,969			300,989			1,156,958
Corporate expense / other		36,100			35,378			34,086			105,564			33,325			32,443			34,553			100,321			35,393			135,714
Net interest expense		28,286			28,134			30,048			86,468			27,169			26,942			26,335			80,446			25,895			106,341
Earnings from continuing operations before provision for income taxes		233,817			304,097			307,401			845,315			178,869			239,587			256,746			675,202			239,701			914,903
Provision for income taxes		55,707			60,788			78,824			195,319			55,310			70,042			37,437			162,789			50,907			213,696
Earnings from continuing operations		178,110			243,309			228,577			649,996			123,559			169,545			219,309			512,413			188,794			701,207
Earnings (loss) from discontinued operations, net		16,795			6,460			(56,297	)		(33,042	)		(15,432	)		325			4,450			(10,657	)		9,554			(1,103	)
Net earnings	$	194,905		$	249,769		$	172,280		$	616,954		$	108,127		$	169,870		$	223,759		$	501,756		$	198,348		$	700,104


SEGMENT OPERATING MARGIN
Industrial Products		13.5	%		14.1	%		14.0	%		13.9	%		14.6	%		15.4	%		14.2	%		14.7	%		12.5	%		14.1	%
Engineered Systems		12.0	%		14.6	%		15.3	%		14.1	%		11.3	%		14.7	%		14.7	%		13.7	%		13.0	%		13.5	%
Fluid Management		22.3	%		24.6	%		24.7	%		23.9	%		22.8	%		23.8	%		24.5	%		23.7	%		23.6	%		23.7	%
Electronic Technologies		16.0	%		18.6	%		12.2	%		15.4	%		15.4	%		17.2	%		18.3	%		17.1	%		18.8	%		17.6	%
Total Segment		16.0	%		17.9	%		16.9	%		16.9	%		15.8	%		17.5	%		17.6	%		17.0	%		16.8	%		17.0	%

DOVER CORPORATION - INVESTOR SUPPLEMENT

THIRD QUARTER 2011

DOVER CORPORATION

QUARTERLY SEGMENT INFORMATION

(unaudited) (in thousands)

	2011												2010
		Q1			Q2			Q3		Q3 YTD				Q1			Q2			Q3		Q3 YTD				Q4		FY 2010

BOOKINGS
Industrial Products
Material Handling	$	185,225		$	177,141		$	171,046		$	533,412		$	130,166		$	131,926		$	138,970		$	401,062		$	155,106		$	556,168
Mobile Equipment		337,273			336,212			274,203			947,688			231,128			288,887			233,731			753,746			279,368			1,033,114
Eliminations		(824	)		(1,006	)		1,767			(63	)		(491	)		(483	)		(675	)		(1,649	)		(1,161	)		(2,810	)
		521,674			512,347			447,016			1,481,037			360,803			420,330			372,026			1,153,159			433,313			1,586,472
Engineered Systems
Product Identification		232,934			239,234			248,557			720,725			220,410			223,203			218,213			661,826			241,048			902,874
Engineered Products		399,757			400,604			368,914			1,169,275			368,134			379,048			329,119			1,076,301			332,142			1,408,443
		632,691			639,838			617,471			1,890,000			588,544			602,251			547,332			1,738,127			573,190			2,311,317
Fluid Management
Energy		354,774			335,748			359,006			1,049,528			208,669			226,301			213,247			648,217			247,143			895,360
Fluid Solutions		217,787			218,868			222,639			659,294			179,037			192,035			195,865			566,937			191,065			758,002
Eliminations		(309	)		51			(32	)		(290	)		(85	)		(51	)		(144	)		(280	)		(895	)		(1,175	)
		572,252			554,667			581,613			1,708,532			387,621			418,285			408,968			1,214,874			437,313			1,652,187

Electronic Technologies		420,261			393,860			478,976			1,293,097			358,477			394,441			402,332			1,155,250			389,704			1,544,954

Intra-segment eliminations		(2,617	)		(3,316	)		(2,668	)		(8,601	)		(1,615	)		(2,244	)		(2,278	)		(6,137	)		(2,644	)		(8,781	)

Total consolidated bookings	$	2,144,261		$	2,097,396		$	2,122,408		$	6,364,065		$	1,693,830		$	1,833,063		$	1,728,380		$	5,255,273		$	1,830,876		$	7,086,149

BACKLOG
Industrial Products
Material Handling	$	134,761		$	137,530		$	125,781					$	91,964		$	90,644		$	94,186					$	107,787
Mobile Equipment		439,693			485,276			480,544						319,801			359,727			344,160						368,140
Eliminations		(875	)		(926	)		(1	)					(439	)		(391	)		(344	)					(960	)
		573,579			621,880			606,324						411,326			449,980			438,002						474,967
Engineered Systems
Product Identification		96,090			97,236			94,141						78,976			80,550			80,986						86,315
Engineered Products		352,067			346,335			287,973						314,465			334,971			267,545						288,969
		448,157			443,571			382,114						393,441			415,521			348,531						375,284
Fluid Management
Energy		163,475			177,129			170,293						76,844			84,800			84,659						94,113
Fluid Solutions		77,553			81,436			84,584						63,535			65,639			69,130						65,525
Eliminations		(180	)		-			(1	)					(55	)		(1	)		(17	)					(33	)
		240,848			258,565			254,876						140,324			150,438			153,772						159,605

Electronic Technologies		392,823			374,139			406,647						271,340			318,450			357,800						342,578

Intra-segment eliminations		(711	)		(1,243	)		(924	)					(361	)		(569	)		(490	)					(747	)

Total consolidated backlog	$	1,654,696		$	1,696,912		$	1,649,037					$	1,216,070		$	1,333,820		$	1,297,615					$	1,351,687

DEPRECIATION AND AMORTIZATION EXPENSE
Industrial Products	$	10,919		$	11,092		$	10,866		$	32,877		$	11,266		$	11,122		$	10,799		$	33,187		$	11,116		$	44,303
Engineered Systems		15,826			16,350			16,146			48,322			15,750			15,273			15,626			46,649			15,699			62,348
Fluid Management		21,597			21,775			22,241			65,613			14,763			15,523			15,109			45,395			15,868			61,263
Electronic Technologies		19,279			19,178			34,937			73,394			17,688			17,823			18,811			54,322			19,974			74,296
Corporate		584			626			636			1,846			369			336			658			1,363			674			2,037
	$	68,205		$	69,021		$	84,826		$	222,052		$	59,836		$	60,077		$	61,003		$	180,916		$	63,331		$	244,247

DOVER CORPORATION - INVESTOR SUPPLEMENT

THIRD QUARTER 2011

DOVER CORPORATION

QUARTERLY EARNINGS PER SHARE

(unaudited)

	2011										2010
		Q1		Q2		Q3		Q3 YTD				Q1			Q2		Q3	Q3 YTD				Q4	FY 2010

Basic earnings (loss) per common share:
Continuing operations	$	0.95	$	1.31	$	1.23		$	3.49		$	0.66		$	0.91	$	1.17	$	2.74		$	1.01	$	3.75
Discontinued operations		0.09		0.03		(0.30	)		(0.18	)		(0.08	)		-		0.02		(0.06	)		0.05		(0.01	)
Net earnings		1.04		1.34		0.93			3.31			0.58			0.91		1.20		2.68			1.06		3.75

Diluted earnings (loss) per common share:
Continuing operations	$	0.94	$	1.28	$	1.21		$	3.43		$	0.66		$	0.90	$	1.16	$	2.71		$	0.99	$	3.71
Discontinued operations		0.09		0.03		(0.30	)		(0.17	)		(0.08	)		-		0.02		(0.06	)		0.05		(0.01	)
Net earnings		1.03		1.32		0.91			3.26			0.58			0.90		1.19		2.66			1.04		3.70

NOTE:

Diluted earnings per share in the first, second, and third quarters of 2011 and third and fourth quarters of 2010 were favorably impacted by discrete tax events. The third quarter of 2010 was additionally impacted by the favorable resolution of a tax position in a foreign jurisdiction. As a result, the Company's effective tax rates in the first, second, and third quarters of 2011 and the third and fourth quarters of 2010 were 23.8%, 20.0%, 25.6%, 14.6%, and 21.2%, respectively, which were lower than the Company's previously estimated tax rates of 27% to 29% for each of the respective periods. These lower effective tax rates contributed incremental diluted earnings per share of $0.04, $0.12, and $0.01 in the first, second, and third quarters of 2011 and $0.20 and $0.07 in the third and fourth quarters of 2010, respectively.

DOVER CORPORATION - INVESTOR SUPPLEMENT

THIRD QUARTER 2011

DOVER CORPORATION

QUARTERLY FREE CASH FLOW INFORMATION

(unaudited) (in thousands)

	2011												2010
		Q1			Q2			Q3		Q3 YTD				Q1			Q2			Q3		Q3 YTD				Q4		FY 2010
Cash from operations	$	123,645		$	207,320		$	382,325		$	713,290		$	80,539		$	219,644		$	178,587		$	478,770		$	421,412		$	900,182
CAPEX		(51,712	)		(72,986	)		(66,001	)	$	(190,699	)		(38,790	)		(46,411	)		(40,040	)		(125,241	)		(51,727	)		(176,968	)
Free cash flow	$	71,933		$	134,334		$	316,324		$	522,591		$	41,749		$	173,233		$	138,547		$	353,529		$	369,685		$	723,214

Free cash flow as a percentage of earnings from continuing operations		40.4	%		55.2	%		138.4	%		80.4	%		33.8	%		102.2	%		63.2	%		69.0	%		195.8	%		103.1	%

Free cash flow as a percentage of revenue		3.9	%		6.5	%		14.4	%		8.5	%		2.8	%		10.2	%		7.7	%		7.0	%		20.6	%		10.6	%

Attached files

DOVER Corp Reports

Also read