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8-K - 8-K - DOVER Corp | a201403058-k.htm |
EX-99.1 - EXHIBIT 99.1 - DOVER Corp | a201403058-kexhibit991.htm |
Exhibit 99.2
INVESTOR SUPPLEMENT
DOVER CORPORATION
Revenue, Earnings & Other Data by Segment
(unaudited)(in thousands, except per share data)
Years Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
REVENUE: | |||||||||||
Energy | $ | 1,853,853 | $ | 1,788,295 | $ | 1,546,684 | |||||
Engineered Systems | 2,538,562 | 2,498,800 | 2,453,129 | ||||||||
Fluids | 1,236,838 | 1,087,526 | 890,989 | ||||||||
Refrigeration & Food Equipment | 1,887,840 | 1,607,602 | 1,495,361 | ||||||||
Intra-segment eliminations | (1,440 | ) | (768 | ) | 440 | ||||||
Total consolidated revenue | $ | 7,515,653 | $ | 6,981,455 | $ | 6,386,603 | |||||
EARNINGS FROM CONTINUING OPERATIONS: | |||||||||||
Segment earnings: | |||||||||||
Energy | $ | 459,649 | $ | 466,801 | $ | 393,978 | |||||
Engineered Systems | 399,448 | 369,842 | 350,363 | ||||||||
Fluids | 224,523 | 182,544 | 162,297 | ||||||||
Refrigeration & Food Equipment | 267,307 | 223,397 | 191,484 | ||||||||
Total segments | 1,350,927 | 1,242,584 | 1,098,122 | ||||||||
Corporate expense / other | 129,776 | 135,811 | 137,395 | ||||||||
Net interest expense | 120,672 | 121,268 | 115,485 | ||||||||
Earnings from continuing operations before provision for income taxes | 1,100,479 | 985,505 | 845,242 | ||||||||
Provision for income taxes | 266,407 | 301,027 | 229,786 | ||||||||
Earnings from continuing operations | $ | 834,072 | $ | 684,478 | $ | 615,456 | |||||
BASIC EARNINGS PER COMMON SHARE: | |||||||||||
Earnings from continuing operations | $ | 4.87 | $ | 3.77 | $ | 3.31 | |||||
Weighted average shares outstanding | 171,271 | 181,551 | 185,882 | ||||||||
DILUTED EARNINGS PER COMMON SHARE: | |||||||||||
Earnings from continuing operations | $ | 4.81 | $ | 3.72 | $ | 3.26 | |||||
Weighted average shares outstanding | 173,547 | 183,993 | 188,887 | ||||||||
ADJUSTED DILUTED EARNINGS PER COMMON SHARE: | |||||||||||
Earnings from continuing operations | $ | 4.81 | $ | 3.72 | $ | 3.26 | |||||
Gains from discrete and other tax items | 0.46 | 0.09 | 0.23 | ||||||||
Other one-time gains, net of tax | 0.02 | — | — | ||||||||
Adjusted earnings from continuing operations | $ | 4.33 | $ | 3.63 | $ | 3.03 | |||||
OPERATING MARGINS: | |||||||||||
Energy | 24.8 | % | 26.1 | % | 25.5 | % | |||||
Engineered Systems | 15.7 | % | 14.8 | % | 14.3 | % | |||||
Fluids | 18.2 | % | 16.8 | % | 18.2 | % | |||||
Refrigeration & Food Equipment | 14.2 | % | 13.9 | % | 12.8 | % | |||||
Total segments | 18.0 | % | 17.8 | % | 17.2 | % | |||||
DEPRECIATION AND AMORTIZATION EXPENSE: | |||||||||||
Energy | $ | 99,075 | $ | 87,922 | $ | 70,652 | |||||
Engineered Systems | 71,582 | 74,158 | 76,423 | ||||||||
Fluids | 48,812 | 41,381 | 24,824 | ||||||||
Refrigeration & Food Equipment | 67,227 | 37,295 | 32,658 | ||||||||
Corporate | 3,861 | 2,666 | 2,560 | ||||||||
Consolidated total | $ | 290,557 | $ | 243,422 | $ | 207,117 |
DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(unaudited)(in thousands)
2013 | 2012 | ||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | FY 2013 | Q1 | Q2 | Q3 | Q4 | FY 2012 | ||||||||||||||||||||||
REVENUE: | |||||||||||||||||||||||||||||||
Energy | $ | 462,679 | $ | 465,906 | $ | 467,688 | $ | 457,580 | $ | 1,853,853 | $ | 437,438 | $ | 442,493 | $ | 463,046 | $ | 445,318 | $ | 1,788,295 | |||||||||||
Engineered Systems | 605,325 | 639,426 | 642,205 | 651,606 | 2,538,562 | 619,966 | 633,355 | 623,944 | 621,535 | 2,498,800 | |||||||||||||||||||||
Fluids | 273,638 | 310,137 | 309,241 | 343,822 | 1,236,838 | 246,603 | 278,782 | 285,939 | 276,202 | 1,087,526 | |||||||||||||||||||||
Refrigeration & Food Equipment | 422,468 | 517,574 | 521,322 | 426,476 | 1,887,840 | 390,227 | 423,579 | 425,416 | 368,380 | 1,607,602 | |||||||||||||||||||||
Intra-segment eliminations | (133 | ) | (632 | ) | (245 | ) | (430 | ) | (1,440 | ) | (221 | ) | (224 | ) | 84 | (407 | ) | (768 | ) | ||||||||||||
Total consolidated revenue | $ | 1,763,977 | $ | 1,932,411 | $ | 1,940,211 | $ | 1,879,054 | $ | 7,515,653 | $ | 1,694,013 | $ | 1,777,985 | $ | 1,798,429 | $ | 1,711,028 | $ | 6,981,455 | |||||||||||
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES: | |||||||||||||||||||||||||||||||
Segment earnings: | |||||||||||||||||||||||||||||||
Energy | $ | 118,708 | $ | 109,662 | $ | 119,086 | $ | 112,193 | $ | 459,649 | $ | 116,424 | $ | 115,688 | $ | 118,379 | $ | 116,310 | $ | 466,801 | |||||||||||
Engineered Systems | 83,283 | 102,804 | 111,850 | 101,511 | 399,448 | 82,305 | 92,817 | 98,926 | 95,794 | 369,842 | |||||||||||||||||||||
Fluids | 47,601 | 58,768 | 63,056 | 55,098 | 224,523 | 41,989 | 43,325 | 51,138 | 46,092 | 182,544 | |||||||||||||||||||||
Refrigeration & Food Equipment | 52,110 | 82,177 | 86,446 | 46,574 | 267,307 | 56,361 | 62,789 | 71,869 | 32,378 | 223,397 | |||||||||||||||||||||
Total segments | 301,702 | 353,411 | 380,438 | 315,376 | 1,350,927 | 297,079 | 314,619 | 340,312 | 290,574 | 1,242,584 | |||||||||||||||||||||
Corporate expense / other | 33,632 | 34,860 | 32,532 | 28,752 | 129,776 | 36,216 | 36,762 | 31,874 | 30,959 | 135,811 | |||||||||||||||||||||
Net interest expense | 30,284 | 30,232 | 30,236 | 29,920 | 120,672 | 30,027 | 29,680 | 30,495 | 31,066 | 121,268 | |||||||||||||||||||||
Earnings from continuing operations before provision for income taxes | $ | 237,786 | $ | 288,319 | $ | 317,670 | $ | 256,704 | $ | 1,100,479 | $ | 230,836 | $ | 248,177 | $ | 277,943 | $ | 228,549 | $ | 985,505 | |||||||||||
SEGMENT OPERATING MARGIN: | |||||||||||||||||||||||||||||||
Energy | 25.7 | % | 23.5 | % | 25.5 | % | 24.5 | % | 24.8 | % | 26.6 | % | 26.1 | % | 25.6 | % | 26.1 | % | 26.1 | % | |||||||||||
Engineered Systems | 13.8 | % | 16.1 | % | 17.4 | % | 15.6 | % | 15.7 | % | 13.3 | % | 14.7 | % | 15.9 | % | 15.4 | % | 14.8 | % | |||||||||||
Fluids | 17.4 | % | 18.9 | % | 20.4 | % | 16.0 | % | 18.2 | % | 17.0 | % | 15.5 | % | 17.9 | % | 16.7 | % | 16.8 | % | |||||||||||
Refrigeration & Food Equipment | 12.3 | % | 15.9 | % | 16.6 | % | 10.9 | % | 14.2 | % | 14.4 | % | 14.8 | % | 16.9 | % | 8.8 | % | 13.9 | % | |||||||||||
Total segments | 17.1 | % | 18.3 | % | 19.6 | % | 16.8 | % | 18.0 | % | 17.5 | % | 17.7 | % | 18.9 | % | 17.0 | % | 17.8 | % |
DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(continued)
(unaudited)(in thousands)
2013 | 2012 | ||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | FY 2013 | Q1 | Q2 | Q3 | Q4 | FY 2012 | ||||||||||||||||||||||
BOOKINGS: | |||||||||||||||||||||||||||||||
Energy | $ | 515,388 | $ | 416,892 | $ | 481,021 | $ | 440,261 | $ | 1,853,562 | $ | 482,045 | $ | 438,167 | $ | 427,395 | $ | 453,973 | $ | 1,801,580 | |||||||||||
Engineered Systems | 642,764 | 656,137 | 600,969 | 642,468 | 2,542,338 | 649,471 | 624,124 | 609,813 | 616,796 | 2,500,204 | |||||||||||||||||||||
Fluids | 303,609 | 298,817 | 307,729 | 351,767 | 1,261,922 | 259,726 | 266,554 | 270,720 | 276,665 | 1,073,665 | |||||||||||||||||||||
Refrigeration & Food Equipment | 482,742 | 515,320 | 433,426 | 450,850 | 1,882,338 | 441,607 | 409,738 | 375,898 | 369,126 | 1,596,369 | |||||||||||||||||||||
Intra-segment eliminations | (560 | ) | (708 | ) | (416 | ) | 734 | (950 | ) | (262 | ) | (425 | ) | (933 | ) | (1,147 | ) | (2,767 | ) | ||||||||||||
Total consolidated bookings | $ | 1,943,943 | $ | 1,886,458 | $ | 1,822,729 | $ | 1,886,080 | $ | 7,539,210 | $ | 1,832,587 | $ | 1,738,158 | $ | 1,682,893 | $ | 1,715,413 | $ | 6,969,051 | |||||||||||
BACKLOG: | |||||||||||||||||||||||||||||||
Energy | $ | 274,733 | $ | 218,764 | $ | 233,820 | $ | 206,790 | $ | 257,424 | $ | 249,056 | $ | 216,011 | $ | 224,284 | |||||||||||||||
Engineered Systems | 510,831 | 525,697 | 485,155 | 474,040 | 525,446 | 509,064 | 495,830 | 488,714 | |||||||||||||||||||||||
Fluids | 222,255 | 228,212 | 228,880 | 310,330 | 233,080 | 208,195 | 195,966 | 195,794 | |||||||||||||||||||||||
Refrigeration & Food Equipment | 417,246 | 412,366 | 324,042 | 347,004 | 416,608 | 400,354 | 351,943 | 360,059 | |||||||||||||||||||||||
Intra-segment eliminations | (385 | ) | (526 | ) | (387 | ) | (592 | ) | (526 | ) | (311 | ) | (297 | ) | (408 | ) | |||||||||||||||
Total consolidated backlog | $ | 1,424,680 | $ | 1,384,513 | $ | 1,271,510 | $ | 1,337,572 | $ | 1,432,032 | $ | 1,366,358 | $ | 1,259,453 | $ | 1,268,443 |
Details of New Segment Structure
Dover’s new segment structure is comprised of the following four segments and their respective business units:
• | The Energy segment is comprised of Norris Production Systems, Tulsa Winch Group, US Synthetic, Cook Compression, Waukesha Bearings and Quartzdyne; |
• | The Engineered Systems segment is comprised of two platforms, Printing & Identification and Industrial. Within the Printing & Identification platform is Datamax O’Neil, Markem Imaje, MS Printing Solutions and OK International. The Industrial platform includes De-Sta-Co, Environmental Solutions Group, Performance Motorsports, Texas Hydraulics, Vehicle Service Group, Warn, Microwave Products Group and Sargent; |
• | The Fluids segment is comprised of Pump Solutions Group, OPW, PDQ, HydroSystems and Colder; |
• | The Refrigeration & Food Equipment segment is comprised Hillphoenix, SWEP, Tipper Tie, Unified Brands and Belvac. |