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Dover Reports Third Quarter 2013 Results; Updates Full-Year Outlook
DOWNERS GROVE, Ill., Oct. 17, 2013 /PRNewswire/ --
- Reports quarterly revenue of
$2.3 billion , an increase of 7% over the prior year - Delivers quarterly diluted earnings per share from continuing operations of
$1.53 , an increase of 20% over last year - Achieves adjusted quarterly diluted earnings per share from continuing operations of
$1.54 , excluding Knowles spin-off costs of$0.06 , tax benefits of$0.03 , and other one-time gains of$0.02 , up 23% from an adjusted prior year - Revises outlook for full year revenue growth to approximately 7%
- Narrows the range for diluted earnings per share from continuing operations to
$5.57 to $5.64 , including one-time items
Revenue for the nine months ended September 30, 2013 was
Commenting on the third quarter results, Dover's President and Chief Executive Officer,
"Also encouraging, we continued to execute on our global growth strategies and productivity initiatives during the quarter. We have announced several strategic acquisitions since our last quarterly report and expect more activity in the near-term. These deals are highly synergistic and help to broaden our product mix and geographic breadth within our growth spaces. In addition, we continued to execute on several projects that allow us to consolidate our manufacturing footprint and share infrastructure. These actions, taken together with the upcoming spin-off of Knowles, position Dover very well for sustained growth and outstanding performance."
"While our overall third quarter performance was strong, market conditions proved to be softer than anticipated. As a result, we are revising our organic growth expectations to the low-end of our prior range, and now expect full year growth of about 3%. Our acquisition growth remains unchanged at 4%, resulting in total full-year revenue growth of approximately 7%. Based on this revised revenue guidance, we are narrowing our full year EPS guidance to the range of
Net earnings for the third quarter of 2013 were
Net earnings for the nine months ended September 30, 2013 were
Dover will host a webcast of its third quarter 2013 conference call at
About Dover:
Dover is a diversified global manufacturer with annual revenues of over
Forward-Looking Statement:
This press release contains "forward-looking" statements within the meaning of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements relate to, among other things, operating and strategic plans, income, earnings, cash flows, changes in operations, operating improvements, industries in which Dover businesses operate and the U.S. and global economies. Statements in this press release that are not historical are hereby identified as "forward-looking statements" and may be indicated by words or phrases such as "anticipates," "expects," "believes," "indicates," "suggests," "will," "plans," "supports," "projects," "should," "would," "could," "forecast" and "management is of the opinion," or the use of the future tense and similar words or phrases. Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from current expectations, including, but not limited to, the state of the worldwide economy and sovereign credit, especially in
INVESTOR SUPPLEMENT - THIRD QUARTER 2013 | |||||||||||||||
DOVER CORPORATION | |||||||||||||||
CONSOLIDATED STATEMENTS OF EARNINGS | |||||||||||||||
(unaudited) (in thousands, except per share data) | |||||||||||||||
Three Months Ended |
Nine Months Ended | ||||||||||||||
2013 |
2012 |
2013 |
2012 | ||||||||||||
Revenue |
$ |
2,252,349 |
$ |
2,097,605 |
$ |
6,520,685 |
$ |
6,090,508 |
|||||||
Cost of goods and services |
1,375,699 |
1,287,466 |
4,011,461 |
3,757,187 |
|||||||||||
Gross profit |
876,650 |
810,139 |
2,509,224 |
2,333,321 |
|||||||||||
Selling and administrative expenses |
482,284 |
451,943 |
1,472,333 |
1,372,021 |
|||||||||||
Operating earnings |
394,366 |
358,196 |
1,036,891 |
961,300 |
|||||||||||
Interest expense, net |
30,237 |
30,399 |
90,761 |
90,145 |
|||||||||||
Other expense (income), net |
970 |
3,706 |
(1,206) |
5,855 |
|||||||||||
Earnings before provision for income taxes and discontinued operations |
363,159 |
324,091 |
947,336 |
865,300 |
|||||||||||
Provision for income taxes |
99,507 |
90,761 |
192,343 |
240,405 |
|||||||||||
Earnings from continuing operations |
263,652 |
233,330 |
754,993 |
624,895 |
|||||||||||
Earnings from discontinued operations, net |
5,462 |
7,716 |
54,173 |
26,315 |
|||||||||||
Net earnings |
$ |
269,114 |
$ |
241,046 |
$ |
809,166 |
$ |
651,210 |
|||||||
Basic earnings per common share: |
|||||||||||||||
Earnings from continuing operations |
$ |
1.55 |
$ |
1.28 |
$ |
4.40 |
$ |
3.41 |
|||||||
Earnings from discontinued operations, net |
0.03 |
0.04 |
0.32 |
0.14 |
|||||||||||
Net earnings |
1.58 |
1.33 |
4.71 |
3.56 |
|||||||||||
Weighted average shares outstanding |
170,544 |
181,763 |
171,690 |
183,000 |
|||||||||||
Diluted earnings per common share: |
|||||||||||||||
Earnings from continuing operations |
$ |
1.53 |
$ |
1.27 |
$ |
4.34 |
$ |
3.37 |
|||||||
Earnings from discontinued operations, net |
0.03 |
0.04 |
0.31 |
0.14 |
|||||||||||
Net earnings |
1.56 |
1.31 |
4.65 |
3.51 |
|||||||||||
Weighted average shares outstanding |
172,734 |
183,932 |
173,870 |
185,489 |
|||||||||||
Dividends paid per common share |
$ |
0.375 |
$ |
0.35 |
$ |
1.075 |
$ |
0.98 |
|||||||
DOVER CORPORATION | |||||||||||||||||||||||||||||||
QUARTERLY SEGMENT INFORMATION | |||||||||||||||||||||||||||||||
(unaudited) (in thousands) | |||||||||||||||||||||||||||||||
2013 |
|||||||||||||||||||||||||||||||
Q1 |
Q2 |
Q3 |
Q3 YTD |
Q1 |
Q2 |
Q3 |
Q3 YTD |
Q4 |
FY 2012 | ||||||||||||||||||||||
REVENUE |
|||||||||||||||||||||||||||||||
Communication |
$ |
372,790 |
$ |
401,477 |
$ |
413,608 |
$ |
1,187,875 |
$ |
357,575 |
$ |
361,689 |
$ |
396,470 |
$ |
1,115,734 |
$ |
400,851 |
$ |
1,516,585 |
|||||||||||
Energy |
561,198 |
573,471 |
577,350 |
1,712,019 |
531,570 |
538,786 |
562,263 |
1,632,619 |
539,985 |
2,172,604 |
|||||||||||||||||||||
Engineered Systems |
|||||||||||||||||||||||||||||||
Fluid Solutions |
203,991 |
226,882 |
227,104 |
657,977 |
180,364 |
211,974 |
218,324 |
610,662 |
206,500 |
817,162 |
|||||||||||||||||||||
Refrigeration & |
664,294 |
777,396 |
778,336 |
2,220,026 |
642,213 |
674,501 |
674,116 |
1,990,830 |
613,012 |
2,603,842 |
|||||||||||||||||||||
Eliminations |
(352) |
(383) |
(485) |
(1,220) |
(453) |
(352) |
(319) |
(1,124) |
(336) |
(1,460) |
|||||||||||||||||||||
867,933 |
1,003,895 |
1,004,955 |
2,876,783 |
822,124 |
886,123 |
892,121 |
2,600,368 |
819,176 |
3,419,544 |
||||||||||||||||||||||
Printing & |
237,877 |
250,646 |
256,571 |
745,094 |
243,570 |
251,875 |
246,945 |
742,390 |
254,141 |
996,531 |
|||||||||||||||||||||
Intra-segment |
(225) |
(726) |
(135) |
(1,086) |
(225) |
(184) |
(194) |
(603) |
(322) |
(925) |
|||||||||||||||||||||
Total consolidated |
$ |
2,039,573 |
$ |
2,228,763 |
$ |
2,252,349 |
$ |
6,520,685 |
$ |
1,954,614 |
$ |
2,038,289 |
$ |
2,097,605 |
$ |
6,090,508 |
$ |
2,013,831 |
$ |
8,104,339 |
|||||||||||
NET EARNINGS |
|||||||||||||||||||||||||||||||
Segment Earnings: |
|||||||||||||||||||||||||||||||
Communication |
$ |
44,208 |
$ |
51,789 |
$ |
76,076 |
$ |
172,073 |
$ |
46,556 |
$ |
50,322 |
$ |
63,706 |
$ |
160,584 |
$ |
58,376 |
$ |
218,960 |
|||||||||||
Energy |
139,545 |
132,926 |
145,494 |
417,965 |
132,115 |
133,936 |
139,038 |
405,089 |
133,561 |
538,650 |
|||||||||||||||||||||
Engineered |
117,178 |
165,440 |
172,223 |
454,841 |
122,092 |
133,808 |
144,245 |
400,145 |
101,807 |
501,952 |
|||||||||||||||||||||
Printing & |
29,752 |
35,967 |
42,881 |
108,600 |
26,089 |
28,918 |
39,502 |
94,509 |
40,650 |
135,159 |
|||||||||||||||||||||
Total Segments |
330,683 |
386,122 |
436,674 |
1,153,479 |
326,852 |
346,984 |
386,491 |
1,060,327 |
334,394 |
1,394,721 |
|||||||||||||||||||||
Corporate expense / |
33,763 |
38,341 |
43,278 |
115,382 |
36,546 |
36,335 |
32,001 |
104,882 |
31,127 |
136,009 |
|||||||||||||||||||||
Net interest expense |
30,244 |
30,280 |
30,237 |
90,761 |
30,031 |
29,715 |
30,399 |
90,145 |
30,996 |
121,141 |
|||||||||||||||||||||
Earnings from |
266,676 |
317,501 |
363,159 |
947,336 |
260,275 |
280,934 |
324,091 |
865,300 |
272,271 |
1,137,571 |
|||||||||||||||||||||
Provision for income |
69,687 |
23,149 |
99,507 |
192,343 |
73,866 |
75,778 |
90,761 |
240,405 |
64,047 |
304,452 |
|||||||||||||||||||||
Earnings from continuing operations |
196,989 |
294,352 |
263,652 |
754,993 |
186,409 |
205,156 |
233,330 |
624,895 |
208,224 |
833,119 |
|||||||||||||||||||||
Earnings (loss) from discontinued operations, net |
13,014 |
35,697 |
5,462 |
54,173 |
9,654 |
8,945 |
7,716 |
26,315 |
(48,364) |
(22,049) |
|||||||||||||||||||||
Net earnings |
$ |
210,003 |
$ |
330,049 |
$ |
269,114 |
$ |
809,166 |
$ |
196,063 |
$ |
214,101 |
$ |
241,046 |
$ |
651,210 |
$ |
159,860 |
$ |
811,070 |
|||||||||||
SEGMENT OPERATING MARGIN |
|||||||||||||||||||||||||||||||
Communication |
11.9 |
% |
12.9 |
% |
18.4 |
% |
14.5 |
% |
13.0 |
% |
13.9 |
% |
16.1 |
% |
14.4 |
% |
14.6 |
% |
14.4 |
% | |||||||||||
Energy |
24.9 |
% |
23.2 |
% |
25.2 |
% |
24.4 |
% |
24.9 |
% |
24.9 |
% |
24.7 |
% |
24.8 |
% |
24.7 |
% |
24.8 |
% | |||||||||||
Engineered |
13.5 |
% |
16.5 |
% |
17.1 |
% |
15.8 |
% |
14.9 |
% |
15.1 |
% |
16.2 |
% |
15.4 |
% |
12.4 |
% |
14.7 |
% | |||||||||||
Printing & |
12.5 |
% |
14.3 |
% |
16.7 |
% |
14.6 |
% |
10.7 |
% |
11.5 |
% |
16.0 |
% |
12.7 |
% |
16.0 |
% |
13.6 |
% | |||||||||||
Total Segment |
16.2 |
% |
17.3 |
% |
19.4 |
% |
17.7 |
% |
16.7 |
% |
17.0 |
% |
18.4 |
% |
17.4 |
% |
16.6 |
% |
17.2 |
% | |||||||||||
DEPRECIATION AND AMORTIZATION EXPENSE |
|||||||||||||||||||||||||||||||
Communication Technologies |
$ |
35,501 |
$ |
37,719 |
$ |
38,251 |
$ |
111,471 |
$ |
31,513 |
$ |
32,828 |
$ |
32,997 |
$ |
97,338 |
$ |
35,281 |
$ |
132,619 |
|||||||||||
Energy |
26,298 |
26,599 |
26,549 |
79,446 |
21,184 |
23,533 |
24,639 |
69,356 |
25,721 |
95,077 |
|||||||||||||||||||||
Engineered Systems |
31,551 |
32,282 |
32,961 |
96,794 |
19,582 |
23,913 |
23,060 |
66,555 |
27,066 |
93,621 |
|||||||||||||||||||||
Printing & Identification |
7,630 |
7,606 |
7,701 |
22,937 |
8,331 |
8,496 |
8,777 |
25,604 |
7,998 |
33,602 |
|||||||||||||||||||||
Corporate |
859 |
1,026 |
1,032 |
2,917 |
700 |
765 |
842 |
2,307 |
359 |
2,666 |
|||||||||||||||||||||
$ |
101,839 |
$ |
105,232 |
$ |
106,494 |
$ |
313,565 |
$ |
81,310 |
$ |
89,535 |
$ |
90,315 |
$ |
261,160 |
$ |
96,425 |
$ |
357,585 |
||||||||||||
DOVER CORPORATION | |||||||||||||||||||||||||||||||
QUARTERLY SEGMENT INFORMATION | |||||||||||||||||||||||||||||||
(continued) | |||||||||||||||||||||||||||||||
(unaudited) (in thousands) | |||||||||||||||||||||||||||||||
2013 |
|||||||||||||||||||||||||||||||
Q1 |
Q2 |
Q3 |
Q3 YTD |
Q1 |
Q2 |
Q3 |
Q3 YTD |
Q4 |
FY 2012 | ||||||||||||||||||||||
BOOKINGS |
|||||||||||||||||||||||||||||||
Communication Technologies |
$ |
379,122 |
$ |
422,293 |
$ |
423,662 |
$ |
1,225,077 |
$ |
347,291 |
$ |
387,058 |
$ |
411,005 |
$ |
1,145,354 |
$ |
363,624 |
$ |
1,508,978 |
|||||||||||
Energy |
620,640 |
525,612 |
595,421 |
1,741,673 |
585,775 |
530,352 |
526,824 |
1,642,951 |
550,091 |
2,193,042 |
|||||||||||||||||||||
Engineered Systems |
|||||||||||||||||||||||||||||||
Fluid Solutions |
223,764 |
213,359 |
222,402 |
659,525 |
184,711 |
204,139 |
197,767 |
586,617 |
209,872 |
796,489 |
|||||||||||||||||||||
Refrigeration & |
755,026 |
784,904 |
662,464 |
2,202,394 |
711,911 |
666,223 |
600,065 |
1,978,199 |
606,931 |
2,585,130 |
|||||||||||||||||||||
Eliminations |
(373) |
(432) |
(372) |
(1,177) |
(408) |
(376) |
(258) |
(1,042) |
(399) |
(1,441) |
|||||||||||||||||||||
978,417 |
997,831 |
884,494 |
2,860,742 |
896,214 |
869,986 |
797,574 |
2,563,774 |
816,404 |
3,380,178 |
||||||||||||||||||||||
Printing & Identification |
237,217 |
259,282 |
256,211 |
752,710 |
249,773 |
251,733 |
244,611 |
746,117 |
252,937 |
999,054 |
|||||||||||||||||||||
Intra-segment eliminations |
(720) |
(137) |
(109) |
(966) |
(609) |
(221) |
(759) |
(1,589) |
(1,020) |
(2,609) |
|||||||||||||||||||||
Total consolidated bookings |
$ |
2,214,676 |
$ |
2,204,881 |
$ |
2,159,679 |
$ |
6,579,236 |
$ |
2,078,444 |
$ |
2,038,908 |
$ |
1,979,255 |
$ |
6,096,607 |
$ |
1,982,036 |
$ |
8,078,643 |
|||||||||||
BACKLOG |
|||||||||||||||||||||||||||||||
Communication Technologies |
$ |
458,765 |
$ |
480,426 |
$ |
492,583 |
$ |
451,110 |
$ |
476,745 |
$ |
491,041 |
$ |
453,172 |
|||||||||||||||||
Energy |
311,793 |
255,544 |
274,243 |
296,360 |
282,364 |
248,233 |
256,093 |
||||||||||||||||||||||||
Engineered Systems |
|||||||||||||||||||||||||||||||
Fluid Solutions |
178,854 |
184,142 |
182,557 |
191,327 |
172,300 |
156,191 |
160,890 |
||||||||||||||||||||||||
Refrigeration & |
592,922 |
597,838 |
482,069 |
598,910 |
586,824 |
515,285 |
516,559 |
||||||||||||||||||||||||
Eliminations |
(178) |
(227) |
(113) |
(132) |
(155) |
(94) |
(157) |
||||||||||||||||||||||||
771,598 |
781,753 |
664,513 |
790,105 |
758,969 |
671,382 |
677,292 |
|||||||||||||||||||||||||
Printing & Identification |
95,353 |
103,864 |
105,699 |
102,117 |
98,216 |
98,356 |
97,857 |
||||||||||||||||||||||||
Intra-segment eliminations |
(886) |
(578) |
(423) |
(986) |
(648) |
(324) |
(591) |
||||||||||||||||||||||||
Total consolidated backlog |
$ |
1,636,623 |
$ |
1,621,009 |
$ |
1,536,615 |
$ |
1,638,706 |
$ |
1,615,646 |
$ |
1,508,688 |
$ |
1,483,823 |
DOVER CORPORATION | |||||||||||||||||||||||||||||||
QUARTERLY EARNINGS PER SHARE | |||||||||||||||||||||||||||||||
(unaudited) (in thousands, except per share data*) | |||||||||||||||||||||||||||||||
2013 |
|||||||||||||||||||||||||||||||
Q1 |
Q2 |
Q3 |
Q3 YTD |
Q1 |
Q2 |
Q3 |
Q3 YTD |
Q4 |
FY 2012 | ||||||||||||||||||||||
Basic earnings (loss) per common share: |
|||||||||||||||||||||||||||||||
Continuing operations |
$ |
1.14 |
$ |
1.72 |
$ |
1.55 |
$ |
4.40 |
$ |
1.01 |
$ |
1.12 |
$ |
1.28 |
$ |
3.41 |
$ |
1.17 |
$ |
4.59 |
|||||||||||
Discontinued operations |
0.08 |
0.21 |
0.03 |
0.32 |
0.05 |
0.05 |
0.04 |
0.14 |
(0.27) |
(0.12) |
|||||||||||||||||||||
Net earnings |
1.21 |
1.93 |
1.58 |
4.71 |
1.07 |
1.17 |
1.33 |
3.56 |
0.90 |
4.47 |
|||||||||||||||||||||
Diluted earnings (loss) per common share: |
|||||||||||||||||||||||||||||||
Continuing operations |
$ |
1.12 |
$ |
1.70 |
$ |
1.53 |
$ |
4.34 |
$ |
1.00 |
$ |
1.10 |
$ |
1.27 |
$ |
3.37 |
$ |
1.16 |
$ |
4.53 |
|||||||||||
Discontinued operations |
0.07 |
0.21 |
0.03 |
0.31 |
0.05 |
0.05 |
0.04 |
0.14 |
(0.27) |
(0.12) |
|||||||||||||||||||||
Net earnings |
1.20 |
1.91 |
1.56 |
4.65 |
1.05 |
1.15 |
1.31 |
3.51 |
0.89 |
4.41 |
|||||||||||||||||||||
Adjusted diluted earnings per common share (calculated below): | |||||||||||||||||||||||||||||||
Continuing operations |
$ |
1.10 |
$ |
1.36 |
$ |
1.54 |
$ |
4.00 |
$ |
1.01 |
$ |
1.10 |
$ |
1.25 |
$ |
3.36 |
$ |
1.09 |
$ |
4.44 |
|||||||||||
Net earnings (loss) and average shares used in calculated earnings (loss) per share amounts are as follows: | |||||||||||||||||||||||||||||||
Net earnings (loss): |
|||||||||||||||||||||||||||||||
Continuing operations |
$ |
196,989 |
$ |
294,352 |
$ |
263,652 |
$ |
754,993 |
$ |
186,409 |
$ |
205,156 |
$ |
233,330 |
$ |
624,895 |
$ |
208,224 |
$ |
833,119 |
|||||||||||
Discontinued operations |
13,014 |
35,697 |
5,462 |
54,173 |
9,654 |
8,945 |
7,716 |
26,315 |
(48,364) |
(22,049) |
|||||||||||||||||||||
Net earnings |
210,003 |
330,049 |
269,114 |
809,166 |
196,063 |
214,101 |
241,046 |
651,210 |
159,860 |
811,070 |
|||||||||||||||||||||
Average shares outstanding: |
|||||||||||||||||||||||||||||||
Basic |
173,448 |
171,111 |
170,544 |
171,690 |
183,737 |
183,494 |
181,763 |
183,000 |
177,257 |
181,551 |
|||||||||||||||||||||
Diluted |
175,567 |
173,097 |
172,734 |
173,870 |
186,706 |
185,780 |
183,932 |
185,489 |
179,365 |
183,993 |
|||||||||||||||||||||
Note: |
|||||||||||||||||||||||||||||||
Earnings from continuing operations are adjusted by discrete tax items, incurred spin-off costs, and other one-time gains to derive adjusted | |||||||||||||||||||||||||||||||
2013 |
|||||||||||||||||||||||||||||||
Q1 |
Q2 |
Q3 |
Q3 YTD |
Q1 |
Q2 |
Q3 |
Q3 YTD |
Q4 |
FY 2012 | ||||||||||||||||||||||
Adjusted earnings from continuing operations: |
|||||||||||||||||||||||||||||||
Earnings from continuing |
$ |
196,989 |
$ |
294,352 |
$ |
263,652 |
$ |
754,993 |
$ |
186,409 |
$ |
205,156 |
$ |
233,330 |
$ |
624,895 |
$ |
208,224 |
$ |
833,119 |
|||||||||||
Gains (losses) from discrete |
4,525 |
61,477 |
4,878 |
70,880 |
(1,610) |
(372) |
4,513 |
2,531 |
13,606 |
16,137 |
|||||||||||||||||||||
Knowles spin-off costs |
— |
(3,322) |
(10,637) |
(13,959) |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Other one-time gains, net of tax |
— |
— |
2,866 |
2,866 |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Adjusted earnings from continuing operations |
$ |
192,464 |
$ |
236,197 |
$ |
266,545 |
$ |
695,206 |
$ |
188,019 |
$ |
205,528 |
$ |
228,817 |
$ |
622,364 |
$ |
194,618 |
$ |
816,982 |
|||||||||||
Adjusted diluted earnings per common share: |
|||||||||||||||||||||||||||||||
Earnings from continuing operations |
$ |
1.12 |
$ |
1.70 |
$ |
1.53 |
$ |
4.34 |
$ |
1.00 |
$ |
1.10 |
$ |
1.27 |
$ |
3.37 |
$ |
1.16 |
$ |
4.53 |
|||||||||||
Gains (losses) from discrete and other tax items |
0.02 |
0.36 |
0.03 |
0.41 |
(0.01) |
— |
0.02 |
0.01 |
0.07 |
0.09 |
|||||||||||||||||||||
Knowles spin-off costs |
— |
(0.02) |
(0.06) |
(0.08) |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Other one-time gains, net of tax |
— |
— |
0.02 |
0.02 |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Adjusted earnings from continuing operations |
$ |
1.10 |
$ |
1.36 |
$ |
1.54 |
$ |
4.00 |
$ |
1.01 |
$ |
1.10 |
$ |
1.25 |
$ |
3.36 |
$ |
1.09 |
$ |
4.44 |
|||||||||||
* Per share data may not add due to rounding. |
DOVER CORPORATION | |||||||||||||||||||||||||||||||
QUARTERLY FREE CASH FLOW | |||||||||||||||||||||||||||||||
(unaudited) (in thousands) | |||||||||||||||||||||||||||||||
2013 |
|||||||||||||||||||||||||||||||
Q1 |
Q2 |
Q3 |
Q3 YTD |
Q1 |
Q2 |
Q3 |
Q3 YTD |
Q4 |
FY 2012 | ||||||||||||||||||||||
Cash flow from operating activities |
$ |
78,326 |
$ |
304,729 |
$ |
340,005 |
$ |
723,060 |
$ |
161,327 |
$ |
243,363 |
$ |
285,811 |
$ |
690,501 |
$ |
570,659 |
$ |
1,261,160 |
|||||||||||
Less: Additions to property, plant and equipment |
(47,153) |
(53,284) |
(57,038) |
(157,475) |
(68,249) |
(72,758) |
(67,842) |
(208,849) |
(88,163) |
(297,012) |
|||||||||||||||||||||
Free cash flow |
$ |
31,173 |
$ |
251,445 |
$ |
282,967 |
$ |
565,585 |
$ |
93,078 |
$ |
170,605 |
$ |
217,969 |
$ |
481,652 |
$ |
482,496 |
$ |
964,148 |
|||||||||||
Free cash flow as a percentage of |
15.8 |
% |
85.4 |
% |
107.3 |
% |
74.9 |
% |
49.9 |
% |
83.2 |
% |
93.4 |
% |
77.1 |
% |
231.7 |
% |
115.7 |
% | |||||||||||
Free cash flow as a percentage of revenue |
1.5 |
% |
11.3 |
% |
12.6 |
% |
8.7 |
% |
4.8 |
% |
8.4 |
% |
10.4 |
% |
7.9 |
% |
24.0 |
% |
11.9 |
% |
SOURCE
Paul Goldberg, Vice President - Investor Relations, (212) 922-1640