Dover Reports Second Quarter 2019 Results; Tightens Full Year 2019 Adjusted EPS Guidance To $5.75 To $5.85

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Dover Reports Second Quarter 2019 Results; Tightens Full Year 2019 Adjusted EPS Guidance To $5.75 To $5.85

Reports adjusted diluted EPS growth of 20%, organic revenue growth of 3%, and significant operating margin accretion

DOWNERS GROVE, Ill., July 18, 2019 /PRNewswire/ -- Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the second quarter ended June 30, 2019.

Three Months Ended June 30,


Six Months Ended June 30,

($ in millions, except per share data)

2019

2018

%
Change

2019

2018

%
Change

U.S. GAAP from continuing operations





Revenue

$1,811

$1,798

1%

$3,535

$3,436

3%

Earnings 1

198

166

19%

304

276

10%

Diluted EPS 1

1.35

1.08

25%

2.07

1.77

17%

Non-GAAP from continuing operations





Adjusted earnings

229

200

15%

412

342

21%

Adjusted diluted EPS

1.56

1.30

20%

2.80

2.20

27%

1 Q1 2019 included a $46.9 million ($0.32 of EPS) non-cash after-tax loss on assets held for sale related to Finder Pompe S.r.l.

 

A full reconciliation between GAAP and adjusted measures is included as an exhibit herein.

Second Quarter 2019 Financial Results:

For the second quarter ended June 30, 2019, revenue was $1.8 billion, an increase of 0.7% over the prior year. The increase in the quarter was driven by organic growth of 2.9% and acquisition growth of 0.8%, partially offset by a 2.5% unfavorable impact from foreign exchange ("FX") and 0.5% due to dispositions. 

Earnings from continuing operations of $198.1 million included acquisition-related amortization costs of $26.2 million and rightsizing and other costs of $5.1 million, representing $0.18 and $0.03 of diluted earnings per share from continuing operations ("EPS"), respectively. Excluding these items, adjusted earnings from continuing operations for the quarter were $229.4 million (+15% over the comparable period in 2018), and adjusted EPS was $1.56 (+20% over the comparable period in 2018).

Year to Date 2019 Financial Results:

For the six month period ended June 30, 2019, revenue was $3.5 billion, an increase of 2.9% over the comparable period in the prior year. The increase was driven by organic growth of 5.5% and acquisition growth of 0.7% partially offset by a 3.0% unfavorable impact from FX and 0.3% due to dispositions.

Earnings from continuing operations of $303.8 million included acquisition-related amortization costs of $52.9 million and rightsizing and other costs of $8.2 million, representing $0.36 and $0.06 of EPS, respectively. In addition, the period included a $46.9 million, or $0.32 of EPS, non-cash after-tax loss on assets held for sale related to Finder Pompe S.r.l. (a supplier of pumps to the upstream oil & gas industry), which was sold on April 2, 2019. Excluding these items, adjusted earnings from continuing operations for the period were $411.8 million (+21% over the comparable period in 2018), and adjusted EPS was $2.80 (+27% over the comparable period in 2018).

Full Year 2019 Guidance Update:

Adjusted EPS guidance for full year 2019 was tightened toward the upper end of the previous range, to $5.75 to $5.85. Guidance for full year revenue growth remains unchanged.

Management Commentary:

Dover's President and Chief Executive Officer, Richard J. Tobin, said, "Our results for the second quarter reflect a continued constructive demand environment across a significant portion of our portfolio that, when coupled with our ongoing productivity improvement actions, drove a 190 bps increase in operating margins on a comparable basis.

"Our Fluids segment posted a solid quarter with organic growth of 7%, with our fueling & transport, pumps, and process solutions businesses each delivering significant improvements in operating margin. Engineered Systems' organic growth of 2% was primarily driven by the industrial platform, offsetting the expected lower activity in digital printing, which we expect to reaccelerate into the second half. Organic revenue in Refrigeration & Food Equipment was slower in the quarter principally as a result of reduced shipments of heat exchangers in Asia; we still expect the segment to end the year with positive organic growth and margin improvement over the prior year.

"Overall, on the back of a strong first half of the year, solid backlogs and continued execution towards margin expansion targets, we are tightening the range of our previous full year adjusted EPS guidance to $5.75 to $5.85."

Conference Call Information:

Dover will host a webcast and conference call to discuss its second quarter 2019 results at 10:00 A.M. Eastern Time (9:00 A.M. Central Time) on Thursday, July 18, 2019. The webcast can be accessed on the Dover website at dovercorporation.com. The conference call will also be made available for replay on the website. Additional information on Dover's second quarter and year to date results and its operating segments can be found on the Company's website.

About Dover:

Dover is a diversified global manufacturer with annual revenue of approximately $7 billion. We deliver innovative equipment and components, specialty systems, consumable supplies, software and digital solutions, and support services through three operating segments: Engineered Systems, Fluids and Refrigeration & Food Equipment. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 60 years, our team of 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." Additional information is available at dovercorporation.com.

Forward-Looking Statements:

This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be deemed, "forward-looking" statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control. Factors that could cause actual results to differ materially from current expectations include, among other things, general economic conditions and conditions in the particular markets in which we operate, changes in customer demand and capital spending, competitive factors and pricing pressures, our ability to develop and launch new products in a cost-effective manner,  our ability to realize synergies from newly acquired businesses, and our ability to derive expected benefits from restructuring, productivity initiatives and other cost reduction actions. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2018, and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the Securities and Exchange Commission, and on our website, dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

 

 

INVESTOR SUPPLEMENT - SECOND QUARTER 2019



DOVER CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)(in thousands, except per share data)



Three Months Ended June 30,


Six Months Ended June 30,

2019

2018

2019

2018

Revenue

$

1,810,706

$

1,798,094

$

3,535,463

$

3,435,765

Cost of goods and services

1,138,113

1,132,858

2,239,328

2,167,700

Gross profit

672,593

665,236

1,296,135

1,268,065

Selling, general, and administrative expenses

396,634

428,775

805,100

863,801

Loss on assets held for sale

—

—

46,946

—

Operating earnings

275,959

236,461

444,089

404,264

Interest expense

31,754

32,125

63,562

67,765

Interest income

(945)

(2,563)

(1,835)

(4,620)

Other income, net

(4,589)

(4,538)

(5,695)

(4,568)

Earnings before provision for income taxes

249,739

211,437

388,057

345,687

Provision for income taxes

51,654

44,981

84,267

69,822

Earnings from continuing operations

198,085

166,456

303,790

275,865

Loss from discontinued operations, net

—

(26,497)

—

(4,472)

Net earnings

$

198,085

$

139,959

$

303,790

$

271,393








Basic earnings (loss) per share*:






Earnings from continuing operations

$

1.36

$

1.10

$

2.09

$

1.80

Loss from discontinued operations, net

—

(0.17)

—

(0.03)

Net earnings

$

1.36

$

0.92

$

2.09

$

1.77








Weighted average shares outstanding

145,366

151,744

145,227

153,124

Diluted earnings (loss) per common share*:






Earnings from continuing operations

$

1.35

$

1.08

$

2.07

$

1.77

Loss from discontinued operations, net

—

(0.17)

—

(0.03)

      Net earnings

$

1.35

$

0.91

$

2.07

$

1.74








Weighted average shares outstanding

147,179

153,938

147,041

155,573








Dividends paid per common share

$

0.48

$

0.47

$

0.96

$

0.94








* Per share data may be impacted by rounding.






 

 

DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(unaudited)(in thousands)


2019

2018

Q1

Q2

Q2 YTD

Q1

Q2

Q2 YTD

Q3

Q4

FY 2018

REVENUE









Engineered Systems









Printing & Identification

$

282,086

$

278,813

$

560,899

$

282,522

$

299,834

$

582,356

$

283,232

$

296,843

$

1,162,431

Industrials

405,105

417,688

822,793

389,104

403,155

792,259

388,302

399,956

1,580,517

687,191

696,501

1,383,692

671,626

702,989

1,374,615

671,534

696,799

2,742,948











Fluids

703,224

729,433

1,432,657

628,098

693,666

1,321,764

690,065

785,509

2,797,338











Refrigeration & Food
Equipment

334,643

385,474

720,117

338,235

401,766

740,001

386,214

326,878

1,453,093











Intra-segment eliminations

(301)

(702)

(1,003)

(288)

(327)

(615)

(410)

(236)

(1,261)

Total consolidated revenue

$

1,724,757

$

1,810,706

$

3,535,463

$

1,637,671

$

1,798,094

$

3,435,765

$

1,747,403

$

1,808,950

$

6,992,118











NET EARNINGS









Segment Earnings:









Engineered Systems

$

123,074

$

131,770

$

254,844

$

102,066

$

126,649

$

228,715

$

108,714

$

113,841

$

451,270

Fluids 1

52,221

128,915

181,136

67,348

93,028

160,376

101,207

128,221

389,804

Refrigeration & Food Equipment

24,807

44,375

69,182

29,182

51,372

80,554

42,434

13,131

136,119

Total segments

200,102

305,060

505,162

198,596

271,049

469,645

252,355

255,193

977,193

Corporate expense / other

30,866

24,512

55,378

30,763

30,050

60,813

30,207

38,704

129,724

Interest expense

31,808

31,754

63,562

35,640

32,125

67,765

31,192

32,015

130,972

Interest income

(890)

(945)

(1,835)

(2,057)

(2,563)

(4,620)

(2,060)

(2,201)

(8,881)

Earnings before provision for
income taxes

138,318

249,739

388,057

134,250

211,437

345,687

193,016

186,675

725,378

Provision for income taxes

32,613

51,654

84,267

24,841

44,981

69,822

35,711

28,700

134,233

Earnings from continuing
operations

105,705

198,085

303,790

109,409

166,456

275,865

157,305

157,975

591,145

Earnings (loss) from
discontinued operations, net

—

—

—

22,025

(26,497)

(4,472)

—

(16,406)

(20,878)

Net earnings

$

105,705

$

198,085

$

303,790

$

131,434

$

139,959

$

271,393

$

157,305

$

141,569

$

570,267











SEGMENT MARGIN







Engineered Systems

17.9%

18.9%

18.4%

15.2%

18.0%

16.6%

16.2%

16.3%

16.5%

Fluids 1

7.4%

17.7%

12.6%

10.7%

13.4%

12.1%

14.7%

16.3%

13.9%

Refrigeration & Food Equipment

7.4%

11.5%

9.6%

8.6%

12.8%

10.9%

11.0%

4.0%

9.4%

Total segment operating margin

11.6%

16.8%

14.3%

12.1%

15.1%

13.7%

14.4%

14.1%

14.0%











DEPRECIATION AND AMORTIZATION EXPENSE






Engineered Systems

$

17,795

$

17,865

$

35,660

$

19,239

$

19,203

$

38,442

$

18,204

$

19,233

$

75,879

Fluids

35,426

35,146

70,572

34,449

34,981

69,430

34,954

36,060

140,444

Refrigeration & Food Equipment

13,011

12,777

25,788

13,579

13,524

27,103

13,533

19,841

60,477

Corporate

1,506

1,981

3,487

1,358

1,595

2,953

1,399

1,428

5,780

Total depreciation and
amortization expense

$

67,738

$

67,769

$

135,507

$

68,625

$

69,303

$

137,928

$

68,090

$

76,562

$

282,580











 1 Q1 and Q2 YTD 2019 includes a $46,946 loss on assets held for sale for Finder Pompe S.r.l. ("Finder"). Excluding this loss, Fluids segment earnings was $99,167 and $228,082, respectively, and segment margin was 14.1% and 15.9%, respectively.





























 

 

DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(continued)
(unaudited)(in thousands)



2019

2018

Q1

Q2

Q2 YTD

Q1

Q2

Q2 YTD

Q3

Q4

FY 2018

BOOKINGS









Engineered Systems









Printing & Identification

$

280,658

$

276,402

$

557,060

$

284,437

$

306,770

$

591,207

$

271,367

$

295,963

$

1,158,537

Industrials

414,786

385,181

799,967

466,722

412,780

879,502

390,606

481,172

1,751,280

695,444

661,583

1,357,027

751,159

719,550

1,470,709

661,973

777,135

2,909,817











Fluids

712,856

770,091

1,482,947

703,461

737,340

1,440,801

723,996

734,943

2,899,740











Refrigeration & Food
Equipment

376,998

384,365

761,363

372,701

428,816

801,517

331,979

341,221

1,474,717











Intra-segment eliminations

(682)

(408)

(1,090)

(624)

33

(591)

(549)

(584)

(1,724)











Total consolidated bookings

$

1,784,616

$

1,815,631

$

3,600,247

$

1,826,697

$

1,885,739

$

3,712,436

$

1,717,399

$

1,852,715

$

7,282,550











BACKLOG









Engineered Systems









Printing & Identification

$

121,374

$

119,967

$

135,915

$

137,019

$

126,609

$

122,028

Industrials

448,137

414,996

376,474

372,525

367,963

438,546

569,511

534,963

512,389

509,544

494,572

560,574











Fluids

538,888

564,603

544,250

564,959

588,632

523,791











Refrigeration & Food
Equipment

311,632

310,454

283,250

309,440

255,783

268,991











Intra-segment eliminations

(377)

(114)

(389)

(134)

(58)

(185)











Total consolidated backlog

$

1,419,654

$

1,409,906

$

1,339,500

$

1,383,809

$

1,338,929

$

1,353,171

 

 

DOVER CORPORATION
QUARTERLY EARNINGS PER SHARE
(unaudited)(in thousands, except per share data*)


Earnings Per Share










2019

2018

Q1

Q2

Q2 YTD

Q1

Q2

Q2 YTD

Q3

Q4

FY 2018

Basic earnings (loss) per common share:

Continuing operations

$

0.73

$

1.36

$

2.09

$

0.71

$

1.10

$

1.80

$

1.07

$

1.08

$

3.94

Discontinued operations

—

—

—

0.14

(0.17)

(0.03)

—

(0.11)

(0.14)

Net earnings

$

0.73

$

1.36

2.09

$

0.85

$

0.92

$

1.77

$

1.07

$

0.97

$

3.80











Diluted earnings (loss) per common share:






Continuing operations

$

0.72

$

1.35

$

2.07

$

0.70

$

1.08

$

1.77

$

1.05

$

1.07

$

3.89

Discontinued operations

—

—

—

0.14

(0.17)

(0.03)

—

(0.11)

(0.14)

Net earnings

$

0.72

$

1.35

$

2.07

$

0.84

$

0.91

$

1.74

$

1.05

$

0.96

$

3.75











Net earnings (loss) and weighted average shares used in calculated earnings per share amounts are as follows:

Net earnings (loss):









Continuing operations

$

105,705

$

198,085

$

303,790

$

109,409

$

166,456

$

275,865

$

157,305

$

157,975

$

591,145

Discontinued operations

—

—

—

22,025

(26,497)

(4,472)

—

(16,406)

(20,878)

Net earnings

$

105,705

$

198,085

$

303,790

$

131,434

$

139,959

$

271,393

$

157,305

$

141,569

$

570,267











Weighted average shares outstanding:






Basic

145,087

145,366

145,227

154,520

151,744

153,124

147,344

146,007

149,874

Diluted

146,911

147,179

147,041

157,090

153,938

155,573

149,457

147,940

152,133











* Per share data may be impacted by rounding.

 

 

Non-GAAP Reconciliations














Adjusted Earnings Per Share (Non-GAAP)






Earnings from continuing operations are adjusted by the effect of acquisition-related amortization, rightsizing and other costs, loss on assets held for sale, and the Tax Cuts and Jobs Act to derive adjusted earnings from continuing operations and adjusted diluted earnings per common
share as follows:

2019

2018

Q1

Q2

Q2 YTD

Q1

Q2

Q2 YTD

Q3

Q4

FY 2018

Adjusted earnings:









Earnings from continuing operations

$

105,705

$

198,085

$

303,790

$

109,409

$

166,456

$

275,865

$

157,305

$

157,975

$

591,145

Acquisition-related amortization, pre-tax 1

35,635

34,997

70,632

38,150

38,072

76,222

34,997

35,078

146,297

Acquisition-related amortization, tax
impact 2

(8,964)

(8,777)

(17,741)

(9,716)

(9,683)

(19,399)

(8,785)

(8,817)

(37,001)

Rightsizing and other costs, pre-tax 3

3,963

6,457

10,420

4,371

6,808

11,179

24,201

37,448

72,828

Rightsizing and other costs, tax impact 2

(861)

(1,377)

(2,238)

(797)

(1,448)

(2,245)

(4,477)

(7,809)

(14,531)

Loss on assets held for sale 4

46,946

—

46,946

—

—

—

—

—

—

Tax Cuts and Jobs Act  5

—

—

—

—

—

—

—

(2,832)

(2,832)

Adjusted earnings from continuing
operations

$

182,424

$

229,385

$

411,809

$

141,417

$

200,205

$

341,622

$

203,241

$

211,043

$

755,906











Adjusted diluted earnings per common share*:






Diluted earnings per share from
continuing operations

$

0.72

$

1.35

$

2.07

$

0.70

$

1.08

$

1.77

$

1.05

$

1.07

$

3.89

Acquisition-related amortization, pre-tax 1

0.24

0.24

0.48

0.24

0.25

0.49

0.23

0.24

0.96

Acquisition-related amortization, tax
impact 2

(0.06)

(0.06)

(0.12)

(0.06)

(0.06)

(0.12)

(0.06)

(0.06)

(0.24)

Rightsizing and other costs, pre-tax 3

0.03

0.04

0.07

0.03

0.04

0.07

0.16

0.25

0.48

Rightsizing and other costs, tax impact 2

(0.01)

(0.01)

(0.02)

(0.01)

(0.01)

(0.01)

(0.03)

(0.05)

(0.10)

Loss on assets held for sale 4

0.32

—

0.32

—

—

—

—

—

—

Tax Cuts and Jobs Act  5

—

—

—

—

—

—

—

(0.02)

(0.02)

Adjusted diluted earnings per share from
continuing operations

$

1.24

$

1.56

$

2.80

$

0.90

$

1.30

$

2.20

$

1.36

$

1.43

$

4.97











1 Includes amortization on acquisition-related intangible assets and inventory step-up.

2 Adjustments were tax effected using the statutory tax rates in the applicable jurisdictions or the effective tax rate, where applicable, for each period.

3 Rightsizing and other costs include actions taken on employee reductions, facility consolidations and site closures, product line exits and other associated asset charges.

4 Represents a loss on assets held for sale of Finder. Under local law, no tax benefit is realized from the loss on the sale of a wholly-owned business.

5 2018 tax benefits related to additional Tax Cuts and Jobs Act regulatory guidance covered by SAB 118.

* Per share data and totals may be impacted by rounding.

Adjusted EPS from Continuing Operations Guidance Reconciliation

Range

2019 Guidance for Earnings per Share from Continuing Operations (GAAP)

$

4.63

$

4.73

Acquisition-related amortization, net

0.71

Rightsizing and other costs, net

0.09

Loss on assets held for sale

0.32

2019 Guidance for Adjusted Earnings per Share from Continuing Operations (Non-GAAP)

$

5.75

$

5.85

 

 

DOVER CORPORATION
ADDITIONAL INFORMATION
(unaudited)(in thousands)


Quarterly Cash Flow


2019

2018

Q1

Q2

Q2 YTD

Q1

Q2

Q2 YTD

Q3

Q4

FY 2018

Net Cash Flows Provided By (Used In):









Operating activities

$

24,524

$

208,709

$

233,233

$

15,535

$

159,205

$

174,740

$

243,944

$

370,509

$

789,193

Investing activities

(217,690)

(69,755)

(287,445)

(122,597)

(51,606)

(174,203)

(35,922)

(35,355)

(245,480)

Financing activities

36,067

(60,596)

(24,529)

(289,103)

(227,734)

(516,837)

(232,476)

(148,525)

(897,838)












Quarterly Free Cash Flow (Non-GAAP)


2019

2018

Q1

Q2

Q2 YTD

Q1

Q2

Q2 YTD

Q3

Q4

FY 2018

Cash flow from operating activities

$

24,524

$

208,709

$

233,233

$

15,535

$

159,205

$

174,740

$

243,944

$

370,509

$

789,193

Less: Capital expenditures

(37,122)

(53,970)

(91,092)

(44,678)

(51,686)

(96,364)

(38,192)

(36,438)

(170,994)

Free cash flow

$

(12,598)

$

154,739

$

142,141

$

(29,143)

$

107,519

$

78,376

$

205,752

$

334,071

$

618,199











Free cash flow as a percentage of revenue

(0.7)%

8.5%

4.0%

(1.8)%

6.0%

2.3%

11.8%

18.5%

8.8%





























Revenue Growth Factors


Three Months Ended June 30, 2019

Engineered
Systems

Fluids

Refrigeration
& Food
Equipment

Total

Organic

1.7%

7.5%

(2.8)%

2.9%

Acquisitions

—%

2.1%

—%

0.8%

Dispositions

—%

(1.4)%

—%

(0.5)%

Currency translation

(2.6)%

(3.0)%

(1.3)%

(2.5)%

Total *

(0.9)%

5.2%

(4.1)%

0.7%








Six Months Ended June 30, 2019

Engineered
Systems

Fluids

Refrigeration
& Food
Equipment

Total

Organic

3.7%

11.1%

(1.2)%

5.5%

Acquisitions

—%

1.7%

—%

0.7%

Dispositions

—%

(0.8)%

—%

(0.3)%

Currency translation

(3.0)%

(3.6)%

(1.5)%

(3.0)%

Total *

0.7%

8.4%

(2.7)%

2.9%








* Totals may be impacted by rounding.






 

Non-GAAP Disclosures

In an effort to provide investors with additional information regarding our results as determined by GAAP, Management also discloses non-GAAP information that Management believes provides useful information to investors. Adjusted earnings from continuing operations, adjusted diluted earnings per share from continuing operations, free cash flow, and organic revenue growth are not financial measures under GAAP and should not be considered as a substitute for earnings from continuing operations, diluted earnings per share from continuing operations, cash flows from operating activities, or revenue as determined in accordance with GAAP, and they may not be comparable to similarly titled measures reported by other companies. 

Adjusted earnings from continuing operations represents earnings from continuing operations adjusted for the effect of acquisition-related amortization, rightsizing and other costs, loss on assets held for sale, and the Tax Cuts and Jobs Act. We exclude after-tax acquisition-related amortization because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions the Company consummates. We exclude the other items because they occur for reasons that may be unrelated to the Company's commercial performance during the period and/or Management believes they are not indicative of the Company's ongoing operating costs or gains in a given period. Management believes this information is useful to investors to better understand the Company's ongoing profitability as it will better reflect the Company's core operating results, offer more transparency and facilitate easier comparability to prior and future periods and to its peers. Adjusted diluted earnings per share from continuing operations represents adjusted earnings from continuing operations divided by average diluted shares.

Free cash flow represents net cash provided by operating activities minus capital expenditures. Management believes that free cash flow is an important measure of operating performance because it provides management and investors a measurement of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, paying dividends, repaying debt and repurchasing our common stock.

Management believes that reporting organic revenue growth, which excludes the impact of foreign currency exchange rates and the impact of acquisitions and dispositions, provides a useful comparison of our revenue performance and trends between periods.

Cision View original content:http://www.prnewswire.com/news-releases/dover-reports-second-quarter-2019-results-tightens-full-year-2019-adjusted-eps-guidance-to-5-75-to-5-85--300887067.html

SOURCE Dover Corporation

Investor Contact: Andrey Galiuk, Vice President - Corporate Development and Investor Relations, (630) 743-5131, agaliuk@dovercorp.com; Media Contact: Adrian Sakowicz, Vice President - Communications, (630) 743-5039, asakowicz@dovercorp.com