UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 21, 2011
 
DOVER CORPORATION
(Exact Name of Registrant as Specified in Charter)

Delaware
(State or other Jurisdiction
of Incorporation)	 	1-4018
(Commission File Number)	 	53-0257888
(I.R.S. Employer
Identification No.)	
3005 Highland Parkway, Suite 200
Downers Grove, Illinois 60515
(Address of Principal Executive Offices)
(630) 541-1540
(Registrant’s telephone number, including area code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see  General Instruction A.2. below):
o      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
 	 	 	
Item 2.02	 	Results of Operations and Financial Condition.	
On April 21, 2011, Dover Corporation (i) issued the press release attached hereto as Exhibit 99.1 announcing its results of operations for the quarter ended March 31, 2011; and (ii) posted on its website at http://www.dovercorporation.com  the investor supplement attached hereto as Exhibit 99.2 for the quarter ended March 31, 2011 and the presentation slides attached hereto as Exhibit 99.3 for the quarter ended March 31, 2011.
The information in this Current Report on Form 8-K, including exhibits, is being furnished to the Securities and Exchange Commission (the “SEC”) and shall not be deemed to be incorporated by reference into any of Dover’s filings with the SEC under the Securities Act of 1933.
 	 	 	
Item 9.01	 	Financial Statements and Exhibits.	

(a)	 	Financial statements of businesses acquired.

Not applicable.	
 	 	 	
(b)	 	Pro forma financial information.

Not applicable.	
 	 	 	
(c)	 	Shell company transactions.

Not applicable.	
 	 	 	
(d)	 	Exhibits.

The following exhibits are furnished as part of this report:

99.1 Press Release of Dover Corporation, dated April 21, 2011.

99.2 Investor Supplement Posted on Dover Corporation’s Website at  http://www.dovercorporation.com.

99.3 Presentation Slides Posted on Dover Corporation’s Website at  http://www.dovercorporation.com.	

 
SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
 	 	 	 	 	
Date: April 21, 2011  	DOVER CORPORATION
(Registrant)
 	 	
 	By:  	/s/ Joseph W. Schmidt  	 	
 	 	Joseph W. Schmidt 	 	
 	 	Vice President, General Counsel & Secretary 	 	

 
 	 	 	 	 	
EXHIBIT INDEX
 	 	 	 	 	
Number	 	Exhibit	
 	 	 	 	 	
99.1	 	 	Press Release of Dover Corporation, dated April 21, 2011	
 	 	 	 	 	
99.2	 	 	Investor Supplement Posted on Dover Corporation’s Website at http://www.dovercorporation.com	
 	 	 	 	 	
99.3	 	 	Presentation Slides Posted on Dover Corporation’s Website at http://www.dovercorporation.com	

Exhibit 99.1

CONTACT:	 	READ IT ON THE WEB	
Paul Goldberg	 	www.dovercorporation.com	
 	 	 	
Treasurer & Director of Investor Relations	 	 	
(212) 922-1640	 	 	
DOVER CORPORATION REPORTS FIRST QUARTER 2011 RESULTS
 	•	 	Reports revenue of $2.0 billion, an increase of 24% over the prior year	
 	 	 	 	
 	•	 	Delivers quarterly diluted earnings per share from continuing operations of $0.96, up 48% from prior year	
 	 	 	 	
 	•	 	Achieves adjusted quarterly diluted earnings per share of $0.92, excluding tax benefits of $0.04, up 42% from prior year	
 	 	 	 	
 	•	 	Raises guidance for full year organic revenue growth to 9% - 11%, and diluted earnings per share from continuing operations to $4.30 - $4.45	
Downers Grove, Illinois, April 21, 2011 — Dover Corporation (NYSE: DOV) announced today that for the first quarter ended March 31, 2011, revenue was $2.0 billion, an increase of 24% over the prior-year period. The revenue increase was driven by organic revenue growth of 19%, a 4% increase from acquisitions and a 1% favorable impact from foreign exchange. Earnings from continuing operations were $183.3 million or $0.96 diluted earnings per share (“EPS”), compared to $121.5 million or $0.65 EPS from continuing operations in the prior-year period, representing increases of 51% and 48%, respectively. Excluding the impact of tax benefits of $0.04 recognized in the quarter, adjusted diluted EPS from continuing operations was $0.92, an increase of 42% over the prior year. The tax benefits of $0.04 were principally related to the favorable resolution of domestic tax positions.
Commenting on the first quarter results, Dover’s President and Chief Executive Officer, Robert A. Livingston, said, “Building upon the momentum of last year, 2011 is off to a great start. Revenue, earnings, bookings and backlog were all up significantly over the prior year. Revenue growth of 24% was above our expectations and largely driven by improving end-markets served by Industrial Products and a very strong energy market. Margin improved to 15.6% in the quarter, with all segments showing year-over-year improvement, absent the effect of one-time acquisition costs. We closed four acquisitions during the quarter, the largest being Harbison-Fischer, and our companies continued to record solid order rates through the first quarter resulting in a strong book-to-bill of 1.15.
“Given the strength of our first quarter results, we now expect full year 2011 revenue growth of 12% - 14%, representing organic revenue growth of 9% - 11% and 3% growth from acquisitions. Based on this revenue growth assumption, the aforementioned tax benefit, and a lower effective tax rate, we expect full-year diluted EPS from continuing operations to be in the range of $4.30 - $4.45.”

 

2
Net earnings for the first quarter of 2011 were $194.9 million or $1.03 EPS, including a tax benefit from discontinued operations of $11.6 million or $0.06 EPS, compared to net earnings of $108.1 million or $0.58 EPS for the same period of 2010, which included a loss from discontinued operations of $13.4 million or $0.07 EPS.
Dover will host a webcast of its first quarter 2011 conference call at 11:30 A.M. Eastern Time (10:30 A.M. Central Time) on Thursday, April 21, 2011. The webcast can be accessed at the Dover Corporation website at www.dovercorporation.com.  The conference call will also be made available for replay on the website. Additional information on Dover’s first quarter 2011 results and its operating companies can also be found on the Company website.
Dover Corporation is a global manufacturer providing innovative components and equipment, specialty systems and support services for a variety of applications in the industrial products, engineered systems, fluid management and electronic technologies markets. For more information, please visit  www.dovercorporation.com .
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, income, earnings, cash flows, changes in operations, operating improvements, industries in which Dover companies operate and the U.S. and global economies. Statements in this press release that are not historical may be indicated by words or phrases such as “anticipates,” “expects,” “believes,” “indicates,” “suggests,” “will,” “plans,” “supports,” “projects,” “should,” “would,” “could,” “hope,” “forecast” and “management is of the opinion,” use of 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, political events that could impact the worldwide economy; the impact of natural disasters and their effect on global supply chains and energy markets; increases in the cost of raw materials; current economic conditions and uncertainties in the credit and capital markets; the Company’s ability to achieve expected savings from integration, synergy and other cost-control initiatives; the ability to identify and successfully consummate value-adding acquisition opportunities; increased competition and pricing pressures in the markets served by Dover’s operating companies; the ability of Dover’s companies to expand into new geographic markets and to anticipate and meet customer demands for new products and product enhancements; changes in customer demand; the impact of loss of a single-source manufacturing facility; a downgrade in Dover’s credit ratings; international economic conditions including interest rate and currency exchange rate fluctuations; the relative mix of products and services which impacts margins and operating efficiencies; short-term capacity constraints; domestic and foreign governmental and public policy changes including environmental regulations and tax policies (including domestic and international export subsidy programs, R&E credits and other similar programs); unforeseen developments in contingencies such as litigation; protection and validity of patent and other intellectual property rights; the cyclical nature of some of Dover’s companies; domestic housing industry weakness; instability in countries where Dover conducts business; and possible future terrorist threats and their effect on the worldwide economy. Dover Corporation refers you to the documents that it files from time to time with the Securities and Exchange Commission, such as its reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks and uncertainties that could cause its actual results to differ materially from its current expectations and from the forward-looking statements contained in this press release. Dover Corporation undertakes no obligation to update any forward-looking statement.

Exhibit 99.2

INVESTOR SUPPLEMENT — FIRST QUARTER 2011
DOVER CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited) (in thousands, except per share figures)
 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended March 31,	 	
 	 	2011	 	 	2010	 	
Revenue	 	$	1,959,021	 	 	$	1,583,270	 	
Cost of goods and services	 	 	1,210,196	 	 	 	971,113	 	
 	 	 	 	 	 	 	
Gross profit	 	 	748,825	 	 	 	612,157	 	
Selling and administrative expenses	 	 	478,519	 	 	 	409,169	 	
 	 	 	 	 	 	 	
Operating earnings	 	 	270,306	 	 	 	202,988	 	
Interest expense, net	 	 	28,286	 	 	 	27,169	 	
Other expense (income), net	 	 	1,220	 	 	 	(1,241	)	
 	 	 	 	 	 	 	
Earnings before provision for income taxes and discontinued operations	 	 	240,800	 	 	 	177,060	 	
Provision for income taxes	 	 	57,494	 	 	 	55,575	 	
 	 	 	 	 	 	 	
Earnings from continuing operations	 	 	183,306	 	 	 	121,485	 	
Earnings (loss) from discontinued operations, net	 	 	11,599	 	 	 	(13,358	)	
 	 	 	 	 	 	 	
Net earnings	 	$	194,905	 	 	$	108,127	 	

Basic earnings (loss) per common share:	 	 	 	 	 	 	 	 	
Earnings from continuing operations	 	$	0.98	 	 	$	0.65	 	
Gain (loss) from discontinued operations, net	 	 	0.06	 	 	 	(0.07	)	
Net earnings	 	 	1.04	 	 	 	0.58	 	
 	 	 	 	 	 	 	 	 	
Weighted average shares outstanding	 	 	186,659	 	 	 	187,093	 	

Diluted earnings (loss) per common share:	 	 	 	 	 	 	 	 	
Earnings from continuing operations	 	$	0.96	 	 	$	0.65	 	
Gain (loss) from discontinued operations, net	 	 	0.06	 	 	 	(0.07	)	
Net earnings	 	 	1.03	 	 	 	0.58	 	
 	 	 	 	 	 	 	 	 	
Weighted average shares outstanding	 	 	190,090	 	 	 	187,886	 	

Dividends paid per common share	 	$	0.275	 	 	$	0.26	 	
 	 	 	 	 	 	 	
The following table is a reconciliation of the share amounts used in computing earnings per share:
 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended March 31,	 	
 	 	2011	 	 	2010	 	
Weighted average shares outstanding — Basic	 	 	186,659	 	 	 	187,093	 	
Dilutive effect of assumed exercise of employee stock options, SARs and Performance Shares	 	 	3,431	 	 	 	793	 	

Weighted average shares outstanding — Diluted	 	 	190,090	 	 	 	187,886	 	

Anti-dilutive options/SARs excluded from diluted EPS computation	 	 	1,524	 	 	 	2,928	 	

 
DOVER CORPORATION — INVESTOR SUPPLEMENT
FIRST QUARTER 2011
DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(unaudited) (in thousands)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	2010	 	 	2011	 	
 	 	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	 	FY 2010	 	 	Q1	 	
 	 	 	 	 	 	
REVENUE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Industrial Products	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Material Handling	 	$	189,052	 	 	$	214,295	 	 	$	220,997	 	 	$	229,987	 	 	$	854,331	 	 	$	252,766	 	
Mobile Equipment	 	 	240,138	 	 	 	248,523	 	 	 	250,664	 	 	 	255,834	 	 	 	995,159	 	 	 	266,675	 	
Eliminations	 	 	(392	)	 	 	(432	)	 	 	(453	)	 	 	(402	)	 	 	(1,679	)	 	 	(679	)	
 	 	 	 	 	 	
 	 	 	428,798	 	 	 	462,386	 	 	 	471,208	 	 	 	485,419	 	 	 	1,847,811	 	 	 	518,762	 	
 	 	 	 	 	 	
Engineered Systems	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Product Identification	 	 	212,500	 	 	 	219,551	 	 	 	221,677	 	 	 	236,743	 	 	 	890,471	 	 	 	226,330	 	
Engineered Products	 	 	271,773	 	 	 	357,570	 	 	 	398,685	 	 	 	311,176	 	 	 	1,339,204	 	 	 	334,315	 	
 	 	 	 	 	 	
 	 	 	484,273	 	 	 	577,121	 	 	 	620,362	 	 	 	547,919	 	 	 	2,229,675	 	 	 	560,645	 	
 	 	 	 	 	 	
Fluid Management	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Energy	 	 	205,327	 	 	 	216,020	 	 	 	220,001	 	 	 	244,234	 	 	 	885,582	 	 	 	303,540	 	
Fluid Solutions	 	 	175,504	 	 	 	187,759	 	 	 	196,554	 	 	 	194,833	 	 	 	754,650	 	 	 	205,563	 	
Eliminations	 	 	(31	)	 	 	(105	)	 	 	(127	)	 	 	(179	)	 	 	(442	)	 	 	(163	)	
 	 	 	 	 	 	
 	 	 	380,800	 	 	 	403,674	 	 	 	416,428	 	 	 	438,888	 	 	 	1,639,790	 	 	 	508,940	 	

Electronic Technologies	 	 	290,989	 	 	 	345,607	 	 	 	381,386	 	 	 	405,682	 	 	 	1,423,664	 	 	 	373,330	 	

Intra-segment eliminations	 	 	(1,590	)	 	 	(2,092	)	 	 	(2,243	)	 	 	(2,367	)	 	 	(8,292	)	 	 	(2,656	)	

Total consolidated revenue	 	$	1,583,270	 	 	$	1,786,696	 	 	$	1,887,141	 	 	$	1,875,541	 	 	$	7,132,648	 	 	$	1,959,021	 	

NET EARNINGS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment Earnings:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Industrial Products	 	$	51,039	 	 	$	61,635	 	 	$	59,473	 	 	$	54,238	 	 	$	226,385	 	 	$	64,413	 	
Engineered Systems	 	 	54,843	 	 	 	84,655	 	 	 	91,442	 	 	 	70,966	 	 	 	301,906	 	 	 	67,313	 	
Fluid Management	 	 	86,767	 	 	 	96,168	 	 	 	101,847	 	 	 	103,638	 	 	 	388,420	 	 	 	113,685	 	
Electronic Technologies	 	 	44,905	 	 	 	59,582	 	 	 	69,617	 	 	 	76,324	 	 	 	250,428	 	 	 	59,775	 	
 	 	 	 	 	 	
Total Segments	 	 	237,554	 	 	 	302,040	 	 	 	322,379	 	 	 	305,166	 	 	 	1,167,139	 	 	 	305,186	 	
Corporate expense / other	 	 	(33,325	)	 	 	(32,443	)	 	 	(34,553	)	 	 	(35,393	)	 	 	(135,714	)	 	 	(36,100	)	
Net interest expense	 	 	(27,169	)	 	 	(26,942	)	 	 	(26,335	)	 	 	(25,895	)	 	 	(106,341	)	 	 	(28,286	)	
 	 	 	 	 	 	
Earnings from continuing operations before provision for income taxes	 	 	177,060	 	 	 	242,655	 	 	 	261,491	 	 	 	243,878	 	 	 	925,084	 	 	 	240,800	 	
Provision for income taxes	 	 	55,575	 	 	 	70,762	 	 	 	38,732	 	 	 	52,107	 	 	 	217,176	 	 	 	57,494	 	
 	 	 	 	 	 	
Earnings from continuing operations	 	 	121,485	 	 	 	171,893	 	 	 	222,759	 	 	 	191,771	 	 	 	707,908	 	 	 	183,306	 	
Earnings (loss) from discontinued operations, net	 	 	(13,358	)	 	 	(2,023	)	 	 	1,000	 	 	 	6,577	 	 	 	(7,804	)	 	 	11,599	 	
 	 	 	 	 	 	
Net earnings	 	$	108,127	 	 	$	169,870	 	 	$	223,759	 	 	$	198,348	 	 	$	700,104	 	 	$	194,905	 	

SEGMENT OPERATING MARGIN	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Industrial Products	 	 	11.9	%	 	 	13.3	%	 	 	12.6	%	 	 	11.2	%	 	 	12.3	%	 	 	12.4	%	
Engineered Systems	 	 	11.3	%	 	 	14.7	%	 	 	14.7	%	 	 	13.0	%	 	 	13.5	%	 	 	12.0	%	
Fluid Management	 	 	22.8	%	 	 	23.8	%	 	 	24.5	%	 	 	23.6	%	 	 	23.7	%	 	 	22.3	%	
Electronic Technologies	 	 	15.4	%	 	 	17.2	%	 	 	18.3	%	 	 	18.8	%	 	 	17.6	%	 	 	16.0	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Segment	 	 	15.0	%	 	 	16.9	%	 	 	17.1	%	 	 	16.3	%	 	 	16.4	%	 	 	15.6	%	

 
DOVER CORPORATION — INVESTOR SUPPLEMENT
FIRST QUARTER 2011
DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(unaudited) (in thousands)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	2010	 	 	2011	 	
 	 	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	 	FY 2010	 	 	Q1	 	
 	 	 	 	 	 	
BOOKINGS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Industrial Products	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Material Handling	 	$	204,098	 	 	$	223,787	 	 	$	222,961	 	 	$	248,948	 	 	$	899,794	 	 	$	288,714	 	
Mobile Equipment	 	 	231,128	 	 	 	288,887	 	 	 	233,731	 	 	 	279,368	 	 	 	1,033,114	 	 	 	337,273	 	
Eliminations	 	 	(407	)	 	 	(303	)	 	 	(444	)	 	 	(976	)	 	 	(2,130	)	 	 	(499	)	
 	 	 	 	 	 	
 	 	 	434,819	 	 	 	512,371	 	 	 	456,248	 	 	 	527,340	 	 	 	1,930,778	 	 	 	625,488	 	
 	 	 	 	 	 	
Engineered Systems	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Product Identification	 	 	220,410	 	 	 	223,203	 	 	 	218,213	 	 	 	241,048	 	 	 	902,874	 	 	 	232,934	 	
Engineered Products	 	 	368,134	 	 	 	379,048	 	 	 	329,119	 	 	 	332,142	 	 	 	1,408,443	 	 	 	399,757	 	
 	 	 	 	 	 	
 	 	 	588,544	 	 	 	602,251	 	 	 	547,332	 	 	 	573,190	 	 	 	2,311,317	 	 	 	632,691	 	
 	 	 	 	 	 	
Fluid Management	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Energy	 	 	208,669	 	 	 	226,301	 	 	 	213,247	 	 	 	247,143	 	 	 	895,360	 	 	 	354,774	 	
Fluid Solutions	 	 	179,037	 	 	 	192,035	 	 	 	195,865	 	 	 	191,065	 	 	 	758,002	 	 	 	217,787	 	
Eliminations	 	 	(85	)	 	 	(51	)	 	 	(144	)	 	 	(895	)	 	 	(1,175	)	 	 	(309	)	
 	 	 	 	 	 	
 	 	 	387,621	 	 	 	418,285	 	 	 	408,968	 	 	 	437,313	 	 	 	1,652,187	 	 	 	572,252	 	

Electronic Technologies	 	 	358,477	 	 	 	394,441	 	 	 	402,332	 	 	 	389,704	 	 	 	1,544,954	 	 	 	420,261	 	

Intra-segment eliminations	 	 	(1,616	)	 	 	(2,244	)	 	 	(2,278	)	 	 	(2,644	)	 	 	(8,782	)	 	 	(2,617	)	

Total consolidated bookings	 	$	1,767,845	 	 	$	1,925,104	 	 	$	1,812,602	 	 	$	1,924,903	 	 	$	7,430,454	 	 	$	2,248,075	 	

BACKLOG	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Industrial Products	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Material Handling	 	$	131,521	 	 	$	140,452	 	 	$	142,959	 	 	$	165,505	 	 	 	 	 	 	$	201,925	 	
Mobile Equipment	 	 	319,801	 	 	 	359,727	 	 	 	344,160	 	 	 	368,140	 	 	 	 	 	 	 	439,693	 	
Eliminations	 	 	(386	)	 	 	(257	)	 	 	(248	)	 	 	(822	)	 	 	 	 	 	 	(642	)	
 	 	 	 	 	 	 	 	 	 	
 	 	 	450,936	 	 	 	499,922	 	 	 	486,871	 	 	 	532,823	 	 	 	 	 	 	 	640,976	 	
 	 	 	 	 	 	 	 	 	 	
Engineered Systems	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Product Identification	 	 	78,976	 	 	 	80,550	 	 	 	80,986	 	 	 	86,315	 	 	 	 	 	 	 	96,090	 	
Engineered Products	 	 	314,465	 	 	 	334,971	 	 	 	267,545	 	 	 	288,969	 	 	 	 	 	 	 	352,067	 	
 	 	 	 	 	 	 	 	 	 	
 	 	 	393,441	 	 	 	415,521	 	 	 	348,531	 	 	 	375,284	 	 	 	 	 	 	 	448,157	 	
 	 	 	 	 	 	 	 	 	 	
Fluid Management	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Energy	 	 	76,844	 	 	 	84,800	 	 	 	84,659	 	 	 	94,113	 	 	 	 	 	 	 	163,475	 	
Fluid Solutions	 	 	63,535	 	 	 	65,639	 	 	 	69,130	 	 	 	65,525	 	 	 	 	 	 	 	77,553	 	
Eliminations	 	 	(55	)	 	 	(1	)	 	 	(17	)	 	 	(33	)	 	 	 	 	 	 	(180	)	
 	 	 	 	 	 	 	 	 	 	
 	 	 	140,324	 	 	 	150,438	 	 	 	153,772	 	 	 	159,605	 	 	 	 	 	 	 	240,848	 	

Electronic Technologies	 	 	271,340	 	 	 	318,450	 	 	 	357,800	 	 	 	342,578	 	 	 	 	 	 	 	392,823	 	

Intra-segment eliminations	 	 	(362	)	 	 	(570	)	 	 	(490	)	 	 	(748	)	 	 	 	 	 	 	(711	)	

Total consolidated backlog	 	$	1,255,679	 	 	$	1,383,761	 	 	$	1,346,484	 	 	$	1,409,542	 	 	 	 	 	 	$	1,722,093	 	

DEPRECIATION AND AMORTIZATION EXPENSE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Industrial Products	 	$	17,370	 	 	$	17,118	 	 	$	16,929	 	 	$	17,045	 	 	$	68,462	 	 	$	16,401	 	
Engineered Systems	 	 	15,750	 	 	 	15,273	 	 	 	15,626	 	 	 	15,699	 	 	 	62,348	 	 	 	15,826	 	
Fluid Management	 	 	14,763	 	 	 	15,523	 	 	 	15,109	 	 	 	15,868	 	 	 	61,263	 	 	 	21,597	 	
Electronic Technologies	 	 	17,688	 	 	 	17,823	 	 	 	18,811	 	 	 	19,974	 	 	 	74,296	 	 	 	19,279	 	
Corporate	 	 	369	 	 	 	336	 	 	 	658	 	 	 	674	 	 	 	2,037	 	 	 	584	 	
 	 	 	 	 	 	
 	 	$	65,940	 	 	$	66,073	 	 	$	67,133	 	 	$	69,260	 	 	$	268,406	 	 	$	73,687	 	

 
DOVER CORPORATION — INVESTOR SUPPLEMENT
FIRST QUARTER 2011
DOVER CORPORATION
QUARTERLY EARNINGS PER SHARE
(unaudited)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	2010	 	2011	
 	 	Q1	 	Q2	 	Q3	 	Q4	 	FY 2010	 	Q1	
 	 	 	 	 	
Basic earnings (loss) per common share:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Continuing operations	 	$	0.65	 	 	$	0.92	 	 	$	1.19	 	 	$	1.03	 	 	$	3.79	 	 	$	0.98	 	
Discontinued operations	 	 	(0.07	)	 	 	(0.01	)	 	 	0.01	 	 	 	0.04	 	 	 	(0.04	)	 	 	0.06	 	
Net earnings	 	 	0.58	 	 	 	0.91	 	 	 	1.20	 	 	 	1.06	 	 	 	3.75	 	 	 	1.04	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted earnings (loss) per common share:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Continuing operations	 	$	0.65	 	 	$	0.91	 	 	$	1.18	 	 	$	1.01	 	 	$	3.74	 	 	$	0.96	 	
Discontinued operations	 	 	(0.07	)	 	 	(0.01	)	 	 	0.01	 	 	 	0.03	 	 	 	(0.04	)	 	 	0.06	 	
Net earnings	 	 	0.58	 	 	 	0.90	 	 	 	1.19	 	 	 	1.04	 	 	 	3.70	 	 	 	1.03	 	
NOTE:
Diluted earnings per share in the first quarter 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 quarter of 2011 and the third and fourth quarters of 2010 were 23.9%, 14.8% and 21.4%, 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 in the first quarter of 2011 and $0.20 and $0.07 in the third and fourth quarters of 2010, respectively.

 
DOVER CORPORATION — INVESTOR SUPPLEMENT
FIRST QUARTER 2011
DOVER CORPORATION
QUARTERLY FREE CASH FLOW INFORMATION
(unaudited) (in thousands)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	2010	 	2011	 	
 	 	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	 	FY 2010	 	 	Q1	 	

Cash From Operations	 	$	87,066	 	 	$	231,199	 	 	$	200,847	 	 	$	431,439	 	 	$	950,551	 	 	$	132,609	 	
CAPEX	 	 	(39,336	)	 	 	(46,945	)	 	 	(43,556	)	 	 	(53,380	)	 	 	(183,217	)	 	 	(52,650	)	
 	 	 	 	 	 	
Free Cash Flow	 	$	47,730	 	 	$	184,254	 	 	$	157,291	 	 	$	378,059	 	 	$	767,334	 	 	$	79,959	 	

Free Cash Flow to Earnings From Continuing Operations	 	 	39.3	%	 	 	107.2	%	 	 	70.6	%	 	 	197.1	%	 	 	108.4	%	 	 	43.6	%	

Exhibit 99.3

Dover Corporation First Quarter 2011 Conference Call April 21, 2011 11:30 am ET	

 

2 Forward Looking Statements We want to remind everyone that our comments may contain forward-looking statements that are inherently subject to uncertainties. We caution everyone to be guided in their analysis of Dover Corporation by referring to our Form 10-K for a list of factors that could cause our results to differ from those anticipated in any such forward-looking statements. We would also direct your attention to our internet site, www.dovercorporation.com, where considerably more information can be found.	

 

3 Dover's Q1 2011 Performance Continuing Earnings Per Share 2009 FY $3.74 Revenue $ 2.0B ^ 24% EPS (cont.) $0.96 ^ 48% Segment Margins 15.6% ^ 60 bps Bookings $2.2B ^ 27% Organic Rev. Growth ^ 19% Net Acq. Growth ^ 4% FCF $80M ^ 68% Quarterly revenue and earnings increases reflect broad-based solid end-markets, with particular strength seen at Fluid Management and Industrial Products Organic revenue growth of 19% is broad based Segment operating margin of 15.6% reflects improvement at all segments absent one-time deal costs Bookings strength is primarily driven by oil & gas and global infrastructure resulting in a book-to-bill of 1.15 Q1 Q1/Q1 2010 FY $1.99 2011 * Includes discrete tax benefits of $0.15 EPS in Q2 2009, $0.20 EPS in Q3 2010, $0.07 in Q4 2010 and $0.04 in Q1 2011	

 

4 Revenue Q1 2011 Industrial Products Engineered Systems Fluid Management Electronic Technologies Total Dover Organic 20% 14% 20% 27% 19% Net Acquisitions 1% - 13% 1% 4% Currency - 2% 1% - 1% Total 21% 16% 34% 28% 24%	

 

5 Sequential Results - Q4 10 / Q1 11 Material Handling Fluid Solutions Mobile Equipment Energy Product Identification Engineered Products ^ 7% ^ 2% Electronic Technologies ^ 19% ^ 10% ^ 31% ^ 8% $ in millions	

 

6 Industrial Products Revenue growth resulted from recovering Material Handling markets, crude oil & bulk trailer sales, and solid automotive service markets Margin improvements were driven by volume increases and productivity, partially off-set by product mix and investments Quarterly bookings were up 44% on the strength of infrastructure and energy related activity, and a large military order; book-to-bill at 1.21 Backlog grew 42% to $641 million $ in millions Q1 2011 Q1 2010 % Change Revenue $519 $429 +21% Earnings $ 64 $ 51 +26% Margin 12.4% 11.9% ^ 50 bps Bookings $625 $435 +44% Quarterly Comments	

 

7 Engineered Systems Revenue gains were broad-based with Hill Phoenix having the largest positive impact Earnings and operating margin improvements were driven by increased volume and productivity, partially off-set by materials cost inflation Product ID saw strength in emerging markets, which was partially off-set by weakness in the US •Bookings were up 10% sequentially, including the normal seasonal upswing at Hill Phoenix; book-to-bill is 1.13 $ in millions Quarterly Comments Q1 2011 Q1 2010 % Change Revenue $560 $484 +16% Earnings $ 67 $ 55 +23% Margin 12.0% 11.3% ^ 70 bps Bookings $633 $589 +8%	

 

8 Fluid Management Revenue growth was driven by strong oil & gas activity and solid demand in Fluid Solutions Strong operating margin was impacted by one-time deal costs of approximately $5 million Harbison-Fischer is off to a strong start Fluid Solutions saw broad-based recovery and strong international growth Book-to-bill of 1.12 reflects broad-based demand $ in millions Quarterly Comments Q1 2011 Q1 2010 % Change Revenue $509 $381 +34% Earnings $114 $ 87 +31% Margin 22.3% 22.8% ^ 50 bps Bookings $572 $388 +48%	

 

9 Electronic Technologies Revenue growth was driven by demand for electronic assembly equipment, MEMS microphones, and Solar equipment; telecom end-markets were soft Operating margin increase was driven by higher volume DEK continues to win new Solar customers Bookings gains were broad- based (except telecom infrastructure) resulting in book- to-bill of 1.13 $ in millions Quarterly Comments Q1 2011 Q1 2010 % Change Revenue $373 $290 +28% Earnings $ 60 $ 45 +33% Margin 16.0% 15.4% ^ 60 bps Bookings $420 $358 +17%	

 

Q1 2011 Overview Q1 2011 Net Interest Expense $28.3 million, up $1 million from last year. Interest expense impacted by $800 million bond issuance connected with Harbison-Fischer acquisition and February bond re-financing Corporate Expense $36.1 million, up $3 million from last year Effective Tax Rate (ETR) Q1 rate was 23.9%. Rate reflects $0.04 EPS benefit on resolution of certain domestic tax matters and a more favorable mix of non-US earnings 10	

 

11 2011 Guidance - Update Revenue: Core revenue: ^ 9.0% - 11.0% Acquisitions: ^ 3.0% Total revenue: ^ 12.0% - 14.0% Corporate expense: ^ $135 million (unchanged) Interest expense: ^ $116 million Full-Year Tax Rate: ^ 27% - 28%* Capital expenditures: ^ 2.8% - 3.0% of rev. (unchanged) Free cash flow for full year: ^ 10% - 11% of rev. (unchanged) * Excludes Q1 benefits of $0.04 EPS	

 

2010 EPS - Continuing Ops $3.74 Less 2010 tax benefits: ($0.27) 2010 Adjusted EPS - Continuing Ops $3.47 Volume, mix, price (inc. FX): $0.57 - $0.71 Net benefits of productivity: $0.26 - $0.30 Acquisitions: $0.10 - $0.11 Investment / Compensation: ($0.16 - $0.20) Corporate expense: - Interest: ($0.03) Tax: $0.05 Q1 discrete tax benefit : $0.04 2011 EPS - Continuing Ops $4.30 - $4.45 12 2011 EPS Guidance Bridge - Cont. Ops