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 18, 2012
________________________________
 
DOVER CORPORATION
(Exact Name of Registrant as Specified in Charter)
________________________________

State of Delaware	 1-4018	53-0257888	
(State or Other Jurisdiction of Incorporation)	 (Commission File Number)	(I.R.S. Employer Identification No.)	
 	 	 	
3005 Highland Parkway	 	 	
Downers Grove, Illinois	 	60515	
(Address of principal executive offices)	 	(Zip Code)	
(630) 541-1540
(Registrant’s telephone number, including area code)
 
(Former Name or Former address, if Changed Since Last Report)
 
______________________
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:
 
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(b))	

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 18, 2012, Dover Corporation (i) issued the Press Release attached hereto as Exhibit 99.1 announcing its results of operations for the first quarter ended March 31, 2012; and (ii) posted on its website at http://www.dovercorporation.com  the presentation slides attached hereto as Exhibit 99.2 for the quarter ended March 31, 2012.
 
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 Dover Corporation Press Release dated April 18, 2012.
99.2 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 18, 2012	DOVER CORPORATION	 	
 	(Registrant)	
 	 	 	 	
 	By:	/s/ Joseph W. Schmidt	 	
 	 	Joseph W. Schmidt	 	
 	 	Senior Vice President, General Counsel & Secretary	 	

 

 
EXHIBIT INDEX
Number	 	Exhibit	
99.1	 	Press Release of Dover Corporation, dated April 18, 2012	
 	 	 	
99.2	 	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	
Vice President - Investor Relations	 	
(212) 922-1640	 	
 
DOVER CORPORATION REPORTS FIRST QUARTER 2012 RESULTS

 
●	Reports revenue of $2.1 billion, an increase of 14% over the prior year, including organic growth of 9%	
 	 	
●	Delivers quarterly diluted earnings per share from continuing operations of $1.05	
 	 	
●	Raises low end of guidance for full-year earnings per share from continuing operations; new range is $4.80 - $5.00	

Downers Grove, Illinois, April 18, 2012 —Dover Corporation (NYSE: DOV) announced today that for the first quarter ended March 31, 2012, revenue was $2.1 billion, an increase of 14% over the prior-year period.  The revenue increase was primarily driven by organic growth of 9% and a 5% increase from acquisitions.  Earnings from continuing operations were $196.8 million, or $1.05 diluted earnings per share (“EPS”), compared to $174.8 million, or $0.92 EPS, in the prior-year period, representing increases in earnings from continuing operations and EPS of 13% and 14%, respectively.  EPS from continuing operations increased 19% in the quarter, excluding the impact of tax benefits of $0.04 EPS recognized in the prior year period.
 
Commenting on the first quarter results, Dover’s President and Chief Executive Officer, Robert A. Livingston, said, “We are off to a great start in 2012 with strong revenue growth across the majority of our end-markets. Our 9% organic revenue growth for the quarter was driven by broad-based strength in energy, refrigeration and food equipment, handsets, fluids, and our industrial end-markets. Segment margin was 16.2%, led by our Energy and Engineered Systems segments, both of which exhibited strong operating leverage on volume. We saw a seasonal upswing in many of our businesses and finished with a solid book-to-bill of 1.06.”
 
“Dover continued to execute on our growth plans throughout the first quarter, including completing the acquisition of Maag Group. Maag, a leader in gear pumps for the plastics and petrochemical industries, is now part of our Fluid Solutions platform and will help expand our participation in the global fluids space.  We also invested for growth through expansion of our international sales and service network, and strategic capital projects connected with the handset market. These capital projects will improve productivity, facilitate production of new design wins and help drive improved results in the back half of the year.”
 
“Looking forward, we now expect full year 2012 revenue growth of 10% - 12%, comprised of organic revenue growth of 5% - 7%, plus growth from completed acquisitions of 5%. Based on this revenue assumption, we expect full-year diluted EPS from continuing operations to be in the range of $4.80 - $5.00, which represents a $0.10 increase from the low-end of our prior guidance.”
 
Net earnings for the first quarter of 2012 were $196.1 million or $1.05 EPS, including a net loss from discontinued operations of $0.7 million, compared to net earnings of $194.9 million, or $1.03 EPS, for the same period of 2011, which included a gain from discontinued operations of $20.1 million, or $0.11 EPS.
 
Dover will host a webcast of its first quarter 2012 conference call at 10:00 A.M. Eastern Time (9:00 A.M. Central Time) on Wednesday, April 18, 2012.  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 results and its operating segments can also be found on the company’s website.
 
About Dover:
 
Dover Corporation is a multi-billion dollar diversified global manufacturer. For over 50 years, Dover has been providing its customers with outstanding products and services that reflect the company’s commitment to operational excellence, innovation and market leadership. The company focuses on innovative equipment and components, specialty systems and support services through its four major operating segments: Communication Technologies, Energy, Engineered Systems and Printing & Identification. Dover is headquartered in Downers Grove, Illinois and employs nearly 34,000 people worldwide. Dover Corporation is traded on the New York Stock Exchange under "DOV."  Additional information is available at the company’s website at  www.dovercorporation.com .

 

 
 
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, 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, uncertainties in the credit and capital markets, interest rates, currency exchange rates, the world economy and sovereign credit, especially in Europe; political events  and possible future terrorist threats that could impact countries where Dover does business or 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; 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; the impact of loss of a single-source manufacturing facility; changes in customer demand; a downgrade in Dover’s credit ratings; 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, tax policies, 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; and the cyclical nature of some of Dover’s companies. 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.

 

 

INVESTOR SUPPLEMENT - FIRST QUARTER 2012
 
DOVER CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)(in thousands, except per share data)

 	 	Three Months Ended March 31,	 	
 	 	2012	 	 	2011	 	
Revenue	 	$	2,063,364	 	 	$	1,812,078	 	
Cost of goods and services	 	 	1,283,040	 	 	 	1,100,327	 	
Gross profit	 	 	780,324	 	 	 	711,751	 	
Selling and administrative expenses	 	 	480,880	 	 	 	453,427	 	
Operating earnings	 	 	299,444	 	 	 	258,324	 	
Interest expense, net	 	 	30,027	 	 	 	28,318	 	
Other expense, net	 	 	2,622	 	 	 	1,188	 	
Earnings before provision for income taxes and discontinued operations	 	 	266,795	 	 	 	228,818	 	
Provision for income taxes	 	 	69,968	 	 	 	54,027	 	
Earnings from continuing operations	 	 	196,827	 	 	 	174,791	 	
(Loss) earnings from discontinued operations, net	 	 	(764	)	 	 	20,114	 	
Net earnings	 	$	196,063	 	 	$	194,905	 	
 	 	 	 	 	 	 	 	 	
Comprehensive earnings	 	$	237,305	 	 	$	266,566	 	
 	 	 	 	 	 	 	 	 	
Basic earnings per common share:	 	 	 	 	 	 	 	 	
   Earnings from continuing operations	 	$	1.07	 	 	$	0.94	 	
   Earnings from discontinued operations, net	 	 	-	 	 	 	0.11	 	
   Net earnings	 	 	1.07	 	 	 	1.04	 	
 	 	 	 	 	 	 	 	 	
   Weighted average shares outstanding	 	 	183,737	 	 	 	186,659	 	

Diluted earnings per common share:	 	 	 	 	 	 	 	 	
   Earnings from continuing operations	 	$	1.05	 	 	$	0.92	 	
   Earnings from discontinued operations, net	 	 	-	 	 	 	0.11	 	
   Net earnings	 	 	1.05	 	 	 	1.03	 	
 	 	 	 	 	 	 	 	 	
   Weighted average shares outstanding	 	 	186,706	 	 	 	190,090	 	

Dividends paid per common share	 	$	0.315	 	 	$	0.275	 	

 

 

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

 	 	2012	 	 	2011	 	
 	 	 	Q1	 	 	 	Q1	 	 	 	Q2	 	 	 	Q3	 	 	 	Q4	 	 	FY 2011	 	
REVENUE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Communication Technologies	 	$	357,575	 	 	$	269,582	 	 	$	288,843	 	 	$	405,357	 	 	$	396,295	 	 	$	1,360,077	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Energy	 	 	531,570	 	 	 	425,424	 	 	 	454,327	 	 	 	510,608	 	 	 	510,390	 	 	 	1,900,749	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Engineered Systems	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
       Fluid Solutions	 	 	180,364	 	 	 	163,196	 	 	 	178,031	 	 	 	173,804	 	 	 	162,590	 	 	 	677,621	 	
       Refrigeration & Industrial	 	 	642,213	 	 	 	560,453	 	 	 	645,573	 	 	 	649,768	 	 	 	568,844	 	 	 	2,424,638	 	
       Eliminations	 	 	(453	)	 	 	(382	)	 	 	(424	)	 	 	(431	)	 	 	(287	)	 	 	(1,524	)	
 	 	 	822,124	 	 	 	723,267	 	 	 	823,180	 	 	 	823,141	 	 	 	731,147	 	 	 	3,100,735	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Printing & Identification	 	 	352,332	 	 	 	394,627	 	 	 	429,497	 	 	 	400,515	 	 	 	368,325	 	 	 	1,592,964	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Intra-segment eliminations	 	 	(237	)	 	 	(822	)	 	 	(877	)	 	 	(1,015	)	 	 	(1,671	)	 	 	(4,385	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total consolidated revenue	 	$	2,063,364	 	 	$	1,812,078	 	 	$	1,994,970	 	 	$	2,138,606	 	 	$	2,004,486	 	 	$	7,950,140	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NET EARNINGS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment Earnings:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
   Communication Technologies	 	$	46,556	 	 	$	47,325	 	 	$	54,527	 	 	$	53,433	 	 	$	71,097	 	 	$	226,382	 	
   Energy	 	 	132,115	 	 	 	93,051	 	 	 	110,447	 	 	 	125,268	 	 	 	121,871	 	 	 	450,637	 	
   Engineered Systems	 	 	122,092	 	 	 	98,235	 	 	 	128,570	 	 	 	125,529	 	 	 	92,852	 	 	 	445,186	 	
   Printing & Identification	 	 	32,605	 	 	 	54,637	 	 	 	67,967	 	 	 	59,447	 	 	 	44,483	 	 	 	226,534	 	
Total Segments	 	 	333,368	 	 	 	293,248	 	 	 	361,511	 	 	 	363,677	 	 	 	330,303	 	 	 	1,348,739	 	
Corporate expense / other	 	 	36,546	 	 	 	36,112	 	 	 	35,391	 	 	 	34,083	 	 	 	32,393	 	 	 	137,979	 	
Net interest expense	 	 	30,027	 	 	 	28,318	 	 	 	28,157	 	 	 	30,061	 	 	 	29,060	 	 	 	115,596	 	
Earnings from continuing operations before provision for income taxes	 	 	266,795	 	 	 	228,818	 	 	 	297,963	 	 	 	299,533	 	 	 	268,850	 	 	 	1,095,164	 	
Provision for income taxes	 	 	69,968	 	 	 	54,027	 	 	 	58,765	 	 	 	76,095	 	 	 	59,912	 	 	 	248,799	 	
Earnings from continuing operations	 	 	196,827	 	 	 	174,791	 	 	 	239,198	 	 	 	223,438	 	 	 	208,938	 	 	 	846,365	 	
Earnings (loss) from discontinued operations, net	 	 	(764	)	 	 	20,114	 	 	 	10,571	 	 	 	(51,158	)	 	 	69,351	 	 	 	48,878	 	
Net earnings	 	$	196,063	 	 	$	194,905	 	 	$	249,769	 	 	$	172,280	 	 	$	278,289	 	 	$	895,243	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
SEGMENT OPERATING MARGIN	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
   Communication Technologies	 	 	13.0	%	 	 	17.6	%	 	 	18.9	%	 	 	13.2	%	 	 	17.9	%	 	 	16.6	%	
   Energy	 	 	24.9	%	 	 	21.9	%	 	 	24.3	%	 	 	24.5	%	 	 	23.9	%	 	 	23.7	%	
   Engineered Systems	 	 	14.9	%	 	 	13.6	%	 	 	15.6	%	 	 	15.2	%	 	 	12.7	%	 	 	14.4	%	
   Printing & Identification	 	 	9.3	%	 	 	13.8	%	 	 	15.8	%	 	 	14.8	%	 	 	12.1	%	 	 	14.2	%	
Total Segment	 	 	16.2	%	 	 	16.2	%	 	 	18.1	%	 	 	17.0	%	 	 	16.5	%	 	 	17.0	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DEPRECIATION AND AMORTIZATION EXPENSE	 	
Communication Technologies	 	$	31,513	 	 	$	18,685	 	 	$	18,533	 	 	$	34,360	 	 	$	30,261	 	 	$	101,839	 	
Energy	 	 	21,184	 	 	 	18,573	 	 	 	18,765	 	 	 	19,399	 	 	 	21,082	 	 	 	77,819	 	
Engineered Systems	 	 	19,582	 	 	 	18,415	 	 	 	18,816	 	 	 	18,332	 	 	 	19,213	 	 	 	74,776	 	
Printing & Identification	 	 	11,206	 	 	 	11,372	 	 	 	11,685	 	 	 	11,548	 	 	 	11,543	 	 	 	46,148	 	
Corporate	 	 	700	 	 	 	586	 	 	 	626	 	 	 	636	 	 	 	713	 	 	 	2,561	 	
 	 	$	84,185	 	 	$	67,631	 	 	$	68,425	 	 	$	84,275	 	 	$	82,812	 	 	$	303,143	 	

 

 

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

 	 	2012	 	 	2011	 	
 	 	 	Q1	 	 	 	Q1	 	 	 	Q2	 	 	 	Q3	 	 	 	Q4	 	 	FY 2011	 	
BOOKINGS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Communication Technologies	 	$	356,386	 	 	$	274,611	 	 	$	309,734	 	 	$	410,616	 	 	$	349,579	 	 	$	1,344,540	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Energy	 	 	585,775	 	 	 	495,125	 	 	 	472,543	 	 	 	498,212	 	 	 	519,525	 	 	 	1,985,405	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Engineered Systems	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
       Fluid Solutions	 	 	184,711	 	 	 	173,626	 	 	 	175,539	 	 	 	174,772	 	 	 	158,895	 	 	 	682,832	 	
       Refrigeration & Industrial	 	 	711,911	 	 	 	660,449	 	 	 	623,929	 	 	 	602,488	 	 	 	625,840	 	 	 	2,512,706	 	
       Eliminations	 	 	(408	)	 	 	(733	)	 	 	(884	)	 	 	179	 	 	 	(1,378	)	 	 	(2,816	)	
 	 	 	896,214	 	 	 	833,342	 	 	 	798,584	 	 	 	777,439	 	 	 	783,357	 	 	 	3,192,722	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Printing & Identification	 	 	347,368	 	 	 	438,526	 	 	 	386,259	 	 	 	384,085	 	 	 	353,849	 	 	 	1,562,719	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Intra-segment eliminations	 	 	(609	)	 	 	(2,736	)	 	 	(3,370	)	 	 	(2,452	)	 	 	(3,153	)	 	 	(11,711	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total consolidated bookings	 	$	2,185,134	 	 	$	2,038,868	 	 	$	1,963,750	 	 	$	2,067,900	 	 	$	2,003,157	 	 	$	8,073,675	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BACKLOG	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Communication Technologies	 	$	435,912	 	 	$	410,843	 	 	$	431,558	 	 	$	483,512	 	 	$	437,320	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Energy	 	 	296,360	 	 	 	240,198	 	 	 	255,889	 	 	 	243,401	 	 	 	246,351	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Engineered Systems	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
       Fluid Solutions	 	 	191,327	 	 	 	57,357	 	 	 	54,945	 	 	 	55,230	 	 	 	54,194	 	 	 	 	 	
       Refrigeration & Industrial	 	 	598,910	 	 	 	544,995	 	 	 	523,011	 	 	 	469,876	 	 	 	528,118	 	 	 	 	 	
       Eliminations	 	 	(132	)	 	 	(339	)	 	 	(526	)	 	 	(94	)	 	 	(177	)	 	 	 	 	
 	 	 	790,105	 	 	 	602,013	 	 	 	577,430	 	 	 	525,012	 	 	 	582,135	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Printing & Identification	 	 	177,511	 	 	 	262,629	 	 	 	220,619	 	 	 	197,792	 	 	 	180,871	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Intra-segment eliminations	 	 	(987	)	 	 	(704	)	 	 	(1,178	)	 	 	(891	)	 	 	(193	)	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total consolidated backlog	 	$	1,698,901	 	 	$	1,514,979	 	 	$	1,484,318	 	 	$	1,448,826	 	 	$	1,446,484	 	 	 	 	 	

 

 

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

 	 	2012	 	 	2011	 	
 	 	 	Q1	 	 	 	Q1	 	 	 	Q2	 	 	 	Q3	 	 	 	Q4	 	 	FY 2011	 	
Basic earnings (loss) per common share:	 	
Continuing operations	 	$	1.07	 	 	$	0.94	 	 	$	1.28	 	 	$	1.20	 	 	$	1.13	 	 	$	4.55	 	
Discontinued operations	 	 	-	 	 	 	0.11	 	 	 	0.06	 	 	 	(0.28	)	 	 	0.38	 	 	 	0.26	 	
Net earnings	 	 	1.07	 	 	 	1.04	 	 	 	1.34	 	 	 	0.93	 	 	 	1.51	 	 	 	4.82	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted earnings (loss) per common share:	 	 	
Continuing operations	 	$	1.05	 	 	$	0.92	 	 	$	1.26	 	 	$	1.19	 	 	$	1.12	 	 	$	4.48	 	
Discontinued operations	 	 	-	 	 	 	0.11	 	 	 	0.06	 	 	 	(0.27	)	 	 	0.37	 	 	 	0.26	 	
Net earnings	 	 	1.05	 	 	 	1.03	 	 	 	1.32	 	 	 	0.91	 	 	 	1.49	 	 	 	4.74	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted diluted earnings per common share (calculated below):	 	
Continuing operations	 	$	1.05	 	 	$	0.88	 	 	$	1.14	 	 	$	1.18	 	 	$	1.07	 	 	$	4.26	 	

Net earnings (loss) and average shares used in calculated earnings (loss) per share amounts are as follows:	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net earnings (loss) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Continuing operations	 	$	196,827	 	 	$	174,791	 	 	$	239,198	 	 	$	223,438	 	 	$	208,938	 	 	$	846,365	 	
Discontinued operations	 	 	(764	)	 	 	20,114	 	 	 	10,571	 	 	 	(51,158	)	 	 	69,351	 	 	 	48,878	 	
Net earnings	 	 	196,063	 	 	 	194,905	 	 	 	249,769	 	 	 	172,280	 	 	 	278,289	 	 	 	895,243	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average shares outstanding:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	 	183,737	 	 	 	186,659	 	 	 	186,443	 	 	 	185,770	 	 	 	184,686	 	 	 	185,882	 	
Diluted	 	 	186,706	 	 	 	190,090	 	 	 	189,705	 	 	 	188,436	 	 	 	187,208	 	 	 	188,887	 	

NOTE:
Earnings from continuing operations are adjusted by discrete and other tax items to derive adjusted earnings from continuing operations and adjusted diluted earnings per common share as follows:

 	 	2012	 	 	2011	 	
 	 	 	Q1	 	 	 	Q1	 	 	 	Q2	 	 	 	Q3	 	 	 	Q4	 	 	FY 2011	 	
Adjusted earnings from continuing operations:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from continuing operations	 	$	196,827	 	 	$	174,791	 	 	$	239,198	 	 	$	223,438	 	 	$	208,938	 	 	$	846,365	 	
Less: Gains from discrete and other tax items	 	 	1,432	 	 	 	8,016	 	 	 	22,338	 	 	 	2,390	 	 	 	8,590	 	 	 	41,334	 	
Adjusted earnings from continuing operations	 	$ 	195,395	 	 	$ 	166,775	 	 	$ 	216,860	 	 	$ 	221,048	 	 	$ 	200,348	 	 	$ 	805,031	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted diluted earnings per common share:	 	 	
Earnings from continuing operations	 	$	1.05	 	 	$	0.92	 	 	$	1.26	 	 	$	1.19	 	 	$	1.12	 	 	$	4.48	 	
Less: Gains from discrete and other tax items	 	 	-	 	 	 	0.04	 	 	 	0.12	 	 	 	0.01	 	 	 	0.05	 	 	 	0.22	 	
Adjusted earnings from continuing operations	 	$	1.05	 	 	$	0.88	 	 	$	1.14	 	 	$	1.18	 	 	$	1.07	 	 	$	4.26	 	

 

 

DOVER CORPORATION 
QUARTERLY FREE CASH FLOW
(unaudited)(in thousands)
 
 	 	2012	 	 	2011	 	
 	 	 	Q1	 	 	 	Q1	 	 	 	Q2	 	 	 	Q3	 	 	 	Q4	 	 	FY 2011	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash flow from operating activities	 	$	160,127	 	 	$	117,503	 	 	$	205,260	 	 	$	376,614	 	 	$	358,852	 	 	$	1,058,229	 	
Less: Additions to property, plant and equipment	 	 	(71,429	)	 	 	(51,379	)	 	 	(72,338	)	 	 	(65,000	)	 	 	(83,092	)	 	 	(271,809	)	
Free cash flow	 	$	88,698	 	 	$	66,124	 	 	$	132,922	 	 	$	311,614	 	 	$	275,760	 	 	$	786,420	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Free cash flow as a percentage of earnings from continuing operations	 	 	45.1	%	 	 	37.8	%	 	 	55.6	%	 	 	139.5	%	 	 	132.0	%	 	 	92.9	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Free cash flow as a percentage of revenue	 	 	4.3	%	 	 	3.6	%	 	 	6.7	%	 	 	14.6	%	 	 	13.8	%	 	 	9.9	%	

Exhibit 99.2