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): January 30, 2014 
________________________________
 
DOVER CORPORATION
(Exact name of registrant as specified in its 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)
 
______________________

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:

 	 	
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
¨	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 January 30, 2014, Dover Corporation (i) issued the Press Release attached hereto as Exhibit 99.1 announcing its results of operations for the year ended December 31, 2013; and (ii) posted on its website at
http://www.dovercorporation.com the presentation slides attached hereto as Exhibit 99.2 for the year ended December 31, 2013.
 
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.

(d) Exhibits.

The following exhibits are furnished as part of this report:
 
99.1 Dover Corporation Press Release dated January 30, 2014.
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:	January 30, 2014	DOVER CORPORATION	 	
 	 	(Registrant)	 	
 	 	 	 	 	
 	 	By:	/s/ Ivonne M. Cabrera	 	
 	 	 	Ivonne M. Cabrera	 	
 	 	 	Senior Vice President, General Counsel & Secretary	 	

EXHIBIT INDEX

Number	 	Exhibit	
99.1	 	Press Release of Dover Corporation dated January 30, 2014	
 	 	 	
99.2	 	Presentation Slides posted on Dover Corporation’s website at http://www.dovercorporation.com	

Exhibit 99.1

 	
 	 	 	
CONTACT:	 	 	
Paul Goldberg	 	 	
Vice President - Investor Relations	 	 	
(212) 922-1640	 	 	

DOVER REPORTS FOURTH QUARTER AND FULL YEAR 2013 RESULTS; PROVIDES 2014 GUIDANCE ON A PRO FORMA BASIS
 	 	
•	Reports quarterly revenue of $2.2 billion, an increase of 10% over the prior year	
 	 	
•	Delivers quarterly diluted earnings per share from continuing operations of $1.22, an increase of 5% over last year	
 	 	
•	Achieves adjusted quarterly diluted earnings per share from continuing operations of $1.28, excluding Knowles spin-off costs of $0.09 and tax benefits of $0.03, up 17% from an adjusted prior year	
 	 	
•	Expects 2014 full year revenue growth of 5% to 6% and pro forma diluted earnings per share of $4.60 to $4.80, excluding Knowles and related spin-off costs	
 	 	
•	Remains on track to complete the spin-off of Knowles before the end of the first quarter 2014	

Downers Grove, Illinois, January 30, 2014 — Dover (NYSE: DOV) today announced financial results for the fourth quarter and full year ended December 31, 2013. In addition, the Company is providing pro forma unaudited financial data for Dover, excluding Knowles and related spin-off costs, for the full year ended December 31, 2013. The planned spin-off of Knowles remains on track and is expected to be finalized before the end of the first quarter 2014.
 
Dover Results (including Knowles)

Revenue for the fourth quarter endedDecember 31, 2013 was $2.2 billion, an increase of 10% over the prior year period. The revenue increase was driven by organic growth of 5% and a 5% increase from acquisitions. Earnings from continuing operations were $210.8 million, or $1.22 diluted earnings per share (“EPS”), compared to $208.2 million, or $1.16 EPS, in the prior year period, representing increases of 1% and 5%, respectively. EPS from continuing operations includes Knowles spin-off costs of $0.09 EPS and discrete tax benefits of $0.03 recognized in the current quarter. Excluding these items and a $0.07 EPS tax benefit recognized in the prior year period, adjusted EPS from continuing operations for the fourth quarter of 2013 was $1.28, reflecting an increase of 17% over an adjusted EPS of $1.09 in the prior year period.

Revenue for the year ended December 31, 2013, was $8.7 billion, an increase of 8% over the prior year, reflecting organic growth of 3% and a 5% increase from acquisitions. Earnings from continuing operations for the year ended December 31, 2013, were $965.8 million, or $5.57 EPS, compared to $833.1 million, or $4.53 EPS in the prior year period, representing increases of 16% and 23%, respectively. EPS from continuing operations for the year includes Knowles spin-off costs of $0.17 EPS, discrete tax benefits of $0.44 EPS, and other one-time gains of $0.02 compared to $0.09 EPS of discrete tax benefits in the prior year. Excluding these items, adjusted EPS from continuing operations for the year ended December 31, 2013 was $5.28, an increase of 19% over an adjusted EPS of $4.44 in the prior year.

Commenting on the fourth quarter results, Dover's President and Chief Executive Officer, Robert A. Livingston, said,  “ I am very pleased with our fourth quarter results as we achieved solid organic growth in all segments. Our broad-based order and shipment activity was particularly strong at our businesses serving the refrigeration and food equipment, fast moving consumer goods, fluids, drilling and downstream energy markets. In the consumer electronics market, our strong position with a key OEM allowed us to grow nicely despite continuing headwinds at two other customers. Additionally, we closed on several acquisitions in the quarter, notably in the fluids and downstream energy spaces, and raised € 300 million in the debt market. These actions have positioned us well as we move into 2014. ”

“For the year, we generated over $940 million in free cash flow. We continued to make significant internal and acquisition investments in our key growth spaces, increased the dividend for the 58 th consecutive year, and progressed as planned on our $1 billion share repurchase program. ”

Net earnings for the fourth quarter of 2013 were $194.0 million or $1.13 EPS, including a loss from discontinued operations of $16.8 million, or $0.10 EPS, compared to net earnings of $159.9 million, or $0.89 EPS, for the same period of 2012, which included a loss from discontinued operations of $48.4 million, or $0.27 EPS. Reflected within discontinued operations were impairment charges of $14.0 million, or $0.08 EPS, in 2013 and $51.9 million, or $0.29 EPS, in 2012, connected with the anticipated sale of our electronic test and assembly businesses.

Net earnings for the year ended December 31, 2013 were $1.0 billion, or $5.78 EPS, including net earnings from discontinued operations of $37.3 million, or $0.22 EPS, compared to net earnings of $811.1 million, or $4.41 EPS, for the same period of 2012, which included a net loss from discontinued operations of $22.0 million or $0.12 EPS. Reflected within discontinued operations were impairment charges connected with the anticipated sale of our electronic test and assembly businesses of $32.7 million, net of tax, or $0.19 EPS in 2013, and $51.9 million, net of tax, or $0.28 EPS in 2012, and discrete tax benefits of $54.8 million, or $0.32 EPS in 2013.

Dover Results (excluding Knowles) Pro Forma

In connection with the spin-off, certain pro forma unaudited financial data is being provided for Dover, excluding Knowles and related spin-off costs, for the year ending December 31, 2013. Effective with the anticipated first quarter spin-off, it is expected that Knowles will be accounted for as a discontinued operation in the Company’s financial statements.

Revenue for the year ended December 31, 2013 was $7.5 billion, an increase of 8% over the prior year. Earnings from continuing operations for the year ended December   31, 2013, were $832 million, or $4.79 EPS, increases of 21% and 28% over the prior year, respectively. Adjusted EPS from continuing operations for the year ended December   31, 2013 was $4.31, representing an increase of 18% over an adjusted prior year period.

Dover Outlook (excluding Knowles) Pro Forma

Mr. Livingston continued, “We are very excited about the strength and positioning of Dover. Our markets are improving and our team is executing at a high level, as evidenced by our second half growth rates. Accordingly, we expect the strong performance we saw in the fast moving consumer goods and refrigeration markets to continue into 2014. We also expect the solid market conditions for our fluids and downstream energy businesses to carryover from the fourth quarter. Finally, within Energy we anticipate improved North American markets for our drilling and artificial lift businesses, along with continued geographic expansion. In all, excluding Knowles, we expect full year organic growth of 3% to 4% complemented by acquisition growth of 2%, resulting in revenue growth of 5% to 6%. The benefits of our lean and productivity initiatives, leverage on volume, and

a lower share count from our ongoing repurchase program will drive solid EPS growth. As a result, we anticipate full year diluted EPS from continuing operations to be in the range of $4.60 - $4.80 on a pro forma basis excluding Knowles and related spin-off costs. At the mid-point, our guidance represents a 9% increase. ”

Dover will host a webcast of its fourth quarter 2013 conference call at 10:00 A.M. Eastern Time (9:00 A.M. Central Time) on Thursday, January 30, 2014. The webcast can be accessed on the Dover website at www.dovercorporation.com. The conference call will also be made available for replay on the website. Additional information on Dover’s fourth quarter results and its operating segments can also be found on the Company’s website.

About Dover:

Dover is a diversified global manufacturer with annual revenues approaching $8 billion. For over 50 years, Dover has been delivering outstanding products and services that reflect its market leadership and commitment to operational and technical excellence. The Company's entrepreneurial business model encourages, promotes and fosters deep customer engagement which has led to Dover's well-established and valued reputation for providing superior customer service and industry-leading product innovation. Dover 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. Headquartered in Downers Grove, Illinois, Dover is traded on the New York Stock Exchange under “DOV.” Additional information is available on our 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, 2014 revenue growth and earnings per share, expected performance following the completion of the planned spin-off of Knowles, anticipated market conditions and our positioning, expected contributions from acquisitions, as well as productivity initiatives, leverage on increased sales and share repurchase activities, operating and strategic plans, cash flows, industries in which Dover businesses operate and the U.S. and global economies. The forward-looking statements in this release may be indicated by words or phrases such as  “ anticipate, ” “ expect, ” “ believe, ” “ indicate, ” “ suggests, ” “ will, ” “ plans, ” “ supports, ” “ projects, ” “ should, ” “ would, ” “ could, ” “ forecast ”  and  “ management is of the opinion, ”  or the use of the future tense. 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; political events; the impact of natural disasters and their effect on global supply chains and energy markets; current economic conditions and uncertainties in the credit and capital markets; instability in countries where we conduct business; our ability to expand into new geographic markets and to anticipate and meet customer demands for new products; increased competition and pricing pressures in our markets; the impact of the proposed spin-off and our ability to consummate it as anticipated; the terms and timing of the sale of any business in discontinued operations; the impact of loss of a single-source manufacturing facility; changes in customer demand or loss of a significant customer; the relative mix of products and services which impacts margins and operating efficiencies; short-term capacity constraints; increases in the cost of raw materials; domestic and foreign governmental and public policy changes including environmental regulations, conflict minerals disclosure requirements, and tax policies (including domestic and international export subsidy programs, R&E credits and other similar programs); protection and validity of patent and other intellectual property rights; our ability to identify and successfully consummate value-adding acquisition opportunities; our ability to achieve expected savings from integration, synergy and other cost-control initiatives; unforeseen

developments in contingencies such as litigation; international economic conditions including interest rate and currency exchange rate fluctuations; possible future terrorist threats and their effect on the worldwide economy; and a downgrade in our credit ratings. It also contains unaudited pro forma financial information for Dover excluding Knowles, which is not necessarily indicative of Dover ’ s operating results for any future period. We refer you to the documents we file from time to time with the Securities and Exchange Commission, such as our 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 our actual results to differ materially from our current expectations and from the forward-looking statements contained in this press release. We undertake no obligation to update any forward-looking statement, except as required by law.

INVESTOR SUPPLEMENT - FOURTH QUARTER AND FULL YEAR 2013

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

 	Three Months Ended December 31,	 	Years Ended December 31,	
 	2013	 	2012	 	2013	 	2012	
Revenue	$	2,209,128	
 	 	$	2,013,831	
 	 	$	8,729,813	
 	 	$	8,104,339	
 	
Cost of goods and services	1,378,571	
 	 	1,240,087	
 	 	5,390,032	
 	 	4,997,274	
 	
Gross profit	830,557	
 	 	773,744	
 	 	3,339,781	
 	 	3,107,065	
 	
Selling and administrative expenses	513,516	
 	 	469,668	
 	 	1,985,849	
 	 	1,841,688	
 	
Operating earnings	317,041	
 	 	304,076	
 	 	1,353,932	
 	 	1,265,377	
 	
Interest expense, net	29,981	
 	 	30,996	
 	 	120,742	
 	 	121,141	
 	
Other (income) expense, net	(3,016	)	 	809	
 	 	(4,222	)	 	6,665	
 	
Earnings before provision for income taxes and discontinued operations	290,076	
 	 	272,271	
 	 	1,237,412	
 	 	1,137,571	
 	
Provision for income taxes	79,264	
 	 	64,047	
 	 	271,607	
 	 	304,452	
 	
Earnings from continuing operations	210,812	
 	 	208,224	
 	 	965,805	
 	 	833,119	
 	
Earnings (loss) from discontinued operations, net	(16,849	)	 	(48,364	)	 	37,324	
 	 	(22,049	)	
Net earnings	$	193,963	
 	 	$	159,860	
 	 	$	1,003,129	
 	 	$	811,070	

Basic earnings per common share:	 	 	 	 	 	 	 	
Earnings from continuing operations	$	1.24	
 	 	$	1.17	
 	 	$	5.64	
 	 	$	4.59	
 	
Earnings (loss) from discontinued operations, net	(0.10	)	 	(0.27	)	 	0.22	
 	 	(0.12	)	
Net earnings	1.14	
 	 	0.90	
 	 	5.86	
 	 	4.47	

Weighted average shares outstanding	170,027	 	177,257	 	171,271	 	181,551	
 	 	 	 	 	 	 	 	
Diluted earnings per common share:	 	 	 	 	 	 	 	
Earnings from continuing operations	$	1.22	
 	 	$	1.16	
 	 	$	5.57	
 	 	$	4.53	
 	
Earnings (loss) from discontinued operations, net	(0.10	)	 	(0.27	)	 	0.22	
 	 	(0.12	)	
Net earnings	1.13	
 	 	0.89	
 	 	5.78	
 	 	4.41	

Weighted average shares outstanding	172,265	 	179,365	 	173,547	 	183,993	
 	 	 	 	 	 	 	 	
Dividends paid per common share	$	0.375	
 	 	$	0.350	
 	 	$	1.450	
 	 	$	1.330	

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

 	2013	 	2012	
 	Q1	Q2	Q3	Q4	FY 2013	 	Q1	Q2	Q3	Q4	FY 2012	
REVENUE	 	 	 	 	 	 	 	 	 	 	 	
Communication Technologies	$	372,790	
 	$	401,477	
 	$	413,608	
 	$	428,392	
 	$	1,616,267	
 	 	$	357,575	
 	$	361,689	
 	$	396,470	
 	$	400,851	
 	$	1,516,585	

Energy	561,198	
 	573,471	
 	577,350	
 	584,435	
 	2,296,454	
 	 	531,570	
 	538,786	
 	562,263	
 	539,985	
 	2,172,604	

Engineered Systems	 	 	 	 	 	 	 	 	 	 	 	
Fluid Solutions	203,991	
 	226,882	
 	227,104	
 	243,816	
 	901,793	
 	 	180,364	
 	211,974	
 	218,324	
 	206,500	
 	817,162	
 	
Refrigeration & Industrial	664,294	
 	777,396	
 	778,336	
 	676,582	
 	2,896,608	
 	 	642,213	
 	674,501	
 	674,116	
 	613,012	
 	2,603,842	
 	
Eliminations	(352	)	(383	)	(485	)	(472	)	(1,692	)	 	(453	)	(352	)	(319	)	(336	)	(1,460	)	
 	867,933	
 	1,003,895	
 	1,004,955	
 	919,926	
 	3,796,709	
 	 	822,124	
 	886,123	
 	892,121	
 	819,176	
 	3,419,544	

Printing & Identification	237,877	
 	250,646	
 	256,571	
 	276,681	
 	1,021,775	
 	 	243,570	
 	251,875	
 	246,945	
 	254,141	
 	996,531	

Intra-segment eliminations	(225	)	(726	)	(135	)	(306	)	(1,392	)	 	(225	)	(184	)	(194	)	(322	)	(925	)	
Total consolidated revenue	$	2,039,573	
 	$	2,228,763	
 	$	2,252,349	
 	$	2,209,128	
 	$	8,729,813	
 	 	$	1,954,614	
 	$	2,038,289	
 	$	2,097,605	
 	$	2,013,831	
 	$	8,104,339	

NET EARNINGS	 	 	 	 	 	 	 	 	 	 	 	
Segment Earnings:	 	 	 	 	 	 	 	 	 	 	 	
Communication Technologies	$	44,208	
 	$	51,789	
 	$	76,076	
 	$	65,626	
 	$	237,699	
 	 	$	46,556	
 	$	50,322	
 	$	63,706	
 	$	58,376	
 	$	218,960	
 	
Energy	139,545	
 	132,926	
 	145,494	
 	134,835	
 	552,800	
 	 	132,115	
 	133,936	
 	139,038	
 	133,561	
 	538,650	
 	
Engineered Systems	117,178	
 	165,440	
 	172,223	
 	121,057	
 	575,898	
 	 	122,092	
 	133,808	
 	144,245	
 	101,807	
 	501,952	
 	
Printing & Identification	29,752	
 	35,967	
 	42,881	
 	44,018	
 	152,618	
 	 	26,089	
 	28,918	
 	39,502	
 	40,650	
 	135,159	
 	
Total Segments	330,683	
 	386,122	
 	436,674	
 	365,536	
 	1,519,015	
 	 	326,852	
 	346,984	
 	386,491	
 	334,394	
 	1,394,721	
 	
Corporate expense / other	33,763	
 	38,341	
 	43,278	
 	45,479	
 	160,861	
 	 	36,546	
 	36,335	
 	32,001	
 	31,127	
 	136,009	
 	
Net interest expense	30,244	
 	30,280	
 	30,237	
 	29,981	
 	120,742	
 	 	30,031	
 	29,715	
 	30,399	
 	30,996	
 	121,141	
 	
Earnings from continuing operations before provision for income taxes	266,676	
 	317,501	
 	363,159	
 	290,076	
 	1,237,412	
 	 	260,275	
 	280,934	
 	324,091	
 	272,271	
 	1,137,571	
 	
Provision for income taxes	69,687	
 	23,149	
 	99,507	
 	79,264	
 	271,607	
 	 	73,866	
 	75,778	
 	90,761	
 	64,047	
 	304,452	
 	
Earnings from continuing operations	196,989	
 	294,352	
 	263,652	
 	210,812	
 	965,805	
 	 	186,409	
 	205,156	
 	233,330	
 	208,224	
 	833,119	
 	
Earnings (loss) from discontinued operations, net	13,014	
 	35,697	
 	5,462	
 	(16,849	)	37,324	
 	 	9,654	
 	8,945	
 	7,716	
 	(48,364	)	(22,049	)	
Net earnings	$	210,003	
 	$	330,049	
 	$	269,114	
 	$	193,963	
 	$	1,003,129	
 	 	$	196,063	
 	$	214,101	
 	$	241,046	
 	$	159,860	
 	$	811,070	

SEGMENT OPERATING MARGIN	 	 	 	 	 	 	 	 	 	
Communication Technologies	11.9	%	12.9	%	18.4	%	15.3	%	14.7	%	 	13.0	%	13.9	%	16.1	%	14.6	%	14.4	%	
Energy	24.9	%	23.2	%	25.2	%	23.1	%	24.1	%	 	24.9	%	24.9	%	24.7	%	24.7	%	24.8	%	
Engineered Systems	13.5	%	16.5	%	17.1	%	13.2	%	15.2	%	 	14.9	%	15.1	%	16.2	%	12.4	%	14.7	%	
Printing & Identification	12.5	%	14.3	%	16.7	%	15.9	%	14.9	%	 	10.7	%	11.5	%	16.0	%	16.0	%	13.6	%	
Total Segment	16.2	%	17.3	%	19.4	%	16.5	%	17.4	%	 	16.7	%	17.0	%	18.4	%	16.6	%	17.2	%	
 	 	 	 	 	 	 	 	 	 	 	 	
DEPRECIATION AND AMORTIZATION EXPENSE	 	 	 	 	 	 	 	 	 	
Communication Technologies	$	35,501	
 	$	37,719	
 	$	38,251	
 	$	37,004	
 	$	148,475	
 	 	$	31,513	
 	$	32,828	
 	$	32,997	
 	$	35,281	
 	$	132,619	
 	
Energy	26,298	
 	26,599	
 	26,549	
 	27,898	
 	107,344	
 	 	21,184	
 	23,533	
 	24,639	
 	25,721	
 	95,077	
 	
Engineered Systems	31,551	
 	32,282	
 	32,961	
 	34,360	
 	131,154	
 	 	19,582	
 	23,913	
 	23,060	
 	27,066	
 	93,621	
 	
Printing & Identification	7,630	
 	7,606	
 	7,701	
 	7,845	
 	30,782	
 	 	8,331	
 	8,496	
 	8,777	
 	7,998	
 	33,602	
 	
Corporate	859	
 	1,026	
 	1,032	
 	944	
 	3,861	
 	 	700	
 	765	
 	842	
 	359	
 	2,666	
 	
 	$	101,839	
 	$	105,232	
 	$	106,494	
 	$	108,051	
 	$	421,616	
 	 	$	81,310	
 	$	89,535	
 	$	90,315	
 	$	96,425	
 	$	357,585	

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

 	2013	 	2012	
 	Q1	Q2	Q3	Q4	FY 2013	 	Q1	Q2	Q3	Q4	FY 2012	
BOOKINGS	 	 	 	 	 	 	 	 	 	 	 	
Communication Technologies	$	379,122	
 	$	422,293	
 	$	423,662	
 	$	372,901	
 	$	1,597,978	
 	 	$	347,291	
 	$	387,058	
 	$	411,005	
 	$	363,624	
 	$	1,508,978	

Energy	620,640	
 	525,612	
 	595,421	
 	571,459	
 	2,313,132	
 	 	585,775	
 	530,352	
 	526,824	
 	550,091	
 	2,193,042	

Engineered Systems	 	 	 	 	 	 	 	 	 	 	 	
Fluid Solutions	223,764	
 	213,359	
 	222,402	
 	248,079	
 	907,604	
 	 	184,711	
 	204,139	
 	197,767	
 	209,872	
 	796,489	
 	
Refrigeration & Industrial	755,026	
 	784,904	
 	662,464	
 	701,928	
 	2,904,322	
 	 	711,911	
 	666,223	
 	600,065	
 	606,931	
 	2,585,130	
 	
Eliminations	(373	)	(432	)	(372	)	(504	)	(1,681	)	 	(408	)	(376	)	(258	)	(399	)	(1,441	)	
 	978,417	
 	997,831	
 	884,494	
 	949,503	
 	3,810,245	
 	 	896,214	
 	869,986	
 	797,574	
 	816,404	
 	3,380,178	

Printing & Identification	237,217	
 	259,282	
 	256,211	
 	270,680	
 	1,023,390	
 	 	249,773	
 	251,733	
 	244,611	
 	252,937	
 	999,054	

Intra-segment eliminations	(720	)	(137	)	(109	)	(393	)	(1,359	)	 	(609	)	(221	)	(759	)	(1,020	)	(2,609	)	
 	 	 	 	 	 	 	 	 	 	 	 	
Total consolidated bookings	$	2,214,676	
 	$	2,204,881	
 	$	2,159,679	
 	$	2,164,150	
 	$	8,743,386	
 	 	$	2,078,444	
 	$	2,038,908	
 	$	1,979,255	
 	$	1,982,036	
 	$	8,078,643	

BACKLOG	 	 	 	 	 	 	 	 	 	 	 	
Communication Technologies	$	458,765	
 	$	480,426	
 	$	492,583	
 	$	436,437	
 	 	 	$	451,110	
 	$	476,745	
 	$	491,041	
 	$	453,172	

Energy	311,793	
 	255,544	
 	274,243	
 	254,898	
 	 	 	296,360	
 	282,364	
 	248,233	
 	256,093	

Engineered Systems	 	 	 	 	 	 	 	 	 	 	 	
Fluid Solutions	178,854	
 	184,142	
 	182,557	
 	255,871	
 	 	 	191,327	
 	172,300	
 	156,191	
 	160,890	
 	 	
Refrigeration & Industrial	592,922	
 	597,838	
 	482,069	
 	506,069	
 	 	 	598,910	
 	586,824	
 	515,285	
 	516,559	
 	 	
Eliminations	(178	)	(227	)	(113	)	(147	)	 	 	(132	)	(155	)	(94	)	(157	)	 	
 	771,598	
 	781,753	
 	664,513	
 	761,793	
 	 	 	790,105	
 	758,969	
 	671,382	
 	677,292	

Printing & Identification	95,353	
 	103,864	
 	105,699	
 	100,032	
 	 	 	102,117	
 	98,216	
 	98,356	
 	97,857	

Intra-segment eliminations	(886	)	(578	)	(423	)	(670	)	 	 	(986	)	(648	)	(324	)	(591	)	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Total consolidated backlog	$	1,636,623	
 	$	1,621,009	
 	$	1,536,615	
 	$	1,552,490	
 	 	 	$	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	 	2012	
 	Q1	Q2	Q3	Q4	FY 2013	 	Q1	Q2	Q3	Q4	FY 2012	
Basic earnings (loss) per common share:	 	 	 	 	 	 	 	 	 	
Continuing operations	$	1.14	
 	$	1.72	
 	$	1.55	
 	$	1.24	
 	$	5.64	
 	 	$	1.01	
 	$	1.12	
 	$	1.28	
 	$	1.17	
 	$	4.59	
 	
Discontinued operations	0.08	
 	0.21	
 	0.03	
 	(0.10	)	0.22	
 	 	0.05	
 	0.05	
 	0.04	
 	(0.27	)	(0.12	)	
Net earnings	1.21	
 	1.93	
 	1.58	
 	1.14	
 	5.86	
 	 	1.07	
 	1.17	
 	1.33	
 	0.90	
 	4.47	

Diluted earnings (loss) per common share:	 	 	 	 	 	 	 	 	 	
Continuing operations	$	1.12	
 	$	1.70	
 	$	1.53	
 	$	1.22	
 	$	5.57	
 	 	$	1.00	
 	$	1.10	
 	$	1.27	
 	$	1.16	
 	$	4.53	
 	
Discontinued operations	0.07	
 	0.21	
 	0.03	
 	(0.10	)	0.22	
 	 	0.05	
 	0.05	
 	0.04	
 	(0.27	)	(0.12	)	
Net earnings	1.20	
 	1.91	
 	1.56	
 	1.13	
 	5.78	
 	 	1.05	
 	1.15	
 	1.31	
 	0.89	
 	4.41	

Adjusted diluted earnings per common share (calculated below):	
Continuing operations	$	1.10	
 	$	1.36	
 	$	1.54	
 	$	1.28	
 	$	5.28	
 	 	$	1.01	
 	$	1.10	
 	$	1.25	
 	$	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	
 	$	210,812	
 	$	965,805	
 	 	$	186,409	
 	$	205,156	
 	$	233,330	
 	$	208,224	
 	$	833,119	
 	
Discontinued operations	13,014	
 	35,697	
 	5,462	
 	(16,849	)	37,324	
 	 	9,654	
 	8,945	
 	7,716	
 	(48,364	)	(22,049	)	
Net earnings	210,003	
 	330,049	
 	269,114	
 	193,963	
 	1,003,129	
 	 	196,063	
 	214,101	
 	241,046	
 	159,860	
 	811,070	

Average shares outstanding:	 	 	 	 	 	 	 	 	 	
Basic	173,448	
 	171,111	
 	170,544	
 	170,027	
 	171,271	
 	 	183,737	
 	183,494	
 	181,763	
 	177,257	
 	181,551	
 	
Diluted	175,567	
 	173,097	
 	172,734	
 	172,265	
 	173,547	
 	 	186,706	
 	185,780	
 	183,932	
 	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 earnings from continuing operations and adjusted diluted earnings per common share as follows:	
 	 	 	 	 	 	 	 	 	 	 	 	
 	2013	 	2012	
 	Q1	Q2	Q3	Q4	FY 2013	 	Q1	Q2	Q3	Q4	FY 2012	
Adjusted earnings from continuing operations:	 	 	 	 	 	 	 	 	
Earnings from continuing operations	$	196,989	
 	$	294,352	
 	$	263,652	
 	$	210,812	
 	$	965,805	
 	 	$	186,409	
 	$	205,156	
 	$	233,330	
 	$	208,224	
 	$	833,119	
 	
Gains (losses) from discrete and other tax items	4,525	
 	61,477	
 	4,878	
 	6,085	
 	76,965	
 	 	(1,610	)	(372	)	4,513	
 	13,606	
 	16,137	
 	
Knowles spin-off costs	—	
 	(3,322	)	(10,637	)	(16,134	)	(30,093	)	 	—	
 	—	
 	—	
 	—	
 	—	
 	
Other one-time gains, net of tax	—	
 	—	
 	2,866	
 	—	
 	2,866	
 	 	—	
 	—	
 	—	
 	—	
 	—	
 	
Adjusted earnings from continuing operations	$	192,464	
 	$	236,197	
 	$	266,545	
 	$	220,861	
 	$	916,067	
 	 	$	188,019	
 	$	205,528	
 	$	228,817	
 	$	194,618	
 	$	816,982	

Adjusted diluted earnings per common share:	 	 	 	 	 	 	 	 	 	
Earnings from continuing operations	$	1.12	
 	$	1.70	
 	$	1.53	
 	$	1.22	
 	$	5.57	
 	 	$	1.00	
 	$	1.10	
 	$	1.27	
 	$	1.16	
 	$	4.53	
 	
Gains (losses) from discrete and other tax items	0.02	
 	0.36	
 	0.03	
 	0.03	
 	0.44	
 	 	(0.01	)	—	
 	0.02	
 	0.07	
 	0.09	
 	
Knowles spin-off costs	—	
 	(0.02	)	(0.06	)	(0.09	)	(0.17	)	 	—	
 	—	
 	—	
 	—	
 	—	
 	
Other one-time gains, net of tax	—	
 	—	
 	0.02	
 	—	
 	0.02	
 	 	—	
 	—	
 	—	
 	—	
 	—	
 	
Adjusted earnings from continuing operations	$	1.10	
 	$	1.36	
 	$	1.54	
 	$	1.28	
 	$	5.28	
 	 	$	1.01	
 	$	1.10	
 	$	1.25	
 	$	1.09	
 	$	4.44	

* Per share data may not add due to rounding.	 	 	 	 	 	 	 	 	

DOVER CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(unaudited)(in thousands)

 	 	 	 	 	 	 	 	
 	December 31, 2013	 	December 31, 2012	
Assets:	 	 	 	
Cash and cash equivalents	$	803,882	
 	 	$	800,076	
 	
Receivables, net of allowances	1,359,101	
 	 	1,225,898	
 	
Inventories, net	926,998	
 	 	872,841	
 	
Deferred tax and other current assets	150,181	
 	 	129,029	
 	
Property, plant and equipment, net	1,182,982	
 	 	1,167,052	
 	
Goodwill	4,242,909	
 	 	4,114,650	
 	
Intangible assets, net	1,612,487	
 	 	1,625,420	
 	
Other assets	238,910	
 	 	111,432	
 	
Assets of discontinued operations	244,279	
 	 	397,545	
 	
Total assets	$	10,761,729	
 	 	$	10,443,943	

Liabilities and Stockholders' Equity:	 	 	 	
Notes payable and current maturities of long-term debt	$	229,278	
 	 	$	610,766	
 	
Payables and accrued expenses	1,386,302	
 	 	1,375,862	
 	
Deferred taxes and other non-current liabilities
	1,063,369	
 	 	1,139,777	
 	
Long-term debt	2,599,201	
 	 	2,189,350	
 	
Liabilities of discontinued operations	106,183	
 	 	208,958	
 	
Stockholders' equity	5,377,396	
 	 	4,919,230	
 	
Total liabilities and stockholders' equity	$	10,761,729	
 	 	$	10,443,943	

DOVER CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited)(in thousands)

 	 	 	 	 	 	 	 	
 	Years Ended December 31,	
 	2013	 	2012	
Operating activities:	 	 	 	
Net earnings	$	1,003,129	
 	 	$	811,070	
 	
Loss (gain) from discontinued operations, net	(37,324	)	 	22,049	
 	
Depreciation and amortization	421,616	
 	 	357,585	
 	
Stock-based compensation	30,480	
 	 	30,884	
 	
Contributions to employee benefit plans	(41,760	)	 	(48,576	)	
Net change in assets and liabilities	(197,456	)	 	88,148	
 	
Net cash provided by operating activities of continuing operations	1,178,685	
 	 	1,261,160	

Investing activities:	 	 	 	
Additions to property, plant and equipment	(236,833	)	 	(297,012	)	
Acquisitions (net of cash and cash equivalents acquired)	(322,838	)	 	(1,035,433	)	
Proceeds from the sale of businesses	76,457	
 	 	—	
 	
Other	20,163	
 	 	(13,443	)	
Net cash used in investing activities of continuing operations	(463,051	)	 	(1,345,888	)	
 	 	 	 	
Financing activities:	 	 	 	
Net increase in debt and notes payable	19,530	
 	 	603,918	
 	
Purchase of common stock	(457,871	)	 	(748,955	)	
Proceeds from exercise of stock options and SARs, including tax benefits	7,619	
 	 	43,054	
 	
Dividends to stockholders	(247,820	)	 	(240,959	)	
Net cash used in financing activities of continuing operations	(678,542	)	 	(342,942	)	
 	 	 	 	
Net cash (used in) provided by discontinued operations	(29,985	)	 	4,879	

Effect of exchange rate changes on cash	(3,301	)	 	16,112	

Net (decrease) increase in cash and cash equivalents	3,806	
 	 	(406,679	)	
Cash and cash equivalents at beginning of period	800,076	
 	 	1,206,755	
 	
Cash and cash equivalents at end of period	$	803,882	
 	 	$	800,076	

DOVER CORPORATION
QUARTERLY FREE CASH FLOW
(unaudited)(in thousands)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	2013	 	2012	
 	Q1	Q2	Q3	Q4	FY 2013	 	Q1	Q2	Q3	Q4	FY 2012	
Cash flow from operating activities (1)	$	78,326	
 	$	304,729	
 	$	340,005	
 	$	455,625	
 	$	1,178,685	
 	 	$	161,327	
 	$	243,363	
 	$	285,811	
 	$	570,659	
 	$	1,261,160	
 	
Less: Additions to property, plant and equipment	(47,153	)	(53,284	)	(57,038	)	(79,358	)	(236,833	)	 	(68,249	)	(72,758	)	(67,842	)	(88,163	)	(297,012	)	
Free cash flow	$	31,173	
 	$	251,445	
 	$	282,967	
 	$	376,267	
 	$	941,852	
 	 	$	93,078	
 	$	170,605	
 	$	217,969	
 	$	482,496	
 	$	964,148	

Free cash flow as a percentage of earnings from continuing operations	15.8	%	85.4	%	107.3	%	178.5	%	97.5	%	 	49.9	%	83.2	%	93.4	%	231.7	%	115.7	%	
 	 	 	 	 	 	 	 	 	 	 	 	
Free cash flow as a percentage of revenue	1.5	%	11.3	%	12.6	%	17.0	%	10.8	%	 	4.8	%	8.4	%	10.4	%	24.0	%	11.9	%	

(1) Includes one-time spin-off costs of $3,322, $10,637, and $16,134 for the second, third, and fourth quarters of 2013, respectively, and $30,093 for the full year.

ADDITIONAL INFORMATION
FOURTH QUARTER AND FULL YEAR 2013

Acquisitions

During the fourth quarter of 2013, the Company completed four acquisitions, three in the Energy segment and one in the Engineered Systems segment. For the full year 2013, Dover made a total of ten acquisitions for consideration totaling $323 million.

Discontinued Operations

In the fourth quarter of 2013, the Company completed the sale of Everett Charles Technologies ("ECT"), resulting in an after-tax loss of $0.02 diluted earnings per share ("EPS"). The fourth quarter net loss from discontinued operations was $0.10 EPS, which includes income from the operations of DEK and ECT prior to sale, as well as adjustments to other discontinued assets and liabilities, including an $0.11 EPS impact related to tax obligations in foreign jurisdictions. In addition, the Company recorded an impairment charge of $0.08 EPS for DEK in connection with the planned divestiture of this business in 2014.

On a full-year basis, the Company generated net earnings of $0.22 EPS, which includes the $0.02 EPS loss on sale of ECT, as well as total impairment charges of $0.19 EPS connected with the anticipated sale of our electronic test and assembly businesses and net discrete tax benefits of $0.21 EPS.

Tax Rate

The effective tax rate on continuing operations was 27.3% and 23.5% for the fourth quarters of 2013 and 2012, respectively. On a full year basis, the effective tax rates on continuing operations for 2013 and 2012 were 21.9% and 26.8%, respectively. The 2013 and 2012 rates were favorably impacted by discrete and other items, as shown in the reconciliation for quarterly earnings per share included herein. After adjusting for discrete and other items, the fourth quarter effective tax rates were 29.4% and 28.5% for 2013 and 2012, respectively, and the full year rates were 28.2% for both 2013 and 2012. The higher rates for the quarter reflect the impact of a higher proportion of U.S. earnings, partly offset by lower effective tax rates in foreign jurisdictions.

Revenue Growth Factors

 	2013	
 	Q1	 	Q2	 	Q3	 	Q4	 	Full Year	
Organic	(1	)%	 	5	%	 	3	%	 	5	%	 	3	%	
Acquisitions	6	 %	 	4	%	 	4	%	 	5	%	 	5	%	
Currency translation	(1	)%	 	—	%	 	—	%	 	—	%	 	—	%	
 	4	 %	 	9	%	 	7	%	 	10	%	 	8	%	

Free Cash Flow

The following table is a reconciliation of free cash flow (a non-GAAP measure) from cash flow provided by operating activities:

 	Three Months Ended December 31,	 	Years Ended December 31,	
 	2013	 	2012	 	2013	 	2012	
Free Cash Flow (dollars in thousands)	 	 	 	 	 	 	 	
Cash flow provided by operating activities	$	455,625	
 	 	$	570,659	
 	 	$	1,178,685	
 	 	$	1,261,160	
 	
Less: Capital expenditures	(79,358	)	 	(88,163	)	 	(236,833	)	 	(297,012	)	
Free cash flow	$	376,267	
 	 	$	482,496	
 	 	$	941,852	
 	 	$	964,148	

Free cash flow as a percentage of revenue	17.0	%	 	24.0	%	 	10.8	%	 	11.9	%	
 	 	 	 	 	 	 	 	
Free cash flow as a percentage of earnings from continuing operations
	 	 	 	 	97.5	%	 	115.7	%	

The full year decrease in 2013 free cash flow reflects a higher investment in working capital year over year, offset by higher earnings from continuing operations before depreciation and amortization and lower capital expenditures.

Share Repurchases

During the year ended December 31, 2013, the Company purchased approximately 6.0 million shares of its common stock in the open market at an average price of $76.17 per share. These repurchases were made pursuant to the share repurchase program approved in November 2012, which authorized $1 billion for share repurchases over the next 12 to 18 months. At December 31, 2013, approximately $293 million remains available for repurchases under this program.

Capitalization
The following table provides a summary reconciliation of total debt and net debt to net capitalization to the most directly comparable GAAP measures:

 	 	 	 	 	 	 	 	 	
Net Debt to Net Capitalization Ratio (in thousands)	 	December 31, 2013	 	December 31, 2012	
Current maturities of long-term debt	 	$	2,778	
 	 	$	3,266	
 	
Commercial paper	 	226,500	
 	 	607,500	
 	
Long-term debt	 	2,599,201	
 	 	2,189,350	
 	
Total debt	 	2,828,479	
 	 	2,800,116	
 	
Less: Cash and cash equivalents	 	(803,882	)	 	(800,076	)	
Net debt	 	2,024,597	
 	 	2,000,040	
 	
Add: Stockholders' equity	 	5,377,396	
 	 	4,919,230	
 	
Net capitalization	 	$	7,401,993	
 	 	$	6,919,270	
 	
Net debt to net capitalization	 	27.4	%	 	28.9	%	

Non-GAAP Information:

These Investor Supplement tables contain non-GAAP measures of adjusted earnings from continuing operations used in calculating adjusted diluted earnings per common share, as management believes this information is useful to investors to better understand the company’s ongoing profitability and facilitates easier comparisons of the company’s profitability to prior and future periods and to its peers. The company has also disclosed herein a number of non-GAAP measures related to free cash flow and the ratio of net debt to net capitalization. Management believes these metrics are important measures of the company's operating performance and liquidity. Free cash flow information provides both management and investors a measurement of cash generated from operations that is available to fund acquisitions, pay dividends, repay debt and repurchase common stock, while the net debt to net capitalization ratio is helpful in evaluating the company's capital structure and the amount of leverage employed.

Pro Forma Information:

The Investor Supplement tables contain pro forma financial information that reflects the operations of Knowles as a discontinued operation. Upon completion of the spin, Knowles' results will be reclassified to discontinued operations for reporting purposes in accordance with GAAP. The unaudited pro forma consolidated financial statements are presented for informational purposes only and are subject to a number of estimates, assumptions and uncertainties and does not purport to represent what our results of operations would have been if the spin-off of Knowles Corporation had occurred as of the dates indicated, what such results will be for any future periods, or what the historical results of Dover will be upon classifying Knowles as a discontinued operation as of the effective date of the spin-off of Knowles.

DOVER CORPORATION
PRO FORMA CONSOLIDATED STATEMENT OF EARNINGS
(unaudited)(in thousands, except per share data)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Year Ended December 31, 2013	 	Year Ended December 31, 2012	
 	As Reported	 	Pro forma	 	As Reported	 	Pro forma	
Revenue	$	8,729,813	
 	 	$	7,520,635	
 	 	$	8,104,339	
 	 	$	6,994,480	
 	
Cost of goods and services	5,390,032	
 	 	4,612,769	
 	 	4,997,274	
 	 	4,291,602	
 	
Gross profit	3,339,781	
 	 	2,907,866	
 	 	3,107,065	
 	 	2,702,878	
 	
Selling and administrative expenses	1,985,849	
 	 	1,692,444	
 	 	1,841,688	
 	 	1,590,217	
 	
Operating earnings	1,353,932	
 	 	1,215,422	
 	 	1,265,377	
 	 	1,112,661	
 	
Interest expense, net	120,742	
 	 	120,672	
 	 	121,141	
 	 	121,263	
 	
Other (income) expense, net	(4,222	)	 	(4,458	)	 	6,665	
 	 	7,127	
 	
Earnings before provision for income taxes and discontinued operations	1,237,412	
 	 	1,099,208	
 	 	1,137,571	
 	 	984,271	
 	
Provision for income taxes	271,607	
 	 	267,635	
 	 	304,452	
 	 	298,339	
 	
Earnings from continuing operations	965,805	
 	 	831,573	
 	 	833,119	
 	 	685,932	
 	
Earnings (loss) from discontinued operations, net (1)	37,324	
 	 	171,556	
 	 	(22,049	)	 	125,138	
 	
Net earnings	$	1,003,129	
 	 	$	1,003,129	
 	 	$	811,070	
 	 	$	811,070	

Basic earnings per common share:	 	 	 	 	 	 	 	
Earnings from continuing operations	$	5.64	
 	 	$	4.86	
 	 	$	4.59	
 	 	$	3.78	
 	
Earnings (loss) from discontinued operations, net (1)	0.22	
 	 	1.00	
 	 	(0.12	)	 	0.69	
 	
Net earnings	5.86	
 	 	5.86	
 	 	4.47	
 	 	4.47	

Weighted average shares outstanding	171,271	
 	 	171,271	
 	 	181,551	
 	 	181,551	

Diluted earnings per common share:	 	 	 	 	 	 	 	
Earnings from continuing operations	$	5.57	
 	 	$	4.79	
 	 	$	4.53	
 	 	$	3.73	
 	
Earnings (loss) from discontinued operations, net (1)	0.22	
 	 	0.99	
 	 	(0.12	)	 	0.68	
 	
Net earnings	5.78	
 	 	5.78	
 	 	4.41	
 	 	4.41	

Weighted average shares outstanding	173,547	
 	 	173,547	
 	 	183,993	
 	 	183,993	

Adjusted diluted earnings per share from continuing operations (2)	$	5.28	
 	 	$	4.31	
 	 	$	4.44	
 	 	$	3.64	

(1) Reflects the impact of discontinuing Knowles upon spin-off, which results in a reclassification of $134.2 million, inclusive of $30 million of spin-off costs, or $0.78 diluted EPS in 2013 and $147.2 million or $0.80 diluted EPS in 2012 to earnings from discontinued operations.

(2) Adjusted for gains from discrete and other tax items of $0.46 and $0.09 in 2013 and 2012, respectively, and other one-time gains, net of tax, of $0.02 in 2013.

Fourth Quarter 2013 Earnings Conference Call January 30, 2014 - 9:00am CT

 

Forward Looking Statements and Pro Forma Information 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 by referring to our Forms 10-K and 10-Q for a list of factors that could cause our results to differ from those anticipated in any such forward-looking statements. This presentation contains pro forma financial information that reflects the operations of Knowles as a discontinued operation. Upon completion of the spin, Knowles' results will be reclassified to discontinued operations for reporting purposes in accordance with GAAP. The unaudited pro forma consolidated financial information is presented for informational purposes only and is subject to a number of estimates, assumptions and uncertainties and does not purport to represent what our results of operations would have been if the spin-off of Knowles Corporation had occurred as of the dates indicated, what such results will be for any future periods, or what the historical results of Dover will be upon classifying Knowles as a discontinued operation as of the effective date of the spin-off of Knowles. We would also direct your attention to our internet site, www.dovercorporation.com, where considerably more information can be found. 2

 

$0.80 $1.00 $1.20 $1.40 $1.60 Q1* Q2 Q3* Q4* Q1* Q2* Q3* Q4* Q4 2013 Performance Adjusted Continuing Earnings Per Share* • Broad-based organic revenue growth, with strong results in the refrigeration, food equipment, fast moving consumer goods, fluids, drilling, downstream and consumer electronics markets • North America markets were solid; Europe markets grew over 10%; China remained strong • Segment margin of 16.5% in-line with last year, led by 23.1% in Energy •Bookings growth of 9% is broad-based, with growth in all segments • Overall book-to-bill of 0.98 Q4 Q4/Q4 * Excludes discrete & other tax benefits of -$0.01 in Q1 2012, $0.02 in Q3 2012, $0.07 in Q4 2012, $0.02 in Q1 2013 , $0.36 in Q2 2013, $0.03 in Q3 2013 and $0.03 in Q4 2013; includes spin off costs of $0.02 in Q2 2013, $0.06 in Q3 2013, and $0.09 in Q4 2013: includes other one-time gains of $0.02 in Q3 2013 (a) See Press Release filed under Form 8-K for free cash flow reconciliation 3 Quarterly Comments 2012 FY $4.44 2013 Revenue $2.2B 10% $8.7B 8% EPS (cont.) $1.22 5% $5.57 23% Bookings $2.2B 9% $8.7B 8% Seg. Margins 16.5% -10 bps 17.4% 20 bps Organic Rev. 5% 3% Acq. Growth 5% 5% FCF (a) $376M -22% $942M -2% FY FY/FY FY $5.28

 

4 Revenue Q4 2013 Communication Technologies Energy Engineered Systems Printing & Identification Total Dover Organic 7% 4% 3% 8% 5% Acquisitions - 5% 8% 1% 5% Currency - -1% 1% - - Total 7% 8% 12% 9% 10% FY 2013 Communication Technologies Energy Engineered Systems Printing & Identification Total Dover Organic 6% 3% 1% 2% 3% Acquisitions - 4% 9% - 5% Currency <1% -1% 1% - - Total 7% 6% 11% 2% 8%

 

$778 $677 $257 $277 $414 $428 $577 $584 $227 $244 $0 $350 $700 $1,050 DCT Q3 DCT Q4 DE Q3 DE Q4 DES Q3 DES Q4 DPI Q3 DPI Q4 $662 $702 $256 $271 $424 $373 $595 $571 $222 $248 $0 $350 $700 $1,050 DCT Q3 DCT Q4 DE Q3 DE Q4 DES Q3 DES Q4 DPI Q3 DPI Q4 Sequential Results – Q3 13 → Q4 13 Fluid Solutions ↑ 4% ↑ 1% Refrigeration & Industrial ↓ 12% ↓ 4% ↑ 7% ↑ 6% $ in millions 5 Bookings ↓8% ↑ 8% Revenue

 

6 Communication Technologies • Strong growth in Consumer Electronics led by roll-out of OEM smartphone launch, despite declining volumes at other OEMs • Telecom/Other markets continue to improve; Solid hearing health markets in Medical Technology offset by soft specialty acoustic markets; Aerospace/Defense impacted by weak military activity • Margin driven by volume conversion, productivity, and the benefits of prior restructuring, offset by asset impairments of $4 million • Book-to-bill at seasonal 0.87 $ in millions Q4 2013 Q4 2012 % Change Revenue $428 $401 7% Earnings $ 66 $ 58 12% Margin 15.3% 14.6% 70 bps Bookings $373 $364 3% Quarterly Comments Revenue by End-Market % of Q4 Revenue Y / Y Growth Consumer Electronics 52% 15% Medical Technology 15% -6% Aerospace / Defense 24% -2% Telecom / Other 9% 14%

 

7 Energy • Strong drilling and downstream growth • International markets remain robust in production, offsetting weak winch markets and softer U.S. sucker rod markets • Margin in-line with expectations, costs associated with recent acquisitions had 150 basis point impact • Bookings growth is particularly strong in the drilling and downstream end-markets • Book-to-bill at 0.98 $ in millions Quarterly Comments Q4 2013 Q4 2012 % Change Revenue $584 $540 8% Earnings $135 $134 1% Margin 23.1% 24.7% -160 bps Bookings $571 $550 4% Revenue by End-Market % of Q4 Revenue Y / Y Growth Drilling 18% 13% Production 52% 1% Downstream 30% 20%

 

8 Engineered Systems • Revenue driven by recent acquisitions and strong results in refrigeration & food equipment, fluids and the auto-aftermarket • Within refrigeration, regional activity improves • Strong plastics and petro- chemical markets aiding Fluids • Margin performance reflects continued strong execution • Bookings growth reflects acquisitions and strong fluids and auto-aftermarket activity • Book-to-bill at 1.03 $ in millions Quarterly Comments Q4 2013 Q4 2012 % Change Revenue $920 $819 12% Earnings $ 121 $102 19% Margin 13.2% 12.4% 80 bps Bookings $950 $816 16% Revenue by End-Market % of Q4 Revenue Y / Y Growth Fluids 27% 18% Refrigeration & Food Equipment 40% 18% Industrial 33% 3%

 

Printing & Identification • Broad-based growth in both fast moving consumer goods and industrial end-markets • Strong growth in Europe, across all product categories. • Project-related shipments increase. • Operating margin impacted by costs associated with completion of restructuring plan and deal costs • Bookings growth is broad-based • Book-to-bill at 0.98 $ in millions Quarterly Comments Q4 2013 Q4 2012 % Change Revenue $277 $254 9% Earnings $ 44 $ 41 8% Margin 15.9% 16.0% -10 bps Bookings $271 $253 7% 9 Revenue by End-Market % of Q4 Revenue Y / Y Growth Fast Moving Consumer Goods 61% 10% Industrial 39% 7%

 

Q4 2013 Overview Q4 2013 Net Interest Expense $30 million, down $1 million from last year and in- line with expectations Corporate Expense $45 million, up $14 million from last year, reflecting Q4 spin off costs of $16 million. Effective Tax Rate (ETR) Q4 normalized rate was 29.4%, excluding $0.03 cents of discrete tax benefits, reflecting a slightly unfavorable mix of geographic earnings(a) Capex $79 million, slightly below expectations Share Repurchases Repurchased 551K shares ($50M) in quarter under the $1 billion program. Completed 71% of $1 billion program by year-end. 10 (a) See press release filed under form 8-K for reconciliation

 

Selected Pro Forma Financials for Dover (Un-audited) 11  Revenue $ 6,994 $ 7,521  Operating Earnings (a) 1,113 1,215  Net Interest 121 121  Income Taxes 298 268  Earnings from Con’t Ops. $ 686 $ 832  Diluted Continuing EPS $ 3.73 $ 4.79  Adjusted Diluted Continuing EP S(b) $ 3.64 $ 4.31  Organic revenue growth 5% - 4% 2%  Acquisition revenue growth 4% 6% 5% 6%  Total revenue growth 9% 6% 9% 8% 2012 2013 For full year ended December 31, (b): Excludes discrete tax benefits of $0.09 EPS in 2012; discrete tax benefits of $0.46, other one-time gains of $0.02 in 2013 Note: Refer to slide 2 for pro forma disclosure. (a): Includes corporate expense of $135M in 2012 and $130M in 2013 1H FY 2H FY 18% Growth

 

FY 2014 Guidance – Pro Forma  Revenue: • Organic revenue : ≈ 3% - 4% • Completed Acquisitions: ≈ 2% • Total revenue: ≈ 5% - 6%  Corporate expense: ≈ $123 million*  Interest expense: ≈ $133 million  Full-Year Tax Rate: ≈ 31.0%  Capital expenditures: ≈ 2.5% of revenue  FCF for full year: ≈ 11% of revenue 12 Note: Refer to slide 2 for pro forma disclosure. * Excludes remaining costs to complete spin-off of Knowles

 

 2013 Pro Forma EPS – Continuing Ops (post-spin basis) $4.79 • Less 2013 tax benefits (1): ($0.46) • Less 2013 one-time items (2): ($0.02)  2013 Pro Forma Adjusted EPS – Continuing Ops (post-spin) $4.31 • Volume, mix, price (inc. FX): $0.21 - $0.33 • Net benefits of productivity: $0.16 - $0.21 • Acquisitions: $0.06 - $0.07 • Investment / Compensation: ($0.15 - $0.20) • Corporate expenses: $0.03 - $0.04 • Interest / Shares / Tax Rate (net): ($0.02) - $0.04  2014 Pro Forma EPS – Continuing Ops $4.60 - $4.80 2014 EPS Guidance Bridge - Cont. Ops (Pro Forma) (1) $0.02 in Q1 2013, $0.38 in Q2 2013, $0.03 in Q3 2013, and $0.03 in Q4 2013 13 (2) $0.02 in Q3 2013 Note: Refer to slide 2 for pro forma disclosure. 9% Growth at mid-point

 

Appendix – Reconciliations 14  EPS – Continuing Ops $1.22 $5.57 • Discrete tax items: ($0.03) ($0.44) • Knowles spin-off costs: $0.09 $0.17 • Other one-time gains: - ($0.02)  Adjusted EPS – Continuing Ops $1.28 $5.28 Q4 2013 FY 2013 ADJUSTED EPS FROM CONTINUING OPERATIONS Note: Per share data may not add due to rounding