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): October 22, 2010
 
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 October 22, 2010, Dover Corporation (i) issued the press release attached hereto as Exhibit 99.1 announcing its results of operations for the quarter ended September 30, 2010; and (ii) posted on its website at http://www.dovercorporation.com  the investor supplement attached hereto as Exhibit 99.2 for the quarter ended September 30, 2010 and the presentation slides attached hereto as Exhibit 99.3 for the quarter ended September 30, 2010.
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, October 22, 2010.	
 	 	 	 	
 	99.2	 	Investor Supplement Posted on Dover Corporation’s Website at http://dovercorporation.com.	
 	 	 	 	
 	99.3	 	Presentation Slides Posted on Dover Corporation’s Website at http://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: October 22, 2010 	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 October 22, 2010	
 	 	 	
99.2	 	Investor Supplement Posted on Dover Corporation’s Website at http://dovercorporation.com	
 	 	 	
99.3	 	Presentation Slides Posted on Dover Corporation’s Website at http://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 THIRD QUARTER 2010 RESULTS
 	•	 	Grows revenue to $1.9 billion, an increase of 26% over the prior year	
 	 	 	 	
 	•	 	Delivers diluted earnings per share from continuing operations of $1.18, up 103% over last year	
 	 	 	 	
 	•	 	Achieves adjusted diluted earnings per share from continuing operations of $0.98, excluding tax benefits of $0.20, up 69% over last year	
 	 	 	 	
 	•	 	Raises guidance for full year diluted earnings per share from continuing operations to $3.50 — $3.55	
Downers Grove, Illinois, October 22, 2010 — Dover Corporation (NYSE: DOV) announced today that for the third quarter ended September 30, 2010, revenue was $1.9 billion, an increase of 26% over the prior-year period. The revenue increase was driven by organic growth of 25%, a 3% increase from acquisitions, and a 2% unfavorable impact from foreign exchange. Earnings from continuing operations for the third quarter of 2010 were $222.8 million or $1.18 diluted earnings per share (“EPS”), compared to $107.5 million or $0.58 diluted EPS from continuing operations in the prior year period, representing increases of 107% and 103%, respectively. Excluding the impact of tax benefits recognized in the quarter of $0.20, adjusted diluted EPS from continuing operations was $0.98, an increase of 69% over the prior year. The tax benefits of $0.20 diluted EPS were related to the favorable resolution of domestic and international tax positions and the recognition of a lower full-year tax rate.
Revenue for the nine months ended September 30, 2010 was $5.3 billion, an increase of 23% over the prior year period, reflecting organic growth of 19%, a 4% increase from acquisitions, and an insignificant impact from foreign exchange. Earnings from continuing operations for the nine months ended September 30, 2010 were $516.1 million or $2.73 diluted EPS, compared to $269.5 million or $1.45 diluted EPS in the prior-year period, representing increases of 92% and 88%, respectively. Excluding the impact of tax benefits recognized in the third quarter of 2010 of $0.20 diluted EPS and the impact of tax benefits of $0.15 diluted EPS recognized in the second quarter of 2009, adjusted diluted EPS from continuing operations for the nine months ended September 30, 2010 was $2.53, an increase of 95% over the prior year period.
Commenting on the third quarter results, Dover’s President and Chief Executive Officer, Robert A. Livingston, said, “I am pleased with our solid third quarter performance. Revenue growth of 26% was ahead of our expectations entering the quarter and was broad-based, with Electronic Technologies, Fluid Management, Refrigeration Equipment and Material Handling showing the highest year-over-year growth. I was also encouraged by our 17.1% segment operating margin.

 

2
Electronic Technologies, Fluid Management and Industrial Products all posted significant year-over-year improvements in margin. Third quarter free cash flow was $157.3 million, representing 8% of revenue, and we expect to have strong free cash flow generation in the fourth quarter. Lastly, from a bookings perspective, order rates increased 27% over last year’s third quarter, and despite the normal seasonality inherent in our business, we exited the quarter with a solid book-to-bill of 0.96.
“Looking forward, we now estimate full year revenue growth will be 20% — 21%, comprised of organic revenue growth of 16.5% — 17.5%, and growth from acquisitions of 3.5%. Given our strong third quarter performance, we now anticipate full-year earnings per share will be in the range of $3.50 - $3.55, inclusive of the $0.20 third quarter tax benefit. ”
Net earnings for the third quarter of 2010 were $223.8 million or $1.19 diluted EPS, including a gain from discontinued operations of $1.0 million or $0.01 EPS, compared to net earnings of $106.9 million or $0.57 diluted EPS for the same period of 2009, which included a loss from discontinued operations of $0.6 million. Net earnings for the nine months ended September 30, 2010 were $501.8 million or $2.66 diluted EPS, including a loss from discontinued operations of $14.4 million or $0.08 EPS, compared to net earnings of $257.4 million or $1.38 diluted EPS for the same period of 2009, which included a loss from discontinued operations of $12.1 million or $0.06 EPS.
Dover will host a webcast of its third quarter 2010 conference call at 9:00 A.M. Eastern Time on Friday, October 22, 2010. 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 and additional information on Dover’s third quarter 2010 results and its operating companies can also be found on the Company’s website.
Dover Corporation is a global portfolio of manufacturing companies 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, current economic conditions and uncertainties in the credit and capital markets; the Company’s ability to achieve expected savings from integration, synergy, global sourcing 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; increases in the cost of raw materials; changes in customer demand; political events that could impact the worldwide economy; the impact of natural disasters and their effect on global energy markets; a downgrade in Dover’s credit ratings; international economic conditions including interest rate and currency

 

3
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; and continued events in the Middle East 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 — THIRD QUARTER 2010
DOVER CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited) (in thousands, except per share figures)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended September 30,	 	 	Nine Months Ended September 30,	 	
 	 	2010	 	 	2009	 	 	2010	 	 	2009	 	
Revenue	 	$	1,887,141	 	 	$	1,499,611	 	 	$	5,257,107	 	 	$	4,269,028	 	
Cost of goods and services	 	 	1,175,456	 	 	 	941,345	 	 	 	3,244,567	 	 	 	2,735,308	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross profit	 	 	711,685	 	 	 	558,266	 	 	 	2,012,540	 	 	 	1,533,720	 	
Selling and administrative expenses	 	 	414,022	 	 	 	378,125	 	 	 	1,247,000	 	 	 	1,110,476	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating earnings	 	 	297,663	 	 	 	180,141	 	 	 	765,540	 	 	 	423,244	 	
Interest expense, net	 	 	26,335	 	 	 	26,299	 	 	 	80,446	 	 	 	73,537	 	
Other expense (income), net	 	 	9,837	 	 	 	(903	)	 	 	3,888	 	 	 	(1,124	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings before provision for income taxes and discontinued operations	 	 	261,491	 	 	 	154,745	 	 	 	681,206	 	 	 	350,831	 	
Provision for income taxes	 	 	38,732	 	 	 	47,261	 	 	 	165,069	 	 	 	81,378	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from continuing operations	 	 	222,759	 	 	 	107,484	 	 	 	516,137	 	 	 	269,453	 	
Gain (loss) from discontinued operations, net	 	 	1,000	 	 	 	(600	)	 	 	(14,381	)	 	 	(12,063	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Net earnings	 	$	223,759	 	 	$	106,884	 	 	$	501,756	 	 	$	257,390	 	

Basic earnings (loss) per common share:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from continuing operations	 	$	1.19	 	 	$	0.58	 	 	$	2.76	 	 	$	1.45	 	
Gain (loss) from discontinued operations, net	 	 	0.01	 	 	 	—	 	 	 	(0.08	)	 	 	(0.06	)	
Net earnings	 	 	1.20	 	 	 	0.57	 	 	 	2.68	 	 	 	1.38	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average shares outstanding	 	 	186,721	 	 	 	186,148	 	 	 	186,917	 	 	 	186,077	 	

Diluted earnings (loss) per common share:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from continuing operations	 	$	1.18	 	 	$	0.58	 	 	$	2.73	 	 	$	1.45	 	
Gain (loss) from discontinued operations, net	 	 	0.01	 	 	 	—	 	 	 	(0.08	)	 	 	(0.06	)	
Net earnings	 	 	1.19	 	 	 	0.57	 	 	 	2.66	 	 	 	1.38	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average shares outstanding	 	 	188,565	 	 	 	186,358	 	 	 	188,898	 	 	 	186,321	 	

Dividends paid per common share	 	$	0.28	 	 	$	0.26	 	 	$	0.80	 	 	$	0.76	 	

The following table is a reconciliation of the share amounts used in computing earnings per share:
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended September 30,	 	 	Nine Months Ended September 30,	 	
 	 	2010	 	 	2009	 	 	2010	 	 	2009	 	
Weighted average shares outstanding — Basic	 	 	186,721	 	 	 	186,148	 	 	 	186,917	 	 	 	186,077	 	
Dilutive effect of assumed exercise of employee stock options, SAR’s and performance shares	 	 	1,844	 	 	 	210	 	 	 	1,981	 	 	 	244	 	

Weighted average shares outstanding — Diluted	 	 	188,565	 	 	 	186,358	 	 	 	188,898	 	 	 	186,321	 	

Anti-dilutive options, SAR’s, and performance shares excluded from diluted EPS computation	 	 	3,709	 	 	 	12,404	 	 	 	1,432	 	 	 	9,721	 	

 
DOVER CORPORATION — INVESTOR SUPPLEMENT
THIRD QUARTER 2010
DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(unaudited) (in thousands)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	2009	 	2010	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Q3	
 	 	Q1	 	Q2	 	Q3	 	Q3 YTD	 	Q4	 	FY 2009	 	Q1	 	Q2	 	Q3	 	YTD	
 	 	 	 	 	
REVENUE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Industrial Products	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Material Handling	 	$	186,651	 	 	$	153,574	 	 	$	154,238	 	 	$	494,463	 	 	$	165,890	 	 	$	660,353	 	 	$	189,052	 	 	$	214,295	 	 	 	220,997	 	 	$	624,344	 	
Mobile Equipment	 	 	248,292	 	 	 	229,521	 	 	 	242,011	 	 	 	719,824	 	 	 	242,353	 	 	 	962,177	 	 	 	240,139	 	 	 	248,523	 	 	 	250,664	 	 	 	739,326	 	
Eliminations	 	 	(152	)	 	 	(147	)	 	 	(209	)	 	 	(508	)	 	 	(230	)	 	 	(738	)	 	 	(393	)	 	 	(432	)	 	 	(453	)	 	 	(1,278	)	
 	 	 	 	 	
 	 	 	434,791	 	 	 	382,948	 	 	 	396,040	 	 	 	1,213,779	 	 	 	408,013	 	 	 	1,621,792	 	 	 	428,798	 	 	 	462,386	 	 	 	471,208	 	 	 	1,362,392	 	
 	 	 	 	 	
Engineered Systems	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Product Identification	 	 	177,358	 	 	 	193,019	 	 	 	211,952	 	 	 	582,329	 	 	 	219,947	 	 	 	802,276	 	 	 	212,500	 	 	 	219,551	 	 	 	221,677	 	 	 	653,728	 	
Engineered Products	 	 	223,426	 	 	 	274,398	 	 	 	308,741	 	 	 	806,565	 	 	 	253,095	 	 	 	1,059,660	 	 	 	271,773	 	 	 	357,570	 	 	 	398,685	 	 	 	1,028,028	 	
 	 	 	 	 	
 	 	 	400,784	 	 	 	467,417	 	 	 	520,693	 	 	 	1,388,894	 	 	 	473,042	 	 	 	1,861,936	 	 	 	484,273	 	 	 	577,121	 	 	 	620,362	 	 	 	1,681,756	 	
 	 	 	 	 	
Fluid Management	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Energy	 	 	176,334	 	 	 	138,415	 	 	 	144,664	 	 	 	459,413	 	 	 	164,798	 	 	 	624,211	 	 	 	205,327	 	 	 	216,020	 	 	 	220,001	 	 	 	641,348	 	
Fluid Solutions	 	 	154,489	 	 	 	156,897	 	 	 	164,604	 	 	 	475,990	 	 	 	170,859	 	 	 	646,849	 	 	 	175,505	 	 	 	187,759	 	 	 	196,554	 	 	 	559,818	 	
Eliminations	 	 	(51	)	 	 	(42	)	 	 	(21	)	 	 	(114	)	 	 	(36	)	 	 	(150	)	 	 	(32	)	 	 	(105	)	 	 	(127	)	 	 	(264	)	
 	 	 	 	 	
 	 	 	330,772	 	 	 	295,270	 	 	 	309,247	 	 	 	935,289	 	 	 	335,621	 	 	 	1,270,910	 	 	 	380,800	 	 	 	403,674	 	 	 	416,428	 	 	 	1,200,902	 	

Electronic Technologies	 	 	214,035	 	 	 	245,953	 	 	 	275,266	 	 	 	735,254	 	 	 	291,700	 	 	 	1,026,954	 	 	 	290,989	 	 	 	345,607	 	 	 	381,386	 	 	 	1,017,982	 	

Intra-segment eliminations	 	 	(1,296	)	 	 	(1,257	)	 	 	(1,635	)	 	 	(4,188	)	 	 	(1,715	)	 	 	(5,903	)	 	 	(1,590	)	 	 	(2,092	)	 	 	(2,243	)	 	 	(5,925	)	

Total consolidated revenue	 	$	1,379,086	 	 	$	1,390,331	 	 	$	1,499,611	 	 	$	4,269,028	 	 	$	1,506,661	 	 	$	5,775,689	 	 	$	1,583,270	 	 	$	1,786,696	 	 	$	1,887,141	 	 	$	5,257,107	 	

NET EARNINGS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment Earnings:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Industrial Products	 	$	34,544	 	 	$	25,421	 	 	$	38,119	 	 	$	98,084	 	 	$	41,673	 	 	$	139,757	 	 	$	51,039	 	 	$	61,635	 	 	$	59,473	 	 	$	172,147	 	
Engineered Systems	 	 	43,305	 	 	 	57,462	 	 	 	78,194	 	 	 	178,961	 	 	 	48,307	 	 	 	227,268	 	 	 	54,843	 	 	 	84,655	 	 	 	91,442	 	 	 	230,940	 	
Fluid Management	 	 	75,442	 	 	 	55,573	 	 	 	60,677	 	 	 	191,692	 	 	 	67,577	 	 	 	259,269	 	 	 	86,767	 	 	 	96,168	 	 	 	101,847	 	 	 	284,782	 	
Electronic Technologies	 	 	(12,110	)	 	 	17,993	 	 	 	38,160	 	 	 	44,043	 	 	 	39,651	 	 	 	83,694	 	 	 	44,905	 	 	 	59,582	 	 	 	69,617	 	 	 	174,104	 	
 	 	 	 	 	
Total Segments	 	 	141,181	 	 	 	156,449	 	 	 	215,150	 	 	 	512,780	 	 	 	197,208	 	 	 	709,988	 	 	 	237,554	 	 	 	302,040	 	 	 	322,379	 	 	 	861,973	 	
Corporate expense / other	 	 	(24,692	)	 	 	(29,614	)	 	 	(34,106	)	 	 	(88,412	)	 	 	(29,583	)	 	 	(117,995	)	 	 	(33,325	)	 	 	(32,443	)	 	 	(34,553	)	 	 	(100,321	)	
Net interest expense	 	 	(22,398	)	 	 	(24,840	)	 	 	(26,299	)	 	 	(73,537	)	 	 	(26,838	)	 	 	(100,375	)	 	 	(27,169	)	 	 	(26,942	)	 	 	(26,335	)	 	 	(80,446	)	
 	 	 	 	 	
Earnings from continuing operations before provision for income taxes	 	 	94,091	 	 	 	101,995	 	 	 	154,745	 	 	 	350,831	 	 	 	140,787	 	 	 	491,618	 	 	 	177,060	 	 	 	242,655	 	 	 	261,491	 	 	 	681,206	 	
Provision for income taxes	 	 	32,996	 	 	 	1,121	 	 	 	47,261	 	 	 	81,378	 	 	 	38,346	 	 	 	119,724	 	 	 	55,575	 	 	 	70,762	 	 	 	38,732	 	 	 	165,069	 	
 	 	 	 	 	
Earnings from continuing operations	 	 	61,095	 	 	 	100,874	 	 	 	107,484	 	 	 	269,453	 	 	 	102,441	 	 	 	371,894	 	 	 	121,485	 	 	 	171,893	 	 	 	222,759	 	 	 	516,137	 	
Earnings (loss) from discontinued operations, net	 	 	(7,669	)	 	 	(3,794	)	 	 	(600	)	 	 	(12,063	)	 	 	(3,393	)	 	 	(15,456	)	 	 	(13,358	)	 	 	(2,023	)	 	 	1,000	 	 	 	(14,381	)	
 	 	 	 	 	
Net earnings	 	$	53,426	 	 	$	97,080	 	 	$	106,884	 	 	$	257,390	 	 	$	99,048	 	 	$	356,438	 	 	$	108,127	 	 	$	169,870	 	 	$	223,759	 	 	$	501,756	 	

SEGMENT OPERATING MARGIN	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Industrial Products	 	 	7.9	%	 	 	6.6	%	 	 	9.6	%	 	 	8.1	%	 	 	10.2	%	 	 	8.6	%	 	 	11.9	%	 	 	13.3	%	 	 	12.6	%	 	 	12.6	%	
Engineered Systems	 	 	10.8	%	 	 	12.3	%	 	 	15.0	%	 	 	12.9	%	 	 	10.2	%	 	 	12.2	%	 	 	11.3	%	 	 	14.7	%	 	 	14.7	%	 	 	13.7	%	
Fluid Management	 	 	22.8	%	 	 	18.8	%	 	 	19.6	%	 	 	20.5	%	 	 	20.1	%	 	 	20.4	%	 	 	22.8	%	 	 	23.8	%	 	 	24.5	%	 	 	23.7	%	
Electronic Technologies	 	 	-5.7	%	 	 	7.3	%	 	 	13.9	%	 	 	6.0	%	 	 	13.6	%	 	 	8.1	%	 	 	15.4	%	 	 	17.2	%	 	 	18.3	%	 	 	17.1	%	
Total Segment	 	 	10.2	%	 	 	11.3	%	 	 	14.3	%	 	 	12.0	%	 	 	13.1	%	 	 	12.3	%	 	 	15.0	%	 	 	16.9	%	 	 	17.1	%	 	 	16.4	%	

 
DOVER CORPORATION — INVESTOR SUPPLEMENT
THIRD QUARTER 2010
DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(unaudited) (in thousands)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	2009	 	 	2010	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	Q3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Q3	 	
 	 	Q1	 	 	Q2	 	 	Q3	 	 	YTD	 	 	Q4	 	 	FY 2009	 	 	Q1	 	 	Q2	 	 	Q3	 	 	YTD	 	
 	 	 	 	 	
BOOKINGS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Industrial Products	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Material Handling	 	$	118,343	 	 	$	126,224	 	 	$	162,759	 	 	$	407,326	 	 	$	180,350	 	 	$	587,676	 	 	$	204,098	 	 	$	223,787	 	 	$	222,961	 	 	$	650,846	 	
Mobile Equipment	 	 	210,558	 	 	 	245,937	 	 	 	191,539	 	 	 	648,034	 	 	 	253,130	 	 	 	901,164	 	 	 	231,128	 	 	 	288,887	 	 	 	233,731	 	 	 	753,746	 	
Eliminations	 	 	(22	)	 	 	(202	)	 	 	(337	)	 	 	(561	)	 	 	(425	)	 	 	(986	)	 	 	(407	)	 	 	(303	)	 	 	(444	)	 	 	(1,154	)	
 	 	 	 	 	
 	 	 	328,879	 	 	 	371,959	 	 	 	353,961	 	 	 	1,054,799	 	 	 	433,055	 	 	 	1,487,854	 	 	 	434,819	 	 	 	512,371	 	 	 	456,248	 	 	 	1,403,438	 	
 	 	 	 	 	
Engineered Systems	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Product Identification	 	 	175,679	 	 	 	205,736	 	 	 	212,642	 	 	 	594,057	 	 	 	223,302	 	 	 	817,359	 	 	 	220,410	 	 	 	223,203	 	 	 	218,213	 	 	 	661,826	 	
Engineered Products	 	 	236,353	 	 	 	259,868	 	 	 	258,634	 	 	 	754,855	 	 	 	263,212	 	 	 	1,018,067	 	 	 	368,134	 	 	 	379,048	 	 	 	329,119	 	 	 	1,076,301	 	
 	 	 	 	 	
 	 	 	412,032	 	 	 	465,604	 	 	 	471,276	 	 	 	1,348,912	 	 	 	486,514	 	 	 	1,835,426	 	 	 	588,544	 	 	 	602,251	 	 	 	547,332	 	 	 	1,738,127	 	
 	 	 	 	 	
Fluid Management	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Energy	 	 	142,721	 	 	 	132,855	 	 	 	157,763	 	 	 	433,339	 	 	 	176,706	 	 	 	610,045	 	 	 	208,669	 	 	 	226,301	 	 	 	213,247	 	 	 	648,217	 	
Fluid Solutions	 	 	150,375	 	 	 	159,483	 	 	 	165,601	 	 	 	475,459	 	 	 	169,639	 	 	 	645,098	 	 	 	179,037	 	 	 	192,035	 	 	 	195,865	 	 	 	566,937	 	
Eliminations	 	 	(42	)	 	 	(39	)	 	 	(41	)	 	 	(122	)	 	 	(18	)	 	 	(140	)	 	 	(85	)	 	 	(51	)	 	 	(144	)	 	 	(280	)	
 	 	 	 	 	
 	 	 	293,054	 	 	 	292,299	 	 	 	323,323	 	 	 	908,676	 	 	 	346,327	 	 	 	1,255,003	 	 	 	387,621	 	 	 	418,285	 	 	 	408,968	 	 	 	1,214,874	 	

Electronic Technologies	 	 	223,707	 	 	 	243,274	 	 	 	283,035	 	 	 	750,016	 	 	 	305,266	 	 	 	1,055,282	 	 	 	358,477	 	 	 	394,441	 	 	 	402,332	 	 	 	1,155,250	 	

Intra-segment eliminations	 	 	(1,290	)	 	 	(1,435	)	 	 	(1,790	)	 	 	(4,515	)	 	 	(1,601	)	 	 	(6,116	)	 	 	(1,616	)	 	 	(2,244	)	 	 	(2,278	)	 	 	(6,138	)	

Total consolidated bookings	 	$	1,256,382	 	 	$	1,371,701	 	 	$	1,429,805	 	 	$	4,057,888	 	 	$	1,569,561	 	 	$	5,627,449	 	 	$	1,767,845	 	 	$	1,925,104	 	 	$	1,812,602	 	 	$	5,505,551	 	

BACKLOG	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Industrial Products	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Material Handling	 	$	120,066	 	 	$	93,247	 	 	$	102,146	 	 	 	 	 	 	$	116,658	 	 	 	 	 	 	$	131,521	 	 	$	140,452	 	 	$	142,959	 	 	 	 	 	
Mobile Equipment	 	 	349,358	 	 	 	368,315	 	 	 	318,496	 	 	 	 	 	 	 	329,774	 	 	 	 	 	 	 	319,801	 	 	 	359,727	 	 	 	344,160	 	 	 	 	 	
Eliminations	 	 	(48	)	 	 	(143	)	 	 	(170	)	 	 	 	 	 	 	(371	)	 	 	 	 	 	 	(386	)	 	 	(257	)	 	 	(248	)	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	469,376	 	 	 	461,419	 	 	 	420,472	 	 	 	 	 	 	 	446,061	 	 	 	 	 	 	 	450,936	 	 	 	499,922	 	 	 	486,871	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Engineered Systems	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Product Identification	 	 	57,801	 	 	 	66,288	 	 	 	72,523	 	 	 	 	 	 	 	74,700	 	 	 	 	 	 	 	78,976	 	 	 	80,550	 	 	 	80,986	 	 	 	 	 	
Engineered Products	 	 	196,394	 	 	 	245,165	 	 	 	199,888	 	 	 	 	 	 	 	218,520	 	 	 	 	 	 	 	314,465	 	 	 	334,971	 	 	 	267,545	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	254,195	 	 	 	311,453	 	 	 	272,411	 	 	 	 	 	 	 	293,220	 	 	 	 	 	 	 	393,441	 	 	 	415,521	 	 	 	348,531	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fluid Management	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Energy	 	 	58,771	 	 	 	54,734	 	 	 	66,043	 	 	 	 	 	 	 	77,173	 	 	 	 	 	 	 	76,844	 	 	 	84,800	 	 	 	84,659	 	 	 	 	 	
Fluid Solutions	 	 	60,781	 	 	 	63,788	 	 	 	65,081	 	 	 	 	 	 	 	60,540	 	 	 	 	 	 	 	63,535	 	 	 	65,639	 	 	 	69,130	 	 	 	 	 	
Eliminations	 	 	(5	)	 	 	(1	)	 	 	(21	)	 	 	 	 	 	 	(2	)	 	 	 	 	 	 	(55	)	 	 	(1	)	 	 	(17	)	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	119,547	 	 	 	118,521	 	 	 	131,103	 	 	 	 	 	 	 	137,711	 	 	 	 	 	 	 	140,324	 	 	 	150,438	 	 	 	153,772	 	 	 	 	 	

Electronic Technologies	 	 	186,850	 	 	 	185,512	 	 	 	194,414	 	 	 	 	 	 	 	206,893	 	 	 	 	 	 	 	271,340	 	 	 	318,450	 	 	 	357,800	 	 	 	 	 	

Intra-segment eliminations	 	 	(42	)	 	 	(242	)	 	 	(426	)	 	 	 	 	 	 	(337	)	 	 	 	 	 	 	(362	)	 	 	(570	)	 	 	(490	)	 	 	 	 	

Total consolidated backlog	 	$	1,029,926	 	 	$	1,076,663	 	 	$	1,017,974	 	 	 	 	 	 	$	1,083,548	 	 	 	 	 	 	$	1,255,679	 	 	$	1,383,761	 	 	$	1,346,484	 	 	 	 	 	

ACQUISITION RELATED DEPRECIATION AND AMORTIZATION EXPENSE *	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Industrial Products	 	$	8,387	 	 	$	7,709	 	 	$	7,770	 	 	$	23,866	 	 	$	8,182	 	 	$	32,048	 	 	$	7,575	 	 	$	7,620	 	 	$	7,774	 	 	$	22,969	 	
Engineered Systems	 	 	6,070	 	 	 	6,437	 	 	 	6,580	 	 	 	19,087	 	 	 	7,579	 	 	 	26,666	 	 	 	7,915	 	 	 	7,057	 	 	 	6,838	 	 	 	21,810	 	
Fluid Management	 	 	4,828	 	 	 	4,592	 	 	 	4,432	 	 	 	13,852	 	 	 	4,537	 	 	 	18,389	 	 	 	5,429	 	 	 	5,591	 	 	 	5,222	 	 	 	16,242	 	
Electronic Technologies	 	 	8,286	 	 	 	8,217	 	 	 	8,268	 	 	 	24,771	 	 	 	8,432	 	 	 	33,203	 	 	 	8,370	 	 	 	8,540	 	 	 	8,480	 	 	 	25,390	 	
 	 	 	 	 	
 	 	$	27,571	 	 	$	26,955	 	 	$	27,050	 	 	$	81,576	 	 	$	28,730	 	 	$	110,306	 	 	$	29,289	 	 	$	28,808	 	 	$	28,314	 	 	$	86,411	 	

 	 	 	
*	 	Represents the pre-tax impact on earnings from the depreciation and amortization of acquisition accounting write-ups to reflect the fair value of inventory, property, plant and equipment and intangible assets.	

 
DOVER CORPORATION — INVESTOR SUPPLEMENT
THIRD QUARTER 2010
DOVER CORPORATION
QUARTERLY EARNINGS PER SHARE
(unaudited)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	2009	 	2010	
 	 	Q1	 	Q2	 	Q3	 	Q3 YTD	 	Q4	 	FY 2009	 	Q1	 	Q2	 	Q3	 	Q3 YTD	
 	 	 	 	 	
Basic earnings (loss) 
per common share:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Continuing operations	 	$	0.33	 	 	$	0.54	 	 	$	0.58	 	 	$	1.45	 	 	$	0.55	 	 	$	2.00	 	 	$	0.65	 	 	$	0.92	 	 	$	1.19	 	 	$	2.76	 	
Discontinued operations	 	 	(0.04	)	 	 	(0.02	)	 	 	—	 	 	 	(0.06	)	 	 	(0.02	)	 	 	(0.08	)	 	 	(0.07	)	 	 	(0.01	)	 	 	0.01	 	 	 	(0.08	)	
Net earnings	 	 	0.29	 	 	 	0.52	 	 	 	0.57	 	 	 	1.38	 	 	 	0.53	 	 	 	1.91	 	 	 	0.58	 	 	 	0.91	 	 	 	1.20	 	 	 	2.68	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted earnings (loss)
per common share:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Continuing operations	 	$	0.33	 	 	$	0.54	 	 	$	0.58	 	 	$	1.45	 	 	$	0.55	 	 	$	1.99	 	 	$	0.65	 	 	$	0.91	 	 	$	1.18	 	 	$	2.73	 	
Discontinued operations	 	 	(0.04	)	 	 	(0.02	)	 	 	—	 	 	 	(0.06	)	 	 	(0.02	)	 	 	(0.08	)	 	 	(0.07	)	 	 	(0.01	)	 	 	0.01	 	 	 	(0.08	)	
Net earnings	 	 	0.29	 	 	 	0.52	 	 	 	0.57	 	 	 	1.38	 	 	 	0.53	 	 	 	1.91	 	 	 	0.58	 	 	 	0.90	 	 	 	1.19	 	 	 	2.66	 	
NOTE:
Diluted earnings per share in the third quarter of 2010 and the second quarter of 2009 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 third quarter of 2010 and second quarter 2009 were 14.8% and 1.1%, respectively, which were lower than the Company’s previously estimated tax rates of 29% for each of the respective periods. These lower effective tax rates contributed incremental diluted earnings per share of $0.20 in the third quarter of 2010 and $0.15 in the second quarter of 2009.

 
DOVER CORPORATION — INVESTOR SUPPLEMENT
THIRD QUARTER 2010
DOVER CORPORATION
QUARTERLY FREE CASH FLOW INFORMATION
(unaudited)(in thousands)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	2009	 	2010	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Q3	
 	 	Q1	 	Q2	 	Q3	 	Q4	 	FY 2009	 	Q1	 	Q2	 	Q3	 	YTD	

Cash From Operations	 	$	114,866	 	 	$	192,436	 	 	$	246,811	 	 	$	247,947	 	 	$	802,060	 	 	$	87,066	 	 	$	231,199	 	 	$	200,847	 	 	$	519,112	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAPEX	 	 	(31,475	)	 	 	(26,976	)	 	 	(24,799	)	 	 	(36,759	)	 	 	(120,009	)	 	 	(39,336	)	 	 	(46,945	)	 	 	(43,556	)	 	 	(129,837	)	

Free Cash Flow	 	$	83,391	 	 	$	165,460	 	 	$	222,012	 	 	$	211,188	 	 	$	682,051	 	 	$	47,730	 	 	$	184,254	 	 	$	157,291	 	 	$	389,275	 	

Free Cash Flow to Earnings From Continuing Operations	 	 	136.5	%	 	 	164.0	%	 	 	206.6	%	 	 	206.2	%	 	 	183.4	%	 	 	39.3	%	 	 	107.2	%	 	 	70.6	%	 	 	75.4	%	

Exhibit 99.3

Dover Corporation Third Quarter 2010 Conference Call October 22, 2010 9:00 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 Q3 2010 Performance Continuing Earnings Per Share 2008 FY $3.67 Revenue $ 1.9B ^ 26% $ 5.3B ^ 23% EPS (cont.) $1.18 ^ 103% $2.73 ^ 88% Segment Margins 17.1% ^ 280 bps 16.4% ^ 440 bps Organic Rev. Growth ^ 25% ^ 19% Net Acq. Growth ^ 3% ^ 4% FCF $157M ^ 29% $389M ^ 17% Quarterly revenue and earnings increases reflect solid end-markets, share gains and benefits of productivity Organic revenue growth of 25% is broad based Segment operating margin of 17.1% with significant improvement at Electronic Technologies, Fluid Management and Industrial Products Seasonal slowdown in bookings beginning to be seen Q3 Q3/Q3 2009 FY $1.99 YTD $2.73 2010 YTD YTD/YTD	

 

4 Revenue Q3 2010 Industrial Products Engineered Systems Fluid Management Electronic Technologies Total Dover Organic 20% 16% 32% 41% 25% Net Acquisitions - 5% 3% 1% 3% Currency (1%) (2%) - (3%) (2%) Total 19% 19% 35% 39% 26%	

 

5 Sequential Results - Q3 10 / Q2 10 Material Handling Fluid Solutions Mobile Equipment Energy Product Identification Engineered Products ^ 2% ^ 7% ^ 11% Electronic Technologies	

 

6 Industrial Products Broad-based revenue growth in Material Handling driving results Margin improvements driven by volume increases and leverage on productivity initiatives Quarterly bookings up 29% driven by better non-residential construction markets Book-to-bill of 0.97 reflecting normal seasonality $ in millions Q3 2010 Q3 2009 % Change Revenue $471 $396 +19% Earnings $ 59 $ 38 +56% Margin 12.6% 9.6% ^ 300 bps Bookings $456 $354 +29% Quarterly Comments YTD 2010 YTD 2009 % Change Revenue $1,362 $1,214 +12% Earnings $172 $ 98 +76% Margin 12.6% 8.1% ^ 450 bps Bookings $1,403 $1,055 +33%	

 

7 Engineered Systems Revenue gains driven by strong Hill Phoenix business and Belvac Operating margin reflects material cost increases at SWEP and geographic & product mix, mostly offset by Hill Phoenix volume gains Product ID business trends remain solid; Hill Phoenix continues to benefit from active remodel programs •Bookings down 9% sequentially reflecting normal seasonal slowdown at Hill Phoenix; book-to- bill is 0.88 $ in millions Quarterly Comments Q3 2010 Q3 2009 % Change Revenue $620 $521 +19% Earnings $ 91 $ 78 +17% Margin 14.7% 15.0% ^ 30 bps Bookings $547 $471 +16% YTD 2010 YTD 2009 % Change Revenue $1,682 $1,389 +21% Earnings $ 231 $ 179 +29% Margin 13.7% 12.9% ^ 80 bps Bookings $1,738 $1,349 +29%	

 

8 Fluid Management Revenue growth driven by NA rig count growth, continued penetration of horizontal drilling and solid pump demand Operating margin improved to 24.5% on volume gains and favorable mix Fluid Solutions markets continue exhibiting broad-based recovery Book-to-bill of 0.98 reflects moderation from high Energy products demand in the second quarter; business fundamentals remain strong $ in millions Quarterly Comments Q3 2010 Q3 2009 % Change Revenue $416 $309 +35% Earnings $102 $ 61 +68% Margin 24.5% 19.6% ^ 490 bps Bookings $409 $323 +26% YTD 2010 YTD 2009 % Change Revenue $1,201 $ 935 +28% Earnings $ 285 $192 +49% Margin 23.7% 20.5% ^ 320 bps Bookings $1,215 $909 +34%	

 

9 Electronic Technologies Year-over-year revenue growth driven by strong demand for electronic assembly equipment, MEMS microphones, passive components and emerging Solar equipment business Operating margin of 18.3% resulting from strong leverage on higher volume and improved cost base Product innovation driving results at Knowles and DEK Year-over-year bookings remain solid across the segment (except telecom infrastructure) resulting in book-to-bill of 1.05 $ in millions Quarterly Comments Q3 2010 Q3 2009 % Change Revenue $381 $275 +39% Earnings $ 70 $ 38 +82% Margin 18.3% 13.9% ^ 440 bps Bookings $402 $283 +42% YTD 2010 YTD 2009 % Change Revenue $1,018 $735 +38% Earnings $ 174 $ 44 ^295% Margin 17.1% 6.0% ^1110 bps Bookings $1,155 $750 +54%	

 

Q3 2010 Overview Q3 2010 Free Cash Flow $157 million, 8% of revenue, down $65 million from prior year. Result impacted by continued investments in capex and an increase in working capital to support expanding business Net Interest Expense $26 million, essentially flat with last year Net Debt to Capital 14.8%, down 360 bps from year-end. Reduction driven by more cash and less debt Effective Tax Rate (ETR) Q3 rate was14.8%, YTD rate is 24.2%. Rate reflects $0.15 EPS benefit on resolution of certain domestic and international tax matters, and $0.05 EPS benefit related to tax planning initiatives Corporate Expense $34.6 million, up slightly from prior year. Result reflects costs associated with the early extinguishment of long-term debt ($4M) 10	

 

11 2010 Guidance - Update Revenue: Core revenue: ^ 16.5% - 17.5% 2009 Acquisitions: ^ 3.5% Total revenue: ^ 20.0% - 21.0% Corporate expense: ^ $134 million Interest expense: ^ $110 million Full-year tax rate: ^ 25% - 26%* Capital expenditures: ^ 2.5% of revenue Free cash flow for full year: ^ 10% of revenue Full year EPS: $3.50 - $3.55 * Includes Q3 benefit of $0.20 EPS	

 

12 2010 EPS Guidance Bridge - Cont. Ops 2009 EPS - Continuing Ops $1.99 Volume, mix, price (inc. FX): $1.11 - $1.20 2009 acquisitions: $0.13 Net benefits of restructuring/productivity: $0.53 - $0.56 Compensation & benefits: ($0.24 - $0.32) Corporate expense: ($0.05) Interest: ($0.03) Q3 tax gains: $0.20 Tax / other: ($0.14 - $0.13) 2010 EPS - Continuing Ops $3.50 - $3.55