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): July 18, 2013 
________________________________
 
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 July 18, 2013, Dover Corporation (i) issued the Press Release attached hereto as Exhibit 99.1 announcing its results of operations for the second quarter ended June 30, 2013; and (ii) posted on its website at
http://www.dovercorporation.com the presentation slides attached hereto as Exhibit 99.2 for the second quarter ended June 30, 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.
 	 	
(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 July 18, 2013.
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:	July 18, 2013	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 July 18, 2013	
 	 	 	
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 SECOND QUARTER 2013 RESULTS; PROVIDES FULL-YEAR OUTLOOK
 	 	
•	Reports quarterly revenue of $2.2 billion, an increase of 9% over the prior year	
 	 	
•	Delivers quarterly diluted earnings per share from continuing operations of $1.70, an increase of 55% over last year	
 	 	
•	Achieves adjusted quarterly diluted earnings per share from continuing operations of $1.36, excluding tax benefits of $0.36 and Knowles spin off costs of $0.02, up 24% from an adjusted prior year	
 	 	
•	Reaffirms outlook for full year revenue growth at 7% to 9%	
 	 	
•	Expects diluted earnings per share from continuing operations to be in the range of $5.56 to $5.71 after raising the low end of the range, and including tax benefits and incurred spin off costs	

Downers Grove, Illinois, July 18, 2013 — Dover (NYSE: DOV) announced today that for the second quarter ended June 30, 2013, revenue was $2.2 billion, an increase of 9% over the prior year period. The revenue increase was driven by organic growth of 5%, an increase of 4% from acquisitions, and a minor impact from foreign exchange. Earnings from continuing operations were $294.4 million, or $1.70 diluted earnings per share (“EPS”), compared to $205.2 million, or $1.10 EPS, in the prior year period, representing increases of 43% and 55%, respectively. EPS from continuing operations includes discrete tax items of $0.36 EPS and Knowles spin off costs of $0.02 EPS recognized in the current quarter. Excluding these items, adjusted EPS from continuing operations for the second quarter of 2013 was $1.36, reflecting an increase of 24% over EPS of $1.10 in the prior year period.

Revenue for the six months ended June 30, 2013 was $4.3 billion, an increase of 7% over the prior year, reflecting organic growth of 2%, a 5% increase from acquisitions, and a minor impact from foreign exchange. Earnings from continuing operations for the six months ended June 30, 2013 were $491.3 million, or $2.82 EPS, compared to $391.6 million, or $2.10 EPS in the prior year period, representing increases of 25% and 34%, respectively. EPS from continuing operations during this period includes discrete tax items of $0.38 EPS and Knowles spin off costs of $0.02 EPS, compared to ($0.01) EPS of discrete tax items in the prior year. Excluding these items, adjusted EPS from continuing operations for the six months ended June 30, 2013 was $2.46, an increase of 17% over an adjusted EPS of $2.11 in the prior year.

Commenting on the second quarter results, Dover's President and Chief Executive Officer, Robert A. Livingston, said, “I am very pleased with our results for the second quarter and the actions we've taken to strengthen our company. The quarter was driven by broad-based growth, particularly among our businesses serving the consumer electronics and refrigeration markets, with solid contribution from our energy and fluids businesses. In all, we posted strong revenue growth of 9%. Segment margin also expanded, where improved performance at Printing & Identification and Engineered Systems helped drive segment margin to 17.3%, a 30 basis point improvement over

last year.”

“We also made progress on several important strategic actions in the quarter. We continued to execute on our share repurchase program, completed four small synergistic acquisitions, and most importantly, announced our intention to spin off several businesses within our Communication Technologies segment to our shareholders, which is progressing as planned. Taken together, these actions demonstrate Dover ' s ongoing commitment to create significant shareholder value. ”

“Looking ahead, 2013 remains largely consistent with the view we previously shared. We continue to expect full year organic revenue growth of 3% to 5%, complemented by acquisition growth of 4%, resulting in total revenue growth of 7% to 9%. Based on our solid second quarter performance, we are taking up the low end of our earnings guidance range. In addition, we are adjusting full year guidance to include discrete tax benefits and incurred spin off costs. As a result, our revised guidance for full year EPS is now $5.56 to $5.71. This range does not include any prospective Knowles spin off costs to be incurred in the next several quarters.”

Net earnings for the second quarter of 2013 were $330.0 million or $1.91 EPS, including earnings from discontinued operations of $35.7 million, or $0.21 EPS, compared to net earnings of $214.1 million, or $1.15 EPS, for the same period of 2012, which included earnings from discontinued operations of $8.9 million, or $0.05 EPS. Reflected within discontinued operations was a goodwill impairment charge of $18.7 million, net of tax, or $0.11 EPS, connected with the anticipated sale of our electronic test and assembly businesses, and discrete tax benefits of $42.7 million, or $0.25 EPS.

Net earnings for the six months ended June 30, 2013 were $540.1 million, or $3.10 EPS, including net earnings from discontinued operations of $48.7 million, or $0.28 EPS, compared to net earnings of $410.2 million, or $2.20 EPS, for the same period of 2012, which included net earnings from discontinued operations of $18.6 million or $0.10 EPS. Reflected within discontinued operations was a goodwill impairment charge of $18.7 million, net of tax, or $0.11 EPS, connected with the anticipated sale of our electronic test and assembly businesses, and discrete tax benefits of $52.4 million, or $0.30 EPS.

Dover will host a webcast of its second quarter 2013 conference call at 10:00 A.M. Eastern Time (9:00 A.M. Central Time) on Thursday, July 18, 2013. 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 second 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 of over $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 employs 35,000 people worldwide.   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, operating and strategic plans, income, earnings, cash flows, changes in operations, operating improvements, industries in which Dover businesses operate and the U.S. and global economies. Statements in this press release that are not historical are hereby identified as “ forward-looking statements ”  and may be indicated by words or phrases such as “ anticipates, ” “ expects, ” “ believes, ” “ indicates, ” “ suggests,” “will,” “plans,” “supports,” “projects,” “should,” “would,” “could,” “forecast” and “management is of the opinion, ”  or the use of the 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, the state of the worldwide economy and sovereign credit, especially in Europe; political events that could impact the worldwide economy; 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 Dover conducts business; the ability of Dover ' s businesses to expand into new geographic markets and to anticipate and meet customer demands for new products and product enhancements; increased competition and pricing pressures in the markets served by Dover ' s businesses; the impact of the proposed spin off and our ability to consummate it on the anticipated time line or terms; 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; the ability to identify and successfully consummate value-adding acquisition opportunities; Dover ' s 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 Dover ' s credit ratings. Dover 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 undertakes no obligation to update any forward-looking statement, except as required by law.

INVESTOR SUPPLEMENT - SECOND QUARTER 2013

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

 	Three Months Ended June 30,	 	Six Months Ended June 30,	
 	2013	 	2012	 	2013	 	2012	
Revenue	$	2,228,763	
 	 	$	2,038,289	
 	 	$	4,268,336	
 	 	$	3,992,903	
 	
Cost of goods and services	1,372,811	
 	 	1,261,187	
 	 	2,635,762	
 	 	2,469,721	
 	
Gross profit	855,952	
 	 	777,102	
 	 	1,632,574	
 	 	1,523,182	
 	
Selling and administrative expenses	505,628	
 	 	466,089	
 	 	990,049	
 	 	920,078	
 	
Operating earnings	350,324	
 	 	311,013	
 	 	642,525	
 	 	603,104	
 	
Interest expense, net	30,280	
 	 	29,715	
 	 	60,524	
 	 	59,746	
 	
Other expense (income), net	2,543	
 	 	364	
 	 	(2,176	)	 	2,149	
 	
Earnings before provision for income taxes and discontinued operations	317,501	
 	 	280,934	
 	 	584,177	
 	 	541,209	
 	
Provision for income taxes	23,149	
 	 	75,778	
 	 	92,836	
 	 	149,644	
 	
Earnings from continuing operations	294,352	
 	 	205,156	
 	 	491,341	
 	 	391,565	
 	
Earnings from discontinued operations, net	35,697	
 	 	8,945	
 	 	48,711	
 	 	18,599	
 	
Net earnings	$	330,049	
 	 	$	214,101	
 	 	$	540,052	
 	 	$	410,164	

Comprehensive earnings	$	332,989	
 	 	$	120,514	
 	 	$	511,713	
 	 	$	357,819	

Basic earnings per common share:	 	 	 	 	 	 	 	
Earnings from continuing operations	$	1.72	
 	 	$	1.12	
 	 	$	2.85	
 	 	$	2.13	
 	
Earnings from discontinued operations, net	0.21	
 	 	0.05	
 	 	0.28	
 	 	0.10	
 	
Net earnings	1.93	
 	 	1.17	
 	 	3.13	
 	 	2.23	

Weighted average shares outstanding	171,111	 	183,494	 	172,273	 	183,625	
 	 	 	 	 	 	 	 	
Diluted earnings per common share:	 	 	 	 	 	 	 	
Earnings from continuing operations	$	1.70	
 	 	$	1.10	
 	 	$	2.82	
 	 	$	2.10	
 	
Earnings from discontinued operations, net	0.21	
 	 	0.05	
 	 	0.28	
 	 	0.10	
 	
Net earnings	1.91	
 	 	1.15	
 	 	3.10	
 	 	2.20	

Weighted average shares outstanding	173,097	 	185,780	 	174,325	 	186,171	
 	 	 	 	 	 	 	 	
Dividends paid per common share	$	0.35	
 	 	$	0.315	
 	 	$	0.70	
 	 	$	0.63	

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

 	2013	 	2012	
 	Q1	Q2	Q2 YTD	 	Q1	Q2	Q2 YTD	Q3	Q4	FY 2012	
REVENUE	 	 	 	 	 	 	 	 	 	 	
Communication Technologies	$	372,790	
 	$	401,477	
 	$	774,267	
 	 	$	357,575	
 	$	361,689	
 	$	719,264	
 	$	396,470	
 	$	400,851	
 	$	1,516,585	

Energy	561,198	
 	573,471	
 	1,134,669	
 	 	531,570	
 	538,786	
 	1,070,356	
 	562,263	
 	539,985	
 	2,172,604	

Engineered Systems	 	 	 	 	 	 	 	 	 	 	
Fluid Solutions	203,991	
 	226,882	
 	430,873	
 	 	180,364	
 	211,974	
 	392,338	
 	218,324	
 	206,500	
 	817,162	
 	
Refrigeration & Industrial	664,294	
 	777,396	
 	1,441,690	
 	 	642,213	
 	674,501	
 	1,316,714	
 	674,116	
 	613,012	
 	2,603,842	
 	
Eliminations	(352	)	(383	)	(735	)	 	(453	)	(352	)	(805	)	(319	)	(336	)	(1,460	)	
 	867,933	
 	1,003,895	
 	1,871,828	
 	 	822,124	
 	886,123	
 	1,708,247	
 	892,121	
 	819,176	
 	3,419,544	

Printing & Identification	237,877	
 	250,646	
 	488,523	
 	 	243,570	
 	251,875	
 	495,445	
 	246,945	
 	254,141	
 	996,531	

Intra-segment eliminations	(225	)	(726	)	(951	)	 	(225	)	(184	)	(409	)	(194	)	(322	)	(925	)	
 	 	 	 	 	 	 	 	 	 	 	
Total consolidated revenue	$	2,039,573	
 	$	2,228,763	
 	$	4,268,336	
 	 	$	1,954,614	
 	$	2,038,289	
 	$	3,992,903	
 	$	2,097,605	
 	$	2,013,831	
 	$	8,104,339	

NET EARNINGS	 	 	 	 	 	 	 	 	 	 	
Segment Earnings:	 	 	 	 	 	 	 	 	 	 	
Communication Technologies	$	44,208	
 	$	51,789	
 	$	95,997	
 	 	$	46,556	
 	$	50,322	
 	$	96,878	
 	$	63,706	
 	$	58,376	
 	$	218,960	
 	
Energy	139,545	
 	132,926	
 	272,471	
 	 	132,115	
 	133,936	
 	266,051	
 	139,038	
 	133,561	
 	538,650	
 	
Engineered Systems	117,178	
 	165,440	
 	282,618	
 	 	122,092	
 	133,808	
 	255,900	
 	144,245	
 	101,807	
 	501,952	
 	
Printing & Identification	29,752	
 	35,967	
 	65,719	
 	 	26,089	
 	28,918	
 	55,007	
 	39,502	
 	40,650	
 	135,159	
 	
Total Segments	330,683	
 	386,122	
 	716,805	
 	 	326,852	
 	346,984	
 	673,836	
 	386,491	
 	334,394	
 	1,394,721	
 	
Corporate expense / other (1)	33,763	
 	38,341	
 	72,104	
 	 	36,546	
 	36,335	
 	72,881	
 	32,001	
 	31,127	
 	136,009	
 	
Net interest expense	30,244	
 	30,280	
 	60,524	
 	 	30,031	
 	29,715	
 	59,746	
 	30,399	
 	30,996	
 	121,141	
 	
Earnings from continuing operations before provision for income taxes	266,676	
 	317,501	
 	584,177	
 	 	260,275	
 	280,934	
 	541,209	
 	324,091	
 	272,271	
 	1,137,571	
 	
Provision for income taxes	69,687	
 	23,149	
 	92,836	
 	 	73,866	
 	75,778	
 	149,644	
 	90,761	
 	64,047	
 	304,452	
 	
Earnings from continuing operations	196,989	
 	294,352	
 	491,341	
 	 	186,409	
 	205,156	
 	391,565	
 	233,330	
 	208,224	
 	833,119	
 	
Earnings (loss) from discontinued operations, net	13,014	
 	35,697	
 	48,711	
 	 	9,654	
 	8,945	
 	18,599	
 	7,716	
 	(48,364	)	(22,049	)	
Net earnings	$	210,003	
 	$	330,049	
 	$	540,052	
 	 	$	196,063	
 	$	214,101	
 	$	410,164	
 	$	241,046	
 	$	159,860	
 	$	811,070	

SEGMENT OPERATING MARGIN	 	 	 	 	 	 	 	 	
Communication Technologies	11.9	%	12.9	%	12.4	%	 	13.0	%	13.9	%	13.5	%	16.1	%	14.6	%	14.4	%	
Energy	24.9	%	23.2	%	24.0	%	 	24.9	%	24.9	%	24.9	%	24.7	%	24.7	%	24.8	%	
Engineered Systems	13.5	%	16.5	%	15.1	%	 	14.9	%	15.1	%	15.0	%	16.2	%	12.4	%	14.7	%	
Printing & Identification	12.5	%	14.3	%	13.5	%	 	10.7	%	11.5	%	11.1	%	16.0	%	16.0	%	13.6	%	
Total Segment	16.2	%	17.3	%	16.8	%	 	16.7	%	17.0	%	16.9	%	18.4	%	16.6	%	17.2	%	
 	 	 	 	 	 	 	 	 	 	 	
DEPRECIATION AND AMORTIZATION EXPENSE	 	 	 	 	 	 	 	 	
Communication Technologies	$	35,501	
 	$	37,719	
 	$	73,220	
 	 	$	31,513	
 	$	32,828	
 	$	64,341	
 	$	32,997	
 	$	35,281	
 	$	132,619	
 	
Energy	26,298	
 	26,599	
 	52,897	
 	 	21,184	
 	23,533	
 	44,717	
 	24,639	
 	25,721	
 	95,077	
 	
Engineered Systems	31,551	
 	32,282	
 	63,833	
 	 	19,582	
 	23,913	
 	43,495	
 	23,060	
 	27,066	
 	93,621	
 	
Printing & Identification	7,630	
 	7,606	
 	15,236	
 	 	8,331	
 	8,496	
 	16,827	
 	8,777	
 	7,998	
 	33,602	
 	
Corporate	859	
 	1,026	
 	1,885	
 	 	700	
 	765	
 	1,465	
 	842	
 	359	
 	2,666	
 	
 	$	101,839	
 	$	105,232	
 	$	207,071	
 	 	$	81,310	
 	$	89,535	
 	$	170,845	
 	$	90,315	
 	$	96,425	
 	$	357,585	

(1) Includes $3.3 million of incurred Knowles spin off costs in Q2 2013.	

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

 	2013	 	2012	
 	Q1	Q2	Q2 YTD	 	Q1	Q2	Q2 YTD	Q3	Q4	FY 2012	
BOOKINGS	 	 	 	 	 	 	 	 	 	 	
Communication Technologies	$	379,122	
 	$	422,293	
 	$	801,415	
 	 	$	347,291	
 	$	387,058	
 	$	734,349	
 	$	411,005	
 	$	363,624	
 	$	1,508,978	

Energy	620,640	
 	525,612	
 	1,146,252	
 	 	585,775	
 	530,352	
 	1,116,127	
 	526,824	
 	550,091	
 	2,193,042	

Engineered Systems	 	 	 	 	 	 	 	 	 	 	
Fluid Solutions	223,764	
 	213,359	
 	437,123	
 	 	184,711	
 	204,139	
 	388,850	
 	197,767	
 	209,872	
 	796,489	
 	
Refrigeration & Industrial	755,026	
 	784,904	
 	1,539,930	
 	 	711,911	
 	666,223	
 	1,378,134	
 	600,065	
 	606,931	
 	2,585,130	
 	
Eliminations	(373	)	(432	)	(805	)	 	(408	)	(376	)	(784	)	(258	)	(399	)	(1,441	)	
 	978,417	
 	997,831	
 	1,976,248	
 	 	896,214	
 	869,986	
 	1,766,200	
 	797,574	
 	816,404	
 	3,380,178	

Printing & Identification	237,217	
 	259,282	
 	496,499	
 	 	249,773	
 	251,733	
 	501,506	
 	244,611	
 	252,937	
 	999,054	

Intra-segment eliminations	(720	)	(137	)	(857	)	 	(609	)	(221	)	(830	)	(759	)	(1,020	)	(2,609	)	
 	 	 	 	 	 	 	 	 	 	 	
Total consolidated bookings	$	2,214,676	
 	$	2,204,881	
 	$	4,419,557	
 	 	$	2,078,444	
 	$	2,038,908	
 	$	4,117,352	
 	$	1,979,255	
 	$	1,982,036	
 	$	8,078,643	

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

Energy	311,793	
 	255,544	
 	 	 	296,360	
 	282,364	
 	 	248,233	
 	256,093	

Engineered Systems	 	 	 	 	 	 	 	 	 	 	
Fluid Solutions	178,854	
 	184,142	
 	 	 	191,327	
 	172,300	
 	 	156,191	
 	160,890	
 	 	
Refrigeration & Industrial	592,922	
 	597,838	
 	 	 	598,910	
 	586,824	
 	 	515,285	
 	516,559	
 	 	
Eliminations	(178	)	(227	)	 	 	(132	)	(155	)	 	(94	)	(157	)	 	
 	771,598	
 	781,753	
 	 	 	790,105	
 	758,969	
 	 	671,382	
 	677,292	

Printing & Identification	95,353	
 	103,864	
 	 	 	102,117	
 	98,216	
 	 	98,356	
 	97,857	

Intra-segment eliminations	(886	)	(578	)	 	 	(986	)	(648	)	 	(324	)	(591	)	 	
 	 	 	 	 	 	 	 	 	 	 	
Total consolidated backlog	$	1,636,623	
 	$	1,621,009	
 	 	 	$	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	Q2 YTD	 	Q1	Q2	Q2 YTD	Q3	Q4	FY 2012	
Basic earnings (loss) per common share:	 	 	 	 	 	 	 	
Continuing operations	$	1.14	
 	$	1.72	
 	$	2.85	
 	 	$	1.01	
 	$	1.12	
 	$	2.13	
 	$	1.28	
 	$	1.17	
 	$	4.59	
 	
Discontinued operations	0.08	
 	0.21	
 	0.28	
 	 	0.05	
 	0.05	
 	0.10	
 	0.04	
 	(0.27	)	(0.12	)	
Net earnings	1.21	
 	1.93	
 	3.13	
 	 	1.07	
 	1.17	
 	2.23	
 	1.33	
 	0.90	
 	4.47	

Diluted earnings (loss) per common share:	 	 	 	 	 	 	 	
Continuing operations	$	1.12	
 	$	1.70	
 	$	2.82	
 	 	$	1.00	
 	$	1.10	
 	$	2.10	
 	$	1.27	
 	$	1.16	
 	$	4.53	
 	
Discontinued operations	0.07	
 	0.21	
 	0.28	
 	 	0.05	
 	0.05	
 	0.10	
 	0.04	
 	(0.27	)	(0.12	)	
Net earnings	1.20	
 	1.91	
 	3.10	
 	 	1.05	
 	1.15	
 	2.20	
 	1.31	
 	0.89	
 	4.41	

Adjusted diluted earnings per common share (calculated below):	
Continuing operations	$	1.10	
 	$	1.36	
 	$	2.46	
 	 	$	1.01	
 	$	1.10	
 	$	2.11	
 	$	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	
 	$	491,341	
 	 	$	186,409	
 	$	205,156	
 	$	391,565	
 	$	233,330	
 	$	208,224	
 	$	833,119	
 	
Discontinued operations	13,014	
 	35,697	
 	48,711	
 	 	9,654	
 	8,945	
 	18,599	
 	7,716	
 	(48,364	)	(22,049	)	
Net earnings	210,003	
 	330,049	
 	540,052	
 	 	196,063	
 	214,101	
 	410,164	
 	241,046	
 	159,860	
 	811,070	

Average shares outstanding:	 	 	 	 	 	 	 	
Basic	173,448	
 	171,111	
 	172,273	
 	 	183,737	
 	183,494	
 	183,625	
 	181,763	
 	177,257	
 	181,551	
 	
Diluted	175,567	
 	173,097	
 	174,325	
 	 	186,706	
 	185,780	
 	186,171	
 	183,932	
 	179,365	
 	183,993	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Note:	 	 	 	 	 	 	 	 	 	 	
Earnings from continuing operations are adjusted by discrete tax items and incurred Knowles spin off costs to derive adjusted earnings from continuing operations and adjusted diluted earnings per common share as follows:	
 	 	 	 	 	 	 	 	 	 	 	
 	2013	 	2012	
 	Q1	Q2	Q2 YTD	 	Q1	Q2	Q2 YTD	Q3	Q4	FY 2012	
Adjusted earnings from continuing operations:	 	 	 	 	 	 	 	
Earnings from continuing operations	$	196,989	
 	$	294,352	
 	$	491,341	
 	 	$	186,409	
 	$	205,156	
 	$	391,565	
 	$	233,330	
 	$	208,224	
 	$	833,119	
 	
Gains (losses) from discrete and other tax items	4,525	
 	61,477	
 	66,002	
 	 	(1,610	)	(372	)	(1,982	)	4,513	
 	13,606	
 	16,137	
 	
Knowles spin off costs	—	
 	(3,322	)	(3,322	)	 	—	
 	—	
 	—	
 	—	
 	—	
 	—	
 	
Adjusted earnings from continuing operations	$	192,464	
 	$	236,197	
 	$	428,661	
 	 	$	188,019	
 	$	205,528	
 	$	393,547	
 	$	228,817	
 	$	194,618	
 	$	816,982	

Adjusted diluted earnings per common share:	 	 	 	 	 	 	 	
Earnings from continuing operations	$	1.12	
 	$	1.70	
 	$	2.82	
 	 	$	1.00	
 	$	1.10	
 	$	2.10	
 	$	1.27	
 	$	1.16	
 	$	4.53	
 	
Gains (losses) from discrete and other tax items	0.02	
 	0.36	
 	0.38	
 	 	(0.01	)	—	
 	(0.01	)	0.02	
 	0.07	
 	0.09	
 	
Knowles spin off costs	—	
 	(0.02	)	(0.02	)	 	—	
 	—	
 	—	
 	—	
 	—	
 	—	
 	
Adjusted earnings from continuing operations	$	1.10	
 	$	1.36	
 	$	2.46	
 	 	$	1.01	
 	$	1.10	
 	$	2.11	
 	$	1.25	
 	$	1.09	
 	$	4.44	

* Per share data may not add due to rounding.	 	 	 	 	 	 	 	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	2013	 	2012	
 	Q1	Q2	Q2 YTD	 	Q1	Q2	Q2 YTD	Q3	Q4	FY 2012	
Cash flow from operating activities	$	78,326	
 	$	304,729	
 	$	383,055	
 	 	$	161,327	
 	$	243,363	
 	$	404,690	
 	$	285,811	
 	$	570,659	
 	$	1,261,160	
 	
Less: Additions to property, plant and equipment	(47,153	)	(53,284	)	(100,437	)	 	(68,249	)	(72,758	)	(141,007	)	(67,842	)	(88,163	)	(297,012	)	
Free cash flow	$	31,173	
 	$	251,445	
 	$	282,618	
 	 	$	93,078	
 	$	170,605	
 	$	263,683	
 	$	217,969	
 	$	482,496	
 	$	964,148	

Free cash flow as a percentage of earnings from continuing operations	15.8	%	85.4	%	57.5	%	 	49.9	%	83.2	%	67.3	%	93.4	%	231.7	%	115.7	%	
 	 	 	 	 	 	 	 	 	 	 	
Free cash flow as a percentage of revenue	1.5	%	11.3	%	6.6	%	 	4.8	%	8.4	%	6.6	%	10.4	%	24.0	%	11.9	%	

Second Quarter 2013 Earnings Conference Call July 18, 2013 - 9:00am CT

 

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 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. We would also direct your attention to our internet site, www.dovercorporation.com, where considerably more information can be found. 2

 

$0.60 $0.90 $1.20 $1.50 $1.80 Q1* Q2 Q3* Q4* Q1* Q2* Q2 2013 Performance Continuing Earnings Per Share • Strong revenue growth in consumer electronics and refrigeration markets; solid growth in energy and fluids markets • North America markets modestly positive, served China markets are strong, Europe is stable • Improved margin of 17.3%, includes $4 million of incremental restructuring charges •Bookings growth of 8% is broad based, with 15% growth in Engineered Systems, 9% in Communication Technologies, 3% in Printing & Identification, and -1% in Energy • Overall book-to-bill of 0.99 Q2 Q2/Q2 * Includes 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 and $0.36 in Q2 2013; includes spin off costs of $0.02 in Q2 2013 (a) See Press Release filed under Form 8-K for free cash flow reconciliation 3 Quarterly Comments Discrete tax benefits / Spin off costs 2012 Adjusted continuing earnings per share FY $4.53 2013 Revenue $2.2B 9% $4.3B 7% EPS (cont.) $1.70 55% $2.82 34% Bookings $2.2B 8% $4.4B 7% Seg. Margins 17.3% 30 bps 16.8% -10 bps Organic Rev. 5% 2% Acq. Growth 4% 5% FCF (a) $251M 47% $283M 7% 1H 1H/1H

 

4 Revenue Q2 2013 Communication Technologies Energy Engineered Systems Printing & Identification Total Dover Organic 11% 5% 4% - 5% Acquisitions - 2% 9% - 4% Currency - -1% - - - Total 11% 6% 13% Flat 9% 1H 2013 Communication Technologies Energy Engineered Systems Printing & Identification Total Dover Organic 8% 2% - -1% 2% Acquisitions - 4% 10% - 5% Currency - - - -1% - Total 8% 6% 10% -2% 7%

 

$664 $777 $238 $251 $373 $401 $561 $573 $204 $227 $0 $350 $700 $1,050 DCT Q1 DCT Q2 DE Q1 DE Q2 DES Q1 DES Q2 DPI Q1 DPI Q2 $755 $785 $237 $259 $379 $422 $621 $526 $224 $213 $0 $350 $700 $1,050 DCT Q1 DCT Q2 DE Q1 DE Q2 DES Q1 DES Q2 DPI Q1 DPI Q2 Sequential Results – Q1 13 → Q2 13 Fluid Solutions ↑ 8% ↑ 2% Refrigeration & Industrial ↑ 11% ↓ 15% ↑ 2% ↑ 9% $ in millions 5 Bookings ↑ 16% ↑ 5% Revenue

 

6 Communication Technologies • Solid growth in Consumer Electronics markets, particularly smart phones • Samsung drives demand for MEMs mics; other OEMs scheduled to launch new products in 3rd or 4th quarter • Medical Technology, Aerospace/Defense and Telecom/Other markets generally stable • Margin impacted by incremental restructuring of about $9M • Book-to-bill at 1.05 $ in millions Q2 2013 Q2 2012 % Change Revenue $401 $362 11% Earnings $ 52 $ 50 3% Margin 12.9% 13.9% -100 bps Bookings $422 $387 9% Quarterly Comments Revenue by End-Market % of Q2 Revenue Y / Y Growth Consumer Electronics 49% 27% Medical Technology 15% -1% Aerospace / Defense 26% -1% Telecom / Other 10% -

 

7 Energy • Revenue growth across all three markets • Oil prices remain supportive of continued investment in production and international markets are robust • Margin reflects product mix, product development costs, and investments in international growth • Bookings impacted by unusually weak Canadian market due to spring thaw and severe weather • Book-to-bill at 0.92 $ in millions Quarterly Comments Q2 2013 Q2 2012 % Change Revenue $573 $539 6% Earnings $133 $134 -1% Margin 23.2% 24.9% -170 bps Bookings $526 $530 -1% Revenue by End-Market % of Q2 Revenue Y / Y Growth Drilling 19% 3% Production 54% 6% Downstream 27% 10%

 

8 Engineered Systems • Record revenue driven by recent acquisitions, and strong results in the food equipment, fluids and environmental markets • Anthony continues to perform well with strong growth from its close-the-case activity • Margin performance reflects strong execution in fluids and refrigeration & industrial • Bookings growth reflects acquisitions and strong food equipment markets • Book-to-bill at 0.99 $ in millions Quarterly Comments Q2 2013 Q2 2012 % Change Revenue $1,004 $886 13% Earnings $ 165 $134 24% Margin 16.5% 15.1% 140 bps Bookings $ 998 $870 15% Revenue by End-Market % of Q2 Revenue Y / Y Growth Fluids 22% 7% Refrigeration & Food Equipment 46% 26% Industrial 32% 2%

 

Printing & Identification • Revenue growth in fast moving consumer goods offsets sluggish bar coding activity • Operating margin increase reflects the benefits of prior restructuring and continued focus on productivity • Bookings growth reflects growth in fast moving consumer goods markets •Book-to-bill at 1.03 $ in millions Quarterly Comments Q2 2013 Q2 2012 % Change Revenue $251 $252 - Earnings $ 36 $ 29 24% Margin 14.3% 11.5% 280 bps Bookings $259 $252 3% 9 Revenue by End-Market % of Q2 Revenue Y / Y Growth Fast Moving Consumer Goods 59% 1% Industrial 41% -2%

 

Q2 2013 Overview Q2 2013 Net Interest Expense $30 million, $600K higher than last year, in-line with expectations Corporate Expense $38.0 million, up $2 million from last year reflecting spin off costs. Effective Tax Rate (ETR) Q2 normalized rate was 26.7%, excluding $0.36 cents of discrete tax benefits, representing the finalization of various domestic and international tax audits(a) Capex $53 million, in-line with expectations Share Repurchases Repurchased 758K shares ($59M) in quarter under the November $1 billion program. 10 (a) See press release filed under form 8-K for reconciliation

 

FY 2013 Guidance – Revenue Growth by Segment 11 Segment 2012 Revenue Mix 2013F Organic Growth 2013F Acquisition Growth* Total Communication Technologies 19% 9% - 11% - 9% - 11% Energy 27% 3% - 5% ≈ 2% 5% - 7% Engineered Systems 42% 2% - 4% ≈ 8% 10% - 12% Printing & Identification 12% 1% - 2% - 1% - 2% Total ≈ $8.1 B 3% - 5% ≈ 4% 7% - 9% * Acquisitions already completed

 

FY 2013 Guidance  Revenue: • Organic revenue : ≈ 3% - 5% • Acquisitions: ≈ 4% • Total revenue: ≈ 7% - 9%  Corporate expense: ≈ $150 million  Interest expense: ≈ $127 million  Full-Year Tax Rate: ≈ 27% - 27.5%(a)  Capital expenditures: ≈ 3.1% of revenue  FCF for full year: ≈ 10% of revenue 12 2013 EPS from continuing ops: $5.56 – $5.71 (a) Pre discrete tax adjustments and the tax impact of Knowles spin off costs

 

 2012 EPS – Continuing Ops $4.53 • Less 2012 tax benefits (1): ($0.09)  2012 Adjusted EPS – Continuing Ops $4.44 • Volume, mix, price (inc. FX): $0.31 - $0.44 • Net benefits of productivity: $0.20 - $0.25 • Acquisitions: $0.13 - $0.15 • Investment / Compensation: ($0.16 - $0.23) • Corporate expense: ($0.05) • Interest / Shares / Tax Rate (net): $0.33 - $0.35 • Spin-off costs(2): ($0.02) • 2013 tax benefits(3): $0.38  2013 EPS – Continuing Ops $5.56 - $5.71 2013 EPS Guidance Bridge - Cont. Ops (1) Negligible amounts in Q1 2012 & Q2 2012, $0.02 in Q3 2012 and $0.07 in Q4 2012 13 (3) $0.02 in Q1 2013 and $0.36 in Q2 2013 (2) Incurred in Q2 2013; does not include prospective 2013 costs

 

Appendix – Reconciliations 14  EPS – Continuing Ops $1.70 $2.82 • Discrete tax items: ($0.36) ($0.38) • Knowles spin-off costs: $0.02 $0.02  Adjusted EPS – Continuing Ops $1.36 $2.46 Q2 2013 1H 2013 ADJUSTED EPS FROM CONTINUING OPERATIONS GUIDANCE - EPS FROM CONTINUING OPERATIONS  Prior EPS Guidance – Continuing Ops $5.05 - $5.35 • Solid second quarter performance: $0.15 • Discrete tax items: $0.38 - $0.38 • Knowles spin-off costs: ($0.02 - $0.02)  Updated EPS – Continuing Ops $5.56 - $5.71