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 24, 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 January 24, 2013, Dover Corporation (i) issued the Press Release attached hereto as Exhibit 99.1 announcing its results of operations for the quarter and year ended December 31, 2012; and (ii) posted on its website at
http://www.dovercorporation.com the presentation slides attached hereto as Exhibit 99.2 for the quarter and year ended December 31, 2012.
 
The information in this Current Report on Form 8-K, including exhibits, is being furnished to the Securities and Exchange Commission (the “SEC”) and shall not be deemed to be incorporated by reference into any of Dover’s filings with the SEC under the Securities Act of 1933.

Item 9.01 Financial Statements and Exhibits.
 	 	
(a)	Financial statements of businesses acquired .	
Not applicable.
 	 	
(b)	Pro forma financial information .	
Not applicable.
 	 	
(c)	Shell company transactions .	
Not applicable.
 	 	
(d)	Exhibits.	
The following exhibits are furnished as part of this report:
 
99.1 Dover Corporation Press Release dated January 24, 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: January 24, 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 January 24, 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 FOURTH QUARTER AND FULL YEAR 2012 RESULTS; REAFFIRMS 2013 GUIDANCE
 	 	
•	Reports quarterly revenue of $2.0 billion, an increase of 6% over the prior year	
 	 	
•	Delivers quarterly diluted earnings per share from continuing operations of $1.16, an increase of 10% over last year	
 	 	
•	Achieves adjusted quarterly diluted earnings per share from continuing operations of $1.09, excluding tax benefits of $0.07, up 7% from an adjusted prior year	
 	 	
•	Reaffirms 2013 full year revenue growth of 7% to 9% and diluted earnings per share from continuing operations in the range of $5.05 to $5.35	

Downers Grove, Illinois, January 24, 2013 — Dover (NYSE: DOV) announced today that for the fourth quarter ended December 31, 2012, revenue was $2.0 billion, an increase of 6% over the prior year period. The revenue increase was driven by organic growth of 2% and a 5% increase from acquisitions, offset in part by a 1% unfavorable impact from foreign exchange. Earnings from continuing operations were $208.2 million, or $1.16 diluted earnings per share (“EPS”), compared to $197.3 million, or $1.05 EPS, in the prior year period, representing increases in earnings from continuing operations and EPS of 6% and 10%, respectively. Excluding the impact of tax benefits of $0.07 EPS recognized in the current quarter and $0.03 EPS recognized in the prior year period, adjusted EPS from continuing operations for the fourth quarter of 2012 was $1.09, reflecting an increase of 7% over an adjusted EPS of $1.02 in the prior year period.

Revenue for the year ended December 31, 2012 was $8.1 billion, an increase of 10% over the prior year, reflecting organic growth of 5%, a 6% increase from acquisitions and a 1% unfavorable impact from foreign exchange. Earnings from continuing operations for the year ended December 31, 2012 were $833.1 million, or $4.53 EPS, compared to $773.2 million, or $4.09 EPS in the prior year period, representing an increase in earnings from continuing operations of 8% and an increase in EPS of 11%. Excluding the impact of tax benefits of $0.09 EPS in the current year and $0.22 EPS in the prior year, adjusted EPS from continuing operations for the year ended December 31, 2012 was $4.44, an increase of 15% over an adjusted EPS of $3.87 in the prior year.

Commenting on the fourth quarter results, Dover's President and Chief Executive Officer, Robert A. Livingston, said, “I am pleased with our fourth quarter results as all our segments recorded organic growth, and the majority of our end-markets continued to show strength in orders, despite uncertain economic conditions. Within Communication Technologies, we saw the continuation of a strong smart phone market and we achieved improved sequential performance at Sound Solutions. Our Energy segment demonstrated its resiliency by posting modest organic growth despite a lower North American rig count. Engineered Systems continued to see a very active refrigeration and food equipment market, while Printing & Identification's fast moving consumer goods market continued to expand. We also closed several acquisitions in the quarter, most notably

Anthony, which will strengthen our refrigeration product offering and expand our markets and channels.”

“For the year, we generated nearly $1 billion in free cash flow, supported by strong cash conversion in the fourth quarter. Our solid cash flow is a key element in the continued execution of our capital allocation strategy. Specifically, we made significant internal and acquisition investments in our five key growth spaces, we returned cash in the form of expanded dividends and began execution on our $1 billion share repurchase program announced in November.”

“Looking ahead, our full year view of 2013 is unchanged from our December 10, 2012 investor day guidance. We expect full year organic growth of 3% to 5% complemented by acquisition growth of 4%, resulting in revenue growth of 7% to 9%. The benefits of leverage on volume coupled with a lower share count from our repurchase program will help us deliver solid earnings growth. Accordingly, we are reaffirming full year diluted EPS from continuing operations in the range of $5.05 - $5.35.”

Net earnings for the fourth quarter of 2012 were $159.9 million or $0.89 EPS, including a net loss from discontinued operations of $48.4 million, or $0.27 EPS, compared to net earnings of $278.3 million, or $1.49 EPS, for the same period of 2011, which included net income from discontinued operations of $81.0 million, or $0.43 EPS. As previously announced, two non-core businesses serving the electronic assembly and test markets were reclassified to discontinued operations during the fourth quarter, with the intent to divest these businesses in 2013. In connection with the plan to divest, a goodwill impairment charge of $51.9 million, net of tax, or $0.29 EPS was recognized, which is reflected within discontinued operations in the fourth quarter and full year periods. Net earnings for the year ended December 31, 2012 were $811.1 million, or $4.41 EPS, including a net loss from discontinued operations of $22.0 million, or $0.12 EPS, compared to net earnings of $895.2 million, or $4.74 EPS for the same period of 2011, which included net income from discontinued operations of $122.1 million or $0.65 EPS.

Dover will host a webcast of its fourth quarter 2012 conference call at 10:00 A.M. Eastern Time (9:00 A.M. Central Time) on Thursday, January 24, 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 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 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 companies operate and the U.S. and global economies. Statements in this press release that are not historical may be indicated by words or phrases such as “anticipates,” “expects,” “believes,” “indicates,” “suggests,” “will,” “plans,” “supports,” “projects,” “should,” “would,” “could,” “hope,” “forecast” and “management is of the opinion,” use of future tense and similar words or phrases. Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from current expectations, including, but not limited to, uncertainties in the credit and capital markets, interest rates, currency exchange rates, the world economy and sovereign credit, especially in Europe; political events and possible future terrorist threats that could impact countries where Dover does business or the worldwide economy; the impact of natural disasters and their effect on global supply chains and energy markets; increases in the cost of raw materials; the Company's ability to achieve expected savings from integration, synergy and other cost-control initiatives; the ability to identify and successfully consummate value-adding acquisition opportunities; increased competition and pricing pressures in the markets served by Dover's operating companies; the ability of Dover's companies to expand into new geographic markets and to anticipate and meet customer demands for new products and product enhancements; the impact of loss of a single-source manufacturing facility; changes in customer demand; a downgrade in Dover's credit ratings; the relative mix of products and services which impacts margins and operating efficiencies; short-term capacity constraints; domestic and foreign governmental and public policy changes including environmental regulations, tax policies, export subsidy programs, R&E credits and other similar programs; unforeseen developments in contingencies such as litigation; protection and validity of patent and other intellectual property rights; and the cyclical nature of some of Dover's companies. Dover 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.

INVESTOR SUPPLEMENT - FOURTH QUARTER AND FULL YEAR 2012

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Three Months Ended December 31,	 	Years Ended December 31,	
 	2012	 	2011	 	2012	 	2011	
Revenue	$	2,013,831	
 	 	$	1,890,962	
 	 	$	8,104,339	
 	 	$	7,369,154	
 	
Cost of goods and services	1,240,087	
 	 	1,172,629	
 	 	4,997,274	
 	 	4,524,351	
 	
Gross profit	773,744	
 	 	718,333	
 	 	3,107,065	
 	 	2,844,803	
 	
Selling and administrative expenses	469,668	
 	 	434,732	
 	 	1,841,688	
 	 	1,720,954	
 	
Operating earnings	304,076	
 	 	283,601	
 	 	1,265,377	
 	 	1,123,849	
 	
Interest expense, net	30,996	
 	 	29,057	
 	 	121,141	
 	 	115,525	
 	
Other expense (income), net	809	
 	 	(3,265	)	 	6,665	
 	 	(1,938	)	
Earnings before provision for income taxes and discontinued operations	272,271	
 	 	257,809	
 	 	1,137,571	
 	 	1,010,262	
 	
Provision for income taxes	64,047	
 	 	60,542	
 	 	304,452	
 	 	237,076	
 	
Earnings from continuing operations	208,224	
 	 	197,267	
 	 	833,119	
 	 	773,186	
 	
Earnings (loss) from discontinued operations, net (1)	(48,364	)	 	81,022	
 	 	(22,049	)	 	122,057	
 	
Net earnings	$	159,860	
 	 	$	278,289	
 	 	$	811,070	
 	 	$	895,243	

Basic earnings per common share:	 	 	 	 	 	 	 	
Earnings from continuing operations	$	1.17	
 	 	$	1.07	
 	 	$	4.59	
 	 	$	4.16	
 	
Earnings (loss) from discontinued operations, net (1)	(0.27	)	 	0.44	
 	 	(0.12	)	 	0.66	
 	
Net earnings	0.90	
 	 	1.51	
 	 	4.47	
 	 	4.82	

Weighted average shares outstanding	177,257	 	184,686	 	181,551	 	185,882	
 	 	 	 	 	 	 	 	
Diluted earnings per common share:	 	 	 	 	 	 	 	
Earnings from continuing operations	$	1.16	
 	 	$	1.05	
 	 	$	4.53	
 	 	$	4.09	
 	
Earnings (loss) from discontinued operations, net (1)	(0.27	)	 	0.43	
 	 	(0.12	)	 	0.65	
 	
Net earnings	0.89	
 	 	1.49	
 	 	4.41	
 	 	4.74	

Weighted average shares outstanding	179,365	 	187,208	 	183,993	 	188,887	
 	 	 	 	 	 	 	 	
Dividends paid per common share	$	0.35	
 	 	$	0.315	
 	 	$	1.33	
 	 	$	1.18	

 	 	
(1)	For the three months and year ended December 31, 2012, the loss from discontinued operations, net reflects a goodwill impairment charge of approximately $64 million ($52 million, net of tax) recognized in connection with the reclassification of Everett Charles Technologies and DEK to discontinued operations.	

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

 	2012	 	2011	
 	Q1	Q2	Q3	Q4	FY 2012	 	Q1	Q2	Q3	Q4	FY 2011	
REVENUE	 	 	 	 	 	 	 	 	 	 	 	
Communication Technologies	$	357,575	
 	$	361,689	
 	$	396,470	
 	$	400,851	
 	$	1,516,585	
 	 	$	269,582	
 	$	288,843	
 	$	405,357	
 	$	396,295	
 	$	1,360,077	

Energy	531,570	
 	538,786	
 	562,263	
 	539,985	
 	2,172,604	
 	 	425,424	
 	454,327	
 	510,608	
 	510,390	
 	1,900,749	

Engineered Systems	 	 	 	 	 	 	 	 	 	 	 	
Fluid Solutions	180,364	
 	211,974	
 	218,324	
 	206,500	
 	817,162	
 	 	163,196	
 	178,031	
 	173,804	
 	162,590	
 	677,621	
 	
Refrigeration & Industrial	642,213	
 	674,501	
 	674,116	
 	613,012	
 	2,603,842	
 	 	560,453	
 	645,573	
 	649,768	
 	568,844	
 	2,424,638	
 	
Eliminations	(453	)	(352	)	(319	)	(336	)	(1,460	)	 	(382	)	(424	)	(431	)	(287	)	(1,524	)	
 	822,124	
 	886,123	
 	892,121	
 	819,176	
 	3,419,544	
 	 	723,267	
 	823,180	
 	823,141	
 	731,147	
 	3,100,735	

Printing & Identification	243,570	
 	251,875	
 	246,945	
 	254,141	
 	996,531	
 	 	240,775	
 	253,226	
 	260,546	
 	253,689	
 	1,008,236	

Intra-segment eliminations	(225	)	(184	)	(194	)	(322	)	(925	)	 	—	
 	18	
 	(102	)	(559	)	(643	)	
 	 	 	 	 	 	 	 	 	 	 	 	
Total consolidated revenue	$	1,954,614	
 	$	2,038,289	
 	$	2,097,605	
 	$	2,013,831	
 	$	8,104,339	
 	 	$	1,659,048	
 	$	1,819,594	
 	$	1,999,550	
 	$	1,890,962	
 	$	7,369,154	

NET EARNINGS	 	 	 	 	 	 	 	 	 	 	 	
Segment Earnings:	 	 	 	 	 	 	 	 	 	 	 	
Communication Technologies	$	46,556	
 	$	50,322	
 	$	63,706	
 	$	58,376	
 	$	218,960	
 	 	$	47,325	
 	$	54,527	
 	$	53,433	
 	$	71,097	
 	$	226,382	
 	
Energy	132,115	
 	133,936	
 	139,038	
 	133,561	
 	538,650	
 	 	93,051	
 	110,447	
 	125,268	
 	121,871	
 	450,637	
 	
Engineered Systems	122,092	
 	133,808	
 	144,245	
 	101,807	
 	501,952	
 	 	98,235	
 	128,570	
 	125,529	
 	92,852	
 	445,186	
 	
Printing & Identification	26,089	
 	28,918	
 	39,502	
 	40,650	
 	135,159	
 	 	31,985	
 	35,294	
 	40,843	
 	33,439	
 	141,561	
 	
Total Segments	326,852	
 	346,984	
 	386,491	
 	334,394	
 	1,394,721	
 	 	270,596	
 	328,838	
 	345,073	
 	319,259	
 	1,263,766	
 	
Corporate expense / other	36,546	
 	36,335	
 	32,001	
 	31,127	
 	136,009	
 	 	36,112	
 	35,391	
 	34,083	
 	32,393	
 	137,979	
 	
Net interest expense	30,031	
 	29,715	
 	30,399	
 	30,996	
 	121,141	
 	 	28,319	
 	28,093	
 	30,056	
 	29,057	
 	115,525	
 	
Earnings from continuing operations before provision for income taxes	260,275	
 	280,934	
 	324,091	
 	272,271	
 	1,137,571	
 	 	206,165	
 	265,354	
 	280,934	
 	257,809	
 	1,010,262	
 	
Provision for income taxes	73,866	
 	75,778	
 	90,761	
 	64,047	
 	304,452	
 	 	51,020	
 	52,095	
 	73,419	
 	60,542	
 	237,076	
 	
Earnings from continuing operations	186,409	
 	205,156	
 	233,330	
 	208,224	
 	833,119	
 	 	155,145	
 	213,259	
 	207,515	
 	197,267	
 	773,186	
 	
Earnings (loss) from discontinued operations, net	9,654	
 	8,945	
 	7,716	
 	(48,364	)	(22,049	)	 	39,760	
 	36,510	
 	(35,235	)	81,022	
 	122,057	
 	
Net earnings	$	196,063	
 	$	214,101	
 	$	241,046	
 	$	159,860	
 	$	811,070	
 	 	$	194,905	
 	$	249,769	
 	$	172,280	
 	278,289	
 	$	895,243	

SEGMENT OPERATING MARGIN	 	 	 	 	 	 	 	 	 	
Communication Technologies	13.0	%	13.9	%	16.1	%	14.6	%	14.4	%	 	17.6	%	18.9	%	13.2	%	17.9	%	16.6	%	
Energy	24.9	%	24.9	%	24.7	%	24.7	%	24.8	%	 	21.9	%	24.3	%	24.5	%	23.9	%	23.7	%	
Engineered Systems	14.9	%	15.1	%	16.2	%	12.4	%	14.7	%	 	13.6	%	15.6	%	15.2	%	12.7	%	14.4	%	
Printing & Identification	10.7	%	11.5	%	16.0	%	16.0	%	13.6	%	 	13.3	%	13.9	%	15.7	%	13.2	%	14.0	%	
Total Segment	16.7	%	17.0	%	18.4	%	16.6	%	17.2	%	 	16.3	%	18.1	%	17.3	%	16.9	%	17.1	%	
 	 	 	 	 	 	 	 	 	 	 	 	
DEPRECIATION AND AMORTIZATION EXPENSE	 	 	 	 	 	 	 	 	 	
Communication Technologies	$	31,513	
 	$	32,828	
 	$	32,997	
 	$	35,281	
 	$	132,619	
 	 	$	18,685	
 	$	18,533	
 	$	34,360	
 	$	30,261	
 	$	101,839	
 	
Energy	21,184	
 	23,533	
 	24,639	
 	25,721	
 	95,077	
 	 	18,573	
 	18,765	
 	19,399	
 	21,082	
 	77,819	
 	
Engineered Systems	19,582	
 	23,913	
 	23,060	
 	27,066	
 	93,621	
 	 	18,415	
 	18,816	
 	18,332	
 	19,213	
 	74,776	
 	
Printing & Identification	8,331	
 	8,496	
 	8,777	
 	7,998	
 	33,602	
 	 	8,163	
 	8,476	
 	8,364	
 	8,479	
 	33,482	
 	
Corporate	700	
 	765	
 	842	
 	359	
 	2,666	
 	 	586	
 	626	
 	636	
 	713	
 	2,561	
 	
 	$	81,310	
 	$	89,535	
 	$	90,315	
 	$	96,425	
 	$	357,585	
 	 	$	64,422	
 	$	65,216	
 	$	81,091	
 	$	79,748	
 	$	290,477	

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

 	2012	 	2011	
 	Q1	Q2	Q3	Q4	FY 2012	 	Q1	Q2	Q3	Q4	FY 2011	
BOOKINGS	 	 	 	 	 	 	 	 	 	 	 	
Communication Technologies	$	356,386	
 	$	383,135	
 	$	412,092	
 	$	352,629	
 	$	1,504,242	
 	 	$	274,611	
 	$	309,734	
 	$	410,616	
 	$	349,579	
 	$	1,344,540	

Energy	585,775	
 	530,352	
 	526,824	
 	550,091	
 	2,193,042	
 	 	495,125	
 	472,543	
 	498,212	
 	519,525	
 	1,985,405	

Engineered Systems	 	 	 	 	 	 	 	 	 	 	 	
Fluid Solutions	184,711	
 	204,139	
 	197,767	
 	209,872	
 	796,489	
 	 	173,626	
 	175,539	
 	174,772	
 	158,895	
 	682,832	
 	
Refrigeration & Industrial	711,911	
 	666,223	
 	600,065	
 	606,931	
 	2,585,130	
 	 	660,449	
 	623,929	
 	602,488	
 	625,840	
 	2,512,706	
 	
Eliminations	(408	)	(376	)	(258	)	(399	)	(1,441	)	 	(733	)	(884	)	179	
 	(1,378	)	(2,816	)	
 	896,214	
 	869,986	
 	797,574	
 	816,404	
 	3,380,178	
 	 	833,342	
 	798,584	
 	777,439	
 	783,357	
 	3,192,722	

Printing & Identification	249,773	
 	251,733	
 	244,611	
 	252,937	
 	999,054	
 	 	247,812	
 	254,226	
 	262,685	
 	253,632	
 	1,018,355	

Intra-segment eliminations	(609	)	(222	)	(760	)	(1,017	)	(2,608	)	 	(2,736	)	(3,370	)	(2,453	)	(3,153	)	(11,712	)	
 	 	 	 	 	 	 	 	 	 	 	 	
Total consolidated bookings	$	2,087,539	
 	$	2,034,984	
 	$	1,980,341	
 	$	1,971,044	
 	$	8,073,908	
 	 	$	1,848,154	
 	$	1,831,717	
 	$	1,946,499	
 	$	1,902,940	
 	$	7,529,310	

BACKLOG	 	 	 	 	 	 	 	 	 	 	 	
Communication Technologies	$	435,912	
 	$	457,624	
 	$	473,007	
 	$	424,144	
 	 	 	$	410,843	
 	$	431,558	
 	$	483,512	
 	$	437,320	

Energy	296,360	
 	282,364	
 	248,233	
 	256,093	
 	 	 	240,198	
 	255,889	
 	243,401	
 	246,351	

Engineered Systems	 	 	 	 	 	 	 	 	 	 	 	
Fluid Solutions	191,327	
 	172,300	
 	156,191	
 	160,890	
 	 	 	57,357	
 	54,945	
 	55,230	
 	54,194	
 	 	
Refrigeration & Industrial	598,910	
 	586,824	
 	515,285	
 	516,559	
 	 	 	544,995	
 	523,011	
 	469,876	
 	528,118	
 	 	
Eliminations	(132	)	(155	)	(94	)	(157	)	 	 	(339	)	(526	)	(94	)	(177	)	 	
 	790,105	
 	758,969	
 	671,382	
 	677,292	
 	 	 	602,013	
 	577,430	
 	525,012	
 	582,135	

Printing & Identification	102,117	
 	98,216	
 	98,356	
 	97,857	
 	 	 	100,231	
 	101,426	
 	97,405	
 	94,557	

Intra-segment eliminations	(986	)	(647	)	(324	)	$	(590	)	 	 	(704	)	(1,177	)	(890	)	(193	)	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Total consolidated backlog	$	1,623,508	
 	$	1,596,526	
 	$	1,490,654	
 	$	1,454,796	
 	 	 	$	1,352,581	
 	$	1,365,126	
 	$	1,348,440	
 	$	1,360,170	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	2012	 	2011	
 	Q1	Q2	Q3	Q4	FY 2012	 	Q1	Q2	Q3	Q4	FY 2011	
Basic earnings (loss) per common share:	 	 	 	 	 	 	 	 	 	
Continuing operations	$	1.01	
 	$	1.12	
 	$	1.28	
 	$	1.17	
 	$	4.59	
 	 	$	0.83	
 	$	1.14	
 	$	1.12	
 	$	1.07	
 	$	4.16	
 	
Discontinued operations	0.05	
 	0.05	
 	0.04	
 	(0.27	)	(0.12	)	 	0.21	
 	0.20	
 	(0.19	)	0.44	
 	0.66	
 	
Net earnings	1.07	
 	1.17	
 	1.33	
 	0.90	
 	4.47	
 	 	1.04	
 	1.34	
 	0.93	
 	1.51	
 	4.82	

Diluted earnings (loss) per common share:	 	 	 	 	 	 	 	 	 	
Continuing operations	$	1.00	
 	$	1.10	
 	$	1.27	
 	$	1.16	
 	$	4.53	
 	 	$	0.82	
 	$	1.12	
 	$	1.10	
 	$	1.05	
 	$	4.09	
 	
Discontinued operations	0.05	
 	0.05	
 	0.04	
 	(0.27	)	(0.12	)	 	0.21	
 	0.19	
 	(0.19	)	0.43	
 	0.65	
 	
Net earnings	1.05	
 	1.15	
 	1.31	
 	0.89	
 	4.41	
 	 	1.03	
 	1.32	
 	0.91	
 	1.49	
 	4.74	

Adjusted diluted earnings per common share (calculated below):	
Continuing operations	$	1.01	
 	$	1.10	
 	$	1.25	
 	$	1.09	
 	$	4.44	
 	 	$	0.78	
 	$	0.99	
 	$	1.08	
 	$	1.02	
 	$	3.87	

Net earnings (loss) and average shares used in calculated earnings (loss) per share amounts are as follows:	
 	 	 	 	 	 	 	 	 	 	 	 	
Net earnings (loss):	 	 	 	 	 	 	 	 	 	 	 	
Continuing operations	$	186,409	
 	$	205,156	
 	$	233,330	
 	$	208,224	
 	$	833,119	
 	 	$	155,145	
 	$	213,259	
 	$	207,515	
 	$	197,267	
 	$	773,186	
 	
Discontinued operations	9,654	
 	8,945	
 	7,716	
 	(48,364	)	(22,049	)	 	39,760	
 	36,510	
 	(35,235	)	81,022	
 	122,057	
 	
Net earnings	196,063	
 	214,101	
 	241,046	
 	159,860	
 	811,070	
 	 	194,905	
 	249,769	
 	172,280	
 	278,289	
 	895,243	

Average shares outstanding:	 	 	 	 	 	 	 	 	 	
Basic	183,737	
 	183,494	
 	181,763	
 	177,257	
 	181,551	
 	 	186,659	
 	186,443	
 	185,770	
 	184,686	
 	185,882	
 	
Diluted	186,706	
 	185,780	
 	183,932	
 	179,365	
 	183,993	
 	 	190,090	
 	189,705	
 	188,436	
 	187,208	
 	188,887	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Note:	 	 	 	 	 	 	 	 	 	 	 	
Earnings from continuing operations are adjusted by discrete and other tax items to derive adjusted earnings from continuing operations and adjusted diluted earnings per common share as follows:	
 	 	 	 	 	 	 	 	 	 	 	 	
 	2012	 	2011	
 	Q1	Q2	Q3	Q4	FY 2012	 	Q1	Q2	Q3	Q4	FY 2011	
Adjusted earnings from continuing operations:	 	 	 	 	 	 	 	 	 	
Earnings from continuing operations	$	186,409	
 	$	205,156	
 	$	233,330	
 	$	208,224	
 	$	833,119	
 	 	$	155,145	
 	$	213,259	
 	$	207,515	
 	$	197,267	
 	$	773,186	
 	
Gains (losses) from discrete and other tax items	(1,610	)	(372	)	4,513	
 	13,606	
 	16,137	
 	 	8,016	
 	24,983	
 	2,777	
 	4,967	
 	40,743	
 	
Adjusted earnings from continuing operations	$	188,019	
 	$	205,528	
 	$	228,817	
 	$	194,618	
 	$	816,982	
 	 	$	147,129	
 	$	188,276	
 	$	204,738	
 	$	192,300	
 	$	732,443	

Adjusted diluted earnings per common share:	 	 	 	 	 	 	 	 	 	
Earnings from continuing operations	$	1.00	
 	$	1.10	
 	$	1.27	
 	$	1.16	
 	$	4.53	
 	 	$	0.82	
 	$	1.12	
 	$	1.10	
 	$	1.05	
 	$	4.09	
 	
Gains (losses) from discrete and other tax items	(0.01	)	—	
 	0.02	
 	0.07	
 	0.09	
 	 	0.04	
 	0.13	
 	0.02	
 	0.03	
 	0.22	
 	
Adjusted earnings from continuing operations	$	1.01	
 	$	1.10	
 	$	1.25	
 	$	1.09	
 	$	4.44	
 	 	$	0.78	
 	$	0.99	
 	$	1.08	
 	$	1.02	
 	$	3.87	

* Per share data may not add due to rounding.	 	 	 	 	 	 	 	 	

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

 	 	 	 	 	 	 	 	
 	December 31, 2012	 	December 31, 2011	
Assets:	 	 	 	
Cash and cash equivalents	$	800,076	
 	 	$	1,206,755	
 	
Receivables, net of allowances	1,225,898	
 	 	1,118,848	
 	
Inventories, net	872,841	
 	 	733,807	
 	
Deferred tax and other current assets	129,029	
 	 	188,768	
 	
Property, plant and equipment, net	1,167,052	
 	 	970,703	
 	
Goodwill	4,094,650	
 	 	3,506,975	
 	
Intangible assets, net	1,645,420	
 	 	1,184,505	
 	
Other assets	111,432	
 	 	103,331	
 	
Assets of discontinued operations	397,545	
 	 	486,860	
 	
Total assets	$	10,443,943	
 	 	$	9,500,552	

Liabilities and Stockholders' Equity:	 	 	 	
Notes payable and current maturities of long-term debt	$	610,766	
 	 	$	1,022	
 	
Payables and accrued expenses	1,375,862	
 	 	1,148,500	
 	
Deferred taxes and other noncurrent liabilities
	1,139,777	
 	 	958,341	
 	
Long-term debt	2,189,350	
 	 	2,186,230	
 	
Liabilities of discontinued operations	208,958	
 	 	275,904	
 	
Stockholders' equity	4,919,230	
 	 	4,930,555	
 	
Total liabilities and stockholders' equity	$	10,443,943	
 	 	$	9,500,552	

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

 	 	 	 	 	 	 	 	
 	Years Ended December 31,	
 	2012	 	2011	
Operating activities:	 	 	 	
Net earnings	$	811,070	
 	 	$	895,243	
 	
Loss (gain) from discontinued operations, net	22,049	
 	 	(122,057	)	
Depreciation and amortization	357,585	
 	 	290,477	
 	
Stock-based compensation	30,884	
 	 	25,130	
 	
Contributions to employee benefit plans	(48,576	)	 	(63,567	)	
Net change in assets and liabilities
	88,148	
 	 	(76,362	)	
Net cash provided by operating activities of continuing operations	1,261,160	
 	 	948,864	

Investing activities:	 	 	 	
Additions to property, plant and equipment	(297,012	)	 	(262,676	)	
Acquisitions, including adjustment for prior year acquisition purchase price (net of cash and cash equivalents acquired)	(1,035,433	)	 	(1,382,217	)	
Proceeds from sale of short-term investments	—	
 	 	124,410	
 	
Proceeds from the sale of businesses	—	
 	 	516,901	
 	
Other	(13,443	)	 	(8,848	)	
Net cash used in investing activities of continuing operations
	(1,345,888	)	
 	(1,012,430	)	
 	 	 	 	
Financing activities:	 	 	 	
Net increase in debt and notes payable	603,918	
 	 	371,315	
 	
Purchase of common stock	(748,955	)	 	(242,488	)	
Proceeds from exercise of stock options and SARs, including tax benefits	43,054	
 	 	39,826	
 	
Dividends to stockholders	(240,959	)	 	(219,154	)	
Net cash used in financing activities of continuing operations
	(342,942	)	 	(50,501	)	
 	 	 	 	
Net cash provided by discontinued operations
	4,879	
 	 	117,311	

Effect of exchange rate changes on cash
	16,112	
 	 	16,150	

Net (decrease) increase in cash and cash equivalents
	(406,679	)	 	19,394	
 	
Cash and cash equivalents at beginning of period
	1,206,755	
 	 	1,187,361	
 	
Cash and cash equivalents at end of period
	$	800,076	
 	 	$	1,206,755	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	2012	 	2011	
 	Q1	Q2	Q3	Q4	FY 2012	 	Q1	Q2	Q3	Q4	FY 2011	
Cash flow from operating activities	$	161,327	
 	$	243,363	
 	$	285,811	
 	$	570,659	
 	$	1,261,160	
 	 	$	100,153	
 	$	195,250	
 	$	323,355	
 	$	330,106	
 	$	948,864	
 	
Less: Additions to property, plant and equipment	(68,249	)	(72,758	)	(67,842	)	(88,163	)	(297,012	)	 	(49,528	)	(71,106	)	(63,741	)	(78,301	)	(262,676	)	
Free cash flow	$	93,078	
 	$	170,605	
 	$	217,969	
 	$	482,496	
 	$	964,148	
 	 	$	50,625	
 	$	124,144	
 	$	259,614	
 	$	251,805	
 	$	686,188	

Free cash flow as a percentage of earnings from continuing operations	49.9	%	83.2	%	93.4	%	231.7	%	115.7	%	 	32.6	%	58.2	%	125.1	%	127.6	%	88.7	%	
 	 	 	 	 	 	 	 	 	 	 	 	
Free cash flow as a percentage of revenue	4.8	%	8.4	%	10.4	%	24.0	%	11.9	%	 	3.1	%	6.8	%	13.0	%	13.3	%	9.3	%	

ADDITIONAL INFORMATION

FOURTH QUARTER AND FULL YEAR 2012

Acquisitions

During the fourth quarter of 2012, the Company completed four acquisitions, three in the Engineered Systems segment and one in the Energy segment. The fourth quarter acquisitions were largely funded with commercial paper borrowings. For the full year 2012, Dover made a total of seven acquisitions for consideration totaling $1.2 billion. This included the Engineered Systems' acquisitions of Maag Pump Systems in the first quarter and Anthony International in the fourth quarter.

Discontinued Operations

The Company did not dispose of any businesses in 2012. However, in the fourth quarter, the Company announced its intent to divest Everett Charles Technologies and DEK, two non-core businesses serving the electronic assembly and test markets. The results of operations and cash flows of these businesses have been reclassified to discontinued operations and the assets and liabilities of these businesses have been segregated within assets and liabilities of discontinued operations for all periods presented herein. In the fourth quarter of 2012, the Company recognized a goodwill impairment charge of $63.8 million ($51.9 million, net of tax) in connection with the intended divestiture. As a result, for the fourth quarter and full year periods of 2012, the Company generated net after-tax losses from discontinued operations of $0.27 diluted earnings per share ("EPS") and $0.12 EPS, respectively, reflecting the earnings from discontinued operations, offset by the fourth quarter goodwill impairment charge.

Tax Rate

The effective tax rate on continuing operations was 23.5% for the fourth quarters of 2012 and 2011. On a full year basis, the effective tax rates on continuing operations for 2012 and 2011 were 26.8% and 23.5%, respectively. The 2012 and 2011 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 28.5% and 25.4% for 2012 for 2011, respectively, and the full year rates were 28.2% and 27.5% for 2012 and 2011, respectively. The higher rates for the quarter and full year of 2012 reflect the impact of a higher proportion of U.S. earnings, partly offset by lower effective tax rates in foreign jurisdictions.

Revenue Growth Factors

 	2012	
 	Q1	 	Q2	 	Q3	 	Q4	 	Full Year	
Organic	12.6	 %	 	6.1	 %	 	2.3	 %	 	2.1	 %	 	5.5	 %	
Acquisitions	5.9	 %	 	7.8	 %	 	4.8	 %	 	4.8	 %	 	5.8	 %	
Currency translation	(0.7	)%	 	(1.9	)%	 	(2.2	)%	 	(0.4	)%	 	(1.3	)%	
 	17.8	 %	 	12.0	 %	
 	4.9	 %	
 	6.5	 %	
 	10.0	 %	

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,	
 	2012	 	2011	 	2012	 	2011	
Free Cash Flow (dollars in thousands)	 	 	 	 	 	 	 	
Cash flow provided by operating activities	$	570,659	
 	 	$	330,106	
 	 	$	1,261,160	
 	 	$	948,864	
 	
Less: Capital expenditures	(88,163	)	 	(78,301	)	 	(297,012	)	 	(262,676	)	
Free cash flow	$	482,496	
 	 	$	251,805	
 	 	$	964,148	
 	 	$	686,188	

Free cash flow as a percentage of revenue	24.0	%	 	13.3	%	 	11.9	%	 	9.3	%	
 	 	 	 	 	 	 	 	
Free cash flow as a percentage of earnings from continuing operations
	 	 	 	 	115.7	%	 	88.7	%	

The full year increase in 2012 free cash flow reflects higher earnings from continuing operations before depreciation and amortization and a $129 million positive change in working capital year-over-year, offset in part by higher capital expenditures in 2012 necessary to fund expansion in the Company’s high-growth businesses.

Share Repurchases

During the year ended December 31, 2012, the Company purchased approximately 12.3 million shares of its common stock in the open market at an average price of $60.36 per share. The repurchases through November 1 were made pursuant to the Company's standing five-year authorization, which was renewed in May of 2012. At December 31, 2012, approximately 3.9 million shares remain authorized for repurchase under the current authorization, which expires in May of 2017. Repurchases subsequent to November 1 were made pursuant to an additional share repurchase program approved in November 2012, which authorized $1 billion for share repurchases over the next 12 to 18 months. At December 31, 2012, approximately $750 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, 2012	 	December 31, 2011	
Current maturities of long-term debt	 	$	3,266	
 	 	$	1,022	
 	
Commercial paper	 	607,500	
 	 	—	
 	
Long-term debt	 	2,189,350	
 	 	2,186,230	
 	
Total debt	 	2,800,116	
 	 	2,187,252	
 	
Less: Cash and cash equivalents	 	(800,076	)	 	(1,206,755	)	
Net debt	 	2,000,040	
 	 	980,497	
 	
Add: Stockholders' equity	 	4,919,230	
 	 	4,930,555	
 	
Net capitalization	 	$	6,919,270	
 	 	$	5,911,052	
 	
Net debt to net capitalization	 	28.9	%	 	16.6	%	

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.

Fourth Quarter 2013 Earnings Conference Call January 24, 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 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. 2

 

$0.40 $0.50 $0.60 $0.70 $0.80 $0.90 $1.00 $1.10 $1.20 $1.30 $1.40 Q1* Q2* Q3* Q4* Q1 Q2 Q3* Q4* Revenue $2.0B 6% $8.1B 10% EPS (cont.) $1.16 10% $4.53 11% Bookings $2.0B 4% $8.1B 7% Seg. Margins 16.6% -30 bps 17.2% +10 bps Organic Rev. 2% 5% Acq. Growth 5% 6% FCF (a) $482M 92% $964M 40% Dover’s Q4 2012 Performance Continuing Earnings Per Share • The majority of end-markets remain solid with strong growth in the MEMs, energy production, refrigeration & food equipment and fast moving consumer goods markets • Strong results driven by revenue growth, cost initiatives and share count • All segments show organic revenue growth • Sound Solutions improves sequentially • Margin of 16.6%, including acquisition related costs and restructuring of $14 million • Overall book-to-bill of 0.98 Q4 Q4/Q4 2011 * Includes discrete & other tax benefits of $0.04 in Q1 2011, $0.13 in Q2 2011, $0.02 in Q3 2011, $0.03 in Q4 2011, $0.02 in Q3 2012 and $0.07 in Q4 2012 FY $4.09 (a) See Press Release filed under Form 8-K for free cash flow reconciliation 3 Quarterly Comments Discrete tax benefits 2012 Adjusted continuing earnings per share FY12 FY12/FY11 FY $4.53

 

4 Revenue Q4 2012 Communication Technologies Energy Engineered Systems Printing & Identification Total Dover Organic 1% 1% 4% 1% 2% Acquisitions - 5% 9% - 5% Currency - - -1% -1% -1% Total 1% 6% 12% - 6% FY 2012 Communication Technologies Energy Engineered Systems Printing & Identification Total Dover Organic 2% 9% 6% 2% 5% Acquisitions 10% 5% 6% - 6% Currency -1% - -2% -3% -1% Total 11% 14% 10% -1% 10%

 

$674 $613 $247 $254 $396 $401 $562 $540 $218 $207 $0 $300 $600 $900 DCT Q3 DCT Q4 DE Q3 DE Q4 DES Q3 DES Q4 DPI Q3 DPI Q4 $600 $607 $245 $253 $412 $353 $527 $550 $198 $210 $0 $300 $600 $900 DCT Q3 DCT Q4 DE Q3 DE Q4 DES Q3 DES Q4 DPI Q3 DPI Q4 Sequential Results – Q3 12 → Q4 12 Fluid Solutions ↑ 1% ↓ 4% Refrigeration & Industrial ↓ 14% ↑ 4% ↑ 2% ↑ 3% $ in millions 5 Bookings ↓ 8% ↑ 3% Revenue

 

6 Communication Technologies • Within the Consumer Electronics market, strong MEMs revenue growth offset by expected lower year-over-year Sound Solutions volume • Improved sequential performance at Sound Solutions • Medical Technology and Aerospace/Defense were strong while Telecom remains weak • Margin impacted by soft Telecom markets, lower Sound Solutions revenue and $4.7M in one-time charges • Book-to-bill at 0.88 $ in millions Q4 2012 Q4 2011 % Change Revenue $401 $396 1% Earnings $ 58 $ 71 -18% Margin 14.6% 17.9% -330 bps Bookings $353 $350 Flat Quarterly Comments Revenue by End-Market % of Q4 Revenue Y / Y Growth Consumer Electronics 49% Flat Medical Technology 16% 12% Aerospace / Defense 26% 6% Telecom / Other 9% -18%

 

7 Energy • Revenue and earnings growth driven by production and downstream markets; drilling continues to slow as anticipated •Oil prices remain supportive of continued investment in production and international markets offer strong opportunities • Operating margin of 24.7% reflects strong execution • Bookings growth led by the production market • Book-to-bill at 1.02 $ in millions Quarterly Comments Q4 2012 Q4 2011 % Change Revenue $540 $510 6% Earnings $134 $122 10% Margin 24.7% 23.9% 80 bps Bookings $550 $520 6% Revenue by End-Market % of Q4 Revenue Y / Y Growth Drilling 17% -11% Production 56% 14% Downstream 27% 3%

 

8 Engineered Systems • Revenue growth in Refrigeration & Food Equipment was broad- based; revenue gains in Fluids were driven by recent acquisitions •Results in Fluids continue to be impacted by a weak Europe • Margin performance includes Anthony acquisition related costs, absent this acquisition margin would have been 15.4% • Bookings impacted by normal seasonality in the refrigeration market and the wind down of a major customer program • Book-to-bill at 1.00 $ in millions Quarterly Comments Q4 2012 Q4 2011 % Change Revenue $819 $731 12% Earnings $102 $ 93 10% Margin 12.4% 12.7% -30 bps Bookings $816 $783 4% Revenue by End-Market % of Q4 Revenue Y / Y Growth Fluids 25% 27% Refrigeration & Food Equipment 38% 16% Industrial 37% 1%

 

Printing & Identification • 4% organic revenue growth (ex. FX) in fast moving consumer goods offset by a sluggish industrial market decline • Operating margin increase reflects the benefits of prior restructuring, cost initiatives and a favorable customer mix • Several new product introductions are scheduled in the coming months •Book-to-bill at 1.00 $ in millions Quarterly Comments Q4 2012 Q4 2011 % Change Revenue $254 $254 flat Earnings $ 41 $ 33 22% Margin 16.0% 13.2% 280 bps Bookings $253 $254 flat 9 Revenue by End-Market % of Q4 Revenue Y / Y Growth Fast Moving Consumer Goods 60% 2% Industrial 40% -3%

 

Q4 2012 Overview Q4 2012 Net Interest Expense $31 million, up $2 million from last year, driven in part by higher debt levels connected with recent acquisitions Corporate Expense $31.0 million, down $1 million from last year, in-line with expectations Effective Tax Rate (ETR) Q4 normalized rate was 28.5%, excluding $0.07 cents of discrete tax benefits. Full year normalized rate was 28.2% after adjusting for $0.09 of discrete tax benefits Capex $88.2 million, in-line with expectations Share Repurchases Repurchased 5.8 million shares in the quarter, including 4 million under the November $1 billion program. Repurchased a total of 12.3 million shares in 2012. Share repurchase activity contributed $0.12 cents to 2012 EPS 10

 

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% 2% - 4% - 2% - 4% 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: ≈ $130 million  Full-Year Tax Rate: ≈ 27.5% - 28.0%  Capital expenditures: ≈ 3% - 3.5% of revenue  FCF for full year: ≈ 10% of revenue 12 2013 EPS from continuing ops: $5.05 – $5.35

 

 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): $0.28 - $0.46 • Net benefits of productivity: $0.12 - $0.22 • Acquisitions: $0.13 - $0.16 • Investment / Compensation: ($0.10 - $0.16) • Corporate expense: (0.05) • Interest / Shares / Tax Rate (net): $0.23 - $0.28  2012 EPS – Continuing Ops $5.05 - $5.35 2012 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