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 28, 2011
 
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 January 28, 2011, Dover Corporation (i) issued the press release attached hereto as Exhibit 99.1 announcing its results of operations for the quarter and full year ended December 31, 2010; and (ii) posted on its website at http://www.dovercorporation.com  the investor supplement attached hereto as Exhibit 99.2 and the 4Q 2010 Webcast Presentation Slides attached hereto as Exhibit 99.3, each for the quarter and full year ended December 31, 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, dated January 28, 2011.	
 	 	 	 	
 	99.2	 	Investor Supplement Posted on Dover Corporation’s Website at http://dovercorporation.com.	
 	 	 	 	
 	99.3	 	4Q 2010 Webcast 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: January 28, 2011  	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 January 28, 2011	
 	 	 	
99.2	 	Investor Supplement Posted on Dover Corporation’s Website at http://dovercorporation.com	
 	 	 	
99.3	 	4Q 2010 Webcast 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 REPORTS FOURTH QUARTER AND FULL YEAR 2010 RESULTS
 	•	 	Reports quarterly revenue of $1.9 billion, an increase of 24% over the prior year	
 	 	 	 	
 	•	 	Delivers quarterly diluted earnings per share from continuing operations of $1.01, up 85% over last year	
 	 	 	 	
 	•	 	Achieves adjusted quarterly diluted earnings per share of $0.94, excluding tax benefits of $0.07, up 71%	
 	 	 	 	
 	•	 	Expects 2011 full year organic revenue growth of 6% — 8%, and diluted earnings per share from continuing operations in the range of $4.05 — $4.25	
Downers Grove, Illinois, January 28, 2011 — Dover Corporation (NYSE: DOV) announced today that for the fourth quarter ended December 31, 2010, revenue was $1.9 billion, an increase of 24% over the prior year period. The revenue increase was driven by organic growth of 23%, a 2% increase from acquisitions, and a 1% unfavorable impact from foreign exchange. Earnings from continuing operations for the fourth quarter of 2010 were $191.8 million or $1.01 diluted earnings per share (“EPS”), compared to $102.4 million or $0.55 diluted EPS from continuing operations in the prior-year period, representing increases of 87% and 85%, respectively. Excluding the impact of tax benefits of $0.07 recognized in the quarter, adjusted diluted EPS from continuing operations was $0.94, an increase of 71% over the prior year. The tax benefits of $0.07 were principally related to the favorable resolution of domestic tax positions.
Revenue for the year ended December 31, 2010 was $7.1 billion, up 24% over the prior year representing organic revenue growth of 20% and growth from acquisitions of 4%. Earnings from continuing operations for the year ended December 31, 2010 were $707.9 million or $3.74 diluted EPS, compared to $371.9 million or $1.99 diluted EPS in the prior year period, representing increases of 90% and 88%, respectively. Excluding the impact of tax benefits of $0.27 diluted EPS recognized in 2010, and the impact of tax benefits of $0.15 diluted EPS recognized in 2009, adjusted diluted EPS from continuing operations for the year ended December 31, 2010 was $3.47, an increase of 89% over the prior year adjusted level of $1.84.
Commenting on the fourth quarter results, Dover’s President and Chief Executive Officer, Robert A. Livingston, said, “Dover had a strong finish to 2010 with quarterly revenue, bookings, backlog, margin and earnings all up significantly from last year. Revenue growth of 24% was above our expectations and this momentum continued to be broad-based, led by Electronic Technologies, Energy and Material Handling. Margin expansion was also broad-based, with all segments showing improvement year-over-year, resulting in a fourth quarter segment margin of 16.3%. We generated strong free cash flow during the quarter, totaling $378 million, and exited the year with strong fourth quarter order rates, resulting in a book-to-bill of 1.03.

 
2
“I am pleased with our many accomplishments in 2010. We were able to achieve full-year organic revenue growth of 20%, benefitting from improved end-markets, product innovation and geographic expansion. Full-year segment operating margins were a record 16.4%. We also generated free cash flow of $767 million in 2010, representing 11% of revenue, which funded re-investment in our businesses, our acquisition program and our 55 th  consecutive annual dividend increase.
“Looking forward, we expect full year 2011 revenue growth of 9% — 11%, representing organic revenue growth of 6% — 8%, plus growth from acquisitions of 3%. Based on this revenue assumption, we expect full-year diluted EPS from continuing operations to be in the range of $4.05 — $4.25.”
Net earnings for the fourth quarter of 2010 were $198.3 million or $1.04 diluted EPS, including income from discontinued operations of $6.6 million or $0.03 diluted EPS, compared to net earnings of $99.0 million or $0.53 diluted EPS for the same period of 2009, which included a loss from discontinued operations of $3.4 million or $0.02 diluted EPS. Net earnings for the year ended December 31, 2010 were $700.1 million or $3.70 diluted EPS, which included a loss from discontinued operations of $7.8 million or $0.04 diluted EPS, compared to net earnings of $356.4 million or $1.91 diluted EPS for the same period of 2009, including a loss from discontinued operations of $15.5 million or $0.08 diluted EPS.
Dover will host a webcast of its fourth quarter 2010 conference call at 9:00 A.M. Eastern Time on Friday, January 28, 2011. 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 fourth quarter and full year 2010 results and its operating companies can also be found on the Company website, including an investor supplement containing a reconciliation of free cash flow and other non-GAAP measures to the most directly comparable GAAP measures.
Dover Corporation is a global manufacturer 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 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

 
3
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 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
FOURTH QUARTER AND FULL YEAR 2010
Acquisitions
During the fourth quarter of 2010, the Company completed one add-on acquisition in the Fluid Management segment. During 2010, Dover made a total of six add-on acquisitions for consideration totaling $104.4 million, net of cash acquired. The full-year diluted earnings per share impact of these 2010 acquisitions was $0.02, with minimal impact during the quarter.
Further, during the fourth quarter, the Company signed a definitive agreement to acquire the Sound Solutions business of NXP Semiconductors. Sound Solutions is a leading manufacturer of speakers and receivers for the cell phone market and will become part of Knowles Electronics. The purchase price is $855 million, subject to customary regulatory approvals, and the deal is expected to close around the end of the first quarter of 2011.
Effective January 3, 2011, the Company completed the acquisition of Harbison-Fischer, Inc., a Texas-based leading designer and manufacturer of down-hole rod pumps and related products for $402.5 million, subject to normal closing adjustments. Harbison-Fischer’s 2011 revenue is expected to be approximately $160 million. The business will become part of Norris Production Solutions, which is an operating unit of Dover’s Fluid Management segment.
Dispositions
In 2010, the Company completed the sale of a line of business which was reported as a discontinued operation, resulting in a loss of approximately $14.0 million.
In addition, during the third and fourth quarters of 2010, the Company reached final settlement on certain discrete tax matters related to businesses previously discontinued and sold, which resulted in tax benefits of $4.5 million and $7.1 million, respectively. These items, along with other minor expense and accrual adjustments related to disposed businesses, drove a gain on discontinued operations of $6.6 million in the fourth quarter and a full year loss of $7.8 million.
Tax Rate
The effective tax rate for continuing operations for the fourth quarter of 2010 was 21.4%, compared to the prior year rate of 27.2%. The 2010 rate was favorably impacted by benefits recognized for tax positions that were effectively settled. On a full year basis, the effective tax rates for continuing operations for 2010 and 2009 were 23.5% and 24.4%, respectively. The full year rates for 2010 and 2009 reflect the favorable impact of benefits recognized for tax positions that were effectively settled, and the favorable impact of a higher percentage of non-U.S. earnings in low tax rate jurisdictions.
Revenue Growth Factors
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	2010	
Revenue Growth	 	Q1	 	Q2	 	Q3	 	Q4	 	Full Year	
Organic	 	 	7.0	%	 	 	23.7	%	 	 	24.7	%	 	 	23.3	%	 	 	20.2	%	
Acquisitions	 	 	5.1	%	 	 	3.9	%	 	 	2.7	%	 	 	2.5	%	 	 	3.5	%	
Currency translation	 	 	2.7	%	 	 	0.8	%	 	 	-1.6	%	 	 	-1.3	%	 	 	-0.2	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	14.8	%	 	 	28.4	%	 	 	25.8	%	 	 	24.5	%	 	 	23.5	%	

 
Cash Flow
The following table is a reconciliation of free cash flow (a non-GAAP measure) from cash flows from operating activities.
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended December 31,	 	 	Year Ended December 31,	 	
Free Cash Flow (in thousands)	 	2010	 	 	2009	 	 	2010	 	 	2009	 	
Cash flow provided by operating activities	 	$	431,439	 	 	$	247,947	 	 	$	950,551	 	 	$	802,060	 	
Less: Capital expenditures	 	 	(53,380	)	 	 	(36,759	)	 	 	(183,217	)	 	 	(120,009	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Free cash flow	 	$	378,059	 	 	$	211,188	 	 	$	767,334	 	 	$	682,051	 	

Free cash flow as a percentage of revenue	 	 	20.2	%	 	 	14.0	%	 	 	10.8	%	 	 	11.8	%	

Free cash flow as a percentage of earnings from continuing operations	 	 	 	 	 	 	 	 	 	 	108.4	%	 	 	183.4	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
The full year increase in free cash flow reflects higher earnings from continuing operations before depreciation and amortization. This was offset by an increase in Adjusted Working Capital (a non-GAAP measure calculated as accounts receivable, plus inventory, less accounts payable), which increased from the prior year end by $240.2 million, or 22% to $1,332.8 million which reflected an increase in receivables of $209.0 million, an increase in inventory of $143.2 million and an increase in accounts payable of $112.0 million. Excluding acquisitions and the effects of foreign exchange translation, Adjusted Working Capital would have increased by $226.1 million, or 21%. “Average Annual Adjusted Working Capital” as a percentage of revenue (a non-GAAP measure calculated as the five-quarter average balance of accounts receivable, plus inventory, less accounts payable divided by the trailing twelve months of revenue) decreased to 17.6% at December 31, 2010 from 19.9% at December 31, 2009 and inventory turns were 6.7 at December 31, 2010 compared to 6.2 at December 31, 2009.
Share Repurchases
During the year ended December 31, 2010, pursuant to a five-year 10,000,000 share repurchase program authorized by the Board of Directors in May 2007, the Company purchased approximately 2.3 million shares of its common stock in the open market at an average price of $51.13 per share. Approximately 6.6 million shares remain authorized for repurchase under this five-year authorization as of December 31, 2010.
Capitalization
The following table provides a summary reconciliation of total debt and net debt to total capitalization to the most directly comparable GAAP measures:
 	 	 	 	 	 	 	 	 	
 	 	At December 31,	 	 	At December 31,	 	
Net Debt to Total Capitalization Ratio (in thousands)	 	2010	 	 	2009	 	
Current maturities of long-term debt	 	$	1,925	 	 	$	35,624	 	
Commercial paper	 	 	15,000	 	 	 	—	 	
Long-term debt	 	 	1,790,886	 	 	 	1,825,260	 	
 	 	 	 	 	 	 	
Total debt	 	 	1,807,811	 	 	 	1,860,884	 	
Less: Cash, cash equivalents and short-term investments	 	 	(1,309,095	)	 	 	(938,174	)	
 	 	 	 	 	 	 	
Net debt	 	 	498,716	 	 	 	922,710	 	
Add: Stockholders’ equity	 	 	4,526,562	 	 	 	4,083,608	 	
 	 	 	 	 	 	 	
Total capitalization	 	$	5,025,278	 	 	$	5,006,318	 	
 	 	 	 	 	 	 	
Net debt to total capitalization	 	 	9.9	%	 	 	18.4	%	
 	 	 	 	 	 	 	
Net debt at December 31, 2010 decreased $424.0 million primarily as a result of cash generated from operations. The decrease in long-term debt is due to scheduled repayments, coupled with the early extinguishment of a structured non-interest bearing loan in the third quarter. The decrease in net debt to total capitalization reflects strong free cash flow from operations, which was used to fund capital additions, acquisitions and share repurchases.

 
DOVER CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)
(in thousands, except per share data)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended December 31,	 	 	Year Ended December 31,	 	
 	 	2010	 	 	2009	 	 	2010	 	 	2009	 	
Revenue	 	$	1,875,541	 	 	$	1,506,661	 	 	$	7,132,648	 	 	$	5,775,689	 	
Cost of goods and services	 	 	1,155,423	 	 	 	941,227	 	 	 	4,399,990	 	 	 	3,676,535	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross profit	 	 	720,118	 	 	 	565,434	 	 	 	2,732,658	 	 	 	2,099,154	 	
Selling and administrative expenses	 	 	450,721	 	 	 	400,635	 	 	 	1,697,721	 	 	 	1,511,111	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating earnings	 	 	269,397	 	 	 	164,799	 	 	 	1,034,937	 	 	 	588,043	 	
Interest expense, net	 	 	25,895	 	 	 	26,838	 	 	 	106,341	 	 	 	100,375	 	
Other expense (income), net	 	 	(376	)	 	 	(2,825	)	 	 	3,512	 	 	 	(3,950	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings before provision for income taxes and discontinued operations	 	 	243,878	 	 	 	140,786	 	 	 	925,084	 	 	 	491,618	 	
Provision for income taxes	 	 	52,107	 	 	 	38,346	 	 	 	217,176	 	 	 	119,724	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from continuing operations	 	 	191,771	 	 	 	102,440	 	 	 	707,908	 	 	 	371,894	 	
Earnings (loss) from discontinued operations, net	 	 	6,577	 	 	 	(3,394	)	 	 	(7,804	)	 	 	(15,456	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Net earnings	 	$	198,348	 	 	$	99,046	 	 	$	700,104	 	 	$	356,438	 	

Basic earnings (loss) per common share:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from continuing operations	 	$	1.03	 	 	$	0.55	 	 	$	3.79	 	 	$	2.00	 	
Gain (loss) from discontinued operations, net	 	 	0.04	 	 	 	(0.02	)	 	 	(0.04	)	 	 	(0.08	)	
Net earnings	 	 	1.06	 	 	 	0.53	 	 	 	3.75	 	 	 	1.91	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average shares outstanding	 	 	186,923	 	 	 	186,310	 	 	 	186,897	 	 	 	186,136	 	

Diluted earnings (loss) per common share:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from continuing operations	 	$	1.01	 	 	$	0.55	 	 	$	3.74	 	 	$	1.99	 	
Gain (loss) from discontinued operations, net	 	 	0.03	 	 	 	(0.02	)	 	 	(0.04	)	 	 	(0.08	)	
Net earnings	 	 	1.04	 	 	 	0.53	 	 	 	3.70	 	 	 	1.91	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average shares outstanding	 	 	189,863	 	 	 	187,212	 	 	 	189,170	 	 	 	186,736	 	

Dividends paid per common share	 	$	0.275	 	 	$	0.26	 	 	$	1.07	 	 	$	1.02	 	

 
DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(unaudited)
(in thousands)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	2009	 	2010	
 	 	Q1	 	Q2	 	Q3	 	Q4	 	FY 2009	 	Q1	 	Q2	 	Q3	 	Q4	 	FY 2010	
REVENUE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Industrial Products	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Material Handling	 	$	186,651	 	 	$	153,574	 	 	$	154,238	 	 	$	165,890	 	 	$	660,353	 	 	$	189,052	 	 	$	214,295	 	 	$	220,997	 	 	$	229,987	 	 	$	854,331	 	
Mobile Equipment	 	 	248,293	 	 	 	229,521	 	 	 	242,011	 	 	 	242,352	 	 	 	962,177	 	 	 	240,138	 	 	 	248,523	 	 	 	250,664	 	 	 	255,834	 	 	 	995,159	 	
Eliminations	 	 	(152	)	 	 	(147	)	 	 	(209	)	 	 	(230	)	 	 	(738	)	 	 	(392	)	 	 	(432	)	 	 	(453	)	 	 	(402	)	 	 	(1,679	)	
 	 	 	 	 	
 	 	 	434,792	 	 	 	382,948	 	 	 	396,040	 	 	 	408,012	 	 	 	1,621,792	 	 	 	428,798	 	 	 	462,386	 	 	 	471,208	 	 	 	485,419	 	 	 	1,847,811	 	
 	 	 	 	 	
Engineered Systems	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Product Identification	 	 	177,357	 	 	 	193,019	 	 	 	211,952	 	 	 	219,948	 	 	 	802,276	 	 	 	212,500	 	 	 	219,551	 	 	 	221,677	 	 	 	236,743	 	 	 	890,471	 	
Engineered Products	 	 	223,426	 	 	 	274,398	 	 	 	308,741	 	 	 	253,095	 	 	 	1,059,660	 	 	 	271,773	 	 	 	357,570	 	 	 	398,685	 	 	 	311,176	 	 	 	1,339,204	 	
 	 	 	 	 	
 	 	 	400,783	 	 	 	467,417	 	 	 	520,693	 	 	 	473,043	 	 	 	1,861,936	 	 	 	484,273	 	 	 	577,121	 	 	 	620,362	 	 	 	547,919	 	 	 	2,229,675	 	
 	 	 	 	 	
Fluid Management	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Energy	 	 	176,334	 	 	 	138,415	 	 	 	144,664	 	 	 	164,798	 	 	 	624,211	 	 	 	205,327	 	 	 	216,020	 	 	 	220,001	 	 	 	244,234	 	 	 	885,582	 	
Fluid Solutions	 	 	154,488	 	 	 	156,897	 	 	 	164,604	 	 	 	170,860	 	 	 	646,849	 	 	 	175,504	 	 	 	187,759	 	 	 	196,554	 	 	 	194,833	 	 	 	754,650	 	
Eliminations	 	 	(51	)	 	 	(42	)	 	 	(21	)	 	 	(36	)	 	 	(150	)	 	 	(31	)	 	 	(105	)	 	 	(127	)	 	 	(179	)	 	 	(442	)	
 	 	 	 	 	
 	 	 	330,771	 	 	 	295,270	 	 	 	309,247	 	 	 	335,622	 	 	 	1,270,910	 	 	 	380,800	 	 	 	403,674	 	 	 	416,428	 	 	 	438,888	 	 	 	1,639,790	 	

Electronic Technologies	 	 	214,035	 	 	 	245,953	 	 	 	275,266	 	 	 	291,700	 	 	 	1,026,954	 	 	 	290,989	 	 	 	345,607	 	 	 	381,386	 	 	 	405,682	 	 	 	1,423,664	 	

Intra-segment eliminations	 	 	(1,295	)	 	 	(1,257	)	 	 	(1,635	)	 	 	(1,716	)	 	 	(5,903	)	 	 	(1,590	)	 	 	(2,092	)	 	 	(2,243	)	 	 	(2,367	)	 	 	(8,292	)	

Total consolidated revenue	 	$	1,379,086	 	 	$	1,390,331	 	 	$	1,499,611	 	 	$	1,506,661	 	 	$	5,775,689	 	 	$	1,583,270	 	 	$	1,786,696	 	 	$	1,887,141	 	 	$	1,875,541	 	 	$	7,132,648	 	

NET EARNINGS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment Earnings:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Industrial Products	 	$	34,544	 	 	$	25,421	 	 	$	38,119	 	 	$	41,673	 	 	$	139,757	 	 	$	51,039	 	 	$	61,635	 	 	$	59,473	 	 	$	54,238	 	 	$	226,385	 	
Engineered Systems	 	 	43,306	 	 	 	57,462	 	 	 	78,194	 	 	 	48,306	 	 	 	227,268	 	 	 	54,843	 	 	 	84,655	 	 	 	91,442	 	 	 	70,966	 	 	 	301,906	 	
Fluid Management	 	 	75,441	 	 	 	55,573	 	 	 	60,677	 	 	 	67,578	 	 	 	259,269	 	 	 	86,767	 	 	 	96,168	 	 	 	101,847	 	 	 	103,638	 	 	 	388,420	 	
Electronic Technologies	 	 	(12,110	)	 	 	17,993	 	 	 	38,160	 	 	 	39,651	 	 	 	83,694	 	 	 	44,905	 	 	 	59,582	 	 	 	69,617	 	 	 	76,324	 	 	 	250,428	 	
 	 	 	 	 	
Total Segments	 	 	141,181	 	 	 	156,449	 	 	 	215,150	 	 	 	197,208	 	 	 	709,988	 	 	 	237,554	 	 	 	302,040	 	 	 	322,379	 	 	 	305,166	 	 	 	1,167,139	 	
Corporate expense / other	 	 	(24,691	)	 	 	(29,614	)	 	 	(34,106	)	 	 	(29,584	)	 	 	(117,995	)	 	 	(33,325	)	 	 	(32,443	)	 	 	(34,553	)	 	 	(35,393	)	 	 	(135,714	)	
Net interest expense	 	 	(22,398	)	 	 	(24,840	)	 	 	(26,299	)	 	 	(26,838	)	 	 	(100,375	)	 	 	(27,169	)	 	 	(26,942	)	 	 	(26,335	)	 	 	(25,895	)	 	 	(106,341	)	
 	 	 	 	 	
Earnings from continuing operations before provision for income taxes	 	 	94,092	 	 	 	101,995	 	 	 	154,745	 	 	 	140,786	 	 	 	491,618	 	 	 	177,060	 	 	 	242,655	 	 	 	261,491	 	 	 	243,878	 	 	 	925,084	 	
Provision for income taxes	 	 	32,996	 	 	 	1,121	 	 	 	47,261	 	 	 	38,346	 	 	 	119,724	 	 	 	55,575	 	 	 	70,762	 	 	 	38,732	 	 	 	52,107	 	 	 	217,176	 	
 	 	 	 	 	
Earnings from continuing operations	 	 	61,096	 	 	 	100,874	 	 	 	107,484	 	 	 	102,440	 	 	 	371,894	 	 	 	121,485	 	 	 	171,893	 	 	 	222,759	 	 	 	191,771	 	 	 	707,908	 	
Earnings (loss) from discontinued operations, net	 	 	(7,668	)	 	 	(3,794	)	 	 	(600	)	 	 	(3,394	)	 	 	(15,456	)	 	 	(13,358	)	 	 	(2,023	)	 	 	1,000	 	 	 	6,577	 	 	 	(7,804	)	
 	 	 	 	 	
Net earnings	 	$	53,428	 	 	$	97,080	 	 	$	106,884	 	 	$	99,046	 	 	$	356,438	 	 	$	108,127	 	 	$	169,870	 	 	$	223,759	 	 	$	198,348	 	 	$	700,104	 	

SEGMENT OPERATING MARGIN	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Industrial Products	 	 	7.9	%	 	 	6.6	%	 	 	9.6	%	 	 	10.2	%	 	 	8.6	%	 	 	11.9	%	 	 	13.3	%	 	 	12.6	%	 	 	11.2	%	 	 	12.3	%	
Engineered Systems	 	 	10.8	%	 	 	12.3	%	 	 	15.0	%	 	 	10.2	%	 	 	12.2	%	 	 	11.3	%	 	 	14.7	%	 	 	14.7	%	 	 	13.0	%	 	 	13.5	%	
Fluid Management	 	 	22.8	%	 	 	18.8	%	 	 	19.6	%	 	 	20.1	%	 	 	20.4	%	 	 	22.8	%	 	 	23.8	%	 	 	24.5	%	 	 	23.6	%	 	 	23.7	%	
Electronic Technologies	 	 	-5.7	%	 	 	7.3	%	 	 	13.9	%	 	 	13.6	%	 	 	8.1	%	 	 	15.4	%	 	 	17.2	%	 	 	18.3	%	 	 	18.8	%	 	 	17.6	%	
Total Segment	 	 	10.2	%	 	 	11.3	%	 	 	14.3	%	 	 	13.1	%	 	 	12.3	%	 	 	15.0	%	 	 	16.9	%	 	 	17.1	%	 	 	16.3	%	 	 	16.4	%	

 
DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(continued)
(unaudited)
(in thousands)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	2009	 	 	2010	 	
 	 	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	 	FY 2009	 	 	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	 	FY 2010	 	
 	 	 	 	 	 	
BOOKINGS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Industrial Products	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Material Handling	 	$	118,344	 	 	$	126,224	 	 	$	162,759	 	 	$	180,349	 	 	$	587,676	 	 	$	204,098	 	 	$	223,787	 	 	$	222,961	 	 	$	248,948	 	 	$	899,794	 	
Mobile Equipment	 	 	210,558	 	 	 	245,937	 	 	 	191,539	 	 	 	253,130	 	 	 	901,164	 	 	 	231,128	 	 	 	288,887	 	 	 	233,731	 	 	 	279,368	 	 	 	1,033,114	 	
Eliminations	 	 	(23	)	 	 	(202	)	 	 	(337	)	 	 	(424	)	 	 	(986	)	 	 	(407	)	 	 	(303	)	 	 	(444	)	 	 	(976	)	 	 	(2,130	)	
 	 	 	 	 	 	
 	 	 	328,879	 	 	 	371,959	 	 	 	353,961	 	 	 	433,055	 	 	 	1,487,854	 	 	 	434,819	 	 	 	512,371	 	 	 	456,248	 	 	 	527,340	 	 	 	1,930,778	 	
 	 	 	 	 	 	
Engineered Systems	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Product Identification	 	 	175,680	 	 	 	205,736	 	 	 	212,642	 	 	 	223,301	 	 	 	817,359	 	 	 	220,410	 	 	 	223,203	 	 	 	218,213	 	 	 	241,048	 	 	 	902,874	 	
Engineered Products	 	 	236,354	 	 	 	259,868	 	 	 	258,634	 	 	 	263,211	 	 	 	1,018,067	 	 	 	368,134	 	 	 	379,048	 	 	 	329,119	 	 	 	332,142	 	 	 	1,408,443	 	
 	 	 	 	 	 	
 	 	 	412,034	 	 	 	465,604	 	 	 	471,276	 	 	 	486,512	 	 	 	1,835,426	 	 	 	588,544	 	 	 	602,251	 	 	 	547,332	 	 	 	573,190	 	 	 	2,311,317	 	
 	 	 	 	 	 	
Fluid Management	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Energy	 	 	142,721	 	 	 	132,855	 	 	 	157,763	 	 	 	176,706	 	 	 	610,045	 	 	 	208,669	 	 	 	226,301	 	 	 	213,247	 	 	 	247,143	 	 	 	895,360	 	
Fluid Solutions	 	 	150,375	 	 	 	159,483	 	 	 	165,601	 	 	 	169,639	 	 	 	645,098	 	 	 	179,037	 	 	 	192,035	 	 	 	195,865	 	 	 	191,065	 	 	 	758,002	 	
Eliminations	 	 	(43	)	 	 	(39	)	 	 	(41	)	 	 	(17	)	 	 	(140	)	 	 	(85	)	 	 	(51	)	 	 	(144	)	 	 	(895	)	 	 	(1,175	)	
 	 	 	 	 	 	
 	 	 	293,053	 	 	 	292,299	 	 	 	323,323	 	 	 	346,328	 	 	 	1,255,003	 	 	 	387,621	 	 	 	418,285	 	 	 	408,968	 	 	 	437,313	 	 	 	1,652,187	 	

 	 	 	 	 	 	
Electronic Technologies	 	 	223,707	 	 	 	243,274	 	 	 	283,035	 	 	 	305,266	 	 	 	1,055,282	 	 	 	358,477	 	 	 	394,441	 	 	 	402,332	 	 	 	389,704	 	 	 	1,544,954	 	

Intra-segment eliminations	 	 	(1,290	)	 	 	(1,436	)	 	 	(1,790	)	 	 	(1,600	)	 	 	(6,116	)	 	 	(1,616	)	 	 	(2,244	)	 	 	(2,278	)	 	 	(2,644	)	 	 	(8,782	)	

Total consolidated bookings	 	$	1,256,383	 	 	$	1,371,700	 	 	$	1,429,805	 	 	$	1,569,561	 	 	$	5,627,449	 	 	$	1,767,845	 	 	$	1,925,104	 	 	$	1,812,602	 	 	$	1,924,903	 	 	$	7,430,454	 	

BACKLOG	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Industrial Products	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Material Handling	 	$	120,066	 	 	$	93,247	 	 	$	102,146	 	 	$	116,658	 	 	 	 	 	 	$	131,521	 	 	$	140,452	 	 	$	142,959	 	 	$	165,505	 	 	 	 	 	
Mobile Equipment	 	 	349,358	 	 	 	368,315	 	 	 	318,496	 	 	 	329,774	 	 	 	 	 	 	 	319,801	 	 	 	359,727	 	 	 	344,160	 	 	 	368,140	 	 	 	 	 	
Eliminations	 	 	(48	)	 	 	(143	)	 	 	(170	)	 	 	(371	)	 	 	 	 	 	 	(386	)	 	 	(257	)	 	 	(248	)	 	 	(822	)	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	469,376	 	 	 	461,419	 	 	 	420,472	 	 	 	446,061	 	 	 	 	 	 	 	450,936	 	 	 	499,922	 	 	 	486,871	 	 	 	532,823	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Engineered Systems	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Product Identification	 	 	57,801	 	 	 	66,288	 	 	 	72,523	 	 	 	74,700	 	 	 	 	 	 	 	78,976	 	 	 	80,550	 	 	 	80,986	 	 	 	86,315	 	 	 	 	 	
Engineered Products	 	 	196,394	 	 	 	245,165	 	 	 	199,888	 	 	 	218,520	 	 	 	 	 	 	 	314,465	 	 	 	334,971	 	 	 	267,545	 	 	 	288,969	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	254,195	 	 	 	311,453	 	 	 	272,411	 	 	 	293,220	 	 	 	 	 	 	 	393,441	 	 	 	415,521	 	 	 	348,531	 	 	 	375,284	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Fluid Management	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Energy	 	 	58,771	 	 	 	54,734	 	 	 	66,043	 	 	 	77,173	 	 	 	 	 	 	 	76,844	 	 	 	84,800	 	 	 	84,659	 	 	 	94,113	 	 	 	 	 	
Fluid Solutions	 	 	60,781	 	 	 	63,788	 	 	 	65,081	 	 	 	60,540	 	 	 	 	 	 	 	63,535	 	 	 	65,639	 	 	 	69,130	 	 	 	65,525	 	 	 	 	 	
Eliminations	 	 	(5	)	 	 	(1	)	 	 	(21	)	 	 	(2	)	 	 	 	 	 	 	(55	)	 	 	(1	)	 	 	(17	)	 	 	(33	)	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	119,547	 	 	 	118,521	 	 	 	131,103	 	 	 	137,711	 	 	 	 	 	 	 	140,324	 	 	 	150,438	 	 	 	153,772	 	 	 	159,605	 	 	 	 	 	

Electronic Technologies	 	 	186,850	 	 	 	185,512	 	 	 	194,414	 	 	 	206,893	 	 	 	 	 	 	 	271,340	 	 	 	318,450	 	 	 	357,800	 	 	 	342,578	 	 	 	 	 	

Intra-segment eliminations	 	 	(42	)	 	 	(242	)	 	 	(426	)	 	 	(337	)	 	 	 	 	 	 	(362	)	 	 	(570	)	 	 	(490	)	 	 	(748	)	 	 	 	 	

Total consolidated backlog	 	$	1,029,926	 	 	$	1,076,663	 	 	$	1,017,974	 	 	$	1,083,548	 	 	 	 	 	 	$	1,255,679	 	 	$	1,383,761	 	 	$	1,346,484	 	 	$	1,409,542	 	 	 	 	 	

ACQUISITION RELATED DEPRECIATION AND AMORTIZATION EXPENSE *	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Industrial Products	 	$	8,387	 	 	$	7,709	 	 	$	7,770	 	 	$	8,182	 	 	$	32,048	 	 	$	7,575	 	 	$	7,620	 	 	$	7,774	 	 	$	8,823	 	 	$	31,792	 	
Engineered Systems	 	 	6,070	 	 	 	6,437	 	 	 	6,580	 	 	 	7,579	 	 	 	26,666	 	 	 	7,915	 	 	 	7,057	 	 	 	6,838	 	 	 	6,878	 	 	 	28,688	 	
Fluid Management	 	 	4,828	 	 	 	4,592	 	 	 	4,432	 	 	 	4,537	 	 	 	18,389	 	 	 	5,429	 	 	 	5,591	 	 	 	5,222	 	 	 	5,768	 	 	 	22,010	 	
Electronic Technologies	 	 	8,286	 	 	 	8,217	 	 	 	8,268	 	 	 	8,432	 	 	 	33,203	 	 	 	8,370	 	 	 	8,540	 	 	 	8,480	 	 	 	8,608	 	 	 	33,998	 	
 	 	 	 	 	
 	 	$	27,571	 	 	$	26,955	 	 	$	27,050	 	 	$	28,730	 	 	$	110,306	 	 	$	29,289	 	 	$	28,808	 	 	$	28,314	 	 	$	30,077	 	 	$	116,488	 	

 	 	 	
*	 	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
QUARTERLY SEGMENT INFORMATION
(continued)
(unaudited)
(in thousands)
FREE CASH FLOW
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	2009	 	 	2010	 	
 	 	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	 	FY 2009	 	 	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	 	FY 2010	 	
 	 	 	 	 	
Cash From Operations	 	$	114,866	 	 	$	192,436	 	 	$	246,811	 	 	$	247,947	 	 	$	802,060	 	 	$	87,066	 	 	$	231,199	 	 	$	200,847	 	 	$	431,439	 	 	$	950,551	 	
CAPEX	 	 	(31,475	)	 	 	(26,976	)	 	 	(24,799	)	 	 	(36,759	)	 	 	(120,009	)	 	 	(39,336	)	 	 	(46,945	)	 	 	(43,556	)	 	 	(53,380	)	 	 	(183,217	)	
 	 	 	 	 	
Free Cash Flow	 	$	83,391	 	 	$	165,460	 	 	$	222,012	 	 	$	211,188	 	 	$	682,051	 	 	$	47,730	 	 	$	184,254	 	 	$	157,291	 	 	$	378,059	 	 	$	767,334	 	

Free Cash Flow to Earnings From Continuing Operations	 	 	136.5	%	 	 	164.0	%	 	 	206.6	%	 	 	206.2	%	 	 	183.4	%	 	 	39.3	%	 	 	107.2	%	 	 	70.6	%	 	 	197.1	%	 	 	108.4	%	
DOVER CORPORATION
QUARTERLY EARNINGS PER SHARE
(unaudited)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	2009	 	2010	
 	 	Q1	 	Q2	 	Q3	 	Q4	 	FY 2009	 	Q1	 	Q2	 	Q3	 	Q4	 	YTD	
 	 	 	 	 	
Basic earnings (loss) per common share:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Continuing operations	 	$	0.33	 	 	$	0.54	 	 	$	0.58	 	 	$	0.55	 	 	$	2.00	 	 	$	0.65	 	 	$	0.92	 	 	$	1.19	 	 	$	1.03	 	 	$	3.79	 	
Discontinued operations	 	 	(0.04	)	 	 	(0.02	)	 	 	—	 	 	 	(0.02	)	 	 	(0.08	)	 	 	(0.07	)	 	 	(0.01	)	 	 	0.01	 	 	 	0.04	 	 	 	(0.04	)	
Net earnings	 	 	0.29	 	 	 	0.52	 	 	 	0.57	 	 	 	0.53	 	 	 	1.91	 	 	 	0.58	 	 	 	0.91	 	 	 	1.20	 	 	 	1.06	 	 	 	3.75	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted earnings (loss) per common share:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Continuing operations	 	$	0.33	 	 	$	0.54	 	 	$	0.58	 	 	$	0.55	 	 	$	1.99	 	 	$	0.65	 	 	$	0.91	 	 	$	1.18	 	 	$	1.01	 	 	$	3.74	 	
Discontinued operations	 	 	(0.04	)	 	 	(0.02	)	 	 	—	 	 	 	(0.02	)	 	 	(0.08	)	 	 	(0.07	)	 	 	(0.01	)	 	 	0.01	 	 	 	0.03	 	 	 	(0.04	)	
Net earnings	 	 	0.29	 	 	 	0.52	 	 	 	0.57	 	 	 	0.53	 	 	 	1.91	 	 	 	0.58	 	 	 	0.90	 	 	 	1.19	 	 	 	1.04	 	 	 	3.70	 	
NOTE:
Diluted earnings per share in the third and fourth quarters 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 and fourth quarters of 2010 and second quarter of 2009 were 14.8%, 21.4% 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 and $0.07 in the third and fourth quarters of 2010, respectively, and $0.15 in the second quarter of 2009.

 
DOVER CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(unaudited)
(in thousands)
 	 	 	 	 	 	 	 	 	 	
 	 	At December 31,	 	 	 	At December 31,	 	
 	 	2010	 	 	2009	 	 	
Assets:	 	 	 	 	 	 	 	 	 	
Cash and cash equivalents	 	$	1,187,361	 	 	$	714,365	 	 	
Short-term investments	 	 	121,734	 	 	 	223,809	 	 	
Receivables, net of allowances	 	 	1,087,704	 	 	 	878,754	 	 	
Inventories, net	 	 	714,110	 	 	 	570,858	 	 	
Deferred tax and other current assets	 	 	150,962	 	 	 	134,921	 	 	
Property, plant and equipment, net	 	 	847,189	 	 	 	828,922	 	 	
Goodwill	 	 	3,368,033	 	 	 	3,350,217	 	 	
Intangible assets, net	 	 	907,523	 	 	 	950,748	 	 	
Other assets	 	 	111,145	 	 	 	113,108	 	 	
Assets of discontinued operations	 	 	67,133	 	 	 	116,701	 	 	
 	 	 	 	 	 	 	 	
 	 	$	8,562,894	 	 	$	7,882,403	 	 	
 	 	 	 	 	 	 	 	
Liabilities and Stockholders’ Equity	 	 	 	 	 	 	 	 	 	
Notes payable and current maturities of long-term debt	 	$	16,925	 	 	$	35,624	 	 	
Payables and accrued expenses	 	 	1,097,969	 	 	 	894,558	 	 	
Taxes payable and other deferrals	 	 	1,024,910	 	 	 	904,475	 	 	
Long-term debt	 	 	1,790,886	 	 	 	1,825,260	 	 	
Liabilities of discontinued operations	 	 	105,642	 	 	 	138,878	 	 	
Stockholders’ equity	 	 	4,526,562	 	 	 	4,083,608	 	 	
 	 	 	 	 	 	 	 	
 	 	$	8,562,894	 	 	$	7,882,403	 	 	

 
DOVER CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited)
(in thousands)
 	 	 	 	 	 	 	 	 	
 	 	Year Ended December 31,	 	
 	 	2010	 	 	2009	 	
Operating activities:	 	 	 	 	 	 	 	 	
Net earnings	 	$	700,104	 	 	$	356,438	 	
Loss from discontinued operations, net of tax	 	 	7,804	 	 	 	15,456	 	
Depreciation and amortization	 	 	268,406	 	 	 	258,223	 	
Stock-based compensation	 	 	22,102	 	 	 	17,912	 	
Contributions to employee benefit plans	 	 	(58,201	)	 	 	(78,954	)	
Net change in assets and liabilities	 	 	10,336	 	 	 	232,985	 	
 	 	 	 	 	 	 	
Net cash provided by operating activities of continuing operations	 	 	950,551	 	 	 	802,060	 	

Investing activities:	 	 	 	 	 	 	 	 	
Purchase of short-term investments	 	 	(466,881	)	 	 	(348,439	)	
Proceeds from sale of short-term investments	 	 	553,466	 	 	 	406,033	 	
Proceeds from the sale of property and equipment	 	 	17,593	 	 	 	22,973	 	
Additions to property, plant and equipment	 	 	(183,217	)	 	 	(120,009	)	
Proceeds from sale of businesses	 	 	4,500	 	 	 	3,571	 	
Acquisitions (net of cash acquired)	 	 	(104,418	)	 	 	(221,994	)	
 	 	 	 	 	 	 	
Net cash used in investing activities of continuing operations	 	 	(178,957	)	 	 	(257,865	)	

Financing activities:	 	 	 	 	 	 	 	 	
Decrease in debt, net	 	 	(60,855	)	 	 	(226,657	)	
Purchase of common stock	 	 	(123,555	)	 	 	—	 	
Proceeds from exercise of stock options, including tax benefits	 	 	79,721	 	 	 	26,578	 	
Dividends to stockholders	 	 	(200,099	)	 	 	(189,874	)	
 	 	 	 	 	 	 	
Net cash used in financing activities of continuing operations	 	 	(304,788	)	 	 	(389,953	)	

Net cash used in discontinued operations	 	 	(3,840	)	 	 	(6,855	)	

Effect of exchange rate changes on cash	 	 	10,030	 	 	 	19,569	 	

Net increase in cash and cash equivalents	 	 	472,996	 	 	 	166,956	 	
Cash and cash equivalents at beginning of period	 	 	714,365	 	 	 	547,409	 	
 	 	 	 	 	 	 	
Cash and cash equivalents at end of period	 	$	1,187,361	 	 	$	714,365	 	

Exhibit 99.3

Dover Corporation Fourth Quarter 2010 Conference Call January 28, 2011 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 Q4 2010 Performance Continuing Earnings Per Share 2008 FY $3.67 Revenue $ 1.9B ^ 24% $ 7.1B ^ 23% EPS (cont.) $1.01 ^ 85% $3.74 ^ 88% Bookings $1.9B ^ 23% $7.4B ^ 32% Segment Margins 16.3% ^ 320 bps 16.4% ^ 410 bps Organic Rev. Growth ^ 23% ^ 20% Acq. Growth ^ 2% ^ 4% FCF (a) $378M ^ 79% $767M ^ 12% Quarterly revenue and earnings increases reflect solid end-markets and benefits of productivity Quarterly organic revenue growth of 23% is broad based, with significant strength seen in Electronic Technologies, Energy and Material Handling Quarterly segment operating margin improvement in all segments: 16.4% full-year segment margin is all-time high Book-to bill ends at 1.03; Strong cash flow performance in Q4 Q4 Q4/Q4 2009 FY $1.99 FY $3.74 2010 FY FY/FY * Includes discrete tax benefits of $0.15 EPS in Q2 2009, $0.20 EPS in Q3 2010 and $0.07 in Q4 2010 (a) See Dover's website for a reconciliation to GAAP.	

 

4 Revenue Q4 2010 Industrial Products Engineered Systems Fluid Management Electronic Technologies Total Dover Organic 18% 14% 28% 41% 23% Acquisitions 1% 4% 4% 1% 2% Currency - (2%) (1%) (3%) (1%) Total 19% 16% 31% 39% 24% FY 2010 Industrial Products Engineered Systems Fluid Management Electronic Technologies Total Dover Organic 14% 12% 25% 39% 20% Acquisitions - 8% 3% 1% 4% Currency - - 1% (1%) - Total 14% 20% 29% 39% 24%	

 

5 Sequential Results - Q4 10 / Q3 10 Material Handling Fluid Solutions Mobile Equipment Energy Product Identification Engineered Products ^ 3% ^ 12% ^ 16% Electronic Technologies	

 

6 Industrial Products Broad-based revenue growth in Material Handling driven by infrastructure and energy activity Margin improvements driven by volume increases and leverage on productivity initiatives Quarterly bookings up 22% were broad-based, including recovering trailer markets Recovering markets resulted in book-to-bill of 1.09 $ in millions Q4 2010 Q4 2009 % Change Revenue $485 $408 +19% Earnings $ 54 $ 42 +30% Margin 11.2% 10.2% ^ 100 bps Bookings $527 $433 +22% Quarterly Comments FY 2010 FY 2009 % Change Revenue $1,848 $1,622 +14% Earnings $ 226 $ 140 +61% Margin 12.3% 8.6% ^ 370 bps Bookings $1,931 $1,488 +30%	

 

7 Engineered Systems Revenue gains driven by Hill Phoenix, Product ID and Belvac Operating margin reflects improved conversion at both platforms, partially offset by material cost increases at SWEP Product ID continues to perform well in developing economies; while Hill Phoenix did experience anticipated seasonality •Hill Phoenix order rates accelerated through the fourth quarter; segment book-to-bill is 1.05 $ in millions Quarterly Comments Q4 2010 Q4 2009 % Change Revenue $548 $473 +16% Earnings $ 71 $ 48 +47% Margin 13.0% 10.2% ^280 bps Bookings $573 $487 +18% FY 2010 FY 2009 % Change Revenue $2,230 $1,862 +20% Earnings $ 302 $ 227 +33% Margin 13.5% 12.2% ^130 bps Bookings $2,311 $1,835 +26%	

 

8 Fluid Management Revenue growth driven by NA rig count growth, gains in oil prices, horizontal drilling activity and strong international pump sales Operating margin improved to 23.6% on volume gains and favorable mix Fluid Solutions markets, such as chemical, sanitary and retail refueling continue exhibiting broad-based recovery Book-to-bill of 1.00 reflects steady demand in most served markets; business fundamentals remain strong $ in millions Quarterly Comments Q4 2010 Q4 2009 % Change Revenue $439 $336 +31% Earnings $103 $ 68 +53% Margin 23.6% 20.1% ^ 350 bps Bookings $437 $346 +26% FY 2010 FY 2009 % Change Revenue $1,640 $1,271 +29% Earnings $ 388 $ 259 +50% Margin 23.7% 20.4% ^ 330 bps Bookings $1,652 $1,255 +32%	

 

9 Electronic Technologies Revenue growth driven by strong demand for electronic assembly equipment, MEMS microphones, and Solar equipment Operating margin of 18.8% resulting from strong leverage on higher volume and improved cost base Continued interest in Solar offering and active mobile communications market provide healthy environment Year-over-year bookings in equipment companies show normal seasonality, resulting in overall book-to-bill of 0.96 $ in millions Quarterly Comments Q4 2010 Q4 2009 % Change Revenue $406 $292 +39% Earnings $ 76 $ 40 +92% Margin 18.8% 13.6% ^ 520 bps Bookings $390 $305 +28% FY 2010 FY 2009 % Change Revenue $1,424 $1,027 +38% Earnings $ 250 $ 84 ^199% Margin 17.6% 8.1% ^950 bps Bookings $1,545 $1,055 +46%	

 

Q4 2010 Overview Q4 2010 FY 2010 Net Interest Expense $26 million, essentially flat with last year $106 million, up $6 million from last year driven by lower yields on cash investments Corporate Expense $35 million, up $6 million from prior year, reflecting higher accruals $136 million, up $17 million from last year. Reflects relocation expense, comp. & benefits and higher accruals Effective Tax Rate (ETR) Rate was 21.4%. Reflects $0.05 EPS benefit on resolution of certain domestic tax matters, and $0.02 EPS benefit related to enactment of legislation Rate of 23.5% impacted by tax benefits of $0.20 EPS in Q3, Q4 tax benefits of $0.07 and favorable mix of foreign earnings 10	

 

11 2011 Guidance Revenue: Core revenue: ^ 6% - 8% Acquisitions: ^ 3% Total revenue: ^ 9% - 11% Corporate expense: ^ $135 million Interest expense: ^ $106 million Full-year tax rate: ^ 28% - 29% Capital expenditures: ^ 2.8% - 3.0% of rev. Free cash flow for full year: ^ 10% - 11% of rev.	

 

12 2011 EPS Guidance Bridge - Cont. Ops 2010 EPS - Continuing Ops $3.74 Less 2010 tax benefits: ($0.27) 2010 Adjusted EPS - Continuing Ops $3.47 Volume, mix, price (inc. FX): $0.40 - $0.58 Acquisitions: $0.08 - $0.09 Net benefits of productivity: $0.23 - $0.28 Investment / Compensation: ($0.14 - $0.18) Corporate expense - Interest: - Other (inc. Shares &Tax): ^ $0.01 2011 EPS - Continuing Ops $4.05 - $4.25 2011 EPS increases 17% - 22% over adjusted 2010 EPS