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 17, 2014 
________________________________
 
DOVER CORPORATION
(Exact name of registrant as specified in its charter)
________________________________

 	
 	 	 	
State of Delaware	1-4018	53-0257888	
(State or other jurisdiction of incorporation)	 (Commission File Number)	(I.R.S. Employer Identification No.)	
 	 	 	
3005 Highland Parkway	 	 	
Downers Grove, Illinois	 	60515	
(Address of principal executive offices)	 	(Zip Code)	
(630) 541-1540
(Registrant’s telephone number, including area code)
 
______________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 	 	
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 	

Item 2.02 Results of Operations and Financial Condition.
 
On July 17, 2014, Dover Corporation (i) issued the Press Release attached hereto as Exhibit 99.1 announcing its results of operations for the quarter ended June 30, 2014; and (ii) posted on its website at
http://www.dovercorporation.com the presentation slides attached hereto as Exhibit 99.2 for the quarter ended June 30, 2014.
 
The information in this Current Report on Form 8-K, including exhibits, is being furnished to the Securities and Exchange Commission (the “SEC”) and shall not be deemed to be incorporated by reference into any of Dover’s filings with the SEC under the Securities Act of 1933.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are furnished as part of this report:
 
99.1 Dover Corporation Press Release dated July 17, 2014.
99.2 Presentation Slides posted on Dover Corporation’s website at http://www.dovercorporation.com.

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

 	 	 	 	
Date:	July 17, 2014	DOVER CORPORATION	 	
 	 	(Registrant)	 	
 	 	 	 	 	
 	 	By:	/s/ Ivonne M. Cabrera	 	
 	 	 	Ivonne M. Cabrera	 	
 	 	 	Senior Vice President, General Counsel & Secretary	 	

EXHIBIT INDEX

Number	 	Exhibit	
99.1	 	Press Release of Dover Corporation dated July 17, 2014	
 	 	 	
99.2	 	Presentation Slides posted on Dover Corporation’s website at http://www.dovercorporation.com	

Exhibit 99.1

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

DOVER REPORTS SECOND QUARTER 2014 RESULTS AND
RAISES FULL YEAR GUIDANCE
 	 	
•	Reports quarterly revenue of $2.0 billion, an increase of 6% over the prior year	
 	 	
•	Achieves quarterly diluted earnings per share from continuing operations of $1.29, up 14% from an adjusted prior year	
 	 	
•	Generates bookings growth of 11%	
 	 	
•	Raises guidance for 2014 full year diluted earnings per share from continuing operations to $4.75 to $4.85	

Downers Grove, Illinois, July 17, 2014 — Dover (NYSE: DOV) announced today that for the second quarter ended June 30, 2014, revenue was $2.0 billion, an increase of 6% over the prior year. The revenue increase was driven by organic growth of 3% and an increase of 3% from acquisitions. Earnings from continuing operations were $217.4 million, or $1.29 diluted earnings per share (“EPS”), compared to $258.1 million, or $1.49 EPS, in the prior year period, representing decreases of 16% and 13%, respectively. Excluding discrete tax benefits of $0.36 recognized in the prior year, EPS from continuing operations for the second quarter of 2014 increased 14% over an adjusted EPS of $1.13 in the prior year period.

Revenue for the six months ended June 30, 2014 was $3.9 billion, an increase of 6% over the prior year, reflecting organic growth of 3% and a 3% increase from acquisitions. Earnings from continuing operations for the six months ended June 30, 2014 were $393.8 million, or $2.31 EPS, compared to $425.3 million, or $2.44 EPS in the prior year period, representing decreases of 7% and 5%, respectively. EPS from continuing operations during this period includes discrete tax benefits of $0.01 EPS compared to $0.38 EPS in the prior year. Excluding these items, adjusted EPS from continuing operations for the six months ended June 30, 2014 was $2.30, an increase of 12% over an adjusted EPS of $2.06 in the prior year.

Commenting on the second quarter results, Dover's President and Chief Executive Officer, Robert A. Livingston, said, “Our second quarter results reflect the positive momentum we continue to experience across the majority of our businesses. Second quarter results were driven by solid revenue and earnings growth in our Fluids, Engineered Systems and Energy segments. We also generated strong broad-based order activity across all segments, resulting in total bookings growth of 11%. Overall, we are pleased with our performance in the first half of 2014, and our growing bookings and backlog reflect more positive market conditions. Combined, these factors give us confidence to raise our full year outlook."

“We made significant progress on a number of initiatives during the quarter. In particular, we completed the move to our consolidated manufacturing centers in Houston and Atlanta which will provide increased productivity and enhanced customer service capabilities for our Energy and Refrigeration & Food Equipment segments. Our companies continued to execute on core

competencies including actively developing and delivering products and solutions that enable our customers to compete more effectively and profitably. Also, our acquisition pipeline developed quite nicely in the quarter, including several opportunities that are highly complementary to our existing businesses. We expect to close on some of these acquisitions in the coming quarters.”

“Looking at the full year, we now expect organic growth to be about 4%, near the high end of our previously communicated range of 3% to 4%, principally driven by a more favorable mix. Completed acquisitions will provide 3% growth, resulting in total revenue growth at the high end of our 6% to 7% range. Our full year segment margin forecast of around 18% remains unchanged. As a result of these factors, we now expect our full year EPS to be in the range of $4.75 to $4.85.”

Net earnings for the second quarter of 2014 were $214.0 million, or $1.27 EPS, which included a net loss from discontinued operations of $3.5 million, or $0.02 EPS compared to net earnings of $330.0 million, or $1.91 EPS, for the same period of 2013, which included earnings from discontinued operations of $72.0 million, or $0.42 EPS.

Net earnings for the six months ended June 30, 2014 were $374.1 million, or $2.19 EPS, compared to net earnings of $540.1 million, or $3.10 EPS, for the same period of 2013. 2014 results reflected a net loss from discontinued operations of $19.7 million, or $0.12 EPS, which included $26.7 million in spin off costs. 2013 results reflected earnings from discontinued operations of $114.8 million or $0.66 EPS, which included spin off costs of $3.3 million.

Dover will host a webcast of its second quarter 2014 conference call at 10:00 A.M. Eastern Time (9:00 A.M. Central Time) on Thursday, July 17, 2014. The webcast can be accessed on the Dover website at www.dovercorporation.com. The conference call will also be made available for replay on the website. Additional information on Dover’s 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$8 billion. We deliver innovative equipment and components, specialty systems and support services through four major operating segments: Energy, Engineered Systems, Fluids, and Refrigeration & Food Equipment. Dover combines global scale with operational agility to lead the markets we serve.  Recognized for our entrepreneurial approach for nearly 60 years, our team of 28,000 employees takes an ownership mindset, collaborating with customers to redefine what’s possible.  Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under “DOV.” Additional information is available at www.dovercorporation.com.

Forward-Looking Statements:

This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements relate to, among other things, operating and strategic plans, income, earnings, cash flows, changes in operations and operating improvements. Forward-looking statements 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 ability of Dover's businesses to expand into new geographic markets, particularly outside of North America and Europe; Dover's ability to identify and successfully consummate value-adding acquisition opportunities; Dover's ability to achieve expected savings from integration and synergies from existing businesses and future acquisitions, and other cost-

control initiatives, such as lean and productivity programs; changes in customer demand or the impact of loss of a significant customer, or loss or non-renewal of significant contracts; the ability of Dover's businesses to develop and launch new products, timing of such launches and risks relating to market acceptance by customers; the relative mix of products and services which impacts margins and operating efficiencies; economic conditions generally and changes in economic conditions globally and in markets served by Dover businesses, including well activity, US industrials activity and the status of economic recovery in Europe; the impact of natural disasters and their effect on global supply chains and energy markets; instability in countries where Dover conducts business; increased competition and pricing pressures in the markets served by Dover's businesses; the impact of loss of a single-source manufacturing facility on our businesses that use the facility; short-term capacity constraints; increases in the cost of raw materials; domestic and foreign governmental and public policy changes or developments, 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 impact of regulation and regulatory and legal matters and legal compliance risks; the impact of interest rate and currency exchange rate fluctuations; conditions and events affecting domestic and global financial and capital markets; possible future terrorist threats and their effect on the worldwide economy; and a downgrade in Dover's credit ratings which, among other matters, could make obtaining financing more difficult and costly. 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 2014

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

 	Three Months Ended June 30,	 	Six Months Ended June 30,	
 	2014	 	2013	 	2014	 	2013	
Revenue	$	2,047,738	
 	 	$	1,932,411	
 	 	$	3,932,385	
 	 	$	3,696,388	
 	
Cost of goods and services	1,251,321	
 	 	1,176,593	
 	 	2,399,759	
 	 	2,258,952	
 	
Gross profit	796,417	
 	 	755,818	
 	 	1,532,626	
 	 	1,437,436	
 	
Selling and administrative expenses	456,115	
 	 	435,620	
 	 	908,397	
 	 	852,057	
 	
Operating earnings	340,302	
 	 	320,198	
 	 	624,229	
 	 	585,379	
 	
Interest expense, net	31,967	
 	 	30,232	
 	 	64,632	
 	 	60,516	
 	
Other (income) expense, net	(6,042	)	 	1,647	
 	 	(5,686	)	 	(1,242	)	
Earnings before provision for income taxes and discontinued operations	314,377	
 	 	288,319	
 	 	565,283	
 	 	526,105	
 	
Provision for income taxes	96,934	
 	 	30,261	
 	 	171,516	
 	 	100,834	
 	
Earnings from continuing operations	217,443	
 	 	258,058	
 	 	393,767	
 	 	425,271	
 	
(Loss) earnings from discontinued operations, net	(3,484	)	 	71,991	
 	 	(19,670	)	 	114,781	
 	
Net earnings	$	213,959	
 	 	$	330,049	
 	 	$	374,097	
 	 	$	540,052	

Basic earnings per common share:	 	 	 	 	 	 	 	
Earnings from continuing operations	$	1.31	
 	 	$	1.51	
 	 	$	2.34	
 	 	$	2.47	
 	
Earnings (loss) from discontinued operations, net	(0.02	)	 	0.42	
 	 	(0.12	)	 	0.67	
 	
Net earnings	1.29	
 	 	1.93	
 	 	2.23	
 	 	3.13	

Weighted average shares outstanding	166,474	 	171,111	 	168,103	 	172,273	
 	 	 	 	 	 	 	 	
Diluted earnings per common share:	 	 	 	 	 	 	 	
Earnings from continuing operations	$	1.29	
 	 	$	1.49	
 	 	$	2.31	
 	 	$	2.44	
 	
Earnings (loss) from discontinued operations, net	(0.02	)	 	0.42	
 	 	(0.12	)	 	0.66	
 	
Net earnings	1.27	
 	 	1.91	
 	 	2.19	
 	 	3.10	

Weighted average shares outstanding	168,857	 	173,097	 	170,450	 	174,325	
 	 	 	 	 	 	 	 	
Dividends paid per common share	$	0.375	
 	 	$	0.35	
 	 	$	0.75	
 	 	$	0.70	

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

 	2014	 	2013	
 	Q1	Q2	Q2 YTD	 	Q1	Q2	Q2 YTD	Q3	Q4	FY 2013	
REVENUE	 	 	 	 	 	 	 	 	 	 	
Energy	$	478,773	
 	$	481,016	
 	$	959,789	
 	 	$	462,679	
 	$	465,906	
 	$	928,585	
 	$	467,688	
 	$	457,580	
 	$	1,853,853	

Engineered Systems	 	 	 	 	 	 	 	 	 	 	
Printing & Identification	263,533	
 	287,300	
 	550,833	
 	 	237,869	
 	250,616	
 	488,485	
 	256,565	
 	276,672	
 	1,021,722	
 	
Industrials	386,245	
 	411,673	
 	797,918	
 	 	367,456	
 	388,810	
 	756,266	
 	385,640	
 	374,934	
 	1,516,840	
 	
 	649,778	
 	698,957	
 	1,348,735	
 	 	605,325	
 	639,426	
 	1,244,751	
 	642,205	
 	651,606	
 	2,538,562	

Fluids	345,009	
 	346,275	
 	691,284	
 	 	273,638	
 	310,137	
 	583,775	
 	309,241	
 	343,822	
 	1,236,838	

Refrigeration & Food Equipment	411,493	
 	522,357	
 	933,850	
 	 	422,468	
 	517,574	
 	940,042	
 	521,322	
 	426,476	
 	1,887,840	

Intra-segment eliminations	(406	)	(867	)	(1,273	)	 	(133	)	(632	)	(765	)	(245	)	(430	)	(1,440	)	
Total consolidated revenue	$	1,884,647	
 	$	2,047,738	
 	$	3,932,385	
 	 	$	1,763,977	
 	$	1,932,411	
 	$	3,696,388	
 	$	1,940,211	
 	$	1,879,054	
 	$	7,515,653	

NET EARNINGS	 	 	 	 	 	 	 	 	 	 	
Segment Earnings:	 	 	 	 	 	 	 	 	 	 	
Energy	$	118,968	
 	$	114,991	
 	$	233,959	
 	 	$	118,708	
 	$	109,662	
 	$	228,370	
 	$	119,086	
 	$	112,193	
 	$	459,649	
 	
Engineered Systems	92,320	
 	112,422	
 	204,742	
 	 	83,283	
 	102,804	
 	186,087	
 	111,850	
 	101,511	
 	399,448	
 	
Fluids	57,942	
 	63,112	
 	121,054	
 	 	47,601	
 	58,768	
 	106,369	
 	63,056	
 	55,098	
 	224,523	
 	
Refrigeration & Food Equipment	44,862	
 	84,926	
 	129,788	
 	 	52,110	
 	82,177	
 	134,287	
 	86,446	
 	46,574	
 	267,307	
 	
Total Segments	314,092	
 	375,451	
 	689,543	
 	 	301,702	
 	353,411	
 	655,113	
 	380,438	
 	315,376	
 	1,350,927	
 	
Corporate expense / other	30,521	
 	29,107	
 	59,628	
 	 	33,632	
 	34,860	
 	68,492	
 	32,532	
 	28,752	
 	129,776	
 	
Net interest expense	32,665	
 	31,967	
 	64,632	
 	 	30,284	
 	30,232	
 	60,516	
 	30,236	
 	29,920	
 	120,672	
 	
Earnings from continuing operations before provision for income taxes	250,906	
 	314,377	
 	565,283	
 	 	237,786	
 	288,319	
 	526,105	
 	317,670	
 	256,704	
 	1,100,479	
 	
Provision for income taxes	74,582	
 	96,934	
 	171,516	
 	 	70,573	
 	30,261	
 	100,834	
 	91,435	
 	74,138	
 	266,407	
 	
Earnings from continuing operations	176,324	
 	217,443	
 	393,767	
 	 	167,213	
 	258,058	
 	425,271	
 	226,235	
 	182,566	
 	834,072	
 	
(Loss) earnings from discontinued operations, net	(16,186	)	(3,484	)	(19,670	)	 	42,790	
 	71,991	
 	114,781	
 	42,879	
 	11,397	
 	169,057	
 	
Net earnings	$	160,138	
 	$	213,959	
 	$	374,097	
 	 	$	210,003	
 	$	330,049	
 	$	540,052	
 	$	269,114	
 	$	193,963	
 	$	1,003,129	

SEGMENT OPERATING MARGIN	 	 	 	 	 	 	 	 	
Energy	24.8	%	23.9	%	24.4	%	 	25.7	%	23.5	%	24.6	%	25.5	%	24.5	%	24.8	%	
Engineered Systems	14.2	%	16.1	%	15.2	%	 	13.8	%	16.1	%	14.9	%	17.4	%	15.6	%	15.7	%	
Fluids	16.8	%	18.2	%	17.5	%	 	17.4	%	18.9	%	18.2	%	20.4	%	16.0	%	18.2	%	
Refrigeration & Food Equipment	10.9	%	16.3	%	13.9	%	 	12.3	%	15.9	%	14.3	%	16.6	%	10.9	%	14.2	%	
Total Segment	16.7	%	18.3	%	17.5	%	 	17.1	%	18.3	%	17.7	%	19.6	%	16.8	%	18.0	%	
 	 	 	 	 	 	 	 	 	 	 	
DEPRECIATION AND AMORTIZATION EXPENSE	 	 	 	 	 	 	 	 	
Energy	$	25,575	
 	$	25,807	
 	$	51,382	
 	 	$	24,448	
 	$	24,714	
 	$	49,162	
 	$	24,707	
 	$	25,206	
 	$	99,075	
 	
Engineered Systems	18,977	
 	19,028	
 	38,005	
 	 	17,450	
 	17,885	
 	35,335	
 	18,110	
 	18,137	
 	71,582	
 	
Fluids	16,366	
 	15,308	
 	31,674	
 	 	11,361	
 	11,570	
 	22,931	
 	11,790	
 	14,091	
 	48,812	
 	
Refrigeration & Food Equipment	17,212	
 	17,451	
 	34,663	
 	 	16,585	
 	16,611	
 	33,196	
 	16,962	
 	17,070	
 	67,228	
 	
Corporate	869	
 	999	
 	1,868	
 	 	858	
 	1,029	
 	1,887	
 	1,030	
 	944	
 	3,861	
 	
 	$	78,999	
 	$	78,593	
 	$	157,592	
 	 	$	70,702	
 	$	71,809	
 	$	142,511	
 	$	72,599	
 	$	75,448	
 	$	290,558	

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

 	2014	 	2013	
 	Q1	Q2	Q2 YTD	 	Q1	Q2	Q2 YTD	Q3	Q4	FY 2013	
BOOKINGS	 	 	 	 	 	 	 	 	 	 	
Energy	$	478,469	
 	$	477,162	
 	$	955,631	
 	 	$	515,388	
 	$	416,892	
 	$	932,280	
 	$	481,021	
 	$	440,261	
 	$	1,853,562	

Engineered Systems	 	 	 	 	 	 	 	 	 	 	
Printing & Identification	282,867	
 	282,326	
 	565,193	
 	 	237,291	
 	259,380	
 	496,671	
 	256,210	
 	270,392	
 	1,023,273	
 	
Industrials	427,557	
 	409,815	
 	837,372	
 	 	405,555	
 	396,886	
 	802,441	
 	344,764	
 	371,797	
 	1,519,002	
 	
Eliminations	(17	)	(17	)	(34	)	 	(82	)	(129	)	(211	)	(5	)	279	
 	63	
 	
 	710,407	
 	692,124	
 	1,402,531	
 	 	642,764	
 	656,137	
 	1,298,901	
 	600,969	
 	642,468	
 	2,542,338	

Fluids	362,943	
 	375,009	
 	737,952	
 	 	303,609	
 	298,817	
 	602,426	
 	307,729	
 	351,767	
 	1,261,922	

Refrigeration & Food Equipment	493,731	
 	542,810	
 	1,036,541	
 	 	482,742	
 	515,320	
 	998,062	
 	433,426	
 	450,850	
 	1,882,338	

Intra-segment eliminations	(506	)	(1,090	)	(1,596	)	 	(560	)	(708	)	(1,268	)	(416	)	734	
 	(950	)	
 	 	 	 	 	 	 	 	 	 	 	
Total consolidated bookings	$	2,045,044	
 	$	2,086,015	
 	$	4,131,059	
 	 	$	1,943,943	
 	$	1,886,458	
 	$	3,830,401	
 	$	1,822,729	
 	$	1,886,080	
 	$	7,539,210	

BACKLOG	 	 	 	 	 	 	 	 	 	 	
Energy	$	210,846	
 	$	206,415	
 	 	 	$	274,733	
 	$	218,764	
 	 	$	233,820	
 	$	206,790	

Engineered Systems	 	 	 	 	 	 	 	 	 	 	
Printing & Identification	136,309	
 	135,872	
 	 	 	95,353	
 	103,864	
 	 	105,699	
 	100,032	
 	 	
Industrials	414,979	
 	413,119	
 	 	 	415,478	
 	421,834	
 	 	379,457	
 	374,008	
 	 	
 	551,288	
 	548,991	
 	 	 	510,831	
 	525,697	
 	 	485,155	
 	474,040	

Fluids	328,617	
 	348,508	
 	 	 	222,255	
 	228,212	
 	 	228,880	
 	310,330	

Refrigeration & Food Equipment	431,298	
 	450,065	
 	 	 	417,246	
 	412,366	
 	 	324,042	
 	347,004	

Intra-segment eliminations	(374	)	(212	)	 	 	(385	)	(526	)	 	(387	)	(592	)	 	
 	 	 	 	 	 	 	 	 	 	 	
Total consolidated backlog	$	1,521,675	
 	$	1,553,767	
 	 	 	$	1,424,680	
 	$	1,384,513	
 	 	$	1,271,510	
 	$	1,337,572	

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

 	2014	 	2013	
 	Q1	Q2	Q2 YTD	 	Q1	Q2	Q2 YTD	Q3	Q4	FY 2013	
Basic earnings (loss) per common share:	 	 	 	 	 	 	 	
Continuing operations	$	1.04	
 	$	1.31	
 	$	2.34	
 	 	$	0.96	
 	$	1.51	
 	$	2.47	
 	$	1.33	
 	$	1.07	
 	$	4.87	
 	
Discontinued operations	(0.10	)	(0.02	)	(0.12	)	 	0.25	
 	0.42	
 	0.67	
 	0.25	
 	0.07	
 	0.99	
 	
Net earnings	0.94	
 	1.29	
 	2.23	
 	 	1.21	
 	1.93	
 	3.13	
 	1.58	
 	1.14	
 	5.86	

Diluted earnings (loss) per common share:	 	 	 	 	 	 	 	
Continuing operations	$	1.02	
 	$	1.29	
 	$	2.31	
 	 	$	0.95	
 	$	1.49	
 	$	2.44	
 	$	1.31	
 	$	1.06	
 	$	4.81	
 	
Discontinued operations	(0.09	)	(0.02	)	(0.12	)	 	0.24	
 	0.42	
 	0.66	
 	0.25	
 	0.07	
 	0.97	
 	
Net earnings	0.93	
 	1.27	
 	2.19	
 	 	1.20	
 	1.91	
 	3.10	
 	1.56	
 	1.13	
 	5.78	

Adjusted diluted earnings per common share (calculated below):	
Continuing operations	$	1.01	
 	$	1.29	
 	$	2.30	
 	 	$	0.93	
 	$	1.13	
 	$	2.06	
 	$	1.25	
 	$	1.02	
 	$	4.33	

Net earnings (loss) and average shares used in calculated earnings (loss) per share amounts are as follows:	
 	 	 	 	 	 	 	 	 	 	 	
Net earnings (loss):	 	 	 	 	 	 	 	 	 	 	
Continuing operations	$	176,324	
 	$	217,443	
 	$	393,767	
 	 	$	167,213	
 	$	258,058	
 	$	425,271	
 	$	226,235	
 	$	182,566	
 	$	834,072	
 	
Discontinued operations	(16,186	)	(3,484	)	(19,670	)	 	42,790	
 	71,991	
 	114,781	
 	42,879	
 	11,397	
 	169,057	
 	
Net earnings	160,138	
 	213,959	
 	374,097	
 	 	210,003	
 	330,049	
 	540,052	
 	269,114	
 	193,963	
 	1,003,129	

Average shares outstanding:	 	 	 	 	 	 	 	
Basic	169,750	
 	166,474	
 	168,103	
 	 	173,448	
 	171,111	
 	172,273	
 	170,544	
 	170,027	
 	171,271	
 	
Diluted	172,013	
 	168,857	
 	170,450	
 	 	175,567	
 	173,097	
 	174,325	
 	172,734	
 	172,265	
 	173,547	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Note:	 	 	 	 	 	 	 	 	 	 	
Earnings from continuing operations are adjusted by discrete tax items and other one-time gains to derive adjusted earnings from continuing operations and adjusted diluted earnings per common share as follows:	
 	 	 	 	 	 	 	 	 	 	 	
 	2014	 	2013	
 	Q1	Q2	Q2 YTD	 	Q1	Q2	Q2 YTD	Q3	Q4	FY 2013	
Adjusted earnings from continuing operations:	 	 	 	 	 	 	 	
Earnings from continuing operations	$	176,324	
 	$	217,443	
 	$	393,767	
 	 	$	167,213	
 	$	258,058	
 	$	425,271	
 	$	226,235	
 	$	182,566	
 	$	834,072	
 	
Gains (losses) from discrete and other tax items	2,541	
 	(636	)	1,905	
 	 	4,343	
 	61,477	
 	65,820	
 	7,751	
 	6,084	
 	79,655	
 	
Other one-time gains, net of tax	—	
 	—	
 	—	
 	 	—	
 	—	
 	 	2,866	
 	—	
 	2,866	
 	
Adjusted earnings from continuing operations	$	173,783	
 	$	218,079	
 	$	391,862	
 	 	$	162,870	
 	$	196,581	
 	$	359,451	
 	$	215,618	
 	$	176,482	
 	$	751,551	

Adjusted diluted earnings per common share:	 	 	 	 	 	 	 	
Earnings from continuing operations	$	1.02	
 	$	1.29	
 	$	2.31	
 	 	$	0.95	
 	$	1.49	
 	$	2.44	
 	$	1.31	
 	$	1.06	
 	$	4.81	
 	
Gains from discrete and other tax items	0.01	
 	—	
 	0.01	
 	 	0.02	
 	0.36	
 	0.38	
 	0.04	
 	0.04	
 	0.46	
 	
Other one-time gains, net of tax	—	
 	—	
 	—	
 	 	—	
 	—	
 	—	
 	0.02	
 	—	
 	0.02	
 	
Adjusted earnings from continuing operations	$	1.01	
 	$	1.29	
 	$	2.30	
 	 	$	0.93	
 	$	1.13	
 	$	2.06	
 	$	1.25	
 	$	1.02	
 	$	4.33	

* Per share data may not add due to rounding.	 	 	 	 	 	 	 	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	2014	 	2013	
 	Q1	Q2	Q2 YTD	 	Q1	Q2	Q2 YTD	Q3	Q4	FY 2013	
Cash flow from operating activities	$	39,778	
 	$	197,696	
 	$	237,474	
 	 	$	57,713	
 	$	249,388	
 	$	307,101	
 	$	281,336	
 	$	424,713	
 	$	1,013,150	
 	
Less: Additions to property, plant and equipment	(33,402	)	(43,924	)	(77,326	)	 	(26,326	)	(32,017	)	(58,343	)	(39,644	)	(47,579	)	(145,566	)	
Free cash flow	$	6,376	
 	$	153,772	
 	$	160,148	
 	 	$	31,387	
 	$	217,371	
 	$	248,758	
 	$	241,692	
 	$	377,134	
 	$	867,584	

Free cash flow as a percentage of earnings from continuing operations	3.6	%	70.7	%	40.7	%	 	18.8	%	84.2	%	58.5	%	106.8	%	206.6	%	104.0	%	
 	 	 	 	 	 	 	 	 	 	 	
Free cash flow as a percentage of revenue	0.3	%	7.5	%	4.1	%	 	1.8	%	11.2	%	6.7	%	12.5	%	20.1	%	11.5	%	

Earnings Conference Call Second Quarter 2014 July 17, 2014 – 9:00am CT

 

2 Forward looking statements We want to remind everyone that our comments may contain forward-looking statements that are inherently subject to uncertainties and risks. We caution everyone to be guided in their analysis of Dover Corporation by referring to the documents we file from time to time with the SEC, including our Form 10-K for 2013 and our Form 10-Q for the second quarter of 2014, 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 website, www.dovercorporation.com, where considerably more information can be found. 2

 

3 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 Q1* Q2* Q3* Q4* Q1* Q2 Q2 2014 Performance Adjusted Earnings Per Share* (continuing operations) Q2 Q2/Q2 * Excludes discrete & other tax benefits of $0.02 in Q1 2013, $0.36 in Q2 2013, $0.04 in Q3 2013, $0.04 in Q4 2013, and $0.01 in Q1 2014; excludes other one-time gains of $0.02 in Q3 2013 (a) See Press Release for free cash flow reconciliation 3 Quarterly Comments 2013 2014  Solid revenue growth is led by Fluids, Engineered Systems and Energy  United States, Europe and Asia markets were strong; Latin America and Brazil were soft  Segment margin of 18.3% as expected, impacted 40 bps by the impact of recent acquisitions  Bookings growth of 11% is broad-based across all segments  Book-to-bill of 1.02 is seasonally strong Revenue $2.0B 6% $3.9B 6% Adj. EPS (cont.) $1.29 14% $2.30 12% Bookings $2.1B 11% $4.1B 8% Seg. Margins 18.3% Flat 17.5% -20 bps Organic Rev. 3% 3% Acq. Growth 3% 3% FCF (a) $154M -29% $160M -36% 1H 1H/1H

 

4 Revenue Q2 2014 Energy Engineered Systems Fluids Refrigeration & Food Equip Total Organic 3% 5% 2% 1% 3% Acquisitions 1% 4% 9% - 3% Currency -1% - 1% - - Total 3% 9% 12% 1% 6% 1H 2014 Energy Engineered Systems Fluids Refrigeration & Food Equip Total Organic 3% 5% 7% -1% 3% Acquisitions 1% 3% 10% - 3% Currency -1% - 1% - - Total 3% 8% 18% -1% 6%

 

5 Printing & ID Industrial $428 $410 $478 $477 $283 $282 $363 $375 $494 $543 $0 $200 $400 $600 $800 DE Q1 DE Q2 DES Q1 DES Q2 DF Q1 DF Q2 DRE Q1 DRE Q2 Sequential Results – Q1 2014 → Q2 2014 5 $386 $412 $479 $481 $264 $287 $345 $346 $411 $522 $0 $200 $400 $600 $800 DE Q1 DE Q2 DES Q1 DES Q2 DF Q1 DF Q2 DRE Q1 DRE Q2 Revenue Flat ↑ 10% ↑ 27% ↑ 3% Flat ↓ 3% ↑8% Flat Bookings

 

6 Energy  Drilling & Production revenue growth was strong in core U.S. markets; partially offset by tough comps related to Australian activity  Bearings & Compression results impacted by softness in bearings relating to OEM build rates  Overall margin remains strong and in-line with expectations at 23.9%  Bookings growth of 15% was broad-based  Book-to-bill at 0.99 6 Q2 2014 Q2 2013 % Change Revenue $481 $466 3% Earnings $115 $110 5% Margin 23.9% 23.5% 40 bps Bookings $477 $417 15% Revenue by End-Market % of Q2 Revenue Y / Y Growth Drilling & Production 82% 5% Bearings & Compression 18% -3% $ in millions

 

7 Engineered Systems  Revenue growth is broad- based in Printing & Identification with very strong results in the US and Europe  Revenue growth in Industrial is led by environmental solutions and vehicle services businesses  Margin was steady at 16.1%; the benefits of productivity and volume leverage offset product mix and acquisition headwind  Broad-based bookings growth  Book-to-bill of 0.99 7 Q2 2014 Q2 2013 % Change Revenue $699 $639 9% Earnings $112 $103 9% Margin 16.1% 16.1% Flat Bookings $692 $656 5% Revenue by End-Market % of Q2 Revenue Y / Y Growth Printing & Identification 41% 15% Industrial 59% 6% $ in millions

 

8 Fluids  Revenue growth driven by solid demand across most end-markets and acquisitions; partially offset by tough comps related to project shipments in Q2 2013  Pumps benefitting from strong demand in specialty chemical verticals; Fluid transfer benefitting from increased regulatory activity  Excluding the impact of recent acquisitions, segment margin was about 20% on volume leverage and productivity  Bookings activity remains strong across the segment  Book-to-bill at 1.08 8 Q2 2014 Q2 2013 % Change Revenue $346 $310 12% Earnings $ 63 $ 59 7% Margin 18.2% 18.9% -70 bps Bookings $375 $299 26% Revenue by End-Market % of Q2 Revenue Y / Y Growth Pumps 45% 7% Fluid Transfer 55% 15% $ in millions

 

9 Refrigeration & Food Equipment  Revenue growth driven by strong performance in Food Equipment markets; partially offset by the timing of shipments as we completed the transition to our new Atlanta manufacturing center, and soft Latin American markets  Margin improvement driven by productivity gains and favorable product mix  Bookings and backlog growth is seasonally strong  Book-to-bill at a strong 1.04 9 Q2 2014 Q2 2013 % Change Revenue $522 $518 1% Earnings $ 85 $ 82 3% Margin 16.3% 15.9% 40 bps Bookings $543 $515 5% Revenue by End-Market % of Q2 Revenue Y / Y Growth Refrigeration 77% -1% Food Equipment 23% 8% $ in millions

 

10 Q2 2014 Overview 10 Q2 2014 Net Interest Expense $32 million, up $2 million from last year and in- line with expectations Corporate Expense $29 million, down $6 million from last year, roughly in-line with expectations Effective Tax Rate (ETR) Q2 rate was 30.8%, in-line with expectations Capex $44 million, in-line with expectations Share Repurchases Repurchased 290K shares ($25M) in quarter

 

11 FY 2014 Guidance  Revenue – Organic revenue: 3% - 4% – Completed acquisitions: ≈ 3% – Total revenue: 6% - 7%  Corporate expense: ≈ $125 million  Interest expense: ≈ $133 million  Full-year tax rate: ≈ 31.0%  Capital expenditures: ≈ 2.5% of revenue  FY free cash flow: ≈ 11% of revenue 2014 Organic growth rate Energy ≈ 5% Engineered Systems 4% - 5% Fluids 4% - 5% Refrigeration & Food Equipment 1% - 2% Total organic 3% - 4% Acquisitions ≈ 3% (a) Total growth 6% - 7% (a) Reflects completed acquisitions

 

12 2014 EPS Guidance Bridge – Continuing Ops  2013 EPS – Continuing Ops $ 4.81 – Less 2013 tax benefits(1): (0.46) – Other one-times gains(2): (0.02)  2013 Adjusted EPS $ 4.33 – Volume, mix, price (inc. FX): 0.26 - 0.33 – Net benefits of productivity: 0.17 - 0.21 – Acquisitions: 0.05 - 0.06 – Investment / Compensation: (0.18 - 0.22) – Corporate expenses: 0.03 - 0.04 – Interest / Shares / Tax rate (net): 0.09 - 0.10  2014 EPS – Continuing Ops $4.75 - $4.85 (1) $0.02 in Q1 2013 , $0.36 in Q2 2013, $0.04 in Q3 2013, $0.04 in Q4 2013 (2) $0.02 in Q3 2013