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): June 11, 2014

DOVER CORPORATION
(Exact Name of Registrant as Specified in its Charter)

 
 	 	 	 	 	
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)
(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):
 
¨	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 7.01	Regulation FD Disclosure.	
Dover Corporation (the “Company” or “Dover”) will present at the William Blair Growth Stock Conference at 1:40 p.m. Eastern time on June 11, 2014. A copy of the slide presentation to be used by the Company is attached as Exhibit 99.1 to this Current Report on Form 8-K. A live audio webcast of the Company’s presentation at the conference will be available via the Company’s website (http://www.dovercorporation.com) and a replay of the webcast will be available on the website for approximately 90 days.
Exhibit 99.1 contains “forward-looking” statements within the meaning of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995. The forward-looking statements in these materials include any statements that are not historical facts. Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from current expectations. Such risk factors include, but are not limited to, market and economic conditions and changes in corporate policy. Dover refers you to the documents the Company files from time to time with the Securities and Exchange Commission, such as Dover’s periodic reports on Form 10-K and Form 10-Q and current reports on Form 8-K, for a discussion of these and other risks and uncertainties that could cause actual results to differ materially from Dover’s current expectations and from the forward-looking statements contained in these presentation materials. Dover undertakes no obligation to update any forward-looking statement, except as required by law.
The information in this report (including Exhibit 99.1) shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that Section, and shall not be incorporated by reference into any registration statement or other document filed by Dover under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
 
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 exhibit is furnished as part of this report:

99.1	  	Dover Corporation’s Presentation June 11, 2014	

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: June 11, 2014	 	 	 	DOVER CORPORATION	
 	 	 	 	 	 	(Registrant)	
 	 	 	 	 	
 	 	 	 	 	 	By:	 	/s/ Ivonne M. Cabrera	
 	 	 	 	 	 	 	 	Ivonne M. Cabrera	
 	 	 	 	 	 	 	 	Senior Vice President, General Counsel & Secretary	

EXHIBIT INDEX

Exhibit
No.	  	Description	
 	 	
99.1	  	Dover Corporation’s Presentation June 11, 2014	

Exhibit 99.1William Blair Growth Stock ConferenceBob LivingstonJune 11, 2014

2Forward looking statementsWe want to remind everyone that our comments may contain forward-lookingstatements that are inherently subject to uncertainties and risks. We cautioneveryone to be guided in their analysis of Dover Corporation by referring to thedocuments we file from time to time with the SEC, including our Form 10-K for2013 and our Form 10-Q for the first quarter of 2014, for a list of factors thatcould 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

3StrategyOur track record of success is based on:–Core technological advantages–Leading brands in the markets we serve–Commitment to industry leadership through innovation and scale–Strong focus on the customerOur deep understanding of the customer and our exceptional capabilities in providingsolutions enable us to winOur technologies and innovative products are enablers for our customers to winOur focus on people drives our performance–Develop deep bench–Move talent through organization

4Recent activities support our underlying strategy & strengthsNew segment structure to capturegrowth opportunitiesBuilding our industrial businesses–Continued to expand in our growthareasEnergy, Fluids, Refrigeration,Printing & ID all grew organicallyand through acquisition–Anthony, Finder, KPS, Fibreliteand MS all expand productbreadth and geographic reach–Our business profile is moreconsistent and focused  withsustainable higher margins4Customer intimacy–Innovate for the customerRecurring theme of deliveringefficiency and sustainability–Superior customer serviceOn-time delivery, quality, supportLeverage our scaleGenerate cashMarket share leadership–Focus on technology and innovationdrive share gains and customer loyaltyRecent ActivitiesUnderlying Strengths

5Dover has several levers for value creation5GROWTH3% -5% organically,complemented byacquisition growthMARGINExpand segmentmargin to 19%CASH FLOWGenerate free cash flow inexcess of 10% of revenueSubstantial growthopportunitiesAcceleratedproductivity initiativesSignificant balancesheet optionalityMid-term targets

6Our track record of successRevenueEBITEPSDividendsNote: Revenue and EBIT is in millions; adjusted EPS represents Dover’s earnings from continuing operations per common share adjusted for gains from discrete andother tax items of $0.17, $0.16, $0.23, $0.09 and $0.46 respectively, for 2009, 2010, 2011, 2012 and 2013, and other one-time gains of $0.02 in 2013.$0$325$650$975$1,300$0$2,000$4,000$6,000$8,00020092010201120122013Revenue & EBITRevenueEBIT$1.00$1.20$1.40$1.60$0.00$1.50$3.00$4.5020092010201120122013Adj. EPS & Dividends PaidAdj. EPSDividend per share

7Dover segments at a glanceRevenue MixRevenue MixFluidsis focused on the safe handling of criticalfluids across the oil & gas, retail fueling,chemical, hygienic and industrial end-markets.Revenue MixRefrigeration & Food Equipmentistheleadingprovider of energy efficient equipment andsystems serving the commercial refrigerationand food service industries.Revenue Mix81%19%Drilling & ProductionBearings & Compression60%40%IndustrialPrinting & Identification54%46%Fluid TransferPumps77%23%RefrigerationFood EquipmentEnergyisaleadingproviderofcustomerdriven solutions and services for safe andefficient production and processing of oil & gasworldwide, and has a strong presence in thebearings and compression components market.Engineered Systemsis focused on the design,manufacture and service of critical equipmentand components serving the printing &identification, vehicle service, waste handling,and select niche industrial end-markets.

8Growth opportunities: A look forward810%15%20%25%30%$1,000$1,200$1,400$1,600$1,800$2,0002011201220132014F$ in millionsRevenue & marginRevenueMarginEnergyGrow core business–Leverage plunger and gas lifttechnologies into international markets–Strengthen our position in fastergrowing basins–Increase OEM share in bearings andcompressionContinue to expand geographicalpresence–Significant investments in sales, fieldengineering and facilities–Increase participation in global tenders–Seek additional industry partnershipopportunitiesFill in product gaps internally and throughacquisition

9Growth opportunities: A look forward96%10%14%18%$1,200$1,600$2,000$2,400$2,8002011201220132014F$ in millionsRevenue & marginRevenueMargin–Capitalize in fast growing textile market–Grow North American and China presencein core marketsMake focused industrial investments–Concentrate on after-market customerproductivity solutions–Expand in high growth recycling andwaste-to energy marketsExtend geographic reach–Achieve YOY 10%+ growth outside the US–Growing middle class consumption andhigher operating costs driving automationsolutions in emerging marketsEngineered SystemsExpand and extend markets served inPrinting & Identification

10Growth opportunities: A look forward106%10%14%18%22%$400$800$1,200$1,6002011201220132014F$ in millionsRevenue & MarginRevenueMarginDevelop and acquire products that providecomplete solutions–Innovate around automation, energyefficiency and complianceAccess new markets through recentacquisitions–Complete “station in a box”offeringworldwide with KPS and Fibrelite–Penetrate NA plastics and oil & gasmarkets though European acquisitionsLeverage our global footprint to accelerategrowth–Grow presence in Middle East and Chinathrough Maag and Finder channels–Expand in Australia through Ebsray’sLPG and chemical pump technologiesFluids

11Growth opportunities: A look forward110%6%12%18%$500$1,000$1,500$2,0002011201220132014F$ in millionsRevenue & MarginRevenueMarginRefrigeration & Food EquipmentDevelop broader customer base–Build share with targeted accountsCapitalize on secular trends–Rising energy costs and increasinggovernment regulation are driving strongdemand for energy efficient solutionsPenetrate higher growth adjacent markets–C-store and small format stores expectedto continue above market growth rates–Capitalize on convergence of refrigerationand food equipment in supermarketsAcquire assets that expand technology andgeography–Build refrigeration capabilities in Braziland Europe; Add-ons in food equipment

12Margin enhancement through productivityGlobal supply chain–Program now in its 5 year–Continuing to leverage the scale of DoverMany spend categories are being reviewed againShared manufacturing–Several  consolidation projects are near completionHillPhoenixwillconsolidate4sitesinAtlantaarea~$3Mofannualizedsavings*Energywillcombine5sitesinHouston~$1Mofannualizedsavings*More projects are on the wayInvesting in Lean and Post-Merger Integration (“PMI”)–Adding lean resources across segments–PMI leaders driven to integrate faster with focus on near term accretion12*Annualizedsavingsover3years(2014–2016)th

13Capital allocation 2014Strong balance sheet–$486 million cash as of March 31, 2014 (primarily overseas)–$170 million in proceeds from DEK sale (expected mid-year)–StrongFYfreecashflowexpected(    11%ofrevenue)Weexpecttoraisethedividendfor59consecutiveyearCapex expected to be roughly $200 millionAcquisitions–Pipeline is activeCompleted $1 billion share repurchase program in Q1–Capacity to do more; largely dependent on how pipeline develops13th

1414Activity is solid across all segments–Energy, Engineered Systems and Fluids all performing wellWell count and rig count showing modest improvementProduct Identification, waste handling and auto service markets remain solidPlastics & petro-chemical, and Oil & gas markets drive strong results in Fluids–Refrigeration & Food Equipment seasonally ramping as anticipatedSolid FY growth expected in US and Europe; China grows at more modest levelsMargin sequentially improves in seasonally strong Q2 and Q3Targeting the high-end of our $4.60 -$4.80 EPS rangeMarket commentary