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):  October 21, 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 October 21, 2011, Dover Corporation (i) issued the press release attached hereto as Exhibit 99.1 announcing its results of operations for the quarter ended September 30, 2011; and (ii) posted on its website at http://www.dovercorporation.com  the investor supplement attached hereto as Exhibit 99.2 for the quarter ended September 30, 2011 and the presentation slides attached hereto as Exhibit 99.3 for the quarter ended September 30, 2011.
 
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 October 21, 2011.
 
99.2 Investor Supplement Posted on Dover Corporation’s Website at http://www.dovercorporation.com.
 
99.3 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: October 21, 2011	DOVER CORPORATION	 	
 	(Registrant) 	
 	 	 	 	
 	By:	/s/ Joseph W. Schmidt	 	
 	 	Joseph W. Schmidt	 	
 	 	Senior Vice President, General Counsel & Secretary	 	

                         

 
EXHIBIT INDEX
 
Number	 	Exhibit	
99.1	 	Press Release of Dover Corporation, dated October 21, 2011	
 	 	 	
99.2	 	Investor Supplement Posted on Dover Corporation’s Website at http://www.dovercorporation.com	
 	 	 	
99.3	 	Presentation Slides Posted on Dover Corporation’s Website at http://www.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 CORPORATION REPORTS THIRD QUARTER 2011 RESULTS

●	Reports revenue of $2.2 billion, an increase of 22% over the prior year	
 	 	
●	Delivers quarterly diluted earnings per share from continuing operations of $1.21	
 	 	
●	Achieves adjusted quarterly diluted earnings per share of $1.20, excluding tax benefits of $0.01, up 25% from prior year	
 	 	
●	Raises guidance for full-year earnings per share from continuing operations to $4.45 - $4.50, after adjusting for divested businesses	

Downers Grove, Illinois, October 21, 2011 — Dover Corporation (NYSE: DOV) announced today that for the third quarter ended September 30, 2011, revenue was $2.2 billion, an increase of 22% over the prior-year period.  The revenue increase was driven by organic growth of 10%, a 9% increase from acquisitions and a 3% favorable impact from foreign exchange.  Earnings from continuing operations were $228.6 million, or $1.21 diluted earnings per share (“EPS”), compared to $219.3 million, or $1.16 EPS, in the prior-year period, representing increases in both earnings from continuing operations and EPS of 4%.  Excluding the impact of tax benefits of $0.01 EPS recognized in the current quarter and $0.20 EPS recognized in the third quarter of 2010, adjusted diluted EPS from continuing operations was $1.20, an increase of 25%.
 
Revenue for the nine months ended September 30, 2011 was $6.1 billion, an increase of 22% over the prior year period, reflecting organic growth of 14%, a 6% increase from acquisitions and a 2% favorable impact from foreign exchange. Earnings from continuing operations for the nine months ended September 30, 2011 were $650.0 million, or $3.43 EPS, compared to $512.4 million, or $2.71 EPS in the prior-year period, representing increases in both earnings from continuing operations and EPS of 27%. Excluding the impact of tax benefits of $0.17 EPS in the current year and $0.20 EPS in the prior year period, adjusted diluted EPS for the nine months ended September 30, 2011 was $3.26, an increase of 30%.
 
Commenting on the third quarter results, Dover’s President and Chief Executive Officer, Robert A. Livingston, said, “I am pleased Dover delivered strong third quarter performance driven by solid organic growth supported by acquisitions. Quarterly revenue, earnings, bookings and backlog all increased over the prior year. Revenue growth of 22% was largely driven by continued strength in our energy-related markets, our strong position in the handset market and improved results in the refrigeration equipment and Product ID markets.  Our segment margin was 16.9%, notwithstanding significant one-time costs associated with our Sound Solutions acquisition. Adjusting for these costs segment margin was 17.5%.  The majority of our businesses continued to book well during the quarter, resulting in a seasonally normal book-to-bill of 0.96.”
 
“We also made important progress on our strategic initiatives.  In September, we divested the Paladin and Crenlo businesses, which was an important step in our continued efforts to focus on our higher margin growth spaces.  Further supporting the success of our strategy is the recent addition of Knowles Sound Solutions, which is off to a great start and performing at the high end of our expectations.  We were also pleased to close the Oil Lift acquisition in the quarter, further bolstering our position in the artificial lift market.”
 
“Our third quarter results were strong and we expect most of our businesses to continue to perform well.  As a result, we are maintaining our full-year 2011 revenue growth forecast of approximately 20%, which is largely unchanged from last quarter.  This forecast represents full-year organic revenue growth of around 13% with 7% growth from acquisitions.  After adjusting our full-year guidance $0.14 EPS for the operating results of Paladin and Crenlo included in our prior forecast, we are slightly raising guidance, and now expect full-year diluted EPS from continuing operations to be in the range of $4.45 - $4.50.”
 
Net earnings for the third quarter of 2011 were $172.3 million or $0.91 diluted EPS, including a net loss from discontinued operations of $56.3 million, or $0.30 EPS, compared to net earnings of $223.8 million, or $1.19 EPS, for the same period of 2010, which included a gain from discontinued operations of $4.5 million, or $0.02 EPS.  Net earnings for the nine months ended September 30, 2011 were $617.0 million, or $3.26 EPS, including a net loss from discontinued operations of $33.0 million, or $0.17 EPS, compared to net earnings of $501.8 million, or $2.66 EPS for the same period of 2010, which included a loss from discontinued operations of $10.7 million or $0.06 EPS.
 
Dover will host a webcast of its third quarter 2011 conference call at 10:30 A.M. Eastern Time (9:30 A.M. Central Time) on Friday, October 21, 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.  Additional information on Dover’s third quarter 2011 results and its operating companies can also be found on the Company website.

 

 
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, the state of the worldwide economy and sovereign credit, especially in Europe; political events that could impact the worldwide economy; the impact of natural disasters and their effect on global supply chains and energy markets; increases in the cost of raw materials; 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; changes in customer demand; the impact of loss of a single-source manufacturing facility; 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; instability in countries where Dover conducts business; 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 - THIRD QUARTER 2011
 
DOVER CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited) (in thousands, except per share figures)

 	 	Three Months Ended September 30,	 	 	Nine Months Ended September 30,	 	
 	 	2011	 	 	2010	 	 	2011	 	 	2010	 	
Revenue	 	$	2,203,388	 	 	$	1,802,158	 	 	$	6,122,287	 	 	$	5,023,750	 	
Cost of goods and services	 	 	1,381,337	 	 	 	1,111,364	 	 	 	3,786,458	 	 	 	3,065,621	 	
Gross profit	 	 	822,051	 	 	 	690,794	 	 	 	2,335,829	 	 	 	1,958,129	 	
Selling and administrative expenses	 	 	484,350	 	 	 	397,927	 	 	 	1,401,198	 	 	 	1,198,645	 	
Operating earnings	 	 	337,701	 	 	 	292,867	 	 	 	934,631	 	 	 	759,484	 	
Interest expense, net	 	 	30,048	 	 	 	26,335	 	 	 	86,468	 	 	 	80,446	 	
Other expense, net	 	 	252	 	 	 	9,786	 	 	 	2,848	 	 	 	3,836	 	
Earnings before provision for income taxes and discontinued operations	 	 	307,401	 	 	 	256,746	 	 	 	845,315	 	 	 	675,202	 	
Provision for income taxes	 	 	78,824	 	 	 	37,437	 	 	 	195,319	 	 	 	162,789	 	
Earnings from continuing operations	 	 	228,577	 	 	 	219,309	 	 	 	649,996	 	 	 	512,413	 	
(Loss) earnings from discontinued operations, net	 	 	(56,297	)	 	 	4,450	 	 	 	(33,042	)	 	 	(10,657	)	
Net earnings	 	$	172,280	 	 	$	223,759	 	 	$	616,954	 	 	$	501,756	 	

Basic earnings (loss) per common share:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from continuing operations	 	$	1.23	 	 	$	1.17	 	 	$	3.49	 	 	$	2.74	 	
(Loss) earnings from discontinued operations, net	 	 	(0.30	)	 	 	0.02	 	 	 	(0.18	)	 	 	(0.06	)	
Net earnings	 	 	0.93	 	 	 	1.20	 	 	 	3.31	 	 	 	2.68	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average shares outstanding	 	 	185,770	 	 	 	186,721	 	 	 	186,246	 	 	 	186,917	 	

Diluted earnings (loss) per common share:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from continuing operations	 	$	1.21	 	 	$	1.16	 	 	$	3.43	 	 	$	2.71	 	
(Loss) earnings from discontinued operations, net	 	 	(0.30	)	 	 	0.02	 	 	 	(0.17	)	 	 	(0.06	)	
Net earnings	 	 	0.91	 	 	 	1.19	 	 	 	3.26	 	 	 	2.66	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average shares outstanding	 	 	188,436	 	 	 	188,565	 	 	 	189,420	 	 	 	188,898	 	

Dividends paid per common share	 	$	0.315	 	 	$	0.28	 	 	$	0.865	 	 	$	0.80	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
The following table is a reconciliation of the share amounts used in computing earnings per share:	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended September 30,	 	 	Nine Months Ended September 30,	 	
 	 	 	2011	 	 	 	2010	 	 	 	2011	 	 	 	2010	 	
Weighted average shares outstanding - Basic	 	 	185,770	 	 	 	186,721	 	 	 	186,246	 	 	 	186,917	 	
Dilutive effect of assumed exercise of employee stock options, SARs and Performance Shares	 	 	2,666	 	 	 	1,844	 	 	 	3,174	 	 	 	1,981	 	

Weighted average shares outstanding - Diluted	 	 	188,436	 	 	 	188,565	 	 	 	189,420	 	 	 	188,898	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Anti-dilutive options/SARs excluded from diluted EPS computation	 	 	1,495	 	 	 	3,709	 	 	 	1,287	 	 	 	1,432	 	

 

 
DOVER CORPORATION - INVESTOR SUPPLEMENT
THIRD QUARTER 2011
DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(unaudited) (in thousands)

 	 	2011	 	 	2010	 	
 	 	 	Q1	 	 	 	Q2	 	 	 	Q3	 	 	Q3 YTD	 	 	 	Q1	 	 	 	Q2	 	 	 	Q3	 	 	Q3 YTD	 	 	 	Q4	 	 	FY 2010	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
REVENUE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
  Industrial Products	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
       Material Handling	 	$	158,731	 	 	$	173,806	 	 	$	182,232	 	 	$	514,769	 	 	$	122,265	 	 	$	132,695	 	 	$	135,987	 	 	$	390,947	 	 	$	145,106	 	 	$	536,053	 	
       Mobile Equipment	 	 	266,675	 	 	 	290,668	 	 	 	277,696	 	 	 	835,039	 	 	 	240,139	 	 	 	248,523	 	 	 	250,664	 	 	 	739,326	 	 	 	255,833	 	 	 	995,159	 	
       Eliminations	 	 	(623	)	 	 	(713	)	 	 	(507	)	 	 	(1,843	)	 	 	(379	)	 	 	(432	)	 	 	(428	)	 	 	(1,239	)	 	 	(353	)	 	 	(1,592	)	
 	 	 	424,783	 	 	 	463,761	 	 	 	459,421	 	 	 	1,347,965	 	 	 	362,025	 	 	 	380,786	 	 	 	386,223	 	 	 	1,129,034	 	 	 	400,586	 	 	 	1,529,620	 	
Engineered Systems	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
       Product Identification	 	 	226,330	 	 	 	239,035	 	 	 	246,395	 	 	 	711,760	 	 	 	212,500	 	 	 	219,551	 	 	 	221,677	 	 	 	653,728	 	 	 	236,743	 	 	 	890,471	 	
       Engineered Products	 	 	334,315	 	 	 	406,620	 	 	 	423,476	 	 	 	1,164,411	 	 	 	271,773	 	 	 	357,570	 	 	 	398,685	 	 	 	1,028,028	 	 	 	311,176	 	 	 	1,339,204	 	
 	 	 	560,645	 	 	 	645,655	 	 	 	669,871	 	 	 	1,876,171	 	 	 	484,273	 	 	 	577,121	 	 	 	620,362	 	 	 	1,681,756	 	 	 	547,919	 	 	 	2,229,675	 	
Fluid Management	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
       Energy	 	 	303,540	 	 	 	321,076	 	 	 	367,889	 	 	 	992,505	 	 	 	205,327	 	 	 	216,020	 	 	 	220,001	 	 	 	641,348	 	 	 	244,234	 	 	 	885,582	 	
       Fluid Solutions	 	 	205,563	 	 	 	213,599	 	 	 	217,138	 	 	 	636,300	 	 	 	175,505	 	 	 	187,759	 	 	 	196,554	 	 	 	559,818	 	 	 	194,832	 	 	 	754,650	 	
       Eliminations	 	 	(163	)	 	 	(137	)	 	 	(22	)	 	 	(322	)	 	 	(32	)	 	 	(105	)	 	 	(127	)	 	 	(264	)	 	 	(178	)	 	 	(442	)	
 	 	 	508,940	 	 	 	534,538	 	 	 	585,005	 	 	 	1,628,483	 	 	 	380,800	 	 	 	403,674	 	 	 	416,428	 	 	 	1,200,902	 	 	 	438,888	 	 	 	1,639,790	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Electronic Technologies	 	 	373,330	 	 	 	412,630	 	 	 	492,250	 	 	 	1,278,210	 	 	 	290,989	 	 	 	345,607	 	 	 	381,386	 	 	 	1,017,982	 	 	 	405,682	 	 	 	1,423,664	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Intra-segment eliminations	 	 	(2,656	)	 	 	(2,727	)	 	 	(3,159	)	 	 	(8,542	)	 	 	(1,590	)	 	 	(2,093	)	 	 	(2,241	)	 	 	(5,924	)	 	 	(2,362	)	 	 	(8,286	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total consolidated revenue	 	$	1,865,042	 	 	$	2,053,857	 	 	$	2,203,388	 	 	$	6,122,287	 	 	$	1,516,497	 	 	$	1,705,095	 	 	$	1,802,158	 	 	$	5,023,750	 	 	$	1,790,713	 	 	$	6,814,463	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NET EARNINGS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment Earnings:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
   Industrial Products	 	$	57,430	 	 	$	65,194	 	 	$	64,481	 	 	$	187,105	 	 	$	52,848	 	 	$	58,567	 	 	$	54,728	 	 	$	166,143	 	 	$	50,061	 	 	$	216,204	 	
   Engineered Systems	 	 	67,313	 	 	 	94,116	 	 	 	102,564	 	 	 	263,993	 	 	 	54,843	 	 	 	84,655	 	 	 	91,442	 	 	 	230,940	 	 	 	70,966	 	 	 	301,906	 	
   Fluid Management	 	 	113,685	 	 	 	131,382	 	 	 	144,327	 	 	 	389,394	 	 	 	86,767	 	 	 	96,168	 	 	 	101,847	 	 	 	284,782	 	 	 	103,638	 	 	 	388,420	 	
   Electronic Technologies	 	 	59,775	 	 	 	76,917	 	 	 	60,163	 	 	 	196,855	 	 	 	44,905	 	 	 	59,582	 	 	 	69,617	 	 	 	174,104	 	 	 	76,324	 	 	 	250,428	 	
Total Segments	 	 	298,203	 	 	 	367,609	 	 	 	371,535	 	 	 	1,037,347	 	 	 	239,363	 	 	 	298,972	 	 	 	317,634	 	 	 	855,969	 	 	 	300,989	 	 	 	1,156,958	 	
Corporate expense / other	 	 	36,100	 	 	 	35,378	 	 	 	34,086	 	 	 	105,564	 	 	 	33,325	 	 	 	32,443	 	 	 	34,553	 	 	 	100,321	 	 	 	35,393	 	 	 	135,714	 	
Net interest expense	 	 	28,286	 	 	 	28,134	 	 	 	30,048	 	 	 	86,468	 	 	 	27,169	 	 	 	26,942	 	 	 	26,335	 	 	 	80,446	 	 	 	25,895	 	 	 	106,341	 	
Earnings from continuing operations before provision for income taxes	 	 	233,817	 	 	 	304,097	 	 	 	307,401	 	 	 	845,315	 	 	 	178,869	 	 	 	239,587	 	 	 	256,746	 	 	 	675,202	 	 	 	239,701	 	 	 	914,903	 	
Provision for income taxes	 	 	55,707	 	 	 	60,788	 	 	 	78,824	 	 	 	195,319	 	 	 	55,310	 	 	 	70,042	 	 	 	37,437	 	 	 	162,789	 	 	 	50,907	 	 	 	213,696	 	
Earnings from continuing operations	 	 	178,110	 	 	 	243,309	 	 	 	228,577	 	 	 	649,996	 	 	 	123,559	 	 	 	169,545	 	 	 	219,309	 	 	 	512,413	 	 	 	188,794	 	 	 	701,207	 	
Earnings (loss) from discontinued operations, net	 	 	16,795	 	 	 	6,460	 	 	 	(56,297	)	 	 	(33,042	)	 	 	(15,432	)	 	 	325	 	 	 	4,450	 	 	 	(10,657	)	 	 	9,554	 	 	 	(1,103	)	
Net earnings	 	$	194,905	 	 	$	249,769	 	 	$	172,280	 	 	$	616,954	 	 	$	108,127	 	 	$	169,870	 	 	$	223,759	 	 	$	501,756	 	 	$	198,348	 	 	$	700,104	 	

SEGMENT OPERATING MARGIN	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
   Industrial Products	 	 	13.5	%	 	 	14.1	%	 	 	14.0	%	 	 	13.9	%	 	 	14.6	%	 	 	15.4	%	 	 	14.2	%	 	 	14.7	%	 	 	12.5	%	 	 	14.1	%	
   Engineered Systems	 	 	12.0	%	 	 	14.6	%	 	 	15.3	%	 	 	14.1	%	 	 	11.3	%	 	 	14.7	%	 	 	14.7	%	 	 	13.7	%	 	 	13.0	%	 	 	13.5	%	
   Fluid Management	 	 	22.3	%	 	 	24.6	%	 	 	24.7	%	 	 	23.9	%	 	 	22.8	%	 	 	23.8	%	 	 	24.5	%	 	 	23.7	%	 	 	23.6	%	 	 	23.7	%	
   Electronic Technologies	 	 	16.0	%	 	 	18.6	%	 	 	12.2	%	 	 	15.4	%	 	 	15.4	%	 	 	17.2	%	 	 	18.3	%	 	 	17.1	%	 	 	18.8	%	 	 	17.6	%	
Total Segment	 	 	16.0	%	 	 	17.9	%	 	 	16.9	%	 	 	16.9	%	 	 	15.8	%	 	 	17.5	%	 	 	17.6	%	 	 	17.0	%	 	 	16.8	%	 	 	17.0	%	

 

  DOVER CORPORATION - INVESTOR SUPPLEMENT
THIRD QUARTER 2011
DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(unaudited) (in thousands)

 	 	2011	 	 	2010	 	
 	 	 	Q1	 	 	 	Q2	 	 	 	Q3	 	 	Q3 YTD	 	 	 	Q1	 	 	 	Q2	 	 	 	Q3	 	 	Q3 YTD	 	 	 	Q4	 	 	FY 2010	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BOOKINGS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
  Industrial Products	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
       Material Handling	 	$	185,225	 	 	$	177,141	 	 	$	171,046	 	 	$	533,412	 	 	$	130,166	 	 	$	131,926	 	 	$	138,970	 	 	$	401,062	 	 	$	155,106	 	 	$	556,168	 	
       Mobile Equipment	 	 	337,273	 	 	 	336,212	 	 	 	274,203	 	 	 	947,688	 	 	 	231,128	 	 	 	288,887	 	 	 	233,731	 	 	 	753,746	 	 	 	279,368	 	 	 	1,033,114	 	
       Eliminations	 	 	(824	)	 	 	(1,006	)	 	 	1,767	 	 	 	(63	)	 	 	(491	)	 	 	(483	)	 	 	(675	)	 	 	(1,649	)	 	 	(1,161	)	 	 	(2,810	)	
 	 	 	521,674	 	 	 	512,347	 	 	 	447,016	 	 	 	1,481,037	 	 	 	360,803	 	 	 	420,330	 	 	 	372,026	 	 	 	1,153,159	 	 	 	433,313	 	 	 	1,586,472	 	
 Engineered Systems	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
       Product Identification	 	 	232,934	 	 	 	239,234	 	 	 	248,557	 	 	 	720,725	 	 	 	220,410	 	 	 	223,203	 	 	 	218,213	 	 	 	661,826	 	 	 	241,048	 	 	 	902,874	 	
       Engineered Products	 	 	399,757	 	 	 	400,604	 	 	 	368,914	 	 	 	1,169,275	 	 	 	368,134	 	 	 	379,048	 	 	 	329,119	 	 	 	1,076,301	 	 	 	332,142	 	 	 	1,408,443	 	
 	 	 	632,691	 	 	 	639,838	 	 	 	617,471	 	 	 	1,890,000	 	 	 	588,544	 	 	 	602,251	 	 	 	547,332	 	 	 	1,738,127	 	 	 	573,190	 	 	 	2,311,317	 	
 Fluid Management	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
       Energy	 	 	354,774	 	 	 	335,748	 	 	 	359,006	 	 	 	1,049,528	 	 	 	208,669	 	 	 	226,301	 	 	 	213,247	 	 	 	648,217	 	 	 	247,143	 	 	 	895,360	 	
       Fluid Solutions	 	 	217,787	 	 	 	218,868	 	 	 	222,639	 	 	 	659,294	 	 	 	179,037	 	 	 	192,035	 	 	 	195,865	 	 	 	566,937	 	 	 	191,065	 	 	 	758,002	 	
       Eliminations	 	 	(309	)	 	 	51	 	 	 	(32	)	 	 	(290	)	 	 	(85	)	 	 	(51	)	 	 	(144	)	 	 	(280	)	 	 	(895	)	 	 	(1,175	)	
 	 	 	572,252	 	 	 	554,667	 	 	 	581,613	 	 	 	1,708,532	 	 	 	387,621	 	 	 	418,285	 	 	 	408,968	 	 	 	1,214,874	 	 	 	437,313	 	 	 	1,652,187	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 Electronic Technologies	 	 	420,261	 	 	 	393,860	 	 	 	478,976	 	 	 	1,293,097	 	 	 	358,477	 	 	 	394,441	 	 	 	402,332	 	 	 	1,155,250	 	 	 	389,704	 	 	 	1,544,954	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Intra-segment eliminations	 	 	(2,617	)	 	 	(3,316	)	 	 	(2,668	)	 	 	(8,601	)	 	 	(1,615	)	 	 	(2,244	)	 	 	(2,278	)	 	 	(6,137	)	 	 	(2,644	)	 	 	(8,781	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total consolidated bookings	 	$	2,144,261	 	 	$	2,097,396	 	 	$	2,122,408	 	 	$	6,364,065	 	 	$	1,693,830	 	 	$	1,833,063	 	 	$	1,728,380	 	 	$	5,255,273	 	 	$	1,830,876	 	 	$	7,086,149	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BACKLOG	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
  Industrial Products	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
       Material Handling	 	$	134,761	 	 	$	137,530	 	 	$	125,781	 	 	 	 	 	 	$	91,964	 	 	$	90,644	 	 	$	94,186	 	 	 	 	 	 	$	107,787	 	 	 	 	 	
       Mobile Equipment	 	 	439,693	 	 	 	485,276	 	 	 	480,544	 	 	 	 	 	 	 	319,801	 	 	 	359,727	 	 	 	344,160	 	 	 	 	 	 	 	368,140	 	 	 	 	 	
       Eliminations	 	 	(875	)	 	 	(926	)	 	 	(1	)	 	 	 	 	 	 	(439	)	 	 	(391	)	 	 	(344	)	 	 	 	 	 	 	(960	)	 	 	 	 	
 	 	 	573,579	 	 	 	621,880	 	 	 	606,324	 	 	 	 	 	 	 	411,326	 	 	 	449,980	 	 	 	438,002	 	 	 	 	 	 	 	474,967	 	 	 	 	 	
 Engineered Systems	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
       Product Identification	 	 	96,090	 	 	 	97,236	 	 	 	94,141	 	 	 	 	 	 	 	78,976	 	 	 	80,550	 	 	 	80,986	 	 	 	 	 	 	 	86,315	 	 	 	 	 	
       Engineered Products	 	 	352,067	 	 	 	346,335	 	 	 	287,973	 	 	 	 	 	 	 	314,465	 	 	 	334,971	 	 	 	267,545	 	 	 	 	 	 	 	288,969	 	 	 	 	 	
 	 	 	448,157	 	 	 	443,571	 	 	 	382,114	 	 	 	 	 	 	 	393,441	 	 	 	415,521	 	 	 	348,531	 	 	 	 	 	 	 	375,284	 	 	 	 	 	
 Fluid Management	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
       Energy	 	 	163,475	 	 	 	177,129	 	 	 	170,293	 	 	 	 	 	 	 	76,844	 	 	 	84,800	 	 	 	84,659	 	 	 	 	 	 	 	94,113	 	 	 	 	 	
       Fluid Solutions	 	 	77,553	 	 	 	81,436	 	 	 	84,584	 	 	 	 	 	 	 	63,535	 	 	 	65,639	 	 	 	69,130	 	 	 	 	 	 	 	65,525	 	 	 	 	 	
       Eliminations	 	 	(180	)	 	 	-	 	 	 	(1	)	 	 	 	 	 	 	(55	)	 	 	(1	)	 	 	(17	)	 	 	 	 	 	 	(33	)	 	 	 	 	
 	 	 	240,848	 	 	 	258,565	 	 	 	254,876	 	 	 	 	 	 	 	140,324	 	 	 	150,438	 	 	 	153,772	 	 	 	 	 	 	 	159,605	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 Electronic Technologies	 	 	392,823	 	 	 	374,139	 	 	 	406,647	 	 	 	 	 	 	 	271,340	 	 	 	318,450	 	 	 	357,800	 	 	 	 	 	 	 	342,578	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Intra-segment eliminations	 	 	(711	)	 	 	(1,243	)	 	 	(924	)	 	 	 	 	 	 	(361	)	 	 	(569	)	 	 	(490	)	 	 	 	 	 	 	(747	)	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total consolidated backlog	 	$	1,654,696	 	 	$	1,696,912	 	 	$	1,649,037	 	 	 	 	 	 	$	1,216,070	 	 	$	1,333,820	 	 	$	1,297,615	 	 	 	 	 	 	$	1,351,687	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DEPRECIATION AND AMORTIZATION EXPENSE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Industrial Products	 	$	10,919	 	 	$	11,092	 	 	$	10,866	 	 	$	32,877	 	 	$	11,266	 	 	$	11,122	 	 	$	10,799	 	 	$	33,187	 	 	$	11,116	 	 	$	44,303	 	
Engineered Systems	 	 	15,826	 	 	 	16,350	 	 	 	16,146	 	 	 	48,322	 	 	 	15,750	 	 	 	15,273	 	 	 	15,626	 	 	 	46,649	 	 	 	15,699	 	 	 	62,348	 	
Fluid Management	 	 	21,597	 	 	 	21,775	 	 	 	22,241	 	 	 	65,613	 	 	 	14,763	 	 	 	15,523	 	 	 	15,109	 	 	 	45,395	 	 	 	15,868	 	 	 	61,263	 	
Electronic Technologies	 	 	19,279	 	 	 	19,178	 	 	 	34,937	 	 	 	73,394	 	 	 	17,688	 	 	 	17,823	 	 	 	18,811	 	 	 	54,322	 	 	 	19,974	 	 	 	74,296	 	
Corporate	 	 	584	 	 	 	626	 	 	 	636	 	 	 	1,846	 	 	 	369	 	 	 	336	 	 	 	658	 	 	 	1,363	 	 	 	674	 	 	 	2,037	 	
 	 	$	68,205	 	 	$	69,021	 	 	$	84,826	 	 	$	222,052	 	 	$	59,836	 	 	$	60,077	 	 	$	61,003	 	 	$	180,916	 	 	$	63,331	 	 	$	244,247	 	

 

  DOVER CORPORATION - INVESTOR SUPPLEMENT
THIRD QUARTER 2011
 
DOVER CORPORATION
QUARTERLY EARNINGS PER SHARE
(unaudited)

 	 	2011	 	 	2010	 	
 	 	 	Q1	 	 	 	Q2	 	 	 	Q3	 	 	Q3 YTD	 	 	 	Q1	 	 	 	Q2	 	 	 	Q3	 	 	Q3 YTD	 	 	 	Q4	 	 	FY 2010	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings (loss) per common share:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Continuing operations	 	$	0.95	 	 	$	1.31	 	 	$	1.23	 	 	$	3.49	 	 	$	0.66	 	 	$	0.91	 	 	$	1.17	 	 	$	2.74	 	 	$	1.01	 	 	$	3.75	 	
Discontinued operations	 	 	0.09	 	 	 	0.03	 	 	 	(0.30	)	 	 	(0.18	)	 	 	(0.08	)	 	 	-	 	 	 	0.02	 	 	 	(0.06	)	 	 	0.05	 	 	 	(0.01	)	
Net earnings	 	 	1.04	 	 	 	1.34	 	 	 	0.93	 	 	 	3.31	 	 	 	0.58	 	 	 	0.91	 	 	 	1.20	 	 	 	2.68	 	 	 	1.06	 	 	 	3.75	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted earnings (loss) per common share:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Continuing operations	 	$	0.94	 	 	$	1.28	 	 	$	1.21	 	 	$	3.43	 	 	$	0.66	 	 	$	0.90	 	 	$	1.16	 	 	$	2.71	 	 	$	0.99	 	 	$	3.71	 	
Discontinued operations	 	 	0.09	 	 	 	0.03	 	 	 	(0.30	)	 	 	(0.17	)	 	 	(0.08	)	 	 	-	 	 	 	0.02	 	 	 	(0.06	)	 	 	0.05	 	 	 	(0.01	)	
Net earnings	 	 	1.03	 	 	 	1.32	 	 	 	0.91	 	 	 	3.26	 	 	 	0.58	 	 	 	0.90	 	 	 	1.19	 	 	 	2.66	 	 	 	1.04	 	 	 	3.70	 	

NOTE:

Diluted earnings per share in the first, second, and third quarters of 2011 and third and fourth quarters of 2010 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 first, second, and third quarters of 2011 and the third and fourth quarters of 2010 were 23.8%, 20.0%, 25.6%, 14.6%, and 21.2%, respectively, which were lower than the Company's previously estimated tax rates of 27% to 29% for each of the respective periods.  These lower effective tax rates contributed incremental diluted earnings per share of $0.04, $0.12, and $0.01 in the first, second, and third quarters of 2011 and $0.20 and $0.07 in the third and fourth quarters of 2010, respectively.	

 

 
DOVER CORPORATION - INVESTOR SUPPLEMENT
THIRD QUARTER 2011
 
DOVER CORPORATION
QUARTERLY FREE CASH FLOW INFORMATION
(unaudited) (in thousands)
 
 	 	2011	 	 	2010	 	
 	 	 	Q1	 	 	 	Q2	 	 	 	Q3	 	 	Q3 YTD	 	 	 	Q1	 	 	 	Q2	 	 	 	Q3	 	 	Q3 YTD	 	 	 	Q4	 	 	FY 2010	 	
Cash from operations	 	$	123,645	 	 	$	207,320	 	 	$	382,325	 	 	$	713,290	 	 	$	80,539	 	 	$	219,644	 	 	$	178,587	 	 	$	478,770	 	 	$	421,412	 	 	$	900,182	 	
CAPEX	 	 	(51,712	)	 	 	(72,986	)	 	 	(66,001	)	 	$	(190,699	)	 	 	(38,790	)	 	 	(46,411	)	 	 	(40,040	)	 	 	(125,241	)	 	 	(51,727	)	 	 	(176,968	)	
Free cash flow	 	$	71,933	 	 	$	134,334	 	 	$	316,324	 	 	$	522,591	 	 	$	41,749	 	 	$	173,233	 	 	$	138,547	 	 	$	353,529	 	 	$	369,685	 	 	$	723,214	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Free cash flow as a percentage of earnings from continuing operations	 	 	40.4	%	 	 	55.2	%	 	 	138.4	%	 	 	80.4	%	 	 	33.8	%	 	 	102.2	%	 	 	63.2	%	 	 	69.0	%	 	 	195.8	%	 	 	103.1	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Free cash flow as a percentage of revenue	 	 	3.9	%	 	 	6.5	%	 	 	14.4	%	 	 	8.5	%	 	 	2.8	%	 	 	10.2	%	 	 	7.7	%	 	 	7.0	%	 	 	20.6	%	 	 	10.6	%	

Exhibit 99.3
 
Dover Corporation Third Quarter 2011 Conference CallOctober 21, 201110:30 am ET

 
2Forward 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.

 
Revenue$ 2.2B↑ 22%$ 6.1B↑ 22%EPS (cont.)$1.21↑ 4%$3.43↑ 27%Bookings$2.1B↑ 23%$6.4B↑ 21%Seg. Margins16.9%↓ 70 bps16.9%↓ 10 bpsOrganic Rev. ↑ 10% ↑ 14%Acq. Growth ↑ 9%  ↑ 6%FCF (a)$316M↑ 128%$523M↑ 48%3Dover’s Q3 2011 PerformanceContinuing Earnings Per ShareFY $3.71• Results are driven by strong energy-related and handset markets, and strong execution in Product ID and Refrigeration Equipment•Strong organic revenue growth at Fluid Management and Industrial Products; up 23% and 16% respectively•Segment operating margin of 16.9% included significant one-time costs associated with Sound Solutions acquisition• Bookings trends remained solid across a majority of businesses resulting in a seasonally normalbook-to-bill of 0.96Q3Q3/Q320102011* Includes discrete tax benefits of $0.20 EPS in Q3 2010, $0.07 in Q4 2010, $0.04 in Q1 2011, $0.12 in Q2 2011 and $0.01 in Q3 2011YTD $3.43YTDYTD/YTDAdjusted continuing earnings per shareDiscrete tax benefits(a) See Form 10-Q for free cash flow reconciliation

 
4RevenueQ3 2011Industrial ProductsEngineered SystemsFluid ManagementElectronic TechnologiesTotalDoverOrganic 16% 4%23% 2% 10%Net Acquisitions 2% -15% 24% 9%Currency 1% 4% 2% 3% 3%Total 19% 8%40% 29% 22%YTD 2011Industrial ProductsEngineered SystemsFluid ManagementElectronic TechnologiesTotalDoverOrganic 17%  9%20% 14% 14%Net Acquisitions 1% -14% 10% 6%Currency 1% 3% 2% 2% 2%Total 19%12%36% 26% 22%

 
5Sequential Results - Q3 11 / Q2 11Material HandlingFluid SolutionsMobile EquipmentEnergyProduct IdentificationEngineered Products↓ 1%↑ 4%Electronic Technologies↓ 13%↓ 3%↑ 5%↑ 22%$ in millions

 
6Industrial Products•Revenue growth was led by strong downstream energy activity and solid infrastructure markets•Bookings growth was broad- based, with all businesses showing improvement •Margin impacted by product mix and continued softness in the refuse vehicle market•Book-to-bill at 0.97•Backlog grew 38% to $606 million$ in millions Q32011Q32010%ChangeRevenue$459$386 +19%Earnings$ 64$ 55 +18%Margin 14.0% 14.2%↓ 20 bpsBookings$447$372 +20%Quarterly Comments YTD2011YTD2010%ChangeRevenue$1,348$1,129 +19%Earnings$ 187$166 +13%Margin 13.9% 14.7%↓ 80 bpsBookings$1,481$1,153 +28%

 
7Engineered Systems•Revenue growth was broad- based with Product ID having the largest positive impact• Strong earnings leverage and operating margin performance at Engineered Products•Improved Product ID performance reflects positive response to new product offerings •Bookings up 13%, as all businesses saw growth•Book-to-bill is 0.92$ in millionsQuarterly Comments Q32011Q32010%ChangeRevenue$670$620+ 8%Earnings$103$ 91+12%Margin15.3%14.7%↑ 60 bpsBookings$617$547+13% YTD2011YTD2010%ChangeRevenue$1,876$1,682+12%Earnings$ 264$ 231+14%Margin14.1%13.7%↑ 40 bpsBookings$1,890$1,738+9%

 
8Fluid Management•Revenue and earnings growth was broad-based, especially at our businesses serving the oil & gas markets•Operating margin improvement driven by volume•Rig counts grew and oil prices remained fairly stable providing strong business climate•Bookings growth in all businesses, especially in Energy•Book-to-bill of 0.99$ in millionsQuarterly Comments Q32011Q32010%ChangeRevenue$585$416+40%Earnings$144$102+42%Margin 24.7%24.5%↑ 20 bpsBookings$582$409+42% YTD2011YTD2010%ChangeRevenue$1,628$1,201+36%Earnings$ 389$ 285+37%Margin 23.9%23.7%↑ 20 bpsBookings$1,709$1,215+41%

 
9Electronic Technologies•Revenue growth was driven by strong solar deliveries and strong demand in handset markets; semi- con markets were weak•Operating margin was impacted by one-time expenses connected with Sound Solutions acquisition; margin was 15.3% adjusting for these charges•Sound Solutions off to strong start•Strong bookings at Knowles and Sound Solutions, partially offset by weak semi-con and solar orders •Book-to-bill of 0.97$ in millionsQuarterly Comments Q32011Q32010%ChangeRevenue$492$381 +29%Earnings$ 60$ 69 - 14%Margin12.2%18.3%↓ 610 bpsBookings$479$402 +19% YTD2011YTD2010%ChangeRevenue$1,278$1,018 +26%Earnings$ 197$ 174 +13%Margin15.4%17.1%↓ 170 bpsBookings$1,293$1,155 +12%

 
Q3 2011 Overview Q3 2011Net Interest Expense$30.0 million, up $4 million from last year, due to higher outstanding long-term debt Corporate Expense$34.0 million, essentially flat with last year, and in-line with expectationsEffective Tax Rate (ETR)Q3 rate was 25.6%. Rate reflects $0.01 EPS benefit on resolution of certain domestic tax matters. Adjusting for this benefit, the normalized rate would have been 26.4%10

 
11FY 2011 Guidance - Update• Revenue: – Core revenue:    ≈                               13.0% – Acquisitions:    ≈                         7.0% – Total revenue:   ≈                            20.0%• Corporate expense:   ≈ $135 million (unchanged)• Interest expense:    ≈ $116 million  (unchanged)• Full-Year Tax Rate:   ≈ 27%*• Capital expenditures:   ≈ 3% of rev. • Free cash flow for full year:  ≈ 10% - 11% of rev. (unchanged)* Excludes Q1, Q2 and Q3 discrete tax benefits of $0.17 EPS

 
• 2010 EPS       $3.74 – Less 2010 operating earnings of Paladin / Crenlo:  ($0.03) – Less 2010 tax benefits:             ($0.27)• 2010 Adjusted EPS - Continuing Ops  $3.44 – Volume, mix, price (inc. FX):      $0.60 - $0.65 – Net benefits of productivity:     $0.26 - $0.28 – Acquisitions:                  $0.07 - $0.08 – Investment / Compensation:        ($0.14 - $0.17) – Corporate expense:    - – Interest:      ($0.03)  – Tax (including discrete tax benefits(1) and lower rate):     $0.25•  2011 EPS - Continuing Ops   $4.45 - $4.50122011 EPS Guidance Bridge - Cont. Ops(inc. Sound Solutions: -$0.03 to -$0.04)(1) $0.04 in Q1 2011, $0.12 in Q2 2011and $0.01 in Q3 2011

 
13Guidance Reconciliation LowMidHighPrior EPS Guidance (7/21/11)$4.50$4.55$4.60 Adj. for Paladin and Crenlo Sale (0.14)* (0.14)* (0.14)*Adjusted Prior EPS Guidance$4.36$4.41$4.46 Performance 0.04  Q3 Tax (discrete & lower rate) 0.02 Revised EPS Guidance$4.45$4.47$4.50* Includes 2011 Paladin/Crenlo earnings of $0.03 in Q1, $0.03 in Q2, $0.04 in Q3 and previously forecasted $0.04 in Q4.