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 21, 2015 
________________________________
 
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 21, 2015, Dover Corporation (i) issued the Press Release attached hereto as Exhibit 99.1 announcing its results of operations for the quarter ended June 30, 2015; 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, 2015.
 
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 21, 2015.
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 21, 2015	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 21, 2015	
 	 	 	
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 2015 RESULTS
 	 	
•	Reports quarterly revenue of $1.8 billion, a decrease of 10% from the prior year	
 	 	
•	Achieves quarterly diluted earnings per share from continuing operations of $0.97	
 	 	
•	Expects full year diluted earnings per share from continuing operations to be in the range of $3.75 to $3.90	

Downers Grove, Illinois, July 21, 2015 — Dover (NYSE: DOV) announced today that for the second quarter ended June 30, 2015, revenue was $1.8 billion, a decrease of 10% from the prior year. The decrease in revenue was driven by an organic revenue decline of 10% and a 4% unfavorable impact from foreign exchange, partially offset by 4% growth from acquisitions. Earnings from continuing operations were $155.6 million, a decrease of 26% as compared to $210.6 million for the prior year period. Diluted earnings per share from continuing operations ("EPS") for the second quarter ended June 30, 2015 were $0.97, compared to $1.25 EPS in the prior year period, representing a decrease of 22%. EPS for the second quarter ended June 30, 2015 includes restructuring costs of $0.01.

Revenue for the six months ended June 30, 2015 was $3.5 billion, a decrease of 8% over the prior year, reflecting an organic revenue decline of 8% and a 4% unfavorable impact from foreign exchange, partially offset by 4% growth from acquisitions. Earnings from continuing operations for the six months ended June 30, 2015 were $272.8 million, a decrease of 28% as compared to $380.6 million for the prior year period. Diluted EPS for the six months ended June 30, 2015 was $1.69, compared to $2.23 EPS in the prior year period, representing a decrease of 24%. Excluding discrete tax benefits recognized in the prior year period, EPS from continuing operations for the six months ended June 30, 2015 decreased 24% from an adjusted EPS of $2.22 in the prior year period. EPS for the six months ended June 30, 2015 includes restructuring costs of $0.12.

Commenting on the second quarter results, Dover's President and Chief Executive Officer, Robert A. Livingston, said, "In the quarter, we continued to be impacted by diminished demand and customer inventory reductions in our North American Energy markets. We were also affected by reduced customer capital spending in retail refrigeration, oil & gas related pump markets and our industrial businesses within Engineered Systems. These factors offset the benefits of our broad-based cost containment initiatives and restructuring actions, causing our overall results to be below our prior expectations .

“We will continue to manage through these headwinds, especially energy-related, as well as the ongoing impact of a stronger U.S. dollar, with an eye towards future growth and enhanced profitability. I remain confident that the strength of our market positions, combined with the actions we are taking, will enable Dover to deliver an improved second half of 2015.

"Looking forward, our forecast remains unchanged from our recently updated 2015 guidance. We expect full-year revenue to decline 8% to 9%. Within this revenue forecast, organic growth is anticipated to decline 7% to 8%, completed acquisitions will provide approximately 3% growth, and FX is expected to be a 4% headwind. In total, full year adjusted EPS is expected to be in the range of $3.75 to $3.90, inclusive of $0.16 to $0.19 of restructuring charges . ”

Net earnings for the second quarter ended June 30, 2015, were $332.4 million, or $2.07 EPS, which included earnings from discontinued operations of $176.8 million, or $1.10 EPS, compared to net earnings of $214.0 million, or $1.27 EPS, for the same period of 2014, which included earnings from discontinued operations of $3.4 million, or $0.02 EPS. Second quarter 2015 earnings from discontinued operations included a gain of $177.8 million, or $1.11 EPS, resulting from the disposition of a business held for sale.

Net earnings for the six months ended June 30, 2015, were $541.9 million, or $3.35 EPS, which included earnings from discontinued operations of $269.1 million, or $1.66 EPS, compared to net earnings of $374.1 million, or $2.19 EPS, for the same period of 2014, which included a loss from discontinued operations of $6.5 million, or $0.04 EPS. 2015 earnings from discontinued operations included gains of $265.6 million, or $1.64 EPS, resulting from the disposition of two businesses held for sale.

Dover will host a webcast of its second quarter 2015 conference call at 10:00 A.M. Eastern Time (9:00 A.M. Central Time) on Tuesday, July 21, 2015. 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 in excess of$7 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 60 years, our team of 26,000 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, industries in which Dover businesses operate, anticipated market conditions and our positioning, global economies, and operating improvements. Forward-looking statements may be indicated by words or phrases such as “anticipates,” “expects,” “believes,” “suggests,” “will,” “plans,” “should,” “would,” “could,” and “forecast”, 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, oil and natural gas demand, production growth, and prices; changes in exploration and production spending by Dover’s customers and changes in the level of oil and natural gas exploration and development; changes in customer demand and capital spending; economic conditions generally and changes in economic conditions globally and in markets served by Dover businesses, including well activity and U.S. industrials activity; Dover's ability to achieve expected savings from integration and other cost-

control initiatives, such as lean and productivity programs as well as efforts to reduce sourcing input costs; the impact of interest rate and currency exchange rate fluctuations; the ability of Dover's businesses to expand into new geographic markets; Dover's ability to identify and successfully consummate value-adding acquisition opportunities or planned divestitures; 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; increased competition and pricing pressures; the impact of loss of a single-source manufacturing 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; protection and validity of patent and other intellectual property rights; the impact of legal matters and legal compliance risks; conditions and events affecting domestic and global financial and capital markets; 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 herein. Dover undertakes no obligation to update any forward-looking statement, except as required by law.

INVESTOR SUPPLEMENT - SECOND QUARTER 2015

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

 	Three Months Ended June 30,	 	Six Months Ended June 30,	
 	2015	 	2014	 	2015	 	2014	
Revenue	$	1,758,628	
 	 	$	1,962,636	
 	 	$	3,474,129	
 	 	$	3,765,206	
 	
Cost of goods and services	1,104,060	
 	 	1,194,537	
 	 	2,192,402	
 	 	2,289,247	
 	
Gross profit	654,568	
 	 	768,099	
 	 	1,281,727	
 	 	1,475,959	
 	
Selling and administrative expenses	402,695	
 	 	438,824	
 	 	837,329	
 	 	872,228	
 	
Operating earnings	251,873	
 	 	329,275	
 	 	444,398	
 	 	603,731	
 	
Interest expense, net	31,988	
 	 	31,961	
 	 	64,025	
 	 	64,616	
 	
Other income, net	(1,256	)	 	(6,233	)	 	(5,443	)	 	(6,042	)	
Earnings before provision for income taxes and discontinued operations	221,141	
 	 	303,547	
 	 	385,816	
 	 	545,157	
 	
Provision for income taxes	65,507	
 	 	92,966	
 	 	112,992	
 	 	164,535	
 	
Earnings from continuing operations	155,634	
 	 	210,581	
 	 	272,824	
 	 	380,622	
 	
Earnings (loss) from discontinued operations, net	176,762	
 	 	3,378	
 	 	269,082	
 	 	(6,525	)	
Net earnings	$	332,396	
 	 	$	213,959	
 	 	$	541,906	
 	 	$	374,097	

Basic earnings per common share:	 	 	 	 	 	 	 	
Earnings from continuing operations	$	0.98	
 	 	$	1.26	
 	 	$	1.70	
 	 	$	2.26	
 	
Earnings (loss) from discontinued operations, net	1.11	
 	 	0.02	
 	 	1.68	
 	 	(0.04	)	
Net earnings	2.10	
 	 	1.29	
 	 	3.38	
 	 	2.23	

Weighted average shares outstanding	158,640	 	166,474	 	160,137	 	168,103	
 	 	 	 	 	 	 	 	
Diluted earnings per common share:	 	 	 	 	 	 	 	
Earnings from continuing operations	$	0.97	
 	 	$	1.25	
 	 	$	1.69	
 	 	$	2.23	
 	
Earnings (loss) from discontinued operations, net	1.10	
 	 	0.02	
 	 	1.66	
 	 	(0.04	)	
Net earnings	2.07	
 	 	1.27	
 	 	3.35	
 	 	2.19	

Weighted average shares outstanding	160,398	 	168,857	 	161,876	 	170,450	
 	 	 	 	 	 	 	 	
Dividends paid per common share	$	0.40	
 	 	$	0.375	
 	 	$	0.80	
 	 	$	0.75	

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

 	2015	 	2014	
 	Q1	Q2	Q2 YTD	 	Q1	Q2	Q2 YTD	Q3	Q4	FY 2014	
REVENUE	 	 	 	 	 	 	 	 	 	 	
Energy	$	430,423	
 	$	366,044	
 	$	796,467	
 	 	$	478,773	
 	$	481,016	
 	$	959,789	
 	$	507,334	
 	$	550,116	
 	$	2,017,239	

Engineered Systems	 	 	 	 	 	 	 	 	 	 	
Printing & Identification	230,181	
 	229,934	
 	460,115	
 	 	231,679	
 	252,354	
 	484,033	
 	257,282	
 	247,569	
 	988,884	
 	
Industrials	343,015	
 	363,157	
 	706,172	
 	 	335,995	
 	361,467	
 	697,462	
 	355,019	
 	344,600	
 	1,397,081	
 	
 	573,196	
 	593,091	
 	1,166,287	
 	 	567,674	
 	613,821	
 	1,181,495	
 	612,301	
 	592,169	
 	2,385,965	

Fluids	340,236	
 	351,511	
 	691,747	
 	 	345,009	
 	346,275	
 	691,284	
 	361,797	
 	377,485	
 	1,430,566	

Refrigeration & Food Equipment	372,097	
 	448,115	
 	820,212	
 	 	411,493	
 	522,357	
 	933,850	
 	528,807	
 	458,532	
 	1,921,189	

Intra-segment eliminations	(451	)	(133	)	(584	)	 	(379	)	(833	)	(1,212	)	(664	)	(355	)	(2,231	)	
Total consolidated revenue	$	1,715,501	
 	$	1,758,628	
 	$	3,474,129	
 	 	$	1,802,570	
 	$	1,962,636	
 	$	3,765,206	
 	$	2,009,575	
 	$	1,977,947	
 	$	7,752,728	

NET EARNINGS	 	 	 	 	 	 	 	 	 	 	
Segment Earnings:	 	 	 	 	 	 	 	 	 	 	
Energy	$	52,305	
 	$	40,909	
 	$	93,214	
 	 	$	118,968	
 	$	114,991	
 	$	233,959	
 	$	122,738	
 	$	105,118	
 	$	461,815	
 	
Engineered Systems	88,149	
 	96,702	
 	184,851	
 	 	83,227	
 	101,766	
 	184,993	
 	108,800	
 	93,205	
 	386,998	
 	
Fluids	54,634	
 	70,168	
 	124,802	
 	 	57,942	
 	63,112	
 	121,054	
 	67,559	
 	63,026	
 	251,639	
 	
Refrigeration & Food Equipment	36,150	
 	65,732	
 	101,882	
 	 	44,862	
 	84,926	
 	129,788	
 	78,012	
 	30,934	
 	238,734	
 	
Total Segments	231,238	
 	273,511	
 	504,749	
 	 	304,999	
 	364,795	
 	669,794	
 	377,109	
 	292,283	
 	1,339,186	
 	
Corporate expense / other	34,526	
 	20,382	
 	54,908	
 	 	30,734	
 	29,287	
 	60,021	
 	27,815	
 	29,964	
 	117,800	
 	
Net interest expense	32,037	
 	31,988	
 	64,025	
 	 	32,655	
 	31,961	
 	64,616	
 	31,231	
 	31,332	
 	127,179	
 	
Earnings from continuing operations before provision for income taxes	164,675	
 	221,141	
 	385,816	
 	 	241,610	
 	303,547	
 	545,157	
 	318,063	
 	230,987	
 	1,094,207	
 	
Provision for income taxes	47,485	
 	65,507	
 	112,992	
 	 	71,569	
 	92,966	
 	164,535	
 	92,380	
 	59,152	
 	316,067	
 	
Earnings from continuing operations	117,190	
 	155,634	
 	272,824	
 	 	170,041	
 	210,581	
 	380,622	
 	225,683	
 	171,835	
 	778,140	
 	
Earnings (loss) from discontinued operations, net	92,320	
 	176,762	
 	269,082	
 	 	(9,903	)	3,378	
 	(6,525	)	6,161	
 	(2,541	)	(2,905	)	
Net earnings	$	209,510	
 	$	332,396	
 	$	541,906	
 	 	$	160,138	
 	$	213,959	
 	$	374,097	
 	$	231,844	
 	$	169,294	
 	$	775,235	

SEGMENT OPERATING MARGIN	 	 	 	 	 	 	 	 	
Energy	12.2	%	11.2	%	11.7	%	 	24.8	%	23.9	%	24.4	%	24.2	%	19.1	%	22.9	%	
Engineered Systems	15.4	%	16.3	%	15.8	%	 	14.7	%	16.6	%	15.7	%	17.8	%	15.7	%	16.2	%	
Fluids	16.1	%	20.0	%	18.0	%	 	16.8	%	18.2	%	17.5	%	18.7	%	16.7	%	17.6	%	
Refrigeration & Food Equipment	9.7	%	14.7	%	12.4	%	 	10.9	%	16.3	%	13.9	%	14.8	%	6.7	%	12.4	%	
Total Segment	13.5	%	15.6	%	14.5	%	 	16.9	%	18.6	%	17.8	%	18.8	%	14.8	%	17.3	%	
 	 	 	 	 	 	 	 	 	 	 	
DEPRECIATION AND AMORTIZATION EXPENSE	 	 	 	 	 	 	 	 	
Energy	$	34,427	
 	$	32,740	
 	$	67,167	
 	 	$	25,575	
 	$	25,807	
 	$	51,382	
 	$	27,145	
 	$	33,429	
 	$	111,956	
 	
Engineered Systems	14,526	
 	14,392	
 	28,918	
 	 	15,850	
 	15,982	
 	31,832	
 	15,334	
 	14,780	
 	61,946	
 	
Fluids	13,848	
 	13,648	
 	27,496	
 	 	16,366	
 	15,308	
 	31,674	
 	14,019	
 	15,210	
 	60,903	
 	
Refrigeration & Food Equipment	16,458	
 	16,406	
 	32,864	
 	 	17,212	
 	17,451	
 	34,663	
 	17,073	
 	16,965	
 	68,701	
 	
Corporate	923	
 	841	
 	1,764	
 	 	870	
 	1,000	
 	1,870	
 	910	
 	902	
 	3,682	
 	
 	$	80,182	
 	$	78,027	
 	$	158,209	
 	 	$	75,873	
 	$	75,548	
 	$	151,421	
 	$	74,481	
 	$	81,286	
 	$	307,188	

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

 	2015	 	2014	
 	Q1	Q2	Q2 YTD	 	Q1	Q2	Q2 YTD	Q3	Q4	FY 2014	
BOOKINGS	 	 	 	 	 	 	 	 	 	 	
Energy	$	416,628	
 	$	345,079	
 	$	761,707	
 	 	$	478,469	
 	$	477,162	
 	$	955,631	
 	$	526,134	
 	$	534,646	
 	$	2,016,411	

Engineered Systems	 	 	 	 	 	 	 	 	 	 	
Printing & Identification	235,636	
 	224,209	
 	459,845	
 	 	250,434	
 	245,445	
 	495,879	
 	249,299	
 	248,082	
 	993,260	
 	
Industrials	337,070	
 	336,173	
 	673,243	
 	 	370,949	
 	363,773	
 	734,722	
 	342,687	
 	374,438	
 	1,451,847	
 	
Eliminations	(19	)	(6	)	(25	)	 	(18	)	(16	)	(34	)	(11	)	(11	)	(56	)	
 	572,687	
 	560,376	
 	1,133,063	
 	 	621,365	
 	609,202	
 	1,230,567	
 	591,975	
 	622,509	
 	2,445,051	

Fluids	339,310	
 	333,695	
 	673,005	
 	 	362,943	
 	375,009	
 	737,952	
 	350,853	
 	345,553	
 	1,434,358	

Refrigeration & Food Equipment	419,659	
 	486,793	
 	906,452	
 	 	493,731	
 	542,810	
 	1,036,541	
 	459,099	
 	367,567	
 	1,863,207	

Intra-segment eliminations	(628	)	(417	)	(1,045	)	 	(506	)	(1,089	)	(1,595	)	(737	)	(644	)	(2,976	)	
 	 	 	 	 	 	 	 	 	 	 	
Total consolidated bookings	$	1,747,656	
 	$	1,725,526	
 	$	3,473,182	
 	 	$	1,956,002	
 	$	2,003,094	
 	$	3,959,096	
 	$	1,927,324	
 	$	1,869,631	
 	$	7,756,051	

BACKLOG	 	 	 	 	 	 	 	 	 	 	
Energy	$	212,060	
 	$	194,819	
 	 	 	$	210,846	
 	$	206,415	
 	 	$	232,739	
 	$	233,347	

Engineered Systems	 	 	 	 	 	 	 	 	 	 	
Printing & Identification	108,151	
 	103,403	
 	 	 	131,298	
 	128,912	
 	 	115,352	
 	110,359	
 	 	
Industrials	276,598	
 	248,592	
 	 	 	266,517	
 	268,680	
 	 	254,612	
 	282,598	
 	 	
 	384,749	
 	351,995	
 	 	 	397,815	
 	397,592	
 	 	369,964	
 	392,957	

Fluids	259,504	
 	240,389	
 	 	 	328,617	
 	348,508	
 	 	323,424	
 	277,834	

Refrigeration & Food Equipment	337,084	
 	373,193	
 	 	 	431,298	
 	450,065	
 	 	376,141	
 	282,507	

Intra-segment eliminations	(595	)	(354	)	 	 	(374	)	(211	)	 	(302	)	(431	)	 	
 	 	 	 	 	 	 	 	 	 	 	
Total consolidated backlog	$	1,192,802	
 	$	1,160,042	
 	 	 	$	1,368,202	
 	$	1,402,369	
 	 	$	1,301,966	
 	$	1,186,214	

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

 	2015	 	2014	
 	Q1	Q2	Q2 YTD	 	Q1	Q2	Q2 YTD	Q3	Q4	FY 2014	
Basic earnings (loss) per common share:	 	 	 	 	 	 	 	
Continuing operations	$	0.72	
 	$	0.98	
 	$	1.70	
 	 	$	1.00	
 	$	1.26	
 	$	2.26	
 	$	1.36	
 	$	1.04	
 	$	4.67	
 	
Discontinued operations	0.57	
 	1.11	
 	1.68	
 	 	(0.06	)	0.02	
 	(0.04	)	0.04	
 	(0.02	)	(0.02	)	
Net earnings	1.30	
 	2.10	
 	3.38	
 	 	0.94	
 	1.29	
 	2.23	
 	1.40	
 	1.03	
 	4.65	

Diluted earnings (loss) per common share:	 	 	 	 	 	 	 	
Continuing operations	$	0.72	
 	$	0.97	
 	$	1.69	
 	 	$	0.99	
 	$	1.25	
 	$	2.23	
 	$	1.34	
 	$	1.03	
 	$	4.61	
 	
Discontinued operations	0.57	
 	1.10	
 	1.66	
 	 	(0.06	)	0.02	
 	(0.04	)	0.04	
 	(0.02	)	(0.02	)	
Net earnings	1.28	
 	2.07	
 	3.35	
 	 	0.93	
 	1.27	
 	2.19	
 	1.38	
 	1.02	
 	4.59	

Adjusted diluted earnings per common share (calculated below):	
Continuing operations	$	0.72	
 	$	0.97	
 	$	1.69	
 	 	$	0.97	
 	$	1.25	
 	$	2.22	
 	$	1.31	
 	$	1.01	
 	$	4.54	

Net earnings (loss) and average shares used in calculated earnings (loss) per share amounts are as follows:	
 	 	 	 	 	 	 	 	 	 	 	
Net earnings (loss):	 	 	 	 	 	 	 	 	 	 	
Continuing operations	$	117,190	
 	$	155,634	
 	$	272,824	
 	 	$	170,041	
 	$	210,581	
 	$	380,622	
 	$	225,683	
 	$	171,835	
 	$	778,140	
 	
Discontinued operations	92,320	
 	176,762	
 	269,082	
 	 	(9,903	)	3,378	
 	(6,525	)	6,161	
 	(2,541	)	(2,905	)	
Net earnings	209,510	
 	332,396	
 	541,906	
 	 	160,138	
 	213,959	
 	374,097	
 	231,844	
 	169,294	
 	775,235	

Average shares outstanding:	 	 	 	 	 	 	 	
Basic	161,650	
 	158,640	
 	160,137	
 	 	169,750	
 	166,474	
 	168,103	
 	166,021	
 	164,589	
 	166,692	
 	
Diluted	163,323	
 	160,398	
 	161,876	
 	 	172,013	
 	168,857	
 	170,450	
 	168,343	
 	166,467	
 	168,842	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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:	
 	 	 	 	 	 	 	 	 	 	 	
 	2015	 	2014	
 	Q1	Q2	Q2 YTD	 	Q1	Q2	Q2 YTD	Q3	Q4	FY 2014	
Adjusted earnings from continuing operations:	 	 	 	 	 	 	 	
Earnings from continuing operations	$	117,190	
 	$	155,634	
 	$	272,824	
 	 	$	170,041	
 	$	210,581	
 	$	380,622	
 	$	225,683	
 	$	171,835	
 	$	778,140	
 	
Gains (losses) from discrete and other tax items	—	
 	—	
 	—	
 	 	2,541	
 	(635	)	1,906	
 	5,524	
 	3,860	
 	11,290	
 	
Adjusted earnings from continuing operations	$	117,190	
 	$	155,634	
 	$	272,824	
 	 	$	167,500	
 	$	211,216	
 	$	378,716	
 	$	220,159	
 	$	167,975	
 	$	766,850	

Adjusted diluted earnings per common share:	 	 	 	 	 	 	 	
Earnings from continuing operations	$	0.72	
 	$	0.97	
 	$	1.69	
 	 	$	0.99	
 	$	1.25	
 	$	2.23	
 	$	1.34	
 	$	1.03	
 	$	4.61	
 	
Gains (losses) from discrete and other tax items	—	
 	—	
 	—	
 	 	0.01	
 	—	
 	0.01	
 	0.03	
 	0.02	
 	0.07	
 	
Adjusted earnings from continuing operations	$	0.72	
 	$	0.97	
 	$	1.69	
 	 	$	0.97	
 	$	1.25	
 	$	2.22	
 	$	1.31	
 	$	1.01	
 	$	4.54	

* Per share data may not add due to rounding.	 	 	 	 	 	 	 	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	2015	 	2014	
 	Q1	Q2	Q2 YTD	 	Q1	Q2	Q2 YTD	Q3	Q4	FY 2014	
Cash flow from operating activities	$	131,332	
 	$	218,911	
 	$	350,243	
 	 	$	28,361	
 	$	185,013	
 	$	213,374	
 	$	292,012	
 	$	444,778	
 	$	950,164	
 	
Less: Additions to property, plant and equipment	(27,956	)	(43,807	)	(71,763	)	 	(32,695	)	(42,550	)	(75,245	)	(33,532	)	(57,256	)	(166,033	)	
Free cash flow	$	103,376	
 	$	175,104	
 	$	278,480	
 	 	$	(4,334	)	$	142,463	
 	$	138,129	
 	$	258,480	
 	$	387,522	
 	$	784,131	

Free cash flow as a percentage of earnings from continuing operations	88.2	%	112.5	%	102.1	%	 	(2.5	)%	67.7	%	36.3	%	114.5	%	225.5	%	100.8	%	
 	 	 	 	 	 	 	 	 	 	 	
Free cash flow as a percentage of revenue	6.0	%	10.0	%	8.0	%	 	(0.2	)%	7.3	%	3.7	%	12.9	%	19.6	%	10.1	%	

Earnings Conference Call Second Quarter 2015 July 21, 2015 – 9:00am CT

 

2 Forward looking statements and non-GAAP measures 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 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. This document contains non-GAAP financial information. Reconciliations of non-GAAP measures are included either in this presentation or Dover’s earnings release and investor supplement for the second quarter 2015. 2

 

3 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 Q1* Q2 Q3* Q4* Q1 Q2 Q2 2015 Performance Adjusted Earnings Per Share* (continuing operations) Q2 Q2/Q2 * Excludes discrete & other tax benefits of $0.01 in Q1 2014, $0.03 in Q3 2014 and $0.02 in Q4 2014 (a) See Press Release for free cash flow reconciliation 3 Quarterly Comments 2014 2015  Revenue impacted by tough NA energy markets, FX headwinds and reduced spending by retail refrigeration customers; partially offset by solid performance in Fluids and Engineered Systems  US and Asian markets declined driven by NA energy, retail refrigeration and moderating China capex spend; Europe remained solid  Segment margin was impacted by lower volume and business mix  Bookings decline driven by NA energy markets, and reduced customer capital spending in retail refrigeration, oil & gas related pump markets and select industrial markets  Book-to-bill of 0.98 Note: Q4 2014 includes restructuring and other costs of $0.17; includes restructuring costs of $0.10 in Q1 2015 and $0.01 in Q2 2015 Revenue $1.8B -10% $3.5B -8% Adj. EPS (cont.) $0.97 -22% $1.69 -24% Bookings $1.7B -14% $3.5B -12% Seg. Margins 15.6% -300 bps 14.5% -330 bps Organic Rev. -10% -8% Acq. Growth 4% 4% FCF (a) $175M 23% $278M 102% 1H 1H/1H

 

4 Revenue Q2 2015 Energy Engineered Systems Fluids Refrigeration & Food Equip Total Organic -34% 3% 6% -12% -10% Acquisitions 12% - 2% 1% 4% Currency -2% -6% -6% -3% -4% Total -24% -3% 2% -14% -10% 1H 2015 Energy Engineered Systems Fluids Refrigeration & Food Equip Total Organic -29% 4% 4% -10% -8% Acquisitions 14% 1% 2% 1% 4% Currency -2% -6% -6% -3% -4% Total -17% -1% - -12% -8%

 

5 Printing & ID Industrial $337 $336 $417 $345 $236 $224 $339 $334 $420 $487 $0 $200 $400 $600 $800 DE Q1 DE Q2 DES Q1 DES Q2 DF Q1 DF Q2 DRE Q1 DRE Q2 Sequential Results – Q1 2015 → Q2 2015 5 $343 $363 $430 $366 $230 $230 $340 $352 $372 $448 $0 $200 $400 $600 $800 DE Q1 DE Q2 DES Q1 DES Q2 DF Q1 DF Q2 DRE Q1 DRE Q2 Revenue -15% +16% +20% -2% +3% -2% +3% -17% Bookings

 

6 Energy  Revenue decline driven by steep deterioration in NA oil & gas markets resulting in destocking and diminished demand – International markets holding up well  Adjusted margin of 12.0% reflects negative product mix and modest price pressure – Will reduce cost base nearly $90 million this year  Bookings decline of 28% largely driven by macro oil & gas trends  Book-to-bill at 0.94 6 Q2 2015 Q2 2014 % Change Revenue $366 $481 -24% Earnings $ 41 $115 -64% Margin 11.2% 23.9% -1270 bps Adj. Earnings* $ 44 $115 -62% Adj. Margin* 12.0% 23.9% -1190 bps Bookings $345 $477 -28% Revenue by End-Market % of Q2 Revenue Y / Y Drilling & Production 68% -30% Bearings & Compression 22% -5% Automation 10% -14% $ in millions * Q2 2015 earnings adjusted for $3M in restructuring costs

 

7 Engineered Systems  Organic revenue growth is solid in both platforms – Printing & Identification grew 4% organically, driven by solid global markets for core printing and coding products – Industrial’s organic growth of 3% was led by waste handling and auto-related businesses  Margin of 16.3% impacted by business mix  Bookings decline primarily reflects impact of FX and softness in capital spending in Asian and European industrial markets  Book-to-bill of 0.94 7 Q2 2015 Q2 2014 % Change Revenue $593 $614 -3% Earnings $ 97 $102 -5% Margin 16.3% 16.6% -30 bps Bookings $560 $609 -8% Revenue by End-Market % of Q2 Revenue Y / Y Growth Printing & Identification 39% -9% Industrial 61% Flat $ in millions

 

8 Fluids  Organic revenue grew 6%, driven by solid activity in Fluid Transfer and strong project- related shipments in pumps, partially offset by FX headwinds  Segment margin of 20% reflects positive product mix and leverage on volume  Bookings decline primarily related to oil & gas end- market exposure in Pumps, the impact of FX, and the timing of project related orders  Book-to-bill at 0.95 8 Q2 2015 Q2 2014 % Change Revenue $352 $346 2% Earnings $ 70 $ 63 11% Margin 20.0% 18.2% 180 bps Bookings $334 $375 -11% Revenue by End-Market % of Q2 Revenue Y / Y Growth Pumps 44% Flat Fluid Transfer 56% 3% $ in millions

 

9 Refrigeration & Food Equipment  Revenue results driven by weak customer spending in retail refrigeration and timing of shipments in can shaping equipment – Replacement activity for lost refrigeration volume has been slow to develop  Segment margin performance reflects lower volume and product mix  Bookings reflect slower than anticipated order activity in retail refrigeration, partially offset by solid food equipment orders  Book-to-bill seasonally strong at 1.09 9 Q2 2015 Q2 2014 % Change Revenue $448 $522 -14% Earnings $ 66 $ 85 -23% Margin 14.7% 16.3% -160 bps Bookings $487 $543 -10% Revenue by End-Market % of Q2 Revenue Y / Y Growth Refrigeration 78% -13% Food Equipment 22% -19% $ in millions

 

10 Q2 2015 Overview 10 Q2 2015 Net Interest Expense $32 million, flat with last year Corporate Expense $20 million, down $9 million from last year; reflecting cost management initiatives Effective Tax Rate (ETR) Q2 rate was 29.3%, essentially inline with forecast Capex $44 million, inline with expectations Share Repurchases Repurchased 4M shares ($300M) in quarter

 

11 FY 2015 Guidance  Revenue – Organic revenue: (8% - 7%) – Completed acquisitions: ≈ 3% – FX impact: (4%) – Total revenue: (9% - 8%)  Corporate expense: ≈ $116 million  Interest expense: ≈ $127 million  Full-year tax rate: ≈ 29.0%  Capital expenditures: ≈ 2.3% of revenue  FY free cash flow: ≈ 11% of revenue 2015 Organic growth rate Energy (32% - 31%) Engineered Systems 3% - 4% Fluids 5% - 6% Refrigeration & Food Equipment (8% - 6%) Total organic (8% - 7%) Acquisitions ≈ 3% (a) FX Impact (4%) Total revenue (9% - 8%) (a) Reflects completed acquisitions

 

12 2015 EPS Guidance – Continuing Ops  2014 EPS – Continuing Ops (GAAP) $ 4.61 – Less 2014 tax items(1): (0.07)  2014 Adjusted EPS $ 4.54 – Net restructuring and one-time items(2): (0.02) - 0.00 – Performance including restructuring benefits(3): (1.00 - 0.92) – Acquisitions(4): 0.02 - 0.04 – Shares(5): 0.20 - 0.21 – Interest / Corp. / Tax rate / Other (net): 0.01 - 0.03  2015 EPS – Continuing Ops $3.75 - $3.90 (1) $0.01 in Q1 2014 , $0.03 in Q3 2014 and $0.02 in Q4 2014 (4) Deals completed, principally Accelerated (5) Based on 2015 estimated repurchases of $600M (2) Includes restructuring charges of $0.16 in Q4 2014 and $0.17 - $0.19 in FY 2015, and pension settlement costs of $0.01 in Q4 2014 (3) Includes restructuring benefits of $0.36 - $0.38