(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||
(Address of Principal Executive Offices) | (Zip Code) |
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)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Date: | April 20, 2021 | DOVER CORPORATION | ||||||||||||
(Registrant) | ||||||||||||||
By: | /s/ Ivonne M. Cabrera | |||||||||||||
Ivonne M. Cabrera | ||||||||||||||
Senior Vice President, General Counsel & Secretary | ||||||||||||||
Investor Contact: | Media Contact: | |||||||
Andrey Galiuk | Adrian Sakowicz | |||||||
Vice President - Corporate Development | Vice President - Communications | |||||||
and Investor Relations | (630) 743-5039 | |||||||
(630) 743-5131 | asakowicz@dovercorp.com | |||||||
agaliuk@dovercorp.com |
Three Months Ended March 31, | ||||||||||||||||||||
($ in millions, except per share data) | 2021 | 2020 | % Change | |||||||||||||||||
U.S. GAAP | ||||||||||||||||||||
Revenue | $ | 1,868 | $ | 1,656 | 13 | % | ||||||||||||||
Net earnings 1 | 233 | 176 | 32 | % | ||||||||||||||||
Diluted EPS | 1.61 | 1.21 | 33 | % | ||||||||||||||||
Non-GAAP | ||||||||||||||||||||
Organic revenue change | 9 | % | ||||||||||||||||||
Adjusted net earnings 2 | 263 | 203 | 29 | % | ||||||||||||||||
Adjusted diluted EPS | 1.81 | 1.39 | 30 | % |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Revenue | $ | 1,867,901 | $ | 1,655,939 | |||||||
Cost of goods and services | 1,146,353 | 1,043,696 | |||||||||
Gross profit | 721,548 | 612,243 | |||||||||
Selling, general, and administrative expenses | 408,998 | 386,941 | |||||||||
Operating earnings | 312,550 | 225,302 | |||||||||
Interest expense | 26,823 | 27,268 | |||||||||
Interest income | (680) | (1,183) | |||||||||
Gain on sale of a business | — | (6,551) | |||||||||
Other income, net | (2,843) | (7,732) | |||||||||
Earnings before provision for income taxes | 289,250 | 213,500 | |||||||||
Provision for income taxes | 56,481 | 37,221 | |||||||||
Net earnings | $ | 232,769 | $ | 176,279 | |||||||
Net earnings per share: | |||||||||||
Basic | $ | 1.62 | $ | 1.22 | |||||||
Diluted | $ | 1.61 | $ | 1.21 | |||||||
Weighted average shares outstanding: | |||||||||||
Basic | 143,765 | 144,259 | |||||||||
Diluted | 144,938 | 145,782 | |||||||||
Dividends paid per common share | $ | 0.495 | $ | 0.49 | |||||||
* Per share data may be impacted by rounding. |
2021 | 2020 | ||||||||||||||||||||||
Q1 | Q1 | Q2 | Q3 | Q4 | FY 2020 | ||||||||||||||||||
REVENUE | |||||||||||||||||||||||
Engineered Products | $ | 428,127 | $ | 408,160 | $ | 342,380 | $ | 386,562 | $ | 394,175 | $ | 1,531,277 | |||||||||||
Fueling Solutions | 389,678 | 359,982 | 326,495 | 380,511 | 409,294 | 1,476,282 | |||||||||||||||||
Imaging & Identification | 284,328 | 256,765 | 227,977 | 265,690 | 287,746 | 1,038,178 | |||||||||||||||||
Pumps & Process Solutions | 394,377 | 319,536 | 309,095 | 347,875 | 347,497 | 1,324,003 | |||||||||||||||||
Refrigeration & Food Equipment | 372,077 | 311,913 | 293,527 | 368,395 | 342,255 | 1,316,090 | |||||||||||||||||
Intra-segment eliminations | (686) | (417) | (299) | (777) | (577) | (2,070) | |||||||||||||||||
Total consolidated revenue | $ | 1,867,901 | $ | 1,655,939 | $ | 1,499,175 | $ | 1,748,256 | $ | 1,780,390 | $ | 6,683,760 | |||||||||||
NET EARNINGS | |||||||||||||||||||||||
Segment Earnings: | |||||||||||||||||||||||
Engineered Products | $ | 68,779 | $ | 69,094 | $ | 47,702 | $ | 64,890 | $ | 56,481 | $ | 238,167 | |||||||||||
Fueling Solutions | 66,480 | 53,498 | 47,214 | 66,601 | 69,661 | 236,974 | |||||||||||||||||
Imaging & Identification | 56,992 | 51,482 | 38,046 | 51,928 | 52,017 | 193,473 | |||||||||||||||||
Pumps & Process Solutions | 123,645 | 66,079 | 67,702 | 89,786 | 81,709 | 305,276 | |||||||||||||||||
Refrigeration & Food Equipment 1 | 38,117 | 23,529 | 11,459 | 40,159 | 27,725 | 102,872 | |||||||||||||||||
Total segment earnings (EBIT) | 354,013 | 263,682 | 212,123 | 313,364 | 287,593 | 1,076,762 | |||||||||||||||||
Corporate expense / other | 38,620 | 24,097 | 27,311 | 35,603 | 39,651 | 126,662 | |||||||||||||||||
Interest expense | 26,823 | 27,268 | 28,711 | 27,724 | 28,234 | 111,937 | |||||||||||||||||
Interest income | (680) | (1,183) | (728) | (960) | (700) | (3,571) | |||||||||||||||||
Earnings before provision for income taxes | 289,250 | 213,500 | 156,829 | 250,997 | 220,408 | 841,734 | |||||||||||||||||
Provision for income taxes | 56,481 | 37,221 | 32,063 | 50,697 | 38,302 | 158,283 | |||||||||||||||||
Net earnings | $ | 232,769 | $ | 176,279 | $ | 124,766 | $ | 200,300 | $ | 182,106 | $ | 683,451 | |||||||||||
SEGMENT MARGIN | |||||||||||||||||||||||
Engineered Products | 16.1 % | 16.9 % | 13.9 % | 16.8 % | 14.3 % | 15.6 % | |||||||||||||||||
Fueling Solutions | 17.1 % | 14.9 % | 14.5 % | 17.5 % | 17.0 % | 16.1 % | |||||||||||||||||
Imaging & Identification | 20.0 % | 20.1 % | 16.7 % | 19.5 % | 18.1 % | 18.6 % | |||||||||||||||||
Pumps & Process Solutions | 31.4 % | 20.7 % | 21.9 % | 25.8 % | 23.5 % | 23.1 % | |||||||||||||||||
Refrigeration & Food Equipment 1 | 10.2 % | 7.5 % | 3.9 % | 10.9 % | 8.1 % | 7.8 % | |||||||||||||||||
Total segment operating margin | 19.0 % | 15.9 % | 14.1 % | 17.9 % | 16.2 % | 16.1 % | |||||||||||||||||
DEPRECIATION AND AMORTIZATION EXPENSE | |||||||||||||||||||||||
Engineered Products | $ | 14,047 | $ | 10,122 | $ | 9,722 | $ | 10,717 | $ | 12,042 | $ | 42,603 | |||||||||||
Fueling Solutions | 19,269 | 18,339 | 17,968 | 18,014 | 18,482 | 72,803 | |||||||||||||||||
Imaging & Identification | 9,593 | 8,769 | 9,224 | 9,809 | 10,576 | 38,378 | |||||||||||||||||
Pumps & Process Solutions | 16,926 | 18,336 | 17,572 | 17,206 | 19,077 | 72,191 | |||||||||||||||||
Refrigeration & Food Equipment | 12,096 | 11,548 | 11,421 | 12,081 | 11,491 | 46,541 | |||||||||||||||||
Corporate | 1,875 | 1,638 | 1,696 | 1,662 | 1,539 | 6,535 | |||||||||||||||||
Total depreciation and amortization expense | $ | 73,806 | $ | 68,752 | $ | 67,603 | $ | 69,489 | $ | 73,207 | $ | 279,051 | |||||||||||
1 Q1, Q2, Q3, and FY 2020 include a $6,551 gain, a $781 expense, a $557 expense and a $5,213 net gain, respectively, on the sale of the Chino, California branch of The AMS Group ("AMS Chino"). Q2 and FY 2020 also include a $3,640 write-off of assets. |
Earnings Per Share | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Q1 | Q1 | Q2 | Q3 | Q4 | FY 2020 | ||||||||||||||||||
Net earnings per share: | |||||||||||||||||||||||
Basic | $ | 1.62 | $ | 1.22 | $ | 0.87 | $ | 1.39 | $ | 1.27 | $ | 4.74 | |||||||||||
Diluted | $ | 1.61 | $ | 1.21 | $ | 0.86 | $ | 1.38 | $ | 1.25 | $ | 4.70 | |||||||||||
Net earnings and weighted average shares used in calculated earnings per share amounts are as follows: | |||||||||||||||||||||||
Net earnings | $ | 232,769 | $ | 176,279 | $ | 124,766 | $ | 200,300 | $ | 182,106 | $ | 683,451 | |||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | 143,765 | 144,259 | 143,955 | 144,032 | 143,954 | 144,050 | |||||||||||||||||
Diluted | 144,938 | 145,782 | 144,995 | 145,289 | 145,355 | 145,393 | |||||||||||||||||
* Per share data may be impacted by rounding. |
2021 | 2020 | ||||||||||||||||||||||
Q1 | Q1 | Q2 | Q3 | Q4 | FY 2020 | ||||||||||||||||||
Adjusted net earnings: | |||||||||||||||||||||||
Net earnings | $ | 232,769 | $ | 176,279 | $ | 124,766 | $ | 200,300 | $ | 182,106 | $ | 683,451 | |||||||||||
Acquisition-related amortization, pre-tax 1 | 35,516 | 34,062 | 34,101 | 35,325 | 35,027 | 138,515 | |||||||||||||||||
Acquisition-related amortization, tax impact 2 | (8,720) | (8,411) | (8,451) | (8,810) | (8,695) | (34,367) | |||||||||||||||||
Rightsizing and other costs, pre-tax 3 | 4,162 | 7,859 | 16,840 | 5,848 | 20,925 | 51,472 | |||||||||||||||||
Rightsizing and other costs, tax impact 2 | (1,031) | (1,605) | (3,452) | (1,343) | (4,402) | (10,802) | |||||||||||||||||
(Gain) loss on disposition, pre-tax 4 | — | (6,551) | 781 | 557 | — | (5,213) | |||||||||||||||||
(Gain) loss on disposition, tax-impact 2 | — | 1,592 | (190) | (135) | — | 1,267 | |||||||||||||||||
Adjusted net earnings | $ | 262,696 | $ | 203,225 | $ | 164,395 | $ | 231,742 | $ | 224,961 | $ | 824,323 | |||||||||||
Adjusted diluted net earnings per share: | |||||||||||||||||||||||
Diluted net earnings per share | $ | 1.61 | $ | 1.21 | $ | 0.86 | $ | 1.38 | $ | 1.25 | $ | 4.70 | |||||||||||
Acquisition-related amortization, pre-tax 1 | 0.25 | 0.23 | 0.24 | 0.24 | 0.24 | 0.95 | |||||||||||||||||
Acquisition-related amortization, tax impact 2 | (0.06) | (0.06) | (0.06) | (0.06) | (0.06) | (0.24) | |||||||||||||||||
Rightsizing and other costs, pre-tax 3 | 0.03 | 0.05 | 0.12 | 0.04 | 0.14 | 0.35 | |||||||||||||||||
Rightsizing and other costs, tax impact 2 | (0.01) | (0.01) | (0.02) | (0.01) | (0.03) | (0.07) | |||||||||||||||||
(Gain) loss on disposition, pre-tax 4 | — | (0.04) | — | — | — | (0.03) | |||||||||||||||||
(Gain) loss on disposition, tax-impact 2 | — | 0.01 | — | — | — | 0.01 | |||||||||||||||||
Adjusted diluted net earnings per share | $ | 1.81 | $ | 1.39 | $ | 1.13 | $ | 1.60 | $ | 1.55 | $ | 5.67 | |||||||||||
1 Includes amortization on acquisition-related intangible assets and inventory step-up. | |||||||||||||||||||||||
2 Adjustments were tax effected using the statutory tax rates in the applicable jurisdictions or the effective tax rate, where applicable, for each period. | |||||||||||||||||||||||
3 Rightsizing and other costs include actions taken on employee reductions, facility consolidations and site closures, product line exits and other asset charges. | |||||||||||||||||||||||
4 Represents a (gain) loss on the disposition of AMS Chino within the Refrigeration & Food Equipment segment, including working capital adjustments. | |||||||||||||||||||||||
* Per share data and totals may be impacted by rounding. |
2021 | 2020 | ||||||||||||||||||||||
Q1 | Q1 | Q2 | Q3 | Q4 | FY 2020 | ||||||||||||||||||
ADJUSTED SEGMENT EBIT AND ADJUSTED EBITDA | |||||||||||||||||||||||
Engineered Products: | |||||||||||||||||||||||
Segment earnings (EBIT) | $ | 68,779 | $ | 69,094 | $ | 47,702 | $ | 64,890 | $ | 56,481 | $ | 238,167 | |||||||||||
Rightsizing and other costs | 4,019 | 361 | 4,169 | 2,375 | 4,625 | 11,530 | |||||||||||||||||
Adjusted EBIT - Segment | 72,798 | 69,455 | 51,871 | 67,265 | 61,106 | 249,697 | |||||||||||||||||
Adjusted EBIT % | 17.0 % | 17.0 % | 15.2 % | 17.4 % | 15.5 % | 16.3 % | |||||||||||||||||
Adjusted D&A 1 | 10,594 | 10,122 | 9,722 | 10,651 | 10,193 | 40,688 | |||||||||||||||||
Adjusted EBITDA - Segment | $ | 83,392 | $ | 79,577 | $ | 61,593 | $ | 77,916 | $ | 71,299 | $ | 290,385 | |||||||||||
Adjusted EBITDA % | 19.5 % | 19.5 % | 18.0 % | 20.2 % | 18.1 % | 19.0 % | |||||||||||||||||
Fueling Solutions: | |||||||||||||||||||||||
Segment earnings (EBIT) | $ | 66,480 | $ | 53,498 | $ | 47,214 | $ | 66,601 | $ | 69,661 | $ | 236,974 | |||||||||||
Rightsizing and other costs | 58 | 1,493 | 868 | 1,615 | 2,727 | 6,703 | |||||||||||||||||
Adjusted EBIT - Segment | 66,538 | 54,991 | 48,082 | 68,216 | 72,388 | 243,677 | |||||||||||||||||
Adjusted EBIT % | 17.1 % | 15.3 % | 14.7 % | 17.9 % | 17.7 % | 16.5 % | |||||||||||||||||
Adjusted D&A 1 | 19,180 | 18,339 | 17,783 | 18,014 | 18,225 | 72,361 | |||||||||||||||||
Adjusted EBITDA - Segment | $ | 85,718 | $ | 73,330 | $ | 65,865 | $ | 86,230 | $ | 90,613 | $ | 316,038 | |||||||||||
Adjusted EBITDA % | 22.0 % | 20.4 % | 20.2 % | 22.7 % | 22.1 % | 21.4 % | |||||||||||||||||
Imaging & Identification: | |||||||||||||||||||||||
Segment earnings (EBIT) | $ | 56,992 | $ | 51,482 | $ | 38,046 | $ | 51,928 | $ | 52,017 | $ | 193,473 | |||||||||||
Rightsizing and other costs | 682 | 264 | (527) | 99 | 6,191 | 6,027 | |||||||||||||||||
Adjusted EBIT - Segment | 57,674 | 51,746 | 37,519 | 52,027 | 58,208 | 199,500 | |||||||||||||||||
Adjusted EBIT % | 20.3 % | 20.2 % | 16.5 % | 19.6 % | 20.2 % | 19.2 % | |||||||||||||||||
Adjusted D&A 1 | 9,218 | 8,769 | 9,224 | 9,809 | 10,201 | 38,003 | |||||||||||||||||
Adjusted EBITDA - Segment | $ | 66,892 | $ | 60,515 | $ | 46,743 | $ | 61,836 | $ | 68,409 | $ | 237,503 | |||||||||||
Adjusted EBITDA % | 23.5 % | 23.6 % | 20.5 % | 23.3 % | 23.8 % | 22.9 % | |||||||||||||||||
Pumps & Process Solutions: | |||||||||||||||||||||||
Segment earnings (EBIT) | $ | 123,645 | $ | 66,079 | $ | 67,702 | $ | 89,786 | $ | 81,709 | $ | 305,276 | |||||||||||
Rightsizing and other (benefits) costs | (2,006) | 3,846 | 4,691 | 1,771 | 3,128 | 13,436 | |||||||||||||||||
Adjusted EBIT - Segment | 121,639 | 69,925 | 72,393 | 91,557 | 84,837 | 318,712 | |||||||||||||||||
Adjusted EBIT % | 30.8 % | 21.9 % | 23.4 % | 26.3 % | 24.4 % | 24.1 % | |||||||||||||||||
Adjusted D&A 1 | 16,926 | 16,230 | 16,816 | 17,206 | 17,565 | 67,817 | |||||||||||||||||
Adjusted EBITDA - Segment | $ | 138,565 | $ | 86,155 | $ | 89,209 | $ | 108,763 | $ | 102,402 | $ | 386,529 | |||||||||||
Adjusted EBITDA % | 35.1 % | 27.0 % | 28.9 % | 31.3 % | 29.5 % | 29.2 % | |||||||||||||||||
Refrigeration & Food Equipment: | |||||||||||||||||||||||
Segment earnings (EBIT) | $ | 38,117 | $ | 23,529 | $ | 11,459 | $ | 40,159 | $ | 27,725 | $ | 102,872 | |||||||||||
Rightsizing and other (benefits) costs | (38) | 704 | 6,016 | (971) | 726 | 6,475 | |||||||||||||||||
(Gain) loss on disposition 2 | — | (6,551) | 781 | 557 | — | (5,213) | |||||||||||||||||
Adjusted EBIT - Segment | 38,079 | 17,682 | 18,256 | 39,745 | 28,451 | 104,134 | |||||||||||||||||
Adjusted EBIT % | 10.2 % | 5.7 % | 6.2 % | 10.8 % | 8.3 % | 7.9 % | |||||||||||||||||
Adjusted D&A 1 | 11,745 | 11,548 | 11,421 | 12,081 | 11,491 | 46,541 | |||||||||||||||||
Adjusted EBITDA - Segment | $ | 49,824 | $ | 29,230 | $ | 29,677 | $ | 51,826 | $ | 39,942 | $ | 150,675 | |||||||||||
Adjusted EBITDA % | 13.4 % | 9.4 % | 10.1 % | 14.1 % | 11.7 % | 11.4 % | |||||||||||||||||
Total Segments: | |||||||||||||||||||||||
Segment earnings (EBIT) 3 | $ | 354,013 | $ | 263,682 | $ | 212,123 | $ | 313,364 | $ | 287,593 | $ | 1,076,762 | |||||||||||
Rightsizing and other costs | 2,715 | 6,668 | 15,217 | 4,889 | 17,397 | 44,171 | |||||||||||||||||
(Gain) loss on disposition 2 | — | (6,551) | 781 | 557 | — | (5,213) | |||||||||||||||||
Adjusted EBIT - Segment 4 | 356,728 | 263,799 | 228,121 | 318,810 | 304,990 | 1,115,720 | |||||||||||||||||
Adjusted EBIT % 4 | 19.1 % | 15.9 % | 15.2 % | 18.2 % | 17.1 % | 16.7 % | |||||||||||||||||
Adjusted D&A 1 | 67,663 | 65,008 | 64,966 | 67,761 | 67,675 | 265,410 | |||||||||||||||||
Adjusted EBITDA - Segment 4 | $ | 424,391 | $ | 328,807 | $ | 293,087 | $ | 386,571 | $ | 372,665 | $ | 1,381,130 | |||||||||||
Adjusted EBITDA % 4 | 22.7 % | 19.9 % | 19.5 % | 22.1 % | 20.9 % | 20.7 % | |||||||||||||||||
1 Adjusted D&A is depreciation and amortization expense, excluding depreciation and amortization included within rightsizing and other costs. | |||||||||||||||||||||||
2 Q1, Q2, Q3, and FY 2020 includes a $6,551 gain, a $781 expense, a $557 expense and a $5,213 net gain on the sale of a business for AMS Chino, respectively. | |||||||||||||||||||||||
3 Refer to Quarterly Segment Information section for reconciliation of total segment earnings (EBIT) to net earnings. | |||||||||||||||||||||||
4 Refer to Non-GAAP Disclosures section for definition. |
2021 | |||||
Q1 | |||||
Organic | |||||
Engineered Products | 2.3 | % | |||
Fueling Solutions | 3.0 | % | |||
Imaging & Identification | 3.7 | % | |||
Pumps & Process Solutions | 18.4 | % | |||
Refrigeration & Food Equipment | 18.3 | % | |||
Total Organic | 8.8 | % | |||
Acquisitions | 1.2 | % | |||
Dispositions | (0.3) | % | |||
Currency translation | 3.1 | % | |||
Total* | 12.8 | % |
2021 | ||||||||
Q1 | ||||||||
Organic | ||||||||
United States | 6.9 | % | ||||||
Other Americas | 3.0 | % | ||||||
Europe | 12.7 | % | ||||||
Asia | 19.8 | % | ||||||
Other | (4.7) | % | ||||||
Total Organic | 8.8 | % | ||||||
Acquisitions | 1.2 | % | ||||||
Dispositions | (0.3) | % | ||||||
Currency translation | 3.1 | % | ||||||
Total* | 12.8 | % |
Adjusted EPS Guidance Reconciliation | |||||||||||
Range | |||||||||||
2021 Guidance for Earnings per Share (GAAP) | $ | 5.92 | $ | 6.02 | |||||||
Acquisition-related amortization, net | 0.73 | ||||||||||
Rightsizing and other costs, net | 0.10 | ||||||||||
2021 Guidance for Adjusted Earnings per Share (Non-GAAP) | $ | 6.75 | $ | 6.85 |
2021 | 2020 | ||||||||||||||||||||||
Q1 | Q1 | Q2 | Q3 | Q4 | FY 2020 | ||||||||||||||||||
Net Cash Flows Provided By (Used In): | |||||||||||||||||||||||
Operating activities | $ | 177,184 | $ | 75,863 | $ | 271,809 | $ | 339,247 | $ | 417,891 | $ | 1,104,810 | |||||||||||
Investing activities | (29,572) | (230,511) | (67,763) | (64,724) | (118,381) | (481,379) | |||||||||||||||||
Financing activities | (124,239) | 280,954 | (67,458) | (496,832) | (222,954) | (506,290) |
2021 | 2020 | ||||||||||||||||||||||
Q1 | Q1 | Q2 | Q3 | Q4 | FY 2020 | ||||||||||||||||||
Cash flow from operating activities1 | $ | 177,184 | $ | 75,863 | $ | 271,809 | $ | 339,247 | $ | 417,891 | $ | 1,104,810 | |||||||||||
Less: Capital expenditures | (31,260) | (40,172) | (38,999) | (44,393) | (42,128) | (165,692) | |||||||||||||||||
Free cash flow | $ | 145,924 | $ | 35,691 | $ | 232,810 | $ | 294,854 | $ | 375,763 | $ | 939,118 | |||||||||||
Free cash flow as a percentage of revenue | 7.8 % | 2.2 % | 15.5 % | 16.9 % | 21.1 % | 14.1 % | |||||||||||||||||
Free cash flow as a percentage of net earnings | 62.7 % | 20.2 % | 186.6 % | 147.2 % | 206.3 % | 137.4 % | |||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Q1 | Q1 | Q2 | Q3 | Q4 | FY 2020 | ||||||||||||||||||
BOOKINGS | |||||||||||||||||||||||
Engineered Products | $ | 528,310 | $ | 414,972 | $ | 278,373 | $ | 381,139 | $ | 484,002 | $ | 1,558,486 | |||||||||||
Fueling Solutions | 422,668 | 373,070 | 311,498 | 383,902 | 403,400 | 1,471,870 | |||||||||||||||||
Imaging & Identification | 293,614 | 272,604 | 221,315 | 266,423 | 304,756 | 1,065,098 | |||||||||||||||||
Pumps & Process Solutions | 551,365 | 369,403 | 275,872 | 323,801 | 365,262 | 1,334,338 | |||||||||||||||||
Refrigeration & Food Equipment | 537,326 | 355,157 | 326,400 | 449,549 | 379,393 | 1,510,499 | |||||||||||||||||
Intra-segment eliminations | (863) | (375) | (460) | (926) | (425) | (2,186) | |||||||||||||||||
Total consolidated bookings | $ | 2,332,420 | $ | 1,784,831 | $ | 1,412,998 | $ | 1,803,888 | $ | 1,936,388 | $ | 6,938,105 | |||||||||||
BACKLOG | |||||||||||||||||||||||
Engineered Products | $ | 562,557 | $ | 453,867 | $ | 378,874 | $ | 373,458 | $ | 463,701 | |||||||||||||
Fueling Solutions | 238,822 | 211,518 | 199,305 | 204,574 | 201,521 | ||||||||||||||||||
Imaging & Identification | 198,556 | 170,119 | 168,904 | 171,158 | 192,785 | ||||||||||||||||||
Pumps & Process Solutions | 539,097 | 397,969 | 379,090 | 361,631 | 390,238 | ||||||||||||||||||
Refrigeration & Food Equipment | 677,309 | 356,133 | 390,368 | 472,140 | 510,498 | ||||||||||||||||||
Intra-segment eliminations | (544) | (159) | (367) | (269) | (192) | ||||||||||||||||||
Total consolidated backlog | $ | 2,215,797 | $ | 1,589,447 | $ | 1,516,174 | $ | 1,582,692 | $ | 1,758,551 | |||||||||||||
2021 | |||||
Q1 | |||||
Organic | |||||
Engineered Products | 24.8 | % | |||
Fueling Solutions | 7.3 | % | |||
Imaging & Identification | 0.1 | % | |||
Pumps & Process Solutions | 44.0 | % | |||
Refrigeration & Food Equipment | 50.7 | % | |||
Total Organic | 26.5 | % | |||
Acquisitions | 1.5 | % | |||
Dispositions | (0.3) | % | |||
Currency translation | 3.0 | % | |||
Total* | 30.7 | % |
1?!SP3H
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M6V_]$QT ?44LBPQ/*^0J*6.!G@5\M1V^K?%;XF>3=O+ )G9B'!_T:W7L ?;
M]R?>OJBN-\5?$WPQX2N#;WEPUQ?*.;>U4.Z_[Q) 7Z$Y]J *UI\'? ]K;K$V
MD&X8#!EFN)"S>_# #\ *\]^*GPHTG0- DU[0A+!' ZB>V=RZ[6(4,I/(.2."
M3U[8YOWG[1$ R++P[(_HT]R%_0*?YUR7BCXG>*_&/AV]MCI44&CG;]HD@@=@
M '!&YR2!\V/2@#O_ (!:S<7WAF_TR>0NEA,IB)/W4<$[?IE2?QJ;X_\ _(AV
M7_82C_\ 1
%K*7P'J T^R@MW@<7FV&,("5&&.!_L9_*O-M1\4&Z^$&F:0'S<"\:%QW
M,:?,/_0T'X5,:%.JE*"MK9E2K5*3:F[Z71[%X2\::=XQANI+"*XB-LRJZSA0
M?FS@C!/'!_*JUGX_TR_\7R>&[:VNWNHY'C:4*OE@H#N.=V<<8Z=:\T\&74G@
M#QCK.GW[<+8M(1TW.J"1?TW#\:UO@MILEU>:MX@N,M(Q\A7/=F.]S_Z#^=%3
M#P@I3Z65OF%/$3FXQZW=_D==XI^)>B^%[TV$B37=XH!>. #"9Y 8D]?89K.T
M?XQ:%J=]%:7%O BJ\=]:374]K%=0/<6^#-$L@+Q9&1N'49'3-4;3Q
M1X?U"_-A9ZYIMQ=C.8(;I'?CK\H.: -:BJ=[J^FZ AX'-=#J>M:7HL*S:KJ-I8Q,<*]S,L88^@R1F@"]15:QU"RU.U6ZL+N"[M
MV^[+!('4_B.*I7GBCP_I]\+&]US3;>[.!Y$UTB/ST^4G- &M17'_ !"\0W_A
M[3-'N--D17NM6M[60L@8&-\[@,_0
Q\6::UM;R0B- ;Y;3M/;4;
M&;@F.)I$D ^Z2%Y5AG]>]>Z45,<3RM^ZK/H.6'NE[SNNIX<=!\6_$KQ!!=:W
M9OIVGP_+\T9C"IG)"*W)8^O3^5=U\0/ _P#PDOA^V@TX)'=V'_'LC'"LF "F
M>W08/M7;T42Q,G*+CI;8<<-%1:EK?<\2L/%'Q#T#2TT3_A'YYI(5\J&9K5W9
M5Z#!7Y6QV_K6]\-? FH:9J,WB'7@5OI0WE1,
MZ5K<3R:5J=G?)&<.UM.L@4^AVDXH OT5E7_ (GT
M#2[Q;/4-;TZTN6QB&>Z1'.>G!.:O7%]:6D*37-U!#$[*J/)(%5F/0 GJ3VH
MGHK+@\2Z%=:FVFV^M:?+?*2#;1W*-(".HV@YXK U7Q]::;\0]/\ #W0G(CC&W"CVY/YU#\7=.L;B;P?--9V\DLGB&
MT@=WB4LT1WDH21ROMTKKO"WA>/PP-7$=TUQ_:6I3:@VY-NPR8^4<\XQUH\4^
M%X_$_P#8_F736_\ 9NI0Z@NU-WF&//RGGC.>M '%MI.GZU\:WTJ_LX'TS1M)
M26QL3&/)#NXW/LZ'&<=/3TI^HZ?:>&/C3X7;18([1=9@NH;ZW@4(D@C3
H64-Q
M;VFAQR102(#&&\S:#MZ' )P*Z[QEX.?Q2=,N;759M+U'39S-;7,<2R;21@@J
M>#VJ33_"9L_&+^))M0>XN9--CL)%,04,58,9.#P21T]Z .3TJTL/#WQNURWL
MDBT^PFT%;N=(5"1JZR;=^.@P,]NYK%T*/2[OP_+;^&_AW(KLQS0N4=3OC'!'(J_XT\9"+5_#OAR^
MU^ZT;3IM.2]O[VV#&>7(PL:LH)7)4DG_ "0#V.BO%O#OB[3M,^(&D:7X>\3:
MCK>D:GOBN(+\R.UK(!E'1W4'!Z$?4^E6= T?6/&/BGQ2;SQ5K5K8Z7K4B6L%
MI
B.R@$_CS5S7O'?AWPW>K8ZA?-]M9-XMK
M>%YI OJ50' ^N*/%\/A:+PRI\2)"FDV\L1CP&&QP0$V[/FZGMVSVKE(=6U&^
M\<^(E\$^']-%U#)'!J6J:E<2 22*N JHH)P!QQCI]* .UT#Q;H?B>PFO=)OT
MGA@;;-N4HT1Z_,K $?CZ5B)\6?!;W*Q?VL1&S^6MRUM*("W3'F%=OXYQ[UQO
MA2-IO%?Q/MO$5]91B6U@2^N+(&.&,&)PQ&XDC )R3W!IDL7BSPQX%$-S:Z%X
MM\&P6JN"I,,IMU 8'^Z< ]SQ0!TGC#Q4/#OQ+\-F]U5K/1WL[J2Y4N?+ <#(Y'3UKB[V33]=^
M*'PZO8K9)=,GN;>.1?N#RPR<>HX_$5I^(D5/CCX+D50'DL[Q'8=64)D _0
MDT =QJVJV>B:7/J-_(T=K" 798V_"[1+B^N[JSO=7TH7C%[J#3KUH8IF/4LO(Y]L5H7/@+P_
M<>#E\*K:M!I2E2(X7(;*L&R6.222.2:U=;U_2O#E@;[6+Z&SML[0\A^\?0#J
M3["H- \5:'XH@DFT74H;Q8CB0)D,A[94@$?B* '>(_#MAXIT672=2$AM9&1V
M$;[6RK!AS]11XC\.V'BG19=)U(2&UE9&81OM;*L&'/U K6K/TW7--UB:^AL+
MI9Y+&
'_'^A>,Q9W%WID%M)97WV>,N\"L