EX-99.2 3 y83979exv99w2.htm EX-99.2 exv99w2
Exhibit 99.2
(DOVER LOGO)
INVESTOR SUPPLEMENT — FIRST QUARTER 2010
DOVER CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited) (in thousands, except per share figures)
                 
    Three Months Ended March 31,  
    2010     2009  
Revenue
   $ 1,583,270     $ 1,379,085  
Cost of goods and services
     971,114       896,942  
 
            
Gross profit
     612,156       482,143  
Selling and administrative expenses
     409,169       367,390  
 
            
Operating earnings
     202,987       114,753  
Interest expense, net
     27,169       22,398  
Other income, net
     (1,242 )     (1,736 )
 
            
Total interest/other income, net
     25,927       20,662  
 
            
Earnings before provision for income taxes and discontinued operations
     177,060       94,091  
Provision for income taxes
     55,575       32,997  
 
            
Earnings from continuing operations
     121,485       61,094  
Loss from discontinued operations, net
     (13,359 )     (7,669 )
 
            
Net earnings
   $ 108,126     $ 53,425  
 
            
 
                
Basic earnings (loss) per common share:
                
Earnings from continuing operations
   $ 0.65     $ 0.33  
Loss from discontinued operations, net
     (0.07 )     (0.04 )
Net earnings
     0.58       0.29  
 
                
Weighted average shares outstanding
     187,093       186,011  
 
            
 
                
Diluted earnings (loss) per common share:
                
Earnings from continuing operations
   $ 0.65     $ 0.33  
Loss from discontinued operations, net
     (0.07 )     (0.04 )
Net earnings
     0.58       0.29  
 
                
Weighted average shares outstanding
     187,886       186,121  
 
            
 
                
Dividends paid per common share
   $ 0.26     $ 0.25  
 
            
The following table is a reconciliation of the share amounts used in computing earnings per share:
                 
    Three Months Ended March 31,
    2010   2009
Weighted average shares outstanding — Basic
     187,093       186,011  
Dilutive effect of assumed exercise of employee stock options, SAR’s and performance shares
     793       110  
 
                
 
Weighted average shares outstanding — Diluted
     187,886       186,121  
 
                
 
Anti-dilutive options, SAR’s and performance shares excluded from diluted EPS computation
     2,928       11,104  

 

 

DOVER CORPORATION — INVESTOR SUPPLEMENT
FIRST QUARTER 2010
DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(unaudited) (in thousands)
                                                 
    2009   2010
    Q1   Q2   Q3   Q4   FY 2009   Q1
     
REVENUE
                                                
Industrial Products
                                                
Material Handling
   $ 186,651     $ 153,574     $ 154,238     $ 165,890     $ 660,353     $ 189,052  
Mobile Equipment
     248,292       229,522       242,011       242,352       962,177       240,140  
Eliminations
     (152 )     (147 )     (209 )     (230 )     (738 )     (395 )
     
 
     434,791       382,949       396,040       408,012       1,621,792       428,797  
     
Engineered Systems
                                                
Product Identification
     177,358       193,018       211,952       219,948       802,276       212,501  
Engineered Products
     223,426       274,398       308,741       253,095       1,059,660       271,772  
     
 
     400,784       467,416       520,693       473,043       1,861,936       484,273  
     
Fluid Management
                                                
Energy
     176,334       138,415       144,664       164,798       624,211       205,327  
Fluid Solutions
     154,488       156,897       164,604       170,860       646,849       175,504  
Eliminations
     (50 )     (43 )     (21 )     (36 )     (150 )     (31 )
     
 
     330,772       295,269       309,247       335,622       1,270,910       380,800  
     
 
Electronic Technologies
     214,035       245,953       275,266       291,700       1,026,954       290,989  
     
 
                                                
Intra-segment eliminations
     (1,297 )     (1,255 )     (1,635 )     (1,716 )     (5,903 )     (1,589 )
     
 
                                                
Total consolidated revenue
   $ 1,379,085     $ 1,390,332     $ 1,499,611     $ 1,506,661     $ 5,775,689     $ 1,583,270  
     
 
                                                
NET EARNINGS
                                                
Segment Earnings:
                                                
Industrial Products
   $ 34,544     $ 25,421     $ 38,119     $ 41,673     $ 139,757     $ 51,039  
Engineered Systems
     43,305       57,463       78,194       48,306       227,268       54,842  
Fluid Management
     75,442       55,572       60,677       67,578       259,269       86,767  
Electronic Technologies
     (12,110 )     17,993       38,160       39,651       83,694       44,904  
     
Total Segments
     141,181       156,449       215,150       197,208       709,988       237,552  
Corporate expense / other
     (24,692 )     (29,613 )     (34,106 )     (29,584 )     (117,995 )     (33,323 )
Net interest expense
     (22,398 )     (24,840 )     (26,299 )     (26,838 )     (100,375 )     (27,169 )
     
Earnings from continuing operations before provision for income taxes
     94,091       101,996       154,745       140,786       491,618       177,060  
Provision for income taxes
     32,997       1,120       47,261       38,346       119,724       55,575  
     
Earnings from continuing operations
     61,094       100,876       107,484       102,440       371,894       121,485  
Earnings (loss) from discontinued operations, net
     (7,669 )     (3,793 )     (600 )     (3,394 )     (15,456 )     (13,359 )
     
Net earnings
   $ 53,425     $ 97,083     $ 106,884     $ 99,046     $ 356,438     $ 108,126  
     
 
                                                
SEGMENT OPERATING MARGIN
                                                
Industrial Products
     7.9 %     6.6 %     9.6 %     10.2 %     8.6 %     11.9 %
Engineered Systems
     10.8 %     12.3 %     15.0 %     10.2 %     12.2 %     11.3 %
Fluid Management
     22.8 %     18.8 %     19.6 %     20.1 %     20.4 %     22.8 %
Electronic Technologies
     -5.7 %     7.3 %     13.9 %     13.6 %     8.1 %     15.4 %
 
Total Segment
     10.2 %     11.3 %     14.3 %     13.1 %     12.3 %     15.0 %

 

 

DOVER CORPORATION — INVESTOR SUPPLEMENT
FIRST QUARTER 2010
DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(unaudited) (in thousands)
                                                 
    2009     2010  
    Q1     Q2     Q3     Q4     FY 2009     Q1  
     
BOOKINGS
                                                
Industrial Products
                                                
Material Handling
   $ 118,343     $ 126,225     $ 162,759     $ 180,349     $ 587,676     $ 204,098  
Mobile Equipment
     210,558       245,937       191,539       253,130       901,164       231,128  
Eliminations
     (22 )     (203 )     (337 )     (424 )     (986 )     (407 )
     
 
     328,879       371,959       353,961       433,055       1,487,854       434,819  
     
Engineered Systems
                                                
Product Identification
     175,680       205,736       212,642       223,301       817,359       220,410  
Engineered Products
     236,353       259,869       258,634       263,211       1,018,067       368,133  
     
 
     412,033       465,605       471,276       486,512       1,835,426       588,543  
     
Fluid Management
                                                
Energy
     142,721       132,855       157,763       176,706       610,045       208,669  
Fluid Solutions
     150,376       159,482       165,601       169,639       645,098       179,037  
Eliminations
     (43 )     (39 )     (41 )     (17 )     (140 )     (84 )
     
 
     293,054       292,298       323,323       346,328       1,255,003       387,622  
     
 
                                                
Electronic Technologies
     223,707       243,274       283,035       305,266       1,055,282       358,477  
     
 
                                                
Intra-segment eliminations
     (1,291 )     (1,435 )     (1,790 )     (1,600 )     (6,116 )     (1,615 )
     
 
                                                
Total consolidated bookings
   $ 1,256,382     $ 1,371,701     $ 1,429,805     $ 1,569,561     $ 5,627,449     $ 1,767,846  
     
 
                                                
BACKLOG
                                                
Industrial Products
                                                
Material Handling
   $ 120,066     $ 93,247     $ 102,146     $ 116,658             $ 131,521  
Mobile Equipment
     349,358       368,315       318,496       329,774               319,801  
Eliminations
     (48 )     (143 )     (170 )     (371 )             (386 )
                   
 
     469,376       461,419       420,472       446,061               450,936  
                   
Engineered Systems
                                                
Product Identification
     57,801       66,288       72,523       74,700               78,976  
Engineered Products
     196,394       245,165       199,888       218,520               314,465  
                   
 
     254,195       311,453       272,411       293,220               393,441  
                   
Fluid Management
                                                
Energy
     58,771       54,734       66,043       77,173               76,844  
Fluid Solutions
     60,781       63,788       65,081       60,540               63,535  
Eliminations
     (5 )     (1 )     (21 )     (2 )             (55 )
                   
 
     119,547       118,521       131,103       137,711               140,324  
                   
 
Electronic Technologies
     186,850       185,512       194,414       206,893               271,340  
                   
 
Intra-segment eliminations
     (42 )     (242 )     (426 )     (337 )             (362 )
                   
 
                                                
Total consolidated backlog
   $ 1,029,926     $ 1,076,663     $ 1,017,974     $ 1,083,548             $ 1,255,679  
                   
 
ACQUISITION RELATED DEPRECIATION AND AMORTIZATION EXPENSE *                
Industrial Products
   $ 8,388     $ 7,708     $ 7,770     $ 8,182     $ 32,048     $ 7,575  
Engineered Systems
     6,071       6,436       6,580       7,579       26,666       7,916  
Fluid Management
     4,828       4,592       4,432       4,537       18,389       5,429  
Electronic Technologies
     8,286       8,217       8,268       8,432       33,203       8,369  
     
 
   $ 27,573     $ 26,953     $ 27,050     $ 28,730     $ 110,306     $ 29,289  
     
 
*   Represents the pre-tax impact on earnings from the depreciation and amortization of acquisition accounting write-ups to reflect the fair value of inventory, property, plant and equipment and intangible assets.

 

DOVER CORPORATION — INVESTOR
SUPPLEMENT FIRST QUARTER 2010
DOVER CORPORATION
QUARTERLY EARNINGS PER SHARE
(unaudited)
                                                 
    2009   2010
    Q1   Q2   Q3   Q4   FY 2009   Q1
         
Basic earnings (loss) per common share:
                                                
Continuing operations
   $ 0.33     $ 0.54     $ 0.58     $ 0.55     $ 2.00     $ 0.65  
Discontinued operations
     (0.04 )     (0.02 )     (0.00 )     (0.02 )     (0.08 )     (0.07 )
Net earnings
     0.29       0.52       0.57       0.53       1.91       0.58  
 
Diluted earnings (loss) per common share:
                                                
Continuing operations
   $ 0.33     $ 0.54     $ 0.58     $ 0.55     $ 1.99     $ 0.65  
Discontinued operations
     (0.04 )     (0.02 )     (0.00 )     (0.02 )     (0.08 )     (0.07 )
Net earnings
     0.29       0.52       0.57       0.53       1.91       0.58  

 

 

DOVER CORPORATION — INVESTOR
SUPPLEMENT FIRST QUARTER 2010
DOVER CORPORATION
QUARTERLY FREE CASH FLOW
(unaudited) (in thousands)
                                                 
    2009   2010  
    Q1     Q2     Q3     Q4     FY 2009     Q1  
           
Cash From Operations
   $ 114,866     $ 192,436     $ 246,811     $ 247,947     $ 802,060     $ 87,066  
 
                                                
CAPEX
     (31,475 )     (26,976 )     (24,799 )     (36,759 )     (120,009 )     (39,336 )
           
Free Cash Flow
   $ 83,391     $ 165,460     $ 222,012     $ 211,188     $ 682,051     $ 47,730  
           
 
                                                
Free Cash Flow to Earnings From Continuing Operations
     136.5 %     164.0 %     206.6 %     206.2 %     183.4 %     39.3 %