8-K

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): January 28, 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 January 28, 2011, Dover Corporation (i) issued the press release attached hereto as Exhibit 99.1 announcing its results of operations for the quarter and full year ended December 31, 2010; and (ii) posted on its website at http://www.dovercorporation.com the investor supplement attached hereto as Exhibit 99.2 and the 4Q 2010 Webcast Presentation Slides attached hereto as Exhibit 99.3, each for the quarter and full year ended December 31, 2010.

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 January 28, 2011.
99.2	Investor Supplement Posted on Dover Corporation’s Website at http://dovercorporation.com.
99.3	4Q 2010 Webcast Presentation Slides Posted on Dover Corporation’s Website at http://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: January 28, 2011	DOVER CORPORATION (Registrant)
	By:	/s/ Joseph W. Schmidt
		Joseph W. Schmidt
		Vice President, General Counsel & Secretary

EXHIBIT INDEX

Number	Exhibit
99.1	Press Release of Dover Corporation, dated January 28, 2011
99.2	Investor Supplement Posted on Dover Corporation’s Website at http://dovercorporation.com
99.3	4Q 2010 Webcast Presentation Slides Posted on Dover Corporation’s Website at http://dovercorporation.com

EX-99.1

Exhibit 99.1

CONTACT:	READ IT ON THE WEB
Paul Goldberg	www.dovercorporation.com
Treasurer & Director of Investor Relations
(212) 922-1640

DOVER REPORTS FOURTH QUARTER AND FULL YEAR 2010 RESULTS

• Reports quarterly revenue of $1.9 billion, an increase of 24% over the prior year

• Delivers quarterly diluted earnings per share from continuing operations of $1.01, up 85% over last year

• Achieves adjusted quarterly diluted earnings per share of $0.94, excluding tax benefits of $0.07, up 71%

• Expects 2011 full year organic revenue growth of 6% — 8%, and diluted earnings per share from continuing operations in the range of $4.05 — $4.25

Downers Grove, Illinois, January 28, 2011 — Dover Corporation (NYSE: DOV) announced today that for the fourth quarter ended December 31, 2010, revenue was $1.9 billion, an increase of 24% over the prior year period. The revenue increase was driven by organic growth of 23%, a 2% increase from acquisitions, and a 1% unfavorable impact from foreign exchange. Earnings from continuing operations for the fourth quarter of 2010 were $191.8 million or $1.01 diluted earnings per share (“EPS”), compared to $102.4 million or $0.55 diluted EPS from continuing operations in the prior-year period, representing increases of 87% and 85%, respectively. Excluding the impact of tax benefits of $0.07 recognized in the quarter, adjusted diluted EPS from continuing operations was $0.94, an increase of 71% over the prior year. The tax benefits of $0.07 were principally related to the favorable resolution of domestic tax positions.

Revenue for the year ended December 31, 2010 was $7.1 billion, up 24% over the prior year representing organic revenue growth of 20% and growth from acquisitions of 4%. Earnings from continuing operations for the year ended December 31, 2010 were $707.9 million or $3.74 diluted EPS, compared to $371.9 million or $1.99 diluted EPS in the prior year period, representing increases of 90% and 88%, respectively. Excluding the impact of tax benefits of $0.27 diluted EPS recognized in 2010, and the impact of tax benefits of $0.15 diluted EPS recognized in 2009, adjusted diluted EPS from continuing operations for the year ended December 31, 2010 was $3.47, an increase of 89% over the prior year adjusted level of $1.84.

Commenting on the fourth quarter results, Dover’s President and Chief Executive Officer, Robert A. Livingston, said, “Dover had a strong finish to 2010 with quarterly revenue, bookings, backlog, margin and earnings all up significantly from last year. Revenue growth of 24% was above our expectations and this momentum continued to be broad-based, led by Electronic Technologies, Energy and Material Handling. Margin expansion was also broad-based, with all segments showing improvement year-over-year, resulting in a fourth quarter segment margin of 16.3%. We generated strong free cash flow during the quarter, totaling $378 million, and exited the year with strong fourth quarter order rates, resulting in a book-to-bill of 1.03.

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“I am pleased with our many accomplishments in 2010. We were able to achieve full-year organic revenue growth of 20%, benefitting from improved end-markets, product innovation and geographic expansion. Full-year segment operating margins were a record 16.4%. We also generated free cash flow of $767 million in 2010, representing 11% of revenue, which funded re-investment in our businesses, our acquisition program and our 55^th consecutive annual dividend increase.

“Looking forward, we expect full year 2011 revenue growth of 9% — 11%, representing organic revenue growth of 6% — 8%, plus growth from acquisitions of 3%. Based on this revenue assumption, we expect full-year diluted EPS from continuing operations to be in the range of $4.05 — $4.25.”

Net earnings for the fourth quarter of 2010 were $198.3 million or $1.04 diluted EPS, including income from discontinued operations of $6.6 million or $0.03 diluted EPS, compared to net earnings of $99.0 million or $0.53 diluted EPS for the same period of 2009, which included a loss from discontinued operations of $3.4 million or $0.02 diluted EPS. Net earnings for the year ended December 31, 2010 were $700.1 million or $3.70 diluted EPS, which included a loss from discontinued operations of $7.8 million or $0.04 diluted EPS, compared to net earnings of $356.4 million or $1.91 diluted EPS for the same period of 2009, including a loss from discontinued operations of $15.5 million or $0.08 diluted EPS.

Dover will host a webcast of its fourth quarter 2010 conference call at 9:00 A.M. Eastern Time on Friday, January 28, 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 and additional information on Dover’s fourth quarter and full year 2010 results and its operating companies can also be found on the Company website, including an investor supplement containing a reconciliation of free cash flow and other non-GAAP measures to the most directly comparable GAAP measures.

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, 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; increases in the cost of raw materials; changes in customer demand; political events that could impact the worldwide economy; the

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impact of natural disasters and their effect on global energy markets; 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; and continued events in the Middle East 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.

EX-99.2

EXHIBIT 99.2

INVESTOR SUPPLEMENT

FOURTH QUARTER AND FULL YEAR 2010

Acquisitions

During the fourth quarter of 2010, the Company completed one add-on acquisition in the Fluid Management segment. During 2010, Dover made a total of six add-on acquisitions for consideration totaling $104.4 million, net of cash acquired. The full-year diluted earnings per share impact of these 2010 acquisitions was $0.02, with minimal impact during the quarter.

Further, during the fourth quarter, the Company signed a definitive agreement to acquire the Sound Solutions business of NXP Semiconductors. Sound Solutions is a leading manufacturer of speakers and receivers for the cell phone market and will become part of Knowles Electronics. The purchase price is $855 million, subject to customary regulatory approvals, and the deal is expected to close around the end of the first quarter of 2011.

Effective January 3, 2011, the Company completed the acquisition of Harbison-Fischer, Inc., a Texas-based leading designer and manufacturer of down-hole rod pumps and related products for $402.5 million, subject to normal closing adjustments. Harbison-Fischer’s 2011 revenue is expected to be approximately $160 million. The business will become part of Norris Production Solutions, which is an operating unit of Dover’s Fluid Management segment.

Dispositions

In 2010, the Company completed the sale of a line of business which was reported as a discontinued operation, resulting in a loss of approximately $14.0 million.

In addition, during the third and fourth quarters of 2010, the Company reached final settlement on certain discrete tax matters related to businesses previously discontinued and sold, which resulted in tax benefits of $4.5 million and $7.1 million, respectively. These items, along with other minor expense and accrual adjustments related to disposed businesses, drove a gain on discontinued operations of $6.6 million in the fourth quarter and a full year loss of $7.8 million.

Tax Rate

The effective tax rate for continuing operations for the fourth quarter of 2010 was 21.4%, compared to the prior year rate of 27.2%. The 2010 rate was favorably impacted by benefits recognized for tax positions that were effectively settled. On a full year basis, the effective tax rates for continuing operations for 2010 and 2009 were 23.5% and 24.4%, respectively. The full year rates for 2010 and 2009 reflect the favorable impact of benefits recognized for tax positions that were effectively settled, and the favorable impact of a higher percentage of non-U.S. earnings in low tax rate jurisdictions.

Revenue Growth Factors

	2010
Revenue Growth	Q1			Q2			Q3			Q4			Full Year
Organic		7.0	%		23.7	%		24.7	%		23.3	%		20.2	%
Acquisitions		5.1	%		3.9	%		2.7	%		2.5	%		3.5	%
Currency translation		2.7	%		0.8	%		-1.6	%		-1.3	%		-0.2	%
		14.8	%		28.4	%		25.8	%		24.5	%		23.5	%

Cash Flow

The following table is a reconciliation of free cash flow (a non-GAAP measure) from cash flows from operating activities.

	Three Months Ended December 31,						Year Ended December 31,
Free Cash Flow (in thousands)	2010			2009			2010			2009
Cash flow provided by operating activities	$	431,439		$	247,947		$	950,551		$	802,060
Less: Capital expenditures		(53,380	)		(36,759	)		(183,217	)		(120,009	)
Free cash flow	$	378,059		$	211,188		$	767,334		$	682,051
Free cash flow as a percentage of revenue		20.2	%		14.0	%		10.8	%		11.8	%
Free cash flow as a percentage of earnings from continuing operations								108.4	%		183.4	%

The full year increase in free cash flow reflects higher earnings from continuing operations before depreciation and amortization. This was offset by an increase in Adjusted Working Capital (a non-GAAP measure calculated as accounts receivable, plus inventory, less accounts payable), which increased from the prior year end by $240.2 million, or 22% to $1,332.8 million which reflected an increase in receivables of $209.0 million, an increase in inventory of $143.2 million and an increase in accounts payable of $112.0 million. Excluding acquisitions and the effects of foreign exchange translation, Adjusted Working Capital would have increased by $226.1 million, or 21%. “Average Annual Adjusted Working Capital” as a percentage of revenue (a non-GAAP measure calculated as the five-quarter average balance of accounts receivable, plus inventory, less accounts payable divided by the trailing twelve months of revenue) decreased to 17.6% at December 31, 2010 from 19.9% at December 31, 2009 and inventory turns were 6.7 at December 31, 2010 compared to 6.2 at December 31, 2009.

Share Repurchases

During the year ended December 31, 2010, pursuant to a five-year 10,000,000 share repurchase program authorized by the Board of Directors in May 2007, the Company purchased approximately 2.3 million shares of its common stock in the open market at an average price of $51.13 per share. Approximately 6.6 million shares remain authorized for repurchase under this five-year authorization as of December 31, 2010.

Capitalization

The following table provides a summary reconciliation of total debt and net debt to total capitalization to the most directly comparable GAAP measures:

	At December 31,			At December 31,
Net Debt to Total Capitalization Ratio (in thousands)	2010			2009
Current maturities of long-term debt	$	1,925		$	35,624
Commercial paper		15,000			—
Long-term debt		1,790,886			1,825,260
Total debt		1,807,811			1,860,884
Less: Cash, cash equivalents and short-term investments		(1,309,095	)		(938,174	)
Net debt		498,716			922,710
Add: Stockholders’ equity		4,526,562			4,083,608
Total capitalization	$	5,025,278		$	5,006,318
Net debt to total capitalization		9.9	%		18.4	%

Net debt at December 31, 2010 decreased $424.0 million primarily as a result of cash generated from operations. The decrease in long-term debt is due to scheduled repayments, coupled with the early extinguishment of a structured non-interest bearing loan in the third quarter. The decrease in net debt to total capitalization reflects strong free cash flow from operations, which was used to fund capital additions, acquisitions and share repurchases.

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

	Three Months Ended December 31,						Year Ended December 31,
	2010			2009			2010			2009
Revenue	$	1,875,541		$	1,506,661		$	7,132,648		$	5,775,689
Cost of goods and services		1,155,423			941,227			4,399,990			3,676,535
Gross profit		720,118			565,434			2,732,658			2,099,154
Selling and administrative expenses		450,721			400,635			1,697,721			1,511,111
Operating earnings		269,397			164,799			1,034,937			588,043
Interest expense, net		25,895			26,838			106,341			100,375
Other expense (income), net		(376	)		(2,825	)		3,512			(3,950	)
Earnings before provision for income taxes and discontinued operations		243,878			140,786			925,084			491,618
Provision for income taxes		52,107			38,346			217,176			119,724
Earnings from continuing operations		191,771			102,440			707,908			371,894
Earnings (loss) from discontinued operations, net		6,577			(3,394	)		(7,804	)		(15,456	)
Net earnings	$	198,348		$	99,046		$	700,104		$	356,438
Basic earnings (loss) per common share:
Earnings from continuing operations	$	1.03		$	0.55		$	3.79		$	2.00
Gain (loss) from discontinued operations, net		0.04			(0.02	)		(0.04	)		(0.08	)
Net earnings		1.06			0.53			3.75			1.91
Weighted average shares outstanding		186,923			186,310			186,897			186,136
Diluted earnings (loss) per common share:
Earnings from continuing operations	$	1.01		$	0.55		$	3.74		$	1.99
Gain (loss) from discontinued operations, net		0.03			(0.02	)		(0.04	)		(0.08	)
Net earnings		1.04			0.53			3.70			1.91
Weighted average shares outstanding		189,863			187,212			189,170			186,736
Dividends paid per common share	$	0.275		$	0.26		$	1.07		$	1.02

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

	2009															2010
	Q1			Q2			Q3			Q4			FY 2009			Q1			Q2			Q3			Q4			FY 2010
REVENUE
Industrial Products
Material Handling	$	186,651		$	153,574		$	154,238		$	165,890		$	660,353		$	189,052		$	214,295		$	220,997		$	229,987		$	854,331
Mobile Equipment		248,293			229,521			242,011			242,352			962,177			240,138			248,523			250,664			255,834			995,159
Eliminations		(152	)		(147	)		(209	)		(230	)		(738	)		(392	)		(432	)		(453	)		(402	)		(1,679	)
		434,792			382,948			396,040			408,012			1,621,792			428,798			462,386			471,208			485,419			1,847,811
Engineered Systems
Product Identification		177,357			193,019			211,952			219,948			802,276			212,500			219,551			221,677			236,743			890,471
Engineered Products		223,426			274,398			308,741			253,095			1,059,660			271,773			357,570			398,685			311,176			1,339,204
		400,783			467,417			520,693			473,043			1,861,936			484,273			577,121			620,362			547,919			2,229,675
Fluid Management
Energy		176,334			138,415			144,664			164,798			624,211			205,327			216,020			220,001			244,234			885,582
Fluid Solutions		154,488			156,897			164,604			170,860			646,849			175,504			187,759			196,554			194,833			754,650
Eliminations		(51	)		(42	)		(21	)		(36	)		(150	)		(31	)		(105	)		(127	)		(179	)		(442	)
		330,771			295,270			309,247			335,622			1,270,910			380,800			403,674			416,428			438,888			1,639,790
Electronic Technologies		214,035			245,953			275,266			291,700			1,026,954			290,989			345,607			381,386			405,682			1,423,664
Intra-segment eliminations		(1,295	)		(1,257	)		(1,635	)		(1,716	)		(5,903	)		(1,590	)		(2,092	)		(2,243	)		(2,367	)		(8,292	)
Total consolidated revenue	$	1,379,086		$	1,390,331		$	1,499,611		$	1,506,661		$	5,775,689		$	1,583,270		$	1,786,696		$	1,887,141		$	1,875,541		$	7,132,648
NET EARNINGS
Segment Earnings:
Industrial Products	$	34,544		$	25,421		$	38,119		$	41,673		$	139,757		$	51,039		$	61,635		$	59,473		$	54,238		$	226,385
Engineered Systems		43,306			57,462			78,194			48,306			227,268			54,843			84,655			91,442			70,966			301,906
Fluid Management		75,441			55,573			60,677			67,578			259,269			86,767			96,168			101,847			103,638			388,420
Electronic Technologies		(12,110	)		17,993			38,160			39,651			83,694			44,905			59,582			69,617			76,324			250,428
Total Segments		141,181			156,449			215,150			197,208			709,988			237,554			302,040			322,379			305,166			1,167,139
Corporate expense / other		(24,691	)		(29,614	)		(34,106	)		(29,584	)		(117,995	)		(33,325	)		(32,443	)		(34,553	)		(35,393	)		(135,714	)
Net interest expense		(22,398	)		(24,840	)		(26,299	)		(26,838	)		(100,375	)		(27,169	)		(26,942	)		(26,335	)		(25,895	)		(106,341	)
Earnings from continuing operations before provision for income taxes		94,092			101,995			154,745			140,786			491,618			177,060			242,655			261,491			243,878			925,084
Provision for income taxes		32,996			1,121			47,261			38,346			119,724			55,575			70,762			38,732			52,107			217,176
Earnings from continuing operations		61,096			100,874			107,484			102,440			371,894			121,485			171,893			222,759			191,771			707,908
Earnings (loss) from discontinued operations, net		(7,668	)		(3,794	)		(600	)		(3,394	)		(15,456	)		(13,358	)		(2,023	)		1,000			6,577			(7,804	)
Net earnings	$	53,428		$	97,080		$	106,884		$	99,046		$	356,438		$	108,127		$	169,870		$	223,759		$	198,348		$	700,104
SEGMENT OPERATING MARGIN
Industrial Products		7.9	%		6.6	%		9.6	%		10.2	%		8.6	%		11.9	%		13.3	%		12.6	%		11.2	%		12.3	%
Engineered Systems		10.8	%		12.3	%		15.0	%		10.2	%		12.2	%		11.3	%		14.7	%		14.7	%		13.0	%		13.5	%
Fluid Management		22.8	%		18.8	%		19.6	%		20.1	%		20.4	%		22.8	%		23.8	%		24.5	%		23.6	%		23.7	%
Electronic Technologies		-5.7	%		7.3	%		13.9	%		13.6	%		8.1	%		15.4	%		17.2	%		18.3	%		18.8	%		17.6	%
Total Segment		10.2	%		11.3	%		14.3	%		13.1	%		12.3	%		15.0	%		16.9	%		17.1	%		16.3	%		16.4	%

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

	2009															2010
	Q1			Q2			Q3			Q4			FY 2009			Q1			Q2			Q3			Q4			FY 2010
BOOKINGS
Industrial Products
Material Handling	$	118,344		$	126,224		$	162,759		$	180,349		$	587,676		$	204,098		$	223,787		$	222,961		$	248,948		$	899,794
Mobile Equipment		210,558			245,937			191,539			253,130			901,164			231,128			288,887			233,731			279,368			1,033,114
Eliminations		(23	)		(202	)		(337	)		(424	)		(986	)		(407	)		(303	)		(444	)		(976	)		(2,130	)
		328,879			371,959			353,961			433,055			1,487,854			434,819			512,371			456,248			527,340			1,930,778
Engineered Systems
Product Identification		175,680			205,736			212,642			223,301			817,359			220,410			223,203			218,213			241,048			902,874
Engineered Products		236,354			259,868			258,634			263,211			1,018,067			368,134			379,048			329,119			332,142			1,408,443
		412,034			465,604			471,276			486,512			1,835,426			588,544			602,251			547,332			573,190			2,311,317
Fluid Management
Energy		142,721			132,855			157,763			176,706			610,045			208,669			226,301			213,247			247,143			895,360
Fluid Solutions		150,375			159,483			165,601			169,639			645,098			179,037			192,035			195,865			191,065			758,002
Eliminations		(43	)		(39	)		(41	)		(17	)		(140	)		(85	)		(51	)		(144	)		(895	)		(1,175	)
		293,053			292,299			323,323			346,328			1,255,003			387,621			418,285			408,968			437,313			1,652,187
Electronic Technologies		223,707			243,274			283,035			305,266			1,055,282			358,477			394,441			402,332			389,704			1,544,954
Intra-segment eliminations		(1,290	)		(1,436	)		(1,790	)		(1,600	)		(6,116	)		(1,616	)		(2,244	)		(2,278	)		(2,644	)		(8,782	)
Total consolidated bookings	$	1,256,383		$	1,371,700		$	1,429,805		$	1,569,561		$	5,627,449		$	1,767,845		$	1,925,104		$	1,812,602		$	1,924,903		$	7,430,454
BACKLOG
Industrial Products
Material Handling	$	120,066		$	93,247		$	102,146		$	116,658					$	131,521		$	140,452		$	142,959		$	165,505
Mobile Equipment		349,358			368,315			318,496			329,774						319,801			359,727			344,160			368,140
Eliminations		(48	)		(143	)		(170	)		(371	)					(386	)		(257	)		(248	)		(822	)
		469,376			461,419			420,472			446,061						450,936			499,922			486,871			532,823
Engineered Systems
Product Identification		57,801			66,288			72,523			74,700						78,976			80,550			80,986			86,315
Engineered Products		196,394			245,165			199,888			218,520						314,465			334,971			267,545			288,969
		254,195			311,453			272,411			293,220						393,441			415,521			348,531			375,284
Fluid Management
Energy		58,771			54,734			66,043			77,173						76,844			84,800			84,659			94,113
Fluid Solutions		60,781			63,788			65,081			60,540						63,535			65,639			69,130			65,525
Eliminations		(5	)		(1	)		(21	)		(2	)					(55	)		(1	)		(17	)		(33	)
		119,547			118,521			131,103			137,711						140,324			150,438			153,772			159,605
Electronic Technologies		186,850			185,512			194,414			206,893						271,340			318,450			357,800			342,578
Intra-segment eliminations		(42	)		(242	)		(426	)		(337	)					(362	)		(570	)		(490	)		(748	)
Total consolidated backlog	$	1,029,926		$	1,076,663		$	1,017,974		$	1,083,548					$	1,255,679		$	1,383,761		$	1,346,484		$	1,409,542
ACQUISITION RELATED DEPRECIATION AND AMORTIZATION EXPENSE *
Industrial Products	$	8,387		$	7,709		$	7,770		$	8,182		$	32,048		$	7,575		$	7,620		$	7,774		$	8,823		$	31,792
Engineered Systems		6,070			6,437			6,580			7,579			26,666			7,915			7,057			6,838			6,878			28,688
Fluid Management		4,828			4,592			4,432			4,537			18,389			5,429			5,591			5,222			5,768			22,010
Electronic Technologies		8,286			8,217			8,268			8,432			33,203			8,370			8,540			8,480			8,608			33,998
	$	27,571		$	26,955		$	27,050		$	28,730		$	110,306		$	29,289		$	28,808		$	28,314		$	30,077		$	116,488

* 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
QUARTERLY SEGMENT INFORMATION
(continued)
(unaudited)
(in thousands)

FREE CASH FLOW

	2009															2010
	Q1			Q2			Q3			Q4			FY 2009			Q1			Q2			Q3			Q4			FY 2010
Cash From Operations	$	114,866		$	192,436		$	246,811		$	247,947		$	802,060		$	87,066		$	231,199		$	200,847		$	431,439		$	950,551
CAPEX		(31,475	)		(26,976	)		(24,799	)		(36,759	)		(120,009	)		(39,336	)		(46,945	)		(43,556	)		(53,380	)		(183,217	)
Free Cash Flow	$	83,391		$	165,460		$	222,012		$	211,188		$	682,051		$	47,730		$	184,254		$	157,291		$	378,059		$	767,334
Free Cash Flow to Earnings From Continuing Operations		136.5	%		164.0	%		206.6	%		206.2	%		183.4	%		39.3	%		107.2	%		70.6	%		197.1	%		108.4	%

DOVER CORPORATION
QUARTERLY EARNINGS PER SHARE
(unaudited)

	2009														2010
	Q1			Q2			Q3		Q4			FY 2009			Q1			Q2			Q3		Q4		YTD
Basic earnings (loss) per common share:
Continuing operations	$	0.33		$	0.54		$	0.58	$	0.55		$	2.00		$	0.65		$	0.92		$	1.19	$	1.03	$	3.79
Discontinued operations		(0.04	)		(0.02	)		—		(0.02	)		(0.08	)		(0.07	)		(0.01	)		0.01		0.04		(0.04	)
Net earnings		0.29			0.52			0.57		0.53			1.91			0.58			0.91			1.20		1.06		3.75
Diluted earnings (loss) per common share:
Continuing operations	$	0.33		$	0.54		$	0.58	$	0.55		$	1.99		$	0.65		$	0.91		$	1.18	$	1.01	$	3.74
Discontinued operations		(0.04	)		(0.02	)		—		(0.02	)		(0.08	)		(0.07	)		(0.01	)		0.01		0.03		(0.04	)
Net earnings		0.29			0.52			0.57		0.53			1.91			0.58			0.90			1.19		1.04		3.70

NOTE:

Diluted earnings per share in the third and fourth quarters of 2010 and the second quarter of 2009 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 third and fourth quarters of 2010 and second quarter of 2009 were 14.8%, 21.4% and 1.1%, respectively, which were lower than the Company’s previously estimated tax rates of 29% for each of the respective periods. These lower effective tax rates contributed incremental diluted earnings per share of $0.20 and $0.07 in the third and fourth quarters of 2010, respectively, and $0.15 in the second quarter of 2009.

DOVER CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(unaudited)
(in thousands)

	At December 31,			At December 31,
	2010		2009
Assets:
Cash and cash equivalents	$	1,187,361	$	714,365
Short-term investments		121,734		223,809
Receivables, net of allowances		1,087,704		878,754
Inventories, net		714,110		570,858
Deferred tax and other current assets		150,962		134,921
Property, plant and equipment, net		847,189		828,922
Goodwill		3,368,033		3,350,217
Intangible assets, net		907,523		950,748
Other assets		111,145		113,108
Assets of discontinued operations		67,133		116,701
	$	8,562,894	$	7,882,403
Liabilities and Stockholders’ Equity
Notes payable and current maturities of long-term debt	$	16,925	$	35,624
Payables and accrued expenses		1,097,969		894,558
Taxes payable and other deferrals		1,024,910		904,475
Long-term debt		1,790,886		1,825,260
Liabilities of discontinued operations		105,642		138,878
Stockholders’ equity		4,526,562		4,083,608
	$	8,562,894	$	7,882,403

DOVER CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited)
(in thousands)

	Year Ended December 31,
	2010			2009
Operating activities:
Net earnings	$	700,104		$	356,438
Loss from discontinued operations, net of tax		7,804			15,456
Depreciation and amortization		268,406			258,223
Stock-based compensation		22,102			17,912
Contributions to employee benefit plans		(58,201	)		(78,954	)
Net change in assets and liabilities		10,336			232,985
Net cash provided by operating activities of continuing operations		950,551			802,060
Investing activities:
Purchase of short-term investments		(466,881	)		(348,439	)
Proceeds from sale of short-term investments		553,466			406,033
Proceeds from the sale of property and equipment		17,593			22,973
Additions to property, plant and equipment		(183,217	)		(120,009	)
Proceeds from sale of businesses		4,500			3,571
Acquisitions (net of cash acquired)		(104,418	)		(221,994	)
Net cash used in investing activities of continuing operations		(178,957	)		(257,865	)
Financing activities:
Decrease in debt, net		(60,855	)		(226,657	)
Purchase of common stock		(123,555	)		—
Proceeds from exercise of stock options, including tax benefits		79,721			26,578
Dividends to stockholders		(200,099	)		(189,874	)
Net cash used in financing activities of continuing operations		(304,788	)		(389,953	)
Net cash used in discontinued operations		(3,840	)		(6,855	)
Effect of exchange rate changes on cash		10,030			19,569
Net increase in cash and cash equivalents		472,996			166,956
Cash and cash equivalents at beginning of period		714,365			547,409
Cash and cash equivalents at end of period	$	1,187,361		$	714,365

EX-99.3

Exhibit 99.3

Dover Corporation Fourth Quarter 2010 Conference Call January 28, 2011 9:00 am ET

2 Forward 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.

3 Dover's Q4 2010 Performance Continuing Earnings Per Share 2008 FY $3.67 Revenue $ 1.9B ^ 24% $ 7.1B ^ 23% EPS (cont.) $1.01 ^ 85% $3.74 ^ 88% Bookings $1.9B ^ 23% $7.4B ^ 32% Segment Margins 16.3% ^ 320 bps 16.4% ^ 410 bps Organic Rev. Growth ^ 23% ^ 20% Acq. Growth ^ 2% ^ 4% FCF (a) $378M ^ 79% $767M ^ 12% Quarterly revenue and earnings increases reflect solid end-markets and benefits of productivity Quarterly organic revenue growth of 23% is broad based, with significant strength seen in Electronic Technologies, Energy and Material Handling Quarterly segment operating margin improvement in all segments: 16.4% full-year segment margin is all-time high Book-to bill ends at 1.03; Strong cash flow performance in Q4 Q4 Q4/Q4 2009 FY $1.99 FY $3.74 2010 FY FY/FY * Includes discrete tax benefits of $0.15 EPS in Q2 2009, $0.20 EPS in Q3 2010 and $0.07 in Q4 2010 (a) See Dover's website for a reconciliation to GAAP.

4 Revenue Q4 2010 Industrial Products Engineered Systems Fluid Management Electronic Technologies Total Dover Organic 18% 14% 28% 41% 23% Acquisitions 1% 4% 4% 1% 2% Currency - (2%) (1%) (3%) (1%) Total 19% 16% 31% 39% 24% FY 2010 Industrial Products Engineered Systems Fluid Management Electronic Technologies Total Dover Organic 14% 12% 25% 39% 20% Acquisitions - 8% 3% 1% 4% Currency - - 1% (1%) - Total 14% 20% 29% 39% 24%

5 Sequential Results - Q4 10 / Q3 10 Material Handling Fluid Solutions Mobile Equipment Energy Product Identification Engineered Products ^ 3% ^ 12% ^ 16% Electronic Technologies

6 Industrial Products Broad-based revenue growth in Material Handling driven by infrastructure and energy activity Margin improvements driven by volume increases and leverage on productivity initiatives Quarterly bookings up 22% were broad-based, including recovering trailer markets Recovering markets resulted in book-to-bill of 1.09 $ in millions Q4 2010 Q4 2009 % Change Revenue $485 $408 +19% Earnings $ 54 $ 42 +30% Margin 11.2% 10.2% ^ 100 bps Bookings $527 $433 +22% Quarterly Comments FY 2010 FY 2009 % Change Revenue $1,848 $1,622 +14% Earnings $ 226 $ 140 +61% Margin 12.3% 8.6% ^ 370 bps Bookings $1,931 $1,488 +30%

7 Engineered Systems Revenue gains driven by Hill Phoenix, Product ID and Belvac Operating margin reflects improved conversion at both platforms, partially offset by material cost increases at SWEP Product ID continues to perform well in developing economies; while Hill Phoenix did experience anticipated seasonality •Hill Phoenix order rates accelerated through the fourth quarter; segment book-to-bill is 1.05 $ in millions Quarterly Comments Q4 2010 Q4 2009 % Change Revenue $548 $473 +16% Earnings $ 71 $ 48 +47% Margin 13.0% 10.2% ^280 bps Bookings $573 $487 +18% FY 2010 FY 2009 % Change Revenue $2,230 $1,862 +20% Earnings $ 302 $ 227 +33% Margin 13.5% 12.2% ^130 bps Bookings $2,311 $1,835 +26%

8 Fluid Management Revenue growth driven by NA rig count growth, gains in oil prices, horizontal drilling activity and strong international pump sales Operating margin improved to 23.6% on volume gains and favorable mix Fluid Solutions markets, such as chemical, sanitary and retail refueling continue exhibiting broad-based recovery Book-to-bill of 1.00 reflects steady demand in most served markets; business fundamentals remain strong $ in millions Quarterly Comments Q4 2010 Q4 2009 % Change Revenue $439 $336 +31% Earnings $103 $ 68 +53% Margin 23.6% 20.1% ^ 350 bps Bookings $437 $346 +26% FY 2010 FY 2009 % Change Revenue $1,640 $1,271 +29% Earnings $ 388 $ 259 +50% Margin 23.7% 20.4% ^ 330 bps Bookings $1,652 $1,255 +32%

9 Electronic Technologies Revenue growth driven by strong demand for electronic assembly equipment, MEMS microphones, and Solar equipment Operating margin of 18.8% resulting from strong leverage on higher volume and improved cost base Continued interest in Solar offering and active mobile communications market provide healthy environment Year-over-year bookings in equipment companies show normal seasonality, resulting in overall book-to-bill of 0.96 $ in millions Quarterly Comments Q4 2010 Q4 2009 % Change Revenue $406 $292 +39% Earnings $ 76 $ 40 +92% Margin 18.8% 13.6% ^ 520 bps Bookings $390 $305 +28% FY 2010 FY 2009 % Change Revenue $1,424 $1,027 +38% Earnings $ 250 $ 84 ^199% Margin 17.6% 8.1% ^950 bps Bookings $1,545 $1,055 +46%

Q4 2010 Overview Q4 2010 FY 2010 Net Interest Expense $26 million, essentially flat with last year $106 million, up $6 million from last year driven by lower yields on cash investments Corporate Expense $35 million, up $6 million from prior year, reflecting higher accruals $136 million, up $17 million from last year. Reflects relocation expense, comp. & benefits and higher accruals Effective Tax Rate (ETR) Rate was 21.4%. Reflects $0.05 EPS benefit on resolution of certain domestic tax matters, and $0.02 EPS benefit related to enactment of legislation Rate of 23.5% impacted by tax benefits of $0.20 EPS in Q3, Q4 tax benefits of $0.07 and favorable mix of foreign earnings 10

11 2011 Guidance Revenue: Core revenue: ^ 6% - 8% Acquisitions: ^ 3% Total revenue: ^ 9% - 11% Corporate expense: ^ $135 million Interest expense: ^ $106 million Full-year tax rate: ^ 28% - 29% Capital expenditures: ^ 2.8% - 3.0% of rev. Free cash flow for full year: ^ 10% - 11% of rev.

12 2011 EPS Guidance Bridge - Cont. Ops 2010 EPS - Continuing Ops $3.74 Less 2010 tax benefits: ($0.27) 2010 Adjusted EPS - Continuing Ops $3.47 Volume, mix, price (inc. FX): $0.40 - $0.58 Acquisitions: $0.08 - $0.09 Net benefits of productivity: $0.23 - $0.28 Investment / Compensation: ($0.14 - $0.18) Corporate expense - Interest: - Other (inc. Shares &Tax): ^ $0.01 2011 EPS - Continuing Ops $4.05 - $4.25 2011 EPS increases 17% - 22% over adjusted 2010 EPS