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): June 11, 2014

DOVER CORPORATION

(Exact Name of Registrant as Specified in its Charter)

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)

(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):

¨ 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 7.01 Regulation FD Disclosure.

Dover Corporation (the “Company” or “Dover”) will present at the William Blair Growth Stock Conference at 1:40 p.m. Eastern time on June 11, 2014. A copy of the slide presentation to be used by the Company is attached as Exhibit 99.1 to this Current Report on Form 8-K. A live audio webcast of the Company’s presentation at the conference will be available via the Company’s website (http://www.dovercorporation.com) and a replay of the webcast will be available on the website for approximately 90 days.

Exhibit 99.1 contains “forward-looking” statements within the meaning of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995. The forward-looking statements in these materials include any statements that are not historical facts. Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from current expectations. Such risk factors include, but are not limited to, market and economic conditions and changes in corporate policy. Dover refers you to the documents the Company files from time to time with the Securities and Exchange Commission, such as Dover’s periodic reports on Form 10-K and Form 10-Q and current reports on Form 8-K, for a discussion of these and other risks and uncertainties that could cause actual results to differ materially from Dover’s current expectations and from the forward-looking statements contained in these presentation materials. Dover undertakes no obligation to update any forward-looking statement, except as required by law.

The information in this report (including Exhibit 99.1) shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that Section, and shall not be incorporated by reference into any registration statement or other document filed by Dover under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

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 exhibit is furnished as part of this report:

99.1 Dover Corporation’s Presentation June 11, 2014

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: June 11, 2014	DOVER CORPORATION
	(Registrant)
	By:	/s/ Ivonne M. Cabrera
		Ivonne M. Cabrera
		Senior Vice President, General Counsel & Secretary

EXHIBIT INDEX

Exhibit No.	Description
99.1	Dover Corporation’s Presentation June 11, 2014

EX-99.1

Exhibit 99.1

William Blair Growth Stock Conference

Bob Livingston

June 11, 2014

2

Forward looking statements

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

2013 and our Form 10-Q for the first quarter of 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.

2

3

Strategy

Our track record of success is based on:

–

Core technological advantages

–

Leading brands in the markets we serve

–

Commitment to industry leadership through innovation and scale

–

Strong focus on the customer

Our deep understanding of the customer and our exceptional capabilities in providing

solutions enable us to win

Our technologies and innovative products are enablers for our customers to win

Our focus on people drives our performance

–

Develop deep bench

–

Move talent through organization

4

Recent activities support our underlying strategy & strengths

New segment structure to capture

growth opportunities

Building our industrial businesses

–

Continued to expand in our growth

areas

Energy, Fluids, Refrigeration,

Printing & ID all grew organically

and through acquisition

–

Anthony, Finder, KPS, Fibrelite

and MS all expand product

breadth and geographic reach

–

Our business profile is more

consistent and focused  with

sustainable higher margins

4

Customer intimacy

–

Innovate for the customer

Recurring theme of delivering

efficiency and sustainability

–

Superior customer service

On-time delivery, quality, support

Leverage our scale

Generate cash

Market share leadership

–

Focus on technology and innovation

drive share gains and customer loyalty

Recent Activities

Underlying Strengths

5

Dover has several levers for value creation

5

GROWTH

3% -

5% organically,

complemented by

acquisition growth

MARGIN

Expand segment

margin to 19%

CASH FLOW

Generate free cash flow in

excess of 10% of revenue

Substantial growth

opportunities

Accelerated

productivity initiatives

Significant balance

sheet optionality

Mid-term targets

6

Our track record of success

Revenue

EBIT

EPS

Dividends

Note: Revenue and EBIT is in millions; adjusted EPS represents Dover’s earnings from continuing operations per common share adjusted for gains from discrete and

other tax items of $0.17, $0.16, $0.23, $0.09 and $0.46 respectively, for 2009, 2010, 2011, 2012 and 2013, and other one-time gains of $0.02 in 2013.

$0

$325

$650

$975

$1,300

$0

$2,000

$4,000

$6,000

$8,000

2009

2010

2011

2012

2013

Revenue & EBIT

Revenue

EBIT

$1.00

$1.20

$1.40

$1.60

$0.00

$1.50

$3.00

$4.50

2009

2010

2011

2012

2013

Adj. EPS & Dividends Paid

Adj. EPS

Dividend per share

7

Dover segments at a glance

Revenue Mix

Revenue Mix

Fluids

is focused on the safe handling of critical

fluids across the oil & gas, retail fueling,

chemical, hygienic and industrial end-markets.

Revenue Mix

Refrigeration & Food Equipment

is

the

leading

provider of energy efficient equipment and

systems serving the commercial refrigeration

and food service industries.

Revenue Mix

81%

19%

Drilling & Production

Bearings & Compression

60%

40%

Industrial

Printing & Identification

54%

46%

Fluid Transfer

Pumps

77%

23%

Refrigeration

Food Equipment

Energy

is

a

leading

provider

of

customer

driven solutions and services for safe and

efficient production and processing of oil & gas

worldwide, and has a strong presence in the

bearings and compression components market.

Engineered Systems

is focused on the design,

manufacture and service of critical equipment

and components serving the printing &

identification, vehicle service, waste handling,

and select niche industrial end-markets.

8

Growth opportunities: A look forward

8

10%

15%

20%

25%

30%

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

2011

2012

2013

2014F

$ in millions

Revenue & margin

Revenue

Margin

Energy

Grow core business

–

Leverage plunger and gas lift

technologies into international markets

–

Strengthen our position in faster

growing basins

–

Increase OEM share in bearings and

compression

Continue to expand geographical

presence

–

Significant investments in sales, field

engineering and facilities

–

Increase participation in global tenders

–

Seek additional industry partnership

opportunities

Fill in product gaps internally and through

acquisition

9

Growth opportunities: A look forward

9

6%

10%

14%

18%

$1,200

$1,600

$2,000

$2,400

$2,800

2011

2012

2013

2014F

$ in millions

Revenue & margin

Revenue

Margin

–

Capitalize in fast growing textile market

–

Grow North American and China presence

in core markets

Make focused industrial investments

–

Concentrate on after-market customer

productivity solutions

–

Expand in high growth recycling and

waste-to energy markets

Extend geographic reach

–

Achieve YOY 10%+ growth outside the US

–

Growing middle class consumption and

higher operating costs driving automation

solutions in emerging markets

Engineered Systems

Expand and extend markets served in

Printing & Identification

10

Growth opportunities: A look forward

10

6%

10%

14%

18%

22%

$400

$800

$1,200

$1,600

2011

2012

2013

2014F

$ in millions

Revenue & Margin

Revenue

Margin

Develop and acquire products that provide

complete solutions

–

Innovate around automation, energy

efficiency and compliance

Access new markets through recent

acquisitions

–

Complete “station in a box”

offering

worldwide with KPS and Fibrelite

–

Penetrate NA plastics and oil & gas

markets though European acquisitions

Leverage our global footprint to accelerate

growth

–

Grow presence in Middle East and China

through Maag and Finder channels

–

Expand in Australia through Ebsray’s

LPG and chemical pump technologies

Fluids

11

Growth opportunities: A look forward

11

0%

6%

12%

18%

$500

$1,000

$1,500

$2,000

2011

2012

2013

2014F

$ in millions

Revenue & Margin

Revenue

Margin

Refrigeration & Food Equipment

Develop broader customer base

–

Build share with targeted accounts

Capitalize on secular trends

–

Rising energy costs and increasing

government regulation are driving strong

demand for energy efficient solutions

Penetrate higher growth adjacent markets

–

C-store and small format stores expected

to continue above market growth rates

–

Capitalize on convergence of refrigeration

and food equipment in supermarkets

Acquire assets that expand technology and

geography

–

Build refrigeration capabilities in Brazil

and Europe; Add-ons in food equipment

12

Margin enhancement through productivity

Global supply chain

–

Program now in its 5 

year

–

Continuing to leverage the scale of Dover

Many spend categories are being reviewed again

Shared manufacturing

–

Several  consolidation projects are near completion

Hill

Phoenix

will

consolidate

4

sites

in

Atlanta

area

~$3M

of

annualized

savings

*

Energy

will

combine

5

sites

in

Houston

~$1M

of

annualized

savings

*

More projects are on the way

Investing in Lean and Post-Merger Integration (“PMI”)

–

Adding lean resources across segments

–

PMI leaders driven to integrate faster with focus on near term accretion

12

*

Annualized

savings

over

3

years

(2014

–

2016)

th

13

Capital allocation 2014

Strong balance sheet

–

$486 million cash as of March 31, 2014 (primarily overseas)

–

$170 million in proceeds from DEK sale (expected mid-year)

–

Strong

FY

free

cash

flow

expected

(    11%

of

revenue)

We

expect

to

raise

the

dividend

for

59

consecutive

year

Capex expected to be roughly $200 million

Acquisitions

–

Pipeline is active

Completed $1 billion share repurchase program in Q1

–

Capacity to do more; largely dependent on how pipeline develops

13

th

14

14

Activity is solid across all segments

–

Energy, Engineered Systems and Fluids all performing well

Well count and rig count showing modest improvement

Product Identification, waste handling and auto service markets remain solid

Plastics & petro-chemical, and Oil & gas markets drive strong results in Fluids

–

Refrigeration & Food Equipment seasonally ramping as anticipated

Solid FY growth expected in US and Europe; China grows at more modest levels

Margin sequentially improves in seasonally strong Q2 and Q3

Targeting the high-end of our $4.60 -

$4.80 EPS range

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