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
(Registrants 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 Companys presentation at the conference will be available via the Companys 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 Dovers 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 Dovers 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 Corporations 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 |
Description | |
99.1 | Dover Corporations Presentation June 11, 2014 |
![]() 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 Dovers
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 Ebsrays
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
Market commentary |
![]() |
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