Attached files
| file | filename |
|---|---|
| 8-K - 8-K - DOVER Corp | a201212068-k.htm |
Exhibit 99.1
to 8-K dated
December 6, 2012
INVESTOR SUPPLEMENT
DOVER CORPORATION
REVENUE, EARNINGS & OTHER DATA BY SEGMENT (1)
(unaudited)(in thousands)
For the Years Ended December 31, | |||||||
2011 | 2010 | ||||||
REVENUE | |||||||
Communication Technologies | $ | 1,360,077 | $ | 1,076,012 | |||
Energy | 1,900,749 | 1,303,507 | |||||
Engineered Systems | 3,100,735 | 2,786,442 | |||||
Printing & Identification | 1,008,236 | 943,681 | |||||
Intra-segment eliminations | (643 | ) | (135 | ) | |||
Total consolidated revenue | $ | 7,369,154 | $ | 6,109,507 | |||
EARNINGS FROM CONTINUING OPERATIONS | |||||||
Segment Earnings: | |||||||
Communication Technologies | $ | 226,382 | $ | 205,215 | |||
Energy | 450,637 | 316,113 | |||||
Engineered Systems | 445,186 | 382,644 | |||||
Printing & Identification | 141,561 | 151,235 | |||||
Total segments | 1,263,766 | 1,055,207 | |||||
Corporate expense / other (2) | 137,979 | 135,714 | |||||
Net interest expense | 115,525 | 106,371 | |||||
Earnings from continuing operations before provision for income taxes and discontinued operations | 1,010,262 | 813,122 | |||||
Provision for taxes | 237,076 | 193,625 | |||||
Earnings from continuing operations - total consolidated | $ | 773,186 | $ | 619,497 | |||
OPERATING MARGINS | |||||||
Segments: | |||||||
Communication Technologies | 16.6 | % | 19.1 | % | |||
Energy | 23.7 | % | 24.3 | % | |||
Engineered Systems | 14.4 | % | 13.7 | % | |||
Printing & Identification | 14.0 | % | 16.0 | % | |||
Total segments | 17.1 | % | 17.3 | % | |||
Earnings from continuing operations | 13.7 | % | 13.3 | % | |||
(1) Information has been updated for all periods presented to reflect the reclassification of Everett Charles Technologies and DEK to discontinued operations in the fourth quarter of 2012. These businesses were formerly reported within the Printing & Identification segment. | |||||||
(2) Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include non-service pension costs, non-operating insurance expenses, and various administrative expenses relating to the corporate headquarters. | |||||||
DOVER CORPORATION
TOTAL ASSETS AND OTHER DATA BY SEGMENT (1)
(unaudited)(in thousands)
For the Years Ended December 31, | |||||||
2011 | 2010 | ||||||
DEPRECIATION and AMORTIZATION (continuing) | |||||||
Communication Technologies | $ | 101,839 | $ | 72,262 | |||
Energy | 77,819 | 48,842 | |||||
Engineered Systems | 74,776 | 72,526 | |||||
Printing & Identification | 33,482 | 33,570 | |||||
Corporate | 2,561 | 2,037 | |||||
Consolidated total | $ | 290,477 | $ | 229,237 | |||
CAPITAL EXPENDITURES (continuing) | |||||||
Communication Technologies | $ | 111,402 | $ | 41,222 | |||
Energy | 74,953 | 48,916 | |||||
Engineered Systems | 58,610 | 57,476 | |||||
Printing & Identification | 10,391 | 10,075 | |||||
Corporate | 7,320 | 11,608 | |||||
Consolidated total | $ | 262,676 | $ | 169,297 | |||
TOTAL ASSETS AT DECEMBER 31 | |||||||
Communication Technologies | $ | 2,471,918 | $ | 1,540,636 | |||
Energy | 1,699,395 | 1,010,415 | |||||
Engineered Systems | 2,247,532 | 2,089,801 | |||||
Printing & Identification | 1,311,170 | 1,308,482 | |||||
Corporate (principally cash and equivalents and marketable securities) | 1,284,575 | 1,448,210 | |||||
Total continuing assets | 9,014,590 | 7,397,544 | |||||
Assets from discontinued operations | 486,860 | 1,161,199 | |||||
Consolidated total | $ | 9,501,450 | $ | 8,558,743 | |||
(1) Information has been updated for all periods presented to reflect the reclassification of Everett Charles Technologies and DEK to discontinued operations in the fourth quarter of 2012. These businesses were formerly reported within the Printing & Identification segment. | |||||||
DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION (1)
(unaudited)(in thousands)
2012 | 2011 | |||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q3 YTD | Q1 | Q2 | Q3 | Q4 | FY 2011 | ||||||||||||||||||||
REVENUE | ||||||||||||||||||||||||||||
Communication Technologies | $ | 357,575 | $ | 361,689 | $ | 396,470 | $ | 1,115,734 | $ | 269,582 | $ | 288,843 | $ | 405,357 | $ | 396,295 | $ | 1,360,077 | ||||||||||
Energy | 531,570 | 538,786 | 562,263 | 1,632,619 | 425,424 | 454,327 | 510,608 | 510,390 | 1,900,749 | |||||||||||||||||||
Engineered Systems | ||||||||||||||||||||||||||||
Fluids | 180,364 | 211,974 | 218,324 | 610,662 | 163,196 | 178,031 | 173,804 | 162,590 | 677,621 | |||||||||||||||||||
Refrigeration & Industrial | 642,213 | 674,501 | 674,116 | 1,990,830 | 560,453 | 645,573 | 649,768 | 568,844 | 2,424,638 | |||||||||||||||||||
Eliminations | (453 | ) | (352 | ) | (319 | ) | (1,124 | ) | (382 | ) | (424 | ) | (431 | ) | (287 | ) | (1,524 | ) | ||||||||||
822,124 | 886,123 | 892,121 | 2,600,368 | 723,267 | 823,180 | 823,141 | 731,147 | 3,100,735 | ||||||||||||||||||||
Printing & Identification | 243,570 | 251,875 | 246,945 | 742,390 | 240,775 | 253,226 | 260,546 | 253,689 | 1,008,236 | |||||||||||||||||||
Intra-segment eliminations | (225 | ) | (184 | ) | (194 | ) | (603 | ) | — | 18 | (102 | ) | (559 | ) | (643 | ) | ||||||||||||
Total consolidated revenue | $ | 1,954,614 | $ | 2,038,289 | $ | 2,097,605 | $ | 6,090,508 | $ | 1,659,048 | $ | 1,819,594 | $ | 1,999,550 | $ | 1,890,962 | $ | 7,369,154 | ||||||||||
NET EARNINGS | ||||||||||||||||||||||||||||
Segment Earnings: | ||||||||||||||||||||||||||||
Communication Technologies | $ | 46,556 | $ | 50,322 | $ | 63,706 | $ | 160,584 | $ | 47,325 | $ | 54,527 | $ | 53,433 | $ | 71,097 | $ | 226,382 | ||||||||||
Energy | 132,115 | 133,936 | 139,038 | 405,089 | 93,051 | 110,447 | 125,268 | 121,871 | 450,637 | |||||||||||||||||||
Engineered Systems | 122,092 | 133,808 | 144,245 | 400,145 | 98,235 | 128,570 | 125,529 | 92,852 | 445,186 | |||||||||||||||||||
Printing & Identification | 26,089 | 28,918 | 39,502 | 94,509 | 31,985 | 35,294 | 40,843 | 33,439 | 141,561 | |||||||||||||||||||
Total segments | 326,852 | 346,984 | 386,491 | 1,060,327 | 270,596 | 328,838 | 345,073 | 319,259 | 1,263,766 | |||||||||||||||||||
Corporate expense / other | 36,546 | 36,335 | 32,001 | 104,882 | 36,112 | 35,391 | 34,083 | 32,393 | 137,979 | |||||||||||||||||||
Net interest expense | 30,031 | 29,715 | 30,399 | 90,145 | 28,319 | 28,093 | 30,056 | 29,057 | 115,525 | |||||||||||||||||||
Earnings from continuing operations before provision for income taxes | 260,275 | 280,934 | 324,091 | 865,300 | 206,165 | 265,354 | 280,934 | 257,809 | 1,010,262 | |||||||||||||||||||
Provision for income taxes | 73,866 | 75,778 | 90,761 | 240,405 | 51,020 | 52,095 | 73,419 | 60,542 | 237,076 | |||||||||||||||||||
Earnings from continuing operations | 186,409 | 205,156 | 233,330 | 624,895 | 155,145 | 213,259 | 207,515 | 197,267 | 773,186 | |||||||||||||||||||
Earnings (loss) from discontinued operations, net | 9,654 | 8,945 | 7,716 | 26,315 | 39,760 | 36,510 | (35,235 | ) | 81,022 | 122,057 | ||||||||||||||||||
Net earnings | $ | 196,063 | $ | 214,101 | $ | 241,046 | $ | 651,210 | $ | 194,905 | $ | 249,769 | $ | 172,280 | $ | 278,289 | $ | 895,243 | ||||||||||
SEGMENT OPERATING MARGIN | ||||||||||||||||||||||||||||
Communication Technologies | 13.0 | % | 13.9 | % | 16.1 | % | 14.4 | % | 17.6 | % | 18.9 | % | 13.2 | % | 17.9 | % | 16.6 | % | ||||||||||
Energy | 24.9 | % | 24.9 | % | 24.7 | % | 24.8 | % | 21.9 | % | 24.3 | % | 24.5 | % | 23.9 | % | 23.7 | % | ||||||||||
Engineered Systems | 14.9 | % | 15.1 | % | 16.2 | % | 15.4 | % | 13.6 | % | 15.6 | % | 15.2 | % | 12.7 | % | 14.4 | % | ||||||||||
Printing & Identification | 10.7 | % | 11.5 | % | 16.0 | % | 12.7 | % | 13.3 | % | 13.9 | % | 15.7 | % | 13.2 | % | 14.0 | % | ||||||||||
Total segment | 16.7 | % | 17.0 | % | 18.4 | % | 17.4 | % | 16.3 | % | 18.1 | % | 17.3 | % | 16.9 | % | 17.1 | % | ||||||||||
DEPRECIATION AND AMORTIZATION EXPENSE (Continuing) | ||||||||||||||||||||||||||||
Communication Technologies | $ | 31,513 | $ | 32,828 | $ | 32,997 | $ | 97,338 | $ | 18,685 | $ | 18,533 | $ | 34,360 | $ | 30,261 | $ | 101,839 | ||||||||||
Energy | 21,184 | 23,533 | 24,639 | 69,356 | 18,573 | 18,765 | 19,399 | 21,082 | 77,819 | |||||||||||||||||||
Engineered Systems | 19,582 | 23,913 | 23,060 | 66,555 | 18,415 | 18,816 | 18,332 | 19,213 | 74,776 | |||||||||||||||||||
Printing & Identification | 8,331 | 8,496 | 8,777 | 25,604 | 8,163 | 8,476 | 8,364 | 8,479 | 33,482 | |||||||||||||||||||
Corporate | 700 | 765 | 842 | 2,307 | 586 | 626 | 636 | 713 | 2,561 | |||||||||||||||||||
Consolidated total | $ | 81,310 | $ | 89,535 | $ | 90,315 | $ | 261,160 | $ | 64,422 | $ | 65,216 | $ | 81,091 | $ | 79,748 | $ | 290,477 | ||||||||||
(1) Information has been updated for all periods presented to reflect the reclassification of Everett Charles Technologies and DEK to discontinued operations in the fourth quarter of 2012. These businesses were formerly reported within the Printing & Identification segment. | ||||||||||||||||||||||||||||
DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION (1)
(unaudited)(in thousands)
2012 | 2011 | |||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q3 YTD | Q1 | Q2 | Q3 | Q4 | FY 2011 | ||||||||||||||||||||
BOOKINGS | ||||||||||||||||||||||||||||
Communication Technologies | $ | 356,386 | $ | 383,135 | $ | 412,092 | $ | 1,151,613 | $ | 274,611 | $ | 309,734 | $ | 410,616 | $ | 349,579 | $ | 1,344,540 | ||||||||||
Energy | 585,775 | 530,352 | 526,824 | 1,642,951 | 495,125 | 472,543 | 498,212 | 519,525 | 1,985,405 | |||||||||||||||||||
Engineered Systems | ||||||||||||||||||||||||||||
Fluids | 184,711 | 204,139 | 197,767 | 586,617 | 173,626 | 175,539 | 174,772 | 158,895 | 682,832 | |||||||||||||||||||
Refrigeration & Industrial | 711,911 | 666,223 | 600,065 | 1,978,199 | 660,449 | 623,929 | 602,488 | 625,840 | 2,512,706 | |||||||||||||||||||
Eliminations | (408 | ) | (376 | ) | (258 | ) | (1,042 | ) | (733 | ) | (884 | ) | 179 | (1,378 | ) | (2,816 | ) | |||||||||||
896,214 | 869,986 | 797,574 | 2,563,774 | 833,342 | 798,584 | 777,439 | 783,357 | 3,192,722 | ||||||||||||||||||||
Printing & Identification | 249,773 | 251,733 | 244,611 | 746,117 | 247,812 | 254,226 | 262,685 | 253,632 | 1,018,355 | |||||||||||||||||||
Intra-segment eliminations | (609 | ) | (222 | ) | (760 | ) | (1,591 | ) | (2,736 | ) | (3,370 | ) | (2,453 | ) | (3,153 | ) | (11,712 | ) | ||||||||||
Total consolidated bookings | $ | 2,087,539 | $ | 2,034,984 | $ | 1,980,341 | $ | 6,102,864 | $ | 1,848,154 | $ | 1,831,717 | $ | 1,946,499 | $ | 1,902,940 | $ | 7,529,310 | ||||||||||
BACKLOG | ||||||||||||||||||||||||||||
Communication Technologies | $ | 435,912 | $ | 457,624 | $ | 473,007 | $ | 410,843 | $ | 431,558 | $ | 483,512 | $ | 437,320 | ||||||||||||||
Energy | 296,360 | 282,364 | 248,233 | 240,198 | 255,889 | 243,401 | 246,351 | |||||||||||||||||||||
Engineered Systems | ||||||||||||||||||||||||||||
Fluids | 191,327 | 172,300 | 156,191 | 57,357 | 54,945 | 55,230 | 54,194 | |||||||||||||||||||||
Refrigeration & Industrial | 598,910 | 586,824 | 515,285 | 544,995 | 523,011 | 469,876 | 528,118 | |||||||||||||||||||||
Eliminations | (132 | ) | (155 | ) | (94 | ) | (339 | ) | (526 | ) | (94 | ) | (177 | ) | ||||||||||||||
790,105 | 758,969 | 671,382 | 602,013 | 577,430 | 525,012 | 582,135 | ||||||||||||||||||||||
Printing & Identification | 102,117 | 98,216 | 98,356 | 100,231 | 101,426 | 97,405 | 94,557 | |||||||||||||||||||||
Intra-segment eliminations | (986 | ) | (647 | ) | (324 | ) | (704 | ) | (1,177 | ) | (890 | ) | (193 | ) | ||||||||||||||
Total consolidated backlog | $ | 1,623,508 | $ | 1,596,526 | $ | 1,490,654 | $ | 1,352,581 | $ | 1,365,126 | $ | 1,348,440 | $ | 1,360,170 | ||||||||||||||
(1) Information has been updated for all periods presented to reflect the reclassification of Everett Charles Technologies and DEK to discontinued operations in the fourth quarter of 2012. These businesses were formerly reported within the Printing & Identification segment. | ||||||||||||||||||||||||||||
DOVER CORPORATION
QUARTERLY EARNINGS PER SHARE (1)
(unaudited)(in thousands, except per share data*)
2012 | 2011 | |||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q3 YTD | Q1 | Q2 | Q3 | Q4 | FY 2011 | ||||||||||||||||||||
Basic earnings (loss) per common share: | ||||||||||||||||||||||||||||
Continuing operations | $ | 1.01 | $ | 1.12 | $ | 1.28 | $ | 3.41 | $ | 0.83 | $ | 1.14 | $ | 1.12 | $ | 1.07 | $ | 4.16 | ||||||||||
Discontinued operations | 0.05 | 0.05 | 0.04 | 0.14 | 0.21 | 0.20 | (0.19 | ) | 0.44 | 0.66 | ||||||||||||||||||
Net earnings | 1.07 | 1.17 | 1.33 | 3.56 | 1.04 | 1.34 | 0.93 | 1.51 | 4.82 | |||||||||||||||||||
Diluted earnings (loss) per common share: | ||||||||||||||||||||||||||||
Continuing operations | $ | 1.00 | $ | 1.10 | $ | 1.27 | $ | 3.37 | $ | 0.82 | $ | 1.12 | $ | 1.10 | $ | 1.05 | $ | 4.09 | ||||||||||
Discontinued operations | 0.05 | 0.05 | 0.04 | 0.14 | 0.21 | 0.19 | (0.19 | ) | 0.43 | 0.65 | ||||||||||||||||||
Net earnings | 1.05 | 1.15 | 1.31 | 3.51 | 1.03 | 1.32 | 0.91 | 1.49 | 4.74 | |||||||||||||||||||
Adjusted diluted earnings per common share (calculated below): | ||||||||||||||||||||||||||||
Continuing operations | $ | 1.01 | $ | 1.10 | $ | 1.25 | $ | 3.36 | $ | 0.78 | $ | 1.00 | $ | 1.09 | $ | 1.00 | $ | 3.87 | ||||||||||
Net earnings (loss) and average shares used in calculated earnings (loss) per share amounts are as follows: | ||||||||||||||||||||||||||||
Net earnings (loss): | ||||||||||||||||||||||||||||
Continuing operations | $ | 186,409 | $ | 205,156 | $ | 233,330 | $ | 624,895 | $ | 155,145 | $ | 213,259 | $ | 207,515 | $ | 197,267 | $ | 773,186 | ||||||||||
Discontinued operations | 9,654 | 8,945 | 7,716 | 26,315 | 39,760 | 36,510 | (35,235 | ) | 81,022 | 122,057 | ||||||||||||||||||
Net earnings | 196,063 | 214,101 | 241,046 | 651,210 | 194,905 | 249,769 | 172,280 | 278,289 | 895,243 | |||||||||||||||||||
Average shares outstanding: | ||||||||||||||||||||||||||||
Basic | 183,737 | 183,494 | 181,763 | 183,000 | 186,659 | 186,443 | 185,770 | 184,686 | 185,882 | |||||||||||||||||||
Diluted | 186,706 | 185,780 | 183,932 | 185,489 | 190,090 | 189,705 | 188,436 | 187,208 | 188,887 | |||||||||||||||||||
Note: | ||||||||||||||||||||||||||||
Earnings from continuing operations are adjusted by discrete and other tax items to derive adjusted earnings from continuing operations and adjusted diluted earnings per common share as follows: | ||||||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q3 YTD | Q1 | Q2 | Q3 | Q4 | FY 2011 | ||||||||||||||||||||
Adjusted earnings from continuing operations: | ||||||||||||||||||||||||||||
Earnings from continuing operations | $ | 186,409 | $ | 205,156 | $ | 233,330 | $ | 624,895 | $ | 155,145 | $ | 213,259 | $ | 207,515 | $ | 197,267 | $ | 773,186 | ||||||||||
Gains from discrete and other tax items | (1,610 | ) | (372 | ) | 4,513 | 2,531 | 8,016 | 22,338 | 2,390 | 8,590 | 41,334 | |||||||||||||||||
Adjusted earnings from continuing operations | $ | 188,019 | $ | 205,528 | $ | 228,817 | $ | 622,364 | $ | 147,129 | $ | 190,921 | $ | 205,125 | $ | 188,677 | $ | 731,852 | ||||||||||
Adjusted diluted earnings per common share: | ||||||||||||||||||||||||||||
Earnings from continuing operations | $ | 1.00 | $ | 1.10 | $ | 1.27 | $ | 3.37 | $ | 0.82 | $ | 1.12 | $ | 1.10 | $ | 1.05 | $ | 4.09 | ||||||||||
Gains from discrete and other tax items | (0.01 | ) | — | 0.02 | 0.01 | 0.04 | 0.12 | 0.01 | 0.05 | 0.22 | ||||||||||||||||||
Adjusted earnings from continuing operations | $ | 1.01 | $ | 1.10 | $ | 1.25 | $ | 3.36 | $ | 0.78 | $ | 1.00 | $ | 1.09 | $ | 1.00 | $ | 3.87 | ||||||||||
* Per share data may not add due to rounding. | ||||||||||||||||||||||||||||
(1) Information has been updated for all periods presented to reflect the reclassification of Everett Charles Technologies and DEK to discontinued operations in the fourth quarter of 2012. These businesses were formerly reported within the Printing & Identification segment. | ||||||||||||||||||||||||||||