DOVER Corp - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - March 5, 2014

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EX-99.1 - EXHIBIT 99.1 - DOVER Corpa201403058-kexhibit991.htm


Exhibit 99.2
INVESTOR SUPPLEMENT

DOVER CORPORATION
Revenue, Earnings & Other Data by Segment
(unaudited)(in thousands, except per share data)
 
Years Ended December 31,
 
2013
 
2012
 
2011
REVENUE:
 
 
 
 
 
Energy
$
1,853,853

 
$
1,788,295

 
$
1,546,684

Engineered Systems
2,538,562

 
2,498,800

 
2,453,129

Fluids
1,236,838

 
1,087,526

 
890,989

Refrigeration & Food Equipment
1,887,840

 
1,607,602

 
1,495,361

Intra-segment eliminations
(1,440
)
 
(768
)
 
440

Total consolidated revenue
$
7,515,653

 
$
6,981,455

 
$
6,386,603

 
 
 
 
 
 
EARNINGS FROM CONTINUING OPERATIONS:
 
 
 
 
 
Segment earnings:
 
 
 
 
 
Energy
$
459,649

 
$
466,801

 
$
393,978

Engineered Systems
399,448

 
369,842

 
350,363

Fluids
224,523

 
182,544

 
162,297

Refrigeration & Food Equipment
267,307

 
223,397

 
191,484

Total segments
1,350,927

 
1,242,584

 
1,098,122

Corporate expense / other
129,776

 
135,811

 
137,395

Net interest expense
120,672

 
121,268

 
115,485

Earnings from continuing operations before provision for income taxes
1,100,479

 
985,505

 
845,242

Provision for income taxes
266,407

 
301,027

 
229,786

Earnings from continuing operations
$
834,072

 
$
684,478

 
$
615,456

 
 
 
 
 
 
BASIC EARNINGS PER COMMON SHARE:
 
 
 
 
 
Earnings from continuing operations
$
4.87

 
$
3.77

 
$
3.31

Weighted average shares outstanding
171,271

 
181,551

 
185,882
 
 
 
 
 
 
DILUTED EARNINGS PER COMMON SHARE:
 
 
 
 
 
Earnings from continuing operations
$
4.81

 
$
3.72

 
$
3.26

Weighted average shares outstanding
173,547

 
183,993

 
188,887
 
 
 
 
 
 
ADJUSTED DILUTED EARNINGS PER COMMON SHARE:
 
 
 
 
 
Earnings from continuing operations
$
4.81

 
$
3.72

 
$
3.26

Gains from discrete and other tax items
0.46

 
0.09

 
0.23

Other one-time gains, net of tax
0.02

 
—

 
—

Adjusted earnings from continuing operations
$
4.33

 
$
3.63

 
$
3.03

 
 
 
 
 
 
OPERATING MARGINS:
 
 
 
 
 
Energy
24.8
%
 
26.1
%
 
25.5
%
Engineered Systems
15.7
%
 
14.8
%
 
14.3
%
Fluids
18.2
%
 
16.8
%
 
18.2
%
Refrigeration & Food Equipment
14.2
%
 
13.9
%
 
12.8
%
Total segments
18.0
%
 
17.8
%
 
17.2
%
 
 
 
 
 
 
DEPRECIATION AND AMORTIZATION EXPENSE:
 
 
 
 
 
Energy
$
99,075

 
$
87,922

 
$
70,652

Engineered Systems
71,582

 
74,158

 
76,423

Fluids
48,812

 
41,381

 
24,824

Refrigeration & Food Equipment
67,227

 
37,295

 
32,658

Corporate
3,861

 
2,666

 
2,560

Consolidated total
$
290,557

 
$
243,422

 
$
207,117





DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(unaudited)(in thousands)
 
2013
 
2012
 
Q1
Q2
Q3
Q4
FY 2013
 
Q1
Q2
Q3
Q4
FY 2012
REVENUE:
 
 
 
 
 
 
 
 
 
 
 
Energy
$
462,679

$
465,906

$
467,688

$
457,580

$
1,853,853

 
$
437,438

$
442,493

$
463,046

$
445,318

$
1,788,295

Engineered Systems
605,325

639,426

642,205

651,606

2,538,562

 
619,966

633,355

623,944

621,535

2,498,800

Fluids
273,638

310,137

309,241

343,822

1,236,838

 
246,603

278,782

285,939

276,202

1,087,526

Refrigeration & Food Equipment
422,468

517,574

521,322

426,476

1,887,840

 
390,227

423,579

425,416

368,380

1,607,602

Intra-segment eliminations
(133
)
(632
)
(245
)
(430
)
(1,440
)
 
(221
)
(224
)
84

(407
)
(768
)
Total consolidated revenue
$
1,763,977

$
1,932,411

$
1,940,211

$
1,879,054

$
7,515,653

 
$
1,694,013

$
1,777,985

$
1,798,429

$
1,711,028

$
6,981,455

 
 
 
 
 
 
 
 
 
 
 
 
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES:
 
 
 
 
 
 
Segment earnings:
 
 
 
 
 
 
 
 
 
 
 
Energy
$
118,708

$
109,662

$
119,086

$
112,193

$
459,649

 
$
116,424

$
115,688

$
118,379

$
116,310

$
466,801

Engineered Systems
83,283

102,804

111,850

101,511

399,448

 
82,305

92,817

98,926

95,794

369,842

Fluids
47,601

58,768

63,056

55,098

224,523

 
41,989

43,325

51,138

46,092

182,544

Refrigeration & Food Equipment
52,110

82,177

86,446

46,574

267,307

 
56,361

62,789

71,869

32,378

223,397

Total segments
301,702

353,411

380,438

315,376

1,350,927

 
297,079

314,619

340,312

290,574

1,242,584

Corporate expense / other
33,632

34,860

32,532

28,752

129,776

 
36,216

36,762

31,874

30,959

135,811

Net interest expense
30,284

30,232

30,236

29,920

120,672

 
30,027

29,680

30,495

31,066

121,268

Earnings from continuing operations before provision for income taxes
$
237,786

$
288,319

$
317,670

$
256,704

$
1,100,479

 
$
230,836

$
248,177

$
277,943

$
228,549

$
985,505

 
 
 
 
 
 
 
 
 
 
 
 
SEGMENT OPERATING MARGIN:
 
 

 
 
 
 
 
 
Energy
25.7
%
23.5
%
25.5
%
24.5
%
24.8
%
 
26.6
%
26.1
%
25.6
%
26.1
%
26.1
%
Engineered Systems
13.8
%
16.1
%
17.4
%
15.6
%
15.7
%
 
13.3
%
14.7
%
15.9
%
15.4
%
14.8
%
Fluids
17.4
%
18.9
%
20.4
%
16.0
%
18.2
%
 
17.0
%
15.5
%
17.9
%
16.7
%
16.8
%
Refrigeration & Food Equipment
12.3
%
15.9
%
16.6
%
10.9
%
14.2
%
 
14.4
%
14.8
%
16.9
%
8.8
%
13.9
%
Total segments
17.1
%
18.3
%
19.6
%
16.8
%
18.0
%
 
17.5
%
17.7
%
18.9
%
17.0
%
17.8
%




DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(continued)
(unaudited)(in thousands)
 
2013
 
2012
 
Q1
Q2
Q3
Q4
FY 2013
 
Q1
Q2
Q3
Q4
FY 2012
BOOKINGS:
 
 
 
 
 
 
 
 
 
 
 
Energy
$
515,388

$
416,892

$
481,021

$
440,261

$
1,853,562

 
$
482,045

$
438,167

$
427,395

$
453,973

$
1,801,580

Engineered Systems
642,764

656,137

600,969

642,468

2,542,338

 
649,471

624,124

609,813

616,796

2,500,204

Fluids
303,609

298,817

307,729

351,767

1,261,922

 
259,726

266,554

270,720

276,665

1,073,665

Refrigeration & Food Equipment
482,742

515,320

433,426

450,850

1,882,338

 
441,607

409,738

375,898

369,126

1,596,369

Intra-segment eliminations
(560
)
(708
)
(416
)
734

(950
)
 
(262
)
(425
)
(933
)
(1,147
)
(2,767
)
Total consolidated bookings
$
1,943,943

$
1,886,458

$
1,822,729

$
1,886,080

$
7,539,210

 
$
1,832,587

$
1,738,158

$
1,682,893

$
1,715,413

$
6,969,051

 
 
 
 
 
 
 
 
 
 
 
 
BACKLOG:
 

 
 

 
 
 
 
 
 
Energy
$
274,733

$
218,764

$
233,820

$
206,790

 
 
$
257,424

$
249,056

$
216,011

$
224,284

 
Engineered Systems
510,831

525,697

485,155

474,040

 
 
525,446

509,064

495,830

488,714

 
Fluids
222,255

228,212

228,880

310,330

 
 
233,080

208,195

195,966

195,794

 
Refrigeration & Food Equipment
417,246

412,366

324,042

347,004

 
 
416,608

400,354

351,943

360,059

 
Intra-segment eliminations
(385
)
(526
)
(387
)
(592
)

 
(526
)
(311
)
(297
)
(408
)
 
Total consolidated backlog
$
1,424,680

$
1,384,513

$
1,271,510

$
1,337,572

 
 
$
1,432,032

$
1,366,358

$
1,259,453

$
1,268,443

 







Details of New Segment Structure
 
Dover’s new segment structure is comprised of the following four segments and their respective business units:

•
The Energy segment is comprised of Norris Production Systems, Tulsa Winch Group, US Synthetic, Cook Compression, Waukesha Bearings and Quartzdyne;

•
The Engineered Systems segment is comprised of two platforms, Printing & Identification and Industrial. Within the Printing & Identification platform is Datamax O’Neil, Markem Imaje, MS Printing Solutions and OK International. The Industrial platform includes De-Sta-Co, Environmental Solutions Group, Performance Motorsports, Texas Hydraulics, Vehicle Service Group, Warn, Microwave Products Group and Sargent;

•
The Fluids segment is comprised of Pump Solutions Group, OPW, PDQ, HydroSystems and Colder;

•
The Refrigeration & Food Equipment segment is comprised Hillphoenix, SWEP, Tipper Tie, Unified Brands and Belvac.



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