Slide 1: First Quarter 2012 Earnings Conference Call
= DOVER | First Quarter 2012 Earnings Conference Call April 18, 2012 - 9:00am CT
Slide 2: Forward Looking Statements
Forward Lool 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 r
Slide 3: Dover's Q1 2012 Performance
Dover’s Q1 2012 Performance $1.40 $1.30 $1.20 $4.10 $1.00 $0.90 $0.80 $0.70 $0.60 $0.50 $0.40 Continuing Earnings Per Share CH arat Revenue | oo continuing earings por share Eps(cont) | $1.05 | 14% Booki Discrete tax benefits jookings Seg. Margins (| Organic Rev. ‘Acq. Growth 5% FCF (a) seam | 34% Q
Slide 4: Revenue
Revenue Q1 2012 = Communication Energy Engineered Printing & Technologies Systems Identification Organic Acquisitions Currency Total
Slide 5: Sequential Results - Q411/Q112
Sequential Results - Q411/Q112 Revenue $ $500 seco om 120 $300 bs Le $o DCT Q4 DCT QL DEQ4 DEQL DES Q4 DESQ1 DPI. Q4 DPIQL Bookings oe sc00 [sas $300 ta Ea a $0 DCT a4 pcTai DEQ4 DEQL DES Q4 DESQ1 DPI. Q4 DPIQi BD Fluid Solutions BD Refrigeration & industrial
Slide 6: Communication Technologies
Communication Technologies Quarterly Comments $in millions % qi * Revenue growth was led by | 2011 strong handset, life science and Change a A Revenue $270 +33% aerospace/industrial, partially offset by soft telecom/other Earnings $46 $47 2% market Margin 13.0% 17.6% -460 bps Bookings $356 $275 +30%
Slide 7: Energy
Quarterly Comments $in millions + Revenue and earnings growth ai a | % were broad-based across all end- 2012 2011 __| Change markets Revenue $532 $425 425% Earnings $132 $ 93 +42% *Average NA rig count grew double-digit over prior year and continued the shift toward oil Bookings $586 $495 118%: prov
Slide 8: Engineered Systems
Engineered Systems Quarterly Comments + Revenue growth was broad- based with strong performances in all end-markets, most notably Refrigeration & Food Equipment * Strong earnings leverage and improved operating margin across the segment * Bookings up 8%, as most businesses saw growth, led by Refrige
Slide 9: Printing & Identification
Printing & Identi jon Quarterly Comments $in millions * Revenue and earnings decline | a | a % driven by weak electronics markets, |__ 2012 2011 Change especially alternative energy and Revenue $352 $395 -11% semi-con; Product ID up 3% Earnings $33 $55 40% organically Margin 9.3% 13.8% -450 bps * Op
Slide 10: Q1 2012 Overview
Q1 2012 Overview 10 Net Interest Expense Corporate Expense Effective Tax Rate (ETR) $30.0 million, up $2 million from last year, due to higher outstanding long-term debt $37.0 million, essentially flat with last year, and in- line with expectations Q1 rate was 26.2%, largely in-line with expectation
Slide 11: FY 2012 Guidance
FY 2012 Guidance evenue Growth by Segment a 2012F 2012F Organic Acquisition Growth Growth* Total Communication Technologies 11% - 13% 10% - 12% 21%- 25% Energy 9%- 11% =2% 11%- 13% Engineered Systems 4% - 6% = 6% 10% - 12% Printing & Identification (1%) - (2%) - (1%) - (2%) Total 5%-7% =5% 10% - 12%
Slide 12: FY 2012 Guidance
FY 2012 Guidance a = Revenue: * Organic revenue: = 5%- 7% * Acquisitions: = 5% + Total revenue: = 10%-12% = Corporate expense: = $145 million = Interest expense: = $118 million = Full-Year Tax Rate: = 26.5% - 27.0% = Capital expenditures: ~ 3.5% - 3.8% of rev. = FCF for full year: = 10% of revenue c
Slide 13: 2011 EPS to 2012 EPS Continuing Ops Bridge
= 2011 EPS — Continuing Ops $4.48 * Less 2011 tax benefits (4: ($0.22) = 2011 Adjusted EPS — Continuing Ops $4.26 * Volume, mix, price (inc. FX): $0.33 - $0.49 * Net benefits of productivity: $0.19 - $0.29 * Acquisitions: $0.18 - $0.22 * Investment / Compensation: ($0.17 - $0.27) * Corporate expense