Slide 1: Dover Corporation First Quarter 2011 Conference Call
Dover Corporation First Quarter 2011 Conference Call April 21, 2011 11:30 am ET
Slide 2: Forward Looking Statements
2 Forward Looking 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
Slide 3: Dover's Q1 2011 Performance
3 Dover's Q1 2011 Performance Continuing Earnings Per Share 2009 FY $3.74 Revenue $ 2.0B ^ 24% EPS (cont.) $0.96 ^ 48% Segment Margins 15.6% ^ 60 bps Bookings $2.2B ^ 27% Organic Rev. Growth ^ 19% Net Acq. Growth ^ 4% FCF $80M ^ 68% Quarterly revenue and earnings increases reflect broad-based solid
Slide 4: Revenue Q1 2011
4 Revenue Q1 2011 Industrial Products Engineered Systems Fluid Management Electronic Technologies Total Dover Organic 20% 14% 20% 27% 19% Net Acquisitions 1% - 13% 1% 4% Currency - 2% 1% - 1% Total 21% 16% 34% 28% 24%
Slide 5: Sequential Results - Q4 / Q1
5 Sequential Results - Q4 10 / Q1 11 Material Handling Fluid Solutions Mobile Equipment Energy Product Identification Engineered Products ^ 7% ^ 2% Electronic Technologies ^ 19% ^ 10% ^ 31% ^ 8% $ in millions
Slide 6: Industrial Products
6 Industrial Products Revenue growth resulted from recovering Material Handling markets, crude oil & bulk trailer sales, and solid automotive service markets Margin improvements were driven by volume increases and productivity, partially off-set by product mix and investments Quarterly bookings were
Slide 7: Engineered Systems
7 Engineered Systems Revenue gains were broad-based with Hill Phoenix having the largest positive impact Earnings and operating margin improvements were driven by increased volume and productivity, partially off-set by materials cost inflation Product ID saw strength in emerging markets, which was p
Slide 8: Fluid Management
8 Fluid Management Revenue growth was driven by strong oil & gas activity and solid demand in Fluid Solutions Strong operating margin was impacted by one-time deal costs of approximately $5 million Harbison-Fischer is off to a strong start Fluid Solutions saw broad-based recovery and strong internat
Slide 9: Electronic Technologies
9 Electronic Technologies Revenue growth was driven by demand for electronic assembly equipment, MEMS microphones, and Solar equipment; telecom end-markets were soft Operating margin increase was driven by higher volume DEK continues to win new Solar customers Bookings gains were broad- based (excep
Slide 10: Q1 2011 Overview
Q1 2011 Overview Q1 2011 Net Interest Expense $28.3 million, up $1 million from last year. Interest expense impacted by $800 million bond issuance connected with Harbison-Fischer acquisition and February bond re-financing Corporate Expense $36.1 million, up $3 million from last year Effective Tax Ra
Slide 11: 2011 Guidance - Update
11 2011 Guidance - Update Revenue: Core revenue: ^ 9.0% - 11.0% Acquisitions: ^ 3.0% Total revenue: ^ 12.0% - 14.0% Corporate expense: ^ $135 million (unchanged) Interest expense: ^ $116 million Full-Year Tax Rate: ^ 27% - 28%* Capital expenditures: ^ 2.8% - 3.0% of rev. (unchanged) Free cash flow f
Slide 12: 2011 EPS Guidance Bridge - Cont. Ops
2010 EPS - Continuing Ops $3.74 Less 2010 tax benefits: ($0.27) 2010 Adjusted EPS - Continuing Ops $3.47 Volume, mix, price (inc. FX): $0.57 - $0.71 Net benefits of productivity: $0.26 - $0.30 Acquisitions: $0.10 - $0.11 Investment / Compensation: ($0.16 - $0.20) Corporate expense: - Interest: ($0.0