Item 2.02
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Results of Operations and Financial Condition.
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Preliminary Unaudited Results of Apergy
Corporation for the Quarter Ended March 31, 2018
On April 16, 2018, Dover Corporation (Dover) announced certain
preliminary unaudited financial results of Apergy Corporation, its wholly-owned subsidiary (Apergy), for the quarter ended March 31, 2018 (the Preliminary Results). The Preliminary Results presented below are based upon
information available to Dover and Apergy as of the date of this Current Report on Form 8-K and are not a comprehensive statement of Apergys financial results. Apergys independent registered public accounting firm has not audited,
reviewed or compiled the Preliminary Results, nor has it applied agreed upon procedures with respect to such information. The full year 2017 information has been audited by Apergys independent registered public accounting firm. The actual
results for the quarter ended March 31, 2018 may differ materially from this preliminary data. During the course of the preparation of Apergys financial statements and related notes for the quarter ended March 31, 2018, additional adjustments
to the Preliminary Results presented below may be identified. Any such adjustments may be material.
The following table includes a
summary of Apergys revenue by quarter for 2017 and an estimate of Apergys revenue for the first quarter of 2018 based upon such preliminary financial results:
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2017
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2018
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In $000s
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Q1
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Q2
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Q3
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Q4
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Full year
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Q1
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(unaudited)
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(audited)
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(unaudited)
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Revenue:
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Production & Automation Technologies
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$
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180,801
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$
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198,175
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$
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199,453
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$
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203,509
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$
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781,938
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$
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214,000
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Drilling Technologies
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49,477
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57,986
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59,200
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60,990
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227,653
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69,000
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Total
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$
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230,278
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$
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256,161
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$
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258,653
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$
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264,499
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$
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1,009,591
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$
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283,000
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The information in this Item 2.02 is being furnished and shall not be deemed to be filed for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by Dover
under the Securities Act of 1933, as amended (the Securities Act), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. This Current Report on Form
8-K
does not constitute an offer to sell or the solicitation of an offer to buy any securities.
CAUTIONARY LANGUAGE CONCERNING FORWARD-LOOKING STATEMENTS
Information set forth in this Current Report on Form
8-K
contains forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements concern future events and may be indicated by words or phrases such as anticipates, expects,
believes, indicates, suggests, will, plans, should, would, could and forecast, or the use of future tense and similar words or phrases.
Forward-looking statements address matters that are uncertain, including, by way of example only: the planned
spin-off
of Apergy, including the benefits of such transaction and the expected performance
following completion of the planned
spin-off,
operating and strategic plans, future sales, earnings, cash flows, margins, organic growth, growth from acquisitions, restructuring charges, cost structure,
capital expenditures, capital allocation, capital structure, dividends, cash flows, exchange rates, tax rates, interest rates, interest expense, changes in operations and trends in industries in which our businesses operate, anticipated market
conditions and our positioning, global economies, and operating improvements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond Dovers control. Dover
refers you to the documents that it files from time to time with the Securities and Exchange Commission, such as its reports on Form
10-K,
Form
10-Q
and Form
8-K,
for a discussion of risks and uncertainties that could cause its actual results to differ materially from its current expectations and from the forward-looking statements contained herein. Dover undertakes no
obligation to update any forward-looking statement, except as required by law. Any of these risks and uncertainties, as well as the additional risk factors described in Dovers Annual Report on Form
10-K
for the fiscal year ended December 31, 2017, as such factors may be updated from time to time in subsequent filings with the SEC, could cause actual outcomes or results to differ materially from those indicated by the projected information
contained herein.
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