DOWNERS GROVE, Ill.,
July 22, 2020 /PRNewswire/ -- Dover (NYSE: DOV), a
diversified global manufacturer, announced its financial results
for the second quarter ended June 30, 2020.
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
($ in millions,
except per share data)
|
|
2020
|
|
2019
|
|
%
Change
|
|
2020
|
|
2019
|
|
%
Change
|
U.S.
GAAP
|
Revenue
|
|
$
|
1,499
|
|
|
$
|
1,811
|
|
|
(17)
|
%
|
|
$
|
3,155
|
|
|
$
|
3,535
|
|
|
(11)
|
%
|
Net earnings
1
|
|
125
|
|
|
198
|
|
|
(37)
|
%
|
|
301
|
|
|
304
|
|
|
(1)
|
%
|
Diluted
EPS
|
|
0.86
|
|
|
1.35
|
|
|
(36)
|
%
|
|
2.07
|
|
|
2.07
|
|
|
—
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
Organic revenue
change
|
|
|
|
|
|
(16)
|
%
|
|
|
|
|
|
(10)
|
%
|
Adjusted net earnings
2
|
|
164
|
|
|
229
|
|
|
(28)
|
%
|
|
368
|
|
|
412
|
|
|
(11)
|
%
|
Adjusted diluted
EPS
|
|
1.13
|
|
|
1.56
|
|
|
(28)
|
%
|
|
2.53
|
|
|
2.80
|
|
|
(10)
|
%
|
|
1 Q2
2020 and 2019 net earnings include rightsizing and other costs of
$13.4 million and $5.1 million, respectively. Q2 2020 also includes
a $0.6 million expense related to the sale of AMS Chino. Q2
year-to-date 2020 and 2019 net earnings include rightsizing and
other costs of $19.6 million and $8.2 million, respectively. Q2
year-to-date 2020 also includes a $4.4 million non-cash gain on the
sale of AMS Chino, and year-to-date 2019 includes a $46.9 million
non-cash loss on assets held for sale related to Finder.
|
|
2 Q2
2020 and 2019 adjusted net earnings exclude after tax
acquisition-related amortization costs of $25.7 million and $26.2
million, respectively, and rightsizing and other costs of $13.4
million and $5.1 million, respectively. Q2 2020 also excludes a
$0.6 million expense related to the sale of AMS Chino. Q2
year-to-date 2020 and 2019 adjusted net earnings exclude
acquisition-related amortization costs of $51.3 million and $52.9
million, respectively, and rightsizing and other costs of $19.6
million and $8.2 million, respectively. Q2 year-to-date 2020 also
excludes a $4.4 million non-cash gain on the sale of AMS Chino, and
year-to-date 2019 excludes a $46.9 million non-cash loss on assets
held for sale related to Finder.
|
For the quarter ended June 30, 2020, Dover generated
revenue of $1.5 billion, a decline of
17% (-16% organic) compared to the second quarter of the prior
year. GAAP net earnings of $125
million decreased 37%, and GAAP diluted EPS of $0.86 was down 36%. On an adjusted basis, net
earnings of $164 million declined
28%, and adjusted diluted EPS of $1.13 was down 28% versus the comparable quarter
of the prior year.
For the six months ended June 30, 2020, Dover generated
revenue of $3.2 billion, a decline of
11% (-10% organic) compared to the first six months of the prior
year. GAAP net earnings of $301
million decreased 1%, and GAAP diluted EPS of $2.07 was flat year-over-year. On an adjusted
basis, net earnings of $368 million
declined 11%, and adjusted diluted EPS of $2.53 was down 10% versus the comparable quarter
of the prior year.
A full reconciliation between GAAP and adjusted measures and
definitions of non-GAAP and other performance measures are included
as an exhibit herein.
MANAGEMENT COMMENTARY:
Dover's President and Chief Executive Officer, Richard J. Tobin, said, "We are proud of our
work and results in the second quarter. Economic uncertainty and
operational disruption caused by the COVID-19 pandemic slowed
activity across many markets and made the operating environment
undeniably challenging. Our businesses have navigated the quarter
well, as we focused on what was and remains within our control:
diligently managing our costs and cash flow, providing a safe
working environment for our associates and supporting our customers
with the critical products they needed to keep their essential
operations running.
"As we expected, activity declined across a majority of the
markets we serve, albeit the impact varied widely across our
diverse portfolio with many businesses proving their profitability
and cash flow resilience in challenging conditions. Demand
conditions in textile printing, foodservice, below-ground fueling,
food retail and automotive aftermarket were particularly
challenged, partially offset by relative resilience in biopharma,
aerospace & defense, heat exchangers and marking & coding.
We remain positioned well for the second half with a higher backlog
compared to this time last year, driven by our longer cycle
businesses and sequential intra-quarter improvement in many shorter
cycle businesses.
"Global lockdowns, travel restrictions, proactive production
curtailments and reduced volumes created a challenging operating
environment in the second quarter, but our cost controls and
continued execution of our multi-year productivity program resulted
in a satisfactory decremental margin performance, positioning us
well to reach or exceed our annual conversion margin target.
"Looking forward, the demand outlook for the remainder of the
year remains uncertain, with activity across most markets improving
but not back to business-as-usual. As a result of our improved
demand visibility into the third quarter, and our solid margin
performance year-to-date, we are making the decision to reinstate
our annual guidance, though with a wider range than usual for the
mid-year reflecting the fluidity of market conditions. We retain
additional flexibility to adjust our cost base if macroeconomic
conditions in the second half of the year necessitate a
response."
FULL YEAR 2020 GUIDANCE REINSTATED:
In 2020, Dover expects to generate GAAP EPS in the range of
$4.16 to $4.41 ($5.00 to
$5.25 on an adjusted basis). A full
reconciliation between forecasted GAAP and forecasted adjusted EPS
is included as an exhibit herein.
CONFERENCE CALL INFORMATION:
Dover will host a webcast and conference call to discuss its
second quarter and year-to-date 2020 results as well as
updated 2020 guidance at 9:00 A.M.
Eastern Time (8:00 A.M. Central
Time) on Wednesday, July 22, 2020. The webcast can be
accessed on the Dover website at dovercorporation.com. The
conference call will also be made available for replay on the
website. Additional information on Dover's second quarter results
and its operating segments can be found on the Company's
website.
ABOUT DOVER:
Dover is a diversified global manufacturer and solutions
provider with annual revenue of approximately $7 billion. We deliver innovative equipment and
components, consumable supplies, aftermarket parts, software and
digital solutions, and support services through five operating
segments: Engineered Products, Fueling Solutions, Imaging &
Identification, Pumps & Process Solutions and Refrigeration
& Food Equipment. Dover combines global scale with operational
agility to lead the markets we serve. Recognized for our
entrepreneurial approach for over 60 years, our team of over 23,000
employees takes an ownership mindset, collaborating with customers
to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the
New York Stock Exchange under "DOV." Additional information is
available at dovercorporation.com.
FORWARD-LOOKING STATEMENTS:
This press release contains "forward-looking" statements within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended. All statements in this document other than
statements of historical fact are statements that are, or could be
deemed, "forward-looking" statements. Forward-looking statements
are subject to numerous important risks, uncertainties, assumptions
and other factors, some of which are beyond the Company's control.
Factors that could cause actual results to differ materially from
current expectations include, among other things, the impacts of
COVID-19, or other future pandemics, on the global economy and on
our customers, suppliers, employees, business and cash flows, other
general economic conditions and conditions in the particular
markets in which we operate, changes in customer demand and capital
spending, competitive factors and pricing pressures, our ability to
develop and launch new products in a cost-effective manner, our
ability to realize synergies from newly acquired businesses, and
our ability to derive expected benefits from restructuring,
productivity initiatives and other cost reduction actions. For
details on the risks and uncertainties that could cause our results
to differ materially from the forward-looking statements contained
herein, we refer you to the documents we file with the Securities
and Exchange Commission, including our Annual Report on Form 10-K
for the year ended December 31, 2019, and our Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K. These
documents are available from the Securities and Exchange
Commission, and on our website, dovercorporation.com. The Company
undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events or
otherwise.
INVESTOR
SUPPLEMENT - SECOND QUARTER 2020
DOVER
CORPORATION
CONSOLIDATED
STATEMENTS OF EARNINGS
(unaudited)(in
thousands, except per share data)
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Revenue
|
$
|
1,499,175
|
|
|
$
|
1,810,706
|
|
|
$
|
3,155,114
|
|
|
$
|
3,535,463
|
|
Cost of goods and
services
|
947,577
|
|
|
1,138,113
|
|
|
1,991,273
|
|
|
2,239,328
|
|
Gross
profit
|
551,598
|
|
|
672,593
|
|
|
1,163,841
|
|
|
1,296,135
|
|
Selling, general, and
administrative expenses
|
366,740
|
|
|
396,634
|
|
|
753,681
|
|
|
805,100
|
|
Loss on assets held
for sale
|
—
|
|
|
—
|
|
|
—
|
|
|
46,946
|
|
Operating
earnings
|
184,858
|
|
|
275,959
|
|
|
410,160
|
|
|
444,089
|
|
Interest
expense
|
28,711
|
|
|
31,754
|
|
|
55,979
|
|
|
63,562
|
|
Interest
income
|
(728)
|
|
|
(945)
|
|
|
(1,911)
|
|
|
(1,835)
|
|
Loss (gain) on sale
of a business
|
781
|
|
|
—
|
|
|
(5,770)
|
|
|
—
|
|
Other income,
net
|
(735)
|
|
|
(4,589)
|
|
|
(8,467)
|
|
|
(5,695)
|
|
Earnings before
provision for income taxes
|
156,829
|
|
|
249,739
|
|
|
370,329
|
|
|
388,057
|
|
Provision for income
taxes
|
32,063
|
|
|
51,654
|
|
|
69,284
|
|
|
84,267
|
|
Net
earnings
|
$
|
124,766
|
|
|
$
|
198,085
|
|
|
$
|
301,045
|
|
|
$
|
303,790
|
|
|
|
|
|
|
|
|
|
Net earnings per
share:
|
|
|
|
|
|
|
|
Basic
|
$
|
0.87
|
|
|
$
|
1.36
|
|
|
$
|
2.09
|
|
|
$
|
2.09
|
|
Diluted
|
$
|
0.86
|
|
|
$
|
1.35
|
|
|
$
|
2.07
|
|
|
$
|
2.07
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
143,955
|
|
|
145,366
|
|
|
144,107
|
|
|
145,227
|
|
Diluted
|
144,995
|
|
|
147,179
|
|
|
145,359
|
|
|
147,041
|
|
|
|
|
|
|
|
|
|
Dividends paid per
common share
|
$
|
0.49
|
|
|
$
|
0.48
|
|
|
$
|
0.98
|
|
|
$
|
0.96
|
|
|
|
|
|
|
|
|
|
* Per share data may
be impacted by rounding.
|
|
|
|
|
|
|
|
DOVER
CORPORATION
QUARTERLY SEGMENT
INFORMATION
(unaudited)(in
thousands)
|
|
|
2020
|
|
2019
|
|
Q1
|
Q2
|
Q2
YTD
|
|
Q1
|
Q2
|
Q2
YTD
|
Q3
|
Q4
|
FY
2019
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
Engineered
Products
|
$
|
408,160
|
|
$
|
342,380
|
|
$
|
750,540
|
|
|
$
|
418,851
|
|
$
|
429,928
|
|
$
|
848,779
|
|
$
|
426,689
|
|
$
|
422,089
|
|
$
|
1,697,557
|
|
Fueling
Solutions
|
359,982
|
|
326,495
|
|
686,477
|
|
|
373,050
|
|
390,586
|
|
763,636
|
|
411,769
|
|
444,772
|
|
1,620,177
|
|
Imaging &
Identification
|
256,765
|
|
227,977
|
|
484,742
|
|
|
268,354
|
|
266,588
|
|
534,942
|
|
275,109
|
|
274,420
|
|
1,084,471
|
|
Pumps &
Process
Solutions
|
319,536
|
|
309,095
|
|
628,631
|
|
|
330,219
|
|
338,924
|
|
669,143
|
|
341,337
|
|
328,048
|
|
1,338,528
|
|
Refrigeration &
Food
Equipment
|
311,913
|
|
293,527
|
|
605,440
|
|
|
334,643
|
|
385,474
|
|
720,117
|
|
370,335
|
|
306,165
|
|
1,396,617
|
|
Intra-segment
eliminations
|
(417)
|
|
(299)
|
|
(716)
|
|
|
(360)
|
|
(794)
|
|
(1,154)
|
|
106
|
|
95
|
|
(953)
|
|
Total
consolidated
revenue
|
$
|
1,655,939
|
|
$1,499,175
|
|
$3,155,114
|
|
|
$
|
1,724,757
|
|
$
|
1,810,706
|
|
$
|
3,535,463
|
|
$
|
1,825,345
|
|
$
|
1,775,589
|
|
$
|
7,136,397
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
EARNINGS
|
|
|
|
|
|
|
|
|
|
|
Segment
Earnings:
|
|
|
|
|
|
|
|
|
|
|
Engineered
Products
|
$
|
69,094
|
|
$
|
47,702
|
|
$
|
116,796
|
|
|
$
|
67,119
|
|
$
|
77,129
|
|
$
|
144,248
|
|
$
|
74,367
|
|
$
|
73,233
|
|
$
|
291,848
|
|
Fueling
Solutions
|
53,498
|
|
47,214
|
|
100,712
|
|
|
37,230
|
|
52,637
|
|
89,867
|
|
68,069
|
|
73,937
|
|
231,873
|
|
Imaging &
Identification
|
51,482
|
|
38,046
|
|
89,528
|
|
|
55,955
|
|
54,641
|
|
110,596
|
|
61,655
|
|
57,233
|
|
229,484
|
|
Pumps &
Process
Solutions 1
|
66,079
|
|
67,702
|
|
133,781
|
|
|
14,991
|
|
76,278
|
|
91,269
|
|
77,433
|
|
71,379
|
|
240,081
|
|
Refrigeration &
Food
Equipment 2
|
23,529
|
|
11,459
|
|
34,988
|
|
|
24,807
|
|
44,375
|
|
69,182
|
|
35,211
|
|
14,439
|
|
118,832
|
|
Total segment
earnings (EBIT)
|
263,682
|
|
212,123
|
|
475,805
|
|
|
200,102
|
|
305,060
|
|
505,162
|
|
316,735
|
|
290,221
|
|
1,112,118
|
|
Corporate expense
/
other 3
|
24,097
|
|
27,311
|
|
51,408
|
|
|
30,866
|
|
24,512
|
|
55,378
|
|
28,658
|
|
63,781
|
|
147,817
|
|
Interest
expense
|
27,268
|
|
28,711
|
|
55,979
|
|
|
31,808
|
|
31,754
|
|
63,562
|
|
31,410
|
|
30,846
|
|
125,818
|
|
Interest
income
|
(1,183)
|
|
(728)
|
|
(1,911)
|
|
|
(890)
|
|
(945)
|
|
(1,835)
|
|
(1,263)
|
|
(1,428)
|
|
(4,526)
|
|
Earnings before
provision for income
taxes
|
213,500
|
|
156,829
|
|
370,329
|
|
|
138,318
|
|
249,739
|
|
388,057
|
|
257,930
|
|
197,022
|
|
843,009
|
|
Provision for
income
taxes
|
37,221
|
|
32,063
|
|
69,284
|
|
|
32,613
|
|
51,654
|
|
84,267
|
|
51,924
|
|
28,900
|
|
165,091
|
|
Net
earnings
|
$
|
176,279
|
|
$
|
124,766
|
|
$
|
301,045
|
|
|
$
|
105,705
|
|
$
|
198,085
|
|
$
|
303,790
|
|
$
|
206,006
|
|
$
|
168,122
|
|
$
|
677,918
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT
MARGIN
|
|
|
|
|
|
|
|
|
Engineered
Products
|
16.9 %
|
|
13.9 %
|
|
15.6
%
|
|
|
16.0 %
|
|
17.9 %
|
|
17.0
%
|
|
17.4 %
|
|
17.4 %
|
|
17.2
%
|
|
Fueling
Solutions
|
14.9 %
|
|
14.5 %
|
|
14.7
%
|
|
|
10.0 %
|
|
13.5 %
|
|
11.8
%
|
|
16.5 %
|
|
16.6 %
|
|
14.3
%
|
|
Imaging &
Identification
|
20.1 %
|
|
16.7 %
|
|
18.5
%
|
|
|
20.9 %
|
|
20.5 %
|
|
20.7
%
|
|
22.4 %
|
|
20.9 %
|
|
21.2
%
|
|
Pumps &
Process
Solutions 1
|
20.7 %
|
|
21.9 %
|
|
21.3
%
|
|
|
4.5 %
|
|
22.5 %
|
|
13.6
%
|
|
22.7 %
|
|
21.8 %
|
|
17.9
%
|
|
Refrigeration &
Food
Equipment 2
|
7.5 %
|
|
3.9 %
|
|
5.8
%
|
|
|
7.4 %
|
|
11.5 %
|
|
9.6
%
|
|
9.5 %
|
|
4.7 %
|
|
8.5
%
|
|
Total segment
operating margin
|
15.9 %
|
|
14.1 %
|
|
15.1
%
|
|
|
11.6 %
|
|
16.8 %
|
|
14.3
%
|
|
17.4 %
|
|
16.3 %
|
|
15.6
%
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPRECIATION AND
AMORTIZATION EXPENSE
|
Engineered
Products
|
$
|
10,122
|
|
$
|
9,722
|
|
$
|
19,844
|
|
|
$
|
10,359
|
|
$
|
10,452
|
|
$
|
20,811
|
|
$
|
10,095
|
|
$
|
10,126
|
|
$
|
41,032
|
|
Fueling
Solutions
|
18,339
|
|
17,968
|
|
36,307
|
|
|
17,879
|
|
18,945
|
|
36,824
|
|
18,744
|
|
19,477
|
|
75,045
|
|
Imaging &
Identification
|
8,769
|
|
9,224
|
|
17,993
|
|
|
7,435
|
|
7,413
|
|
14,848
|
|
7,360
|
|
8,322
|
|
30,530
|
|
Pumps &
Process
Solutions
|
18,336
|
|
17,572
|
|
35,908
|
|
|
17,548
|
|
16,201
|
|
33,749
|
|
16,018
|
|
17,817
|
|
67,584
|
|
Refrigeration &
Food
Equipment
|
11,548
|
|
11,421
|
|
22,969
|
|
|
13,011
|
|
12,777
|
|
25,788
|
|
13,047
|
|
12,525
|
|
51,360
|
|
Corporate
|
1,638
|
|
1,696
|
|
3,334
|
|
|
1,506
|
|
1,981
|
|
3,487
|
|
1,523
|
|
1,726
|
|
6,736
|
|
Total
depreciation
and amortization
expense
|
$
|
68,752
|
|
$
|
67,603
|
|
$
|
136,355
|
|
|
$
|
67,738
|
|
$
|
67,769
|
|
$
|
135,507
|
|
$
|
66,787
|
|
$
|
69,993
|
|
$
|
272,287
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Q1
and FY 2019 include a $46,946 loss on assets held for sale for
Finder Pompe S.r.l.
|
2 Q1,
Q2, and Q2 YTD includes a $6,551 gain, a $781 expense and a $5,770
net gain on the sale of the Chino, California branch of The AMS
Group ("AMS Chino"), respectively. Q2 and Q2 YTD also include a
$3,640 write-off of assets.
|
3 Q4
and FY 2019 include a $23,543 loss on early extinguishment of
debt.
|
DOVER
CORPORATION
QUARTERLY EARNINGS
PER SHARE
(unaudited)(in
thousands, except per share data*)
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
2020
|
|
2019
|
|
Q1
|
Q2
|
Q2
YTD
|
|
Q1
|
Q2
|
Q2
YTD
|
Q3
|
Q4
|
FY
2019
|
Net earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
1.22
|
|
$
|
0.87
|
|
$
|
2.09
|
|
|
$
|
0.73
|
|
$
|
1.36
|
|
$
|
2.09
|
|
$
|
1.42
|
|
$
|
1.16
|
|
$
|
4.67
|
|
Diluted
|
$
|
1.21
|
|
$
|
0.86
|
|
$
|
2.07
|
|
|
$
|
0.72
|
|
$
|
1.35
|
|
$
|
2.07
|
|
$
|
1.40
|
|
$
|
1.15
|
|
$
|
4.61
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings and
weighted average shares used in calculated earnings per share
amounts are as follows:
|
Net
earnings
|
$
|
176,279
|
|
$
|
124,766
|
|
$
|
301,045
|
|
|
$
|
105,705
|
|
$
|
198,085
|
|
$
|
303,790
|
|
$
|
206,006
|
|
$
|
168,122
|
|
$
|
677,918
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
144,259
|
|
143,955
|
|
144,107
|
|
|
145,087
|
|
145,366
|
|
145,227
|
|
145,372
|
|
144,966
|
|
145,198
|
|
Diluted
|
145,782
|
|
144,995
|
|
145,359
|
|
|
146,911
|
|
147,179
|
|
147,041
|
|
147,051
|
|
146,790
|
|
146,992
|
|
|
|
|
|
|
|
|
|
|
|
|
* Per share data may
be impacted by rounding.
|
|
|
DOVER
CORPORATION
QUARTERLY ADJUSTED
EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP)
(unaudited)(in
thousands, except per share data*)
|
|
Non-GAAP
Reconciliations
|
|
2020
|
|
2019
|
|
Q1
|
Q2
|
Q2
YTD
|
|
Q1
|
Q2
|
Q2
YTD
|
Q3
|
Q4
|
FY
2019
|
Adjusted net
earnings:
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
$
|
176,279
|
|
$
|
124,766
|
|
$
|
301,045
|
|
|
$
|
105,705
|
|
$
|
198,085
|
|
$
|
303,790
|
|
$
|
206,006
|
|
$
|
168,122
|
|
$
|
677,918
|
|
Acquisition-related
amortization, pre-
tax 1
|
34,062
|
|
34,101
|
|
68,163
|
|
|
35,635
|
|
34,997
|
|
70,632
|
|
34,244
|
|
33,460
|
|
138,336
|
|
Acquisition-related
amortization, tax
impact 2
|
(8,411)
|
|
(8,451)
|
|
(16,862)
|
|
|
(8,964)
|
|
(8,777)
|
|
(17,741)
|
|
(8,624)
|
|
(8,403)
|
|
(34,768)
|
|
Rightsizing and other
costs, pre-tax 3
|
7,859
|
|
16,840
|
|
24,699
|
|
|
3,963
|
|
6,457
|
|
10,420
|
|
3,807
|
|
17,926
|
|
32,153
|
|
Rightsizing and other
costs, tax
impact 2
|
(1,605)
|
|
(3,452)
|
|
(5,057)
|
|
|
(861)
|
|
(1,377)
|
|
(2,238)
|
|
(806)
|
|
(3,745)
|
|
(6,789)
|
|
Loss on
extinguishment of debt, pre-
tax 4
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
23,543
|
|
23,543
|
|
Loss on
extinguishment of debt, tax
impact 2
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(5,163)
|
|
(5,163)
|
|
Loss on assets held
for sale 5
|
—
|
|
—
|
|
—
|
|
|
46,946
|
|
—
|
|
46,946
|
|
—
|
|
—
|
|
46,946
|
|
(Gain) loss on
disposition, pre-tax 6
|
(6,551)
|
|
781
|
|
(5,770)
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(Gain) loss on
disposition, tax-impact 2
|
1,592
|
|
(190)
|
|
1,402
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Adjusted net
earnings
|
$
|
203,225
|
|
$
|
164,395
|
|
$
|
367,620
|
|
|
$
|
182,424
|
|
$
|
229,385
|
|
$
|
411,809
|
|
$
|
234,627
|
|
$
|
225,740
|
|
$
|
872,176
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted diluted
net earnings per share:
|
|
|
|
|
|
|
|
|
Diluted net earnings
per share
|
$
|
1.21
|
|
$
|
0.86
|
|
$
|
2.07
|
|
|
$
|
0.72
|
|
$
|
1.35
|
|
$
|
2.07
|
|
$
|
1.40
|
|
$
|
1.15
|
|
$
|
4.61
|
|
Acquisition-related
amortization, pre-
tax 1
|
0.23
|
|
0.24
|
|
0.47
|
|
|
0.24
|
|
0.24
|
|
0.48
|
|
0.23
|
|
0.23
|
|
0.94
|
|
Acquisition-related
amortization, tax
impact 2
|
(0.06)
|
|
(0.06)
|
|
(0.12)
|
|
|
(0.06)
|
|
(0.06)
|
|
(0.12)
|
|
(0.06)
|
|
(0.06)
|
|
(0.24)
|
|
Rightsizing and other
costs, pre-tax 3
|
0.05
|
|
0.12
|
|
0.17
|
|
|
0.03
|
|
0.04
|
|
0.07
|
|
0.03
|
|
0.12
|
|
0.22
|
|
Rightsizing and other
costs, tax
impact 2
|
(0.01)
|
|
(0.02)
|
|
(0.03)
|
|
|
(0.01)
|
|
(0.01)
|
|
(0.02)
|
|
(0.01)
|
|
(0.03)
|
|
(0.06)
|
|
Loss on
extinguishment of debt, pre-
tax 4
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
0.16
|
|
0.16
|
|
Loss on
extinguishment of debt, tax
impact 2
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(0.04)
|
|
(0.04)
|
|
Loss on assets held
for sale 5
|
—
|
|
—
|
|
—
|
|
|
0.32
|
|
—
|
|
0.32
|
|
—
|
|
—
|
|
0.32
|
|
(Gain) loss on
disposition, pre-tax 6
|
(0.04)
|
|
—
|
|
(0.04)
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(Gain) loss on
disposition, tax-impact 2
|
0.01
|
|
—
|
|
0.01
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Adjusted diluted net
earnings per
share
|
$
|
1.39
|
|
$
|
1.13
|
|
$
|
2.53
|
|
|
$
|
1.24
|
|
$
|
1.56
|
|
$
|
2.80
|
|
$
|
1.60
|
|
$
|
1.54
|
|
$
|
5.93
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Includes amortization on
acquisition-related intangible assets and inventory
step-up.
|
2 Adjustments were tax effected using
the statutory tax rates in the applicable jurisdictions or the
effective tax rate, where applicable, for each period.
|
3 Rightsizing and other costs include
actions taken on employee reductions, facility consolidations and
site closures, product line exits and other asset
charges.
|
4 Represents a loss on early
extinguishment of €300,000 2.125% notes due 2020 and $450,000 4.30%
notes due 2021.
|
5 Represents a loss on assets held
for sale of Finder Pompe S.r.l. ("Finder"). Under local law, no tax
benefit is realized from the loss on the sale of a wholly-owned
business.
|
6 Represents a (gain) loss on the
disposition of AMS Chino within the Refrigeration & Food
Equipment segment.
|
|
|
|
|
|
|
|
|
|
|
|
* Per share data and
totals may be impacted by rounding.
|
DOVER
CORPORATION
QUARTERLY SEGMENT
ADJUSTED EBIT AND ADJUSTED EBITDA (NON-GAAP)
(unaudited)(in
thousands)
|
|
Non-GAAP
Reconciliations
|
|
2020
|
|
2019
|
|
Q1
|
Q2
|
Q2
YTD
|
|
Q1
|
Q2
|
Q2
YTD
|
Q3
|
Q4
|
FY
2019
|
ADJUSTED SEGMENT
EBIT AND ADJUSTED
EBITDA
|
|
|
|
|
|
|
|
|
|
Engineered
Products:
|
|
|
|
|
|
|
|
|
|
|
Segment earnings
(EBIT)
|
$
|
69,094
|
|
$
|
47,702
|
|
$
|
116,796
|
|
|
$
|
67,119
|
|
$
|
77,129
|
|
$
|
144,248
|
|
$
|
74,367
|
|
$
|
73,233
|
|
$
|
291,848
|
|
Rightsizing and other
costs
|
361
|
|
4,169
|
|
4,530
|
|
|
80
|
|
1,125
|
|
1,205
|
|
590
|
|
1,355
|
|
3,150
|
|
Adjusted EBIT -
Segment
|
69,455
|
|
51,871
|
|
121,326
|
|
|
67,199
|
|
78,254
|
|
145,453
|
|
74,957
|
|
74,588
|
|
294,998
|
|
Adjusted EBIT
%
|
17.0
|
%
|
15.2
|
%
|
16.2
|
%
|
|
16.0
|
%
|
18.2
|
%
|
17.1
|
%
|
17.6
|
%
|
17.7
|
%
|
17.4
|
%
|
Adjusted D&A
2
|
10,122
|
|
9,722
|
|
19,844
|
|
|
10,359
|
|
9,855
|
|
20,214
|
|
10,095
|
|
10,126
|
|
40,435
|
|
Adjusted EBITDA -
segment
|
$
|
79,577
|
|
$
|
61,593
|
|
$
|
141,170
|
|
|
$
|
77,558
|
|
$
|
88,109
|
|
$
|
165,667
|
|
$
|
85,052
|
|
$
|
84,714
|
|
$
|
335,433
|
|
Adjusted EBITDA
%
|
19.5
|
%
|
18.0
|
%
|
18.8
|
%
|
|
18.5
|
%
|
20.5
|
%
|
19.5
|
%
|
19.9
|
%
|
20.1
|
%
|
19.8
|
%
|
Fueling
Solutions:
|
|
|
|
|
|
|
|
|
|
|
Segment earnings
(EBIT)
|
$
|
53,498
|
|
$
|
47,214
|
|
$
|
100,712
|
|
|
$
|
37,230
|
|
$
|
52,637
|
|
$
|
89,867
|
|
$
|
68,069
|
|
$
|
73,937
|
|
$
|
231,873
|
|
Rightsizing and other
costs
|
1,493
|
|
868
|
|
2,361
|
|
|
752
|
|
1,768
|
|
2,520
|
|
811
|
|
1,554
|
|
4,885
|
|
Adjusted EBIT -
Segment
|
54,991
|
|
48,082
|
|
103,073
|
|
|
37,982
|
|
54,405
|
|
92,387
|
|
68,880
|
|
75,491
|
|
236,758
|
|
Adjusted EBIT
%
|
15.3
|
%
|
14.7
|
%
|
15.0
|
%
|
|
10.2
|
%
|
13.9
|
%
|
12.1
|
%
|
16.7
|
%
|
17.0
|
%
|
14.6
|
%
|
Adjusted D&A
2
|
18,339
|
|
17,783
|
|
36,122
|
|
|
17,879
|
|
18,945
|
|
36,824
|
|
18,744
|
|
19,477
|
|
75,045
|
|
Adjusted EBITDA -
segment
|
$
|
73,330
|
|
$
|
65,865
|
|
$
|
139,195
|
|
|
$
|
55,861
|
|
$
|
73,350
|
|
$
|
129,211
|
|
$
|
87,624
|
|
$
|
94,968
|
|
$
|
311,803
|
|
Adjusted EBITDA
%
|
20.4
|
%
|
20.2
|
%
|
20.3
|
%
|
|
15.0
|
%
|
18.8
|
%
|
16.9
|
%
|
21.3
|
%
|
21.4
|
%
|
19.2
|
%
|
Imaging &
Identification:
|
|
|
|
|
|
|
|
|
|
|
Segment earnings
(EBIT)
|
$
|
51,482
|
|
$
|
38,046
|
|
$
|
89,528
|
|
|
$
|
55,955
|
|
$
|
54,641
|
|
$
|
110,596
|
|
$
|
61,655
|
|
$
|
57,233
|
|
$
|
229,484
|
|
Rightsizing and other
costs
|
264
|
|
(527)
|
|
(263)
|
|
|
389
|
|
1,268
|
|
1,657
|
|
301
|
|
4,392
|
|
6,350
|
|
Adjusted EBIT -
Segment
|
51,746
|
|
37,519
|
|
89,265
|
|
|
56,344
|
|
55,909
|
|
112,253
|
|
61,956
|
|
61,625
|
|
235,834
|
|
Adjusted EBIT
%
|
20.2
|
%
|
16.5
|
%
|
18.4
|
%
|
|
21.0
|
%
|
21.0
|
%
|
21.0
|
%
|
22.5
|
%
|
22.5
|
%
|
21.7
|
%
|
Adjusted D&A
2
|
8,769
|
|
9,224
|
|
17,993
|
|
|
7,336
|
|
7,317
|
|
14,653
|
|
7,286
|
|
7,892
|
|
29,831
|
|
Adjusted EBITDA -
segment
|
$
|
60,515
|
|
$
|
46,743
|
|
$
|
107,258
|
|
|
$
|
63,680
|
|
$
|
63,226
|
|
$
|
126,906
|
|
$
|
69,242
|
|
$
|
69,517
|
|
$
|
265,665
|
|
Adjusted EBITDA
%
|
23.6
|
%
|
20.5
|
%
|
22.1
|
%
|
|
23.7
|
%
|
23.7
|
%
|
23.7
|
%
|
25.2
|
%
|
25.3
|
%
|
24.5
|
%
|
Pumps &
Process Solutions:
|
|
|
|
|
|
|
|
|
|
|
Segment earnings
(EBIT)
|
$
|
66,079
|
|
$
|
67,702
|
|
$
|
133,781
|
|
|
$
|
14,991
|
|
$
|
76,278
|
|
$
|
91,269
|
|
$
|
77,433
|
|
$
|
71,379
|
|
$
|
240,081
|
|
Rightsizing and other
costs
|
3,846
|
|
4,691
|
|
8,537
|
|
|
414
|
|
903
|
|
1,317
|
|
943
|
|
3,868
|
|
6,128
|
|
Loss on assets held for
sale 1
|
—
|
|
—
|
|
—
|
|
|
46,946
|
|
—
|
|
46,946
|
|
—
|
|
—
|
|
46,946
|
|
Adjusted EBIT -
Segment
|
69,925
|
|
72,393
|
|
142,318
|
|
|
62,351
|
|
77,181
|
|
139,532
|
|
78,376
|
|
75,247
|
|
293,155
|
|
Adjusted EBIT
%
|
21.9
|
%
|
23.4
|
%
|
22.6
|
%
|
|
18.9
|
%
|
22.8
|
%
|
20.9
|
%
|
23.0
|
%
|
22.9
|
%
|
21.9
|
%
|
Adjusted D&A
2
|
16,230
|
|
16,816
|
|
33,046
|
|
|
17,548
|
|
16,199
|
|
33,747
|
|
16,018
|
|
17,004
|
|
66,769
|
|
Adjusted EBITDA -
segment
|
$
|
86,155
|
|
$
|
89,209
|
|
$
|
175,364
|
|
|
$
|
79,899
|
|
$
|
93,380
|
|
$
|
173,279
|
|
$
|
94,394
|
|
$
|
92,251
|
|
$
|
359,924
|
|
Adjusted EBITDA
%
|
27.0
|
%
|
28.9
|
%
|
27.9
|
%
|
|
24.2
|
%
|
27.6
|
%
|
25.9
|
%
|
27.7
|
%
|
28.1
|
%
|
26.9
|
%
|
Refrigeration
& Food Equipment:
|
|
|
|
|
|
|
|
|
|
Segment earnings
(EBIT)
|
$
|
23,529
|
|
$
|
11,459
|
|
$
|
34,988
|
|
|
$
|
24,807
|
|
$
|
44,375
|
|
$
|
69,182
|
|
$
|
35,211
|
|
$
|
14,439
|
|
$
|
118,832
|
|
Rightsizing and other
costs
|
704
|
|
6,016
|
|
6,720
|
|
|
2,293
|
|
666
|
|
2,959
|
|
840
|
|
2,243
|
|
6,042
|
|
(Gain) loss on
disposition 3
|
(6,551)
|
|
781
|
|
(5,770)
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Adjusted EBIT -
Segment
|
17,682
|
|
18,256
|
|
35,938
|
|
|
27,100
|
|
45,041
|
|
72,141
|
|
36,051
|
|
16,682
|
|
124,874
|
|
Adjusted EBIT
%
|
5.7
|
%
|
6.2
|
%
|
5.9
|
%
|
|
8.1
|
%
|
11.7
|
%
|
10.0
|
%
|
9.7
|
%
|
5.4
|
%
|
8.9
|
%
|
Adjusted D&A
2
|
11,548
|
|
11,421
|
|
22,969
|
|
|
13,011
|
|
12,777
|
|
25,788
|
|
13,047
|
|
12,525
|
|
51,360
|
|
Adjusted EBITDA -
segment
|
$
|
29,230
|
|
$
|
29,677
|
|
$
|
58,907
|
|
|
$
|
40,111
|
|
$
|
57,818
|
|
$
|
97,929
|
|
$
|
49,098
|
|
$
|
29,207
|
|
$
|
176,234
|
|
Adjusted EBITDA
%
|
9.4
|
%
|
10.1
|
%
|
9.7
|
%
|
|
12.0
|
%
|
15.0
|
%
|
13.6
|
%
|
13.3
|
%
|
9.5
|
%
|
12.6
|
%
|
Total
Segments:
|
|
|
|
|
|
|
|
|
|
Segment earnings
(EBIT) 4
|
$
|
263,682
|
|
$
|
212,123
|
|
$
|
475,805
|
|
|
$
|
200,102
|
|
$
|
305,060
|
|
$
|
505,162
|
|
$
|
316,735
|
|
$
|
290,221
|
|
$
|
1,112,118
|
|
Rightsizing and other
costs
|
6,668
|
|
15,217
|
|
21,885
|
|
|
3,928
|
|
5,730
|
|
9,658
|
|
3,485
|
|
13,412
|
|
26,555
|
|
Loss on assets held for
sale 1
|
—
|
|
—
|
|
—
|
|
|
46,946
|
|
—
|
|
46,946
|
|
—
|
|
—
|
|
46,946
|
|
(Gain) loss on
disposition 3
|
(6,551)
|
|
781
|
|
(5,770)
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Adjusted EBIT -
Segment 5
|
263,799
|
|
228,121
|
|
491,920
|
|
|
250,976
|
|
310,790
|
|
561,766
|
|
320,220
|
|
303,633
|
|
1,185,619
|
|
Adjusted EBIT %
4
|
15.9
|
%
|
15.2
|
%
|
15.6
|
%
|
|
14.5
|
%
|
17.2
|
%
|
15.9
|
%
|
17.5
|
%
|
17.1
|
%
|
16.6
|
%
|
Adjusted D&A
2
|
65,008
|
|
64,966
|
|
129,974
|
|
|
66,133
|
|
65,093
|
|
131,226
|
|
65,190
|
|
67,024
|
|
263,440
|
|
Adjusted EBITDA -
segment 5
|
$
|
328,807
|
|
$
|
293,087
|
|
$
|
621,894
|
|
|
$
|
317,109
|
|
$
|
375,883
|
|
$
|
692,992
|
|
$
|
385,410
|
|
$
|
370,657
|
|
$
|
1,449,059
|
|
Adjusted EBITDA %
5
|
19.9
|
%
|
19.5
|
%
|
19.7
|
%
|
|
18.4
|
%
|
20.7
|
%
|
19.6
|
%
|
21.1
|
%
|
20.9
|
%
|
20.3
|
%
|
1 Q1
and FY 2019 include a $46,946 loss on assets held for sale for
Finder.
|
2 Adjusted D&A is depreciation
and amortization expense, excluding depreciation and amortization
included within rightsizing and other costs.
|
3 Q1,
Q2, and Q2 YTD includes a $6,551 gain, a $781 expense and a $5,770
net gain on the sale of a business for AMS Chino,
respectively.
|
4 Refer to Quarterly Segment
Information section for reconciliation of total segment earnings
(EBIT) to net earnings.
|
5 Refer to Non-GAAP Disclosures
section for definition.
|
DOVER
CORPORATION
REVENUE GROWTH
FACTORS (NON-GAAP)
(unaudited)(in
thousands, except per share data*)
|
|
Non-GAAP
Reconciliations
|
|
Revenue Growth
Factors
|
|
|
2020
|
|
Q2
|
|
Q2
YTD
|
Organic
|
|
|
|
Engineered
Products
|
(20.1)
|
%
|
|
(11.1)
|
%
|
Fueling
Solutions
|
(14.8)
|
%
|
|
(8.9)
|
%
|
Imaging &
Identification
|
(14.0)
|
%
|
|
(9.2)
|
%
|
Pumps & Process
Solutions
|
(8.8)
|
%
|
|
(5.0)
|
%
|
Refrigeration &
Food Equipment
|
(20.2)
|
%
|
|
(12.8)
|
%
|
Total
Organic
|
(16.0)
|
%
|
|
(9.5)
|
%
|
Acquisitions
|
0.7
|
%
|
|
0.8
|
%
|
Dispositions
|
(0.7)
|
%
|
|
(0.7)
|
%
|
Currency
translation
|
(1.2)
|
%
|
|
(1.4)
|
%
|
Total*
|
(17.2)
|
%
|
|
(10.8)
|
%
|
|
* Totals may be
impacted by rounding.
|
|
2020
|
|
Q2
|
Organic
|
|
United
States
|
(10.3)
|
%
|
Other
Americas
|
(33.5)
|
%
|
Europe
|
(19.5)
|
%
|
Asia
|
(14.3)
|
%
|
Other
|
(33.1)
|
%
|
Total
Organic
|
(16.0)
|
%
|
Acquisitions
|
0.7
|
%
|
Dispositions
|
(0.7)
|
%
|
Currency
translation
|
(1.2)
|
%
|
Total*
|
(17.2)
|
%
|
|
* Totals may be
impacted by rounding.
|
Adjusted EPS
Guidance Reconciliation
|
|
Range
|
2020 Guidance for
Earnings per Share (GAAP)
|
$
|
4.16
|
|
|
$
|
4.41
|
|
Acquisition-related
amortization, net
|
|
0.71
|
|
Rightsizing and other
costs, net
|
|
0.16
|
|
Gain on disposition,
net
|
|
(0.03)
|
|
2020 Guidance for
Adjusted Earnings per Share (Non-GAAP)
|
$
|
5.00
|
|
|
$
|
5.25
|
|
DOVER
CORPORATION
QUARTERLY CASH
FLOW AND FREE CASH FLOW (NON-GAAP)
(unaudited)(in
thousands)
|
|
Quarterly Cash
Flow
|
|
2020
|
|
2019
|
|
Q1
|
Q2
|
Q2
YTD
|
|
Q1
|
Q2
|
Q2
YTD
|
Q3
|
Q4
|
FY
2019
|
Net Cash Flows
Provided By (Used
In):
|
|
|
|
|
|
|
|
|
|
|
Operating
activities
|
$
|
75,863
|
|
$
|
271,809
|
|
$
|
347,672
|
|
|
$
|
24,524
|
|
$
|
208,709
|
|
$
|
233,233
|
|
$
|
350,865
|
|
$
|
361,208
|
|
$
|
945,306
|
|
Investing
activities
|
(230,511)
|
|
(67,763)
|
|
(298,274)
|
|
|
(217,690)
|
|
(69,755)
|
|
(287,445)
|
|
(48,612)
|
|
(48,198)
|
|
(384,255)
|
|
Financing
activities
|
280,954
|
|
(67,458)
|
|
213,496
|
|
|
36,067
|
|
(60,596)
|
|
(24,529)
|
|
(277,901)
|
|
(255,612)
|
|
(558,042)
|
|
|
Quarterly Free
Cash Flow (Non-GAAP)
|
|
2020
|
|
2019
|
|
Q1
|
Q2
|
Q2
YTD
|
|
Q1
|
Q2
|
Q2
YTD
|
Q3
|
Q4
|
FY
2019
|
Cash flow from
operating
activities
|
$
|
75,863
|
|
$
|
271,809
|
|
$
|
347,672
|
|
|
$
|
24,524
|
|
$
|
208,709
|
|
$
|
233,233
|
|
$
|
350,865
|
|
$
|
361,208
|
|
$
|
945,306
|
|
Less: Capital
expenditures
|
(40,172)
|
|
(38,999)
|
|
(79,171)
|
|
|
(37,122)
|
|
(53,970)
|
|
(91,092)
|
|
(46,184)
|
|
(49,528)
|
|
(186,804)
|
|
Free cash
flow
|
$
|
35,691
|
|
$
|
232,810
|
|
$
|
268,501
|
|
|
$
|
(12,598)
|
|
$
|
154,739
|
|
$
|
142,141
|
|
$
|
304,681
|
|
$
|
311,680
|
|
$
|
758,502
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow as
a
percentage of revenue
|
2.2
|
%
|
15.5
|
%
|
8.5
|
%
|
|
(0.7)
|
%
|
8.5
|
%
|
4.0
|
%
|
16.7
|
%
|
17.6
|
%
|
10.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow as
a
percentage of net earnings
|
20.2
|
%
|
186.6
|
%
|
89.2
|
%
|
|
(11.9)
|
%
|
78.1
|
%
|
46.8
|
%
|
147.9
|
%
|
185.4
|
%
|
111.9
|
%
|
DOVER
CORPORATION
PERFORMANCE
MEASURES
(unaudited)(in
thousands)
|
|
|
2020
|
|
2019
|
|
Q1
|
Q2
|
Q2
YTD
|
|
Q1
|
Q2
|
Q2
YTD
|
Q3
|
Q4
|
FY
2019
|
BOOKINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered
Products
|
$
|
414,972
|
|
$
|
278,373
|
|
$
|
693,345
|
|
|
$
|
427,697
|
|
$
|
397,420
|
|
$
|
825,117
|
|
$
|
426,059
|
|
$
|
457,145
|
|
$
|
1,708,321
|
|
Fueling
Solutions
|
373,070
|
|
311,498
|
|
684,568
|
|
|
343,083
|
|
394,256
|
|
737,339
|
|
450,727
|
|
425,698
|
|
1,613,764
|
|
Imaging &
Identification
|
272,604
|
|
221,315
|
|
493,919
|
|
|
267,762
|
|
264,175
|
|
531,937
|
|
284,527
|
|
276,451
|
|
1,092,915
|
|
Pumps &
Process
Solutions
|
369,403
|
|
275,872
|
|
645,275
|
|
|
369,801
|
|
375,905
|
|
745,706
|
|
329,642
|
|
318,482
|
|
1,393,830
|
|
Refrigeration &
Food
Equipment
|
355,157
|
|
326,400
|
|
681,557
|
|
|
376,998
|
|
384,365
|
|
761,363
|
|
323,422
|
|
361,970
|
|
1,446,755
|
|
Intra-segment
eliminations
|
(375)
|
|
(460)
|
|
(835)
|
|
|
(725)
|
|
(490)
|
|
(1,215)
|
|
(528)
|
|
872
|
|
(871)
|
|
Total
consolidated
bookings
|
$
|
1,784,831
|
|
$
|
1,412,998
|
|
$
|
3,197,829
|
|
|
$
|
1,784,616
|
|
$
|
1,815,631
|
|
$
|
3,600,247
|
|
$
|
1,813,849
|
|
$
|
1,840,618
|
|
$
|
7,254,714
|
|
|
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BACKLOG
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Engineered
Products
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$
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453,867
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$
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378,874
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$
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451,335
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$
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418,154
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$
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416,025
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$
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452,142
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Fueling
Solutions
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211,518
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199,305
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185,847
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186,202
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223,081
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205,842
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Imaging &
Identification
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170,119
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168,904
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118,177
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116,810
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121,877
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125,775
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Pumps &
Process
Solutions
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397,969
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379,090
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353,066
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378,427
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361,478
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353,073
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Refrigeration &
Food
Equipment
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356,133
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390,368
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311,632
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310,454
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262,870
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320,577
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Intra-segment
eliminations
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(159)
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(367)
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(403)
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(141)
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(252)
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(249)
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Total
consolidated
backlog
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$
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1,589,447
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$
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1,516,174
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$
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1,419,654
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$
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1,409,906
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$
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1,385,079
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$
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1,457,160
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Bookings Growth
Factors
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2020
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Q2
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Q2
YTD
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Organic
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Engineered
Products
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(29.8)
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%
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(15.6)
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%
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Fueling
Solutions
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(18.2)
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%
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(5.3)
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%
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Imaging &
Identification
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(16.5)
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%
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(8.0)
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%
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Pumps & Process
Solutions
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(25.7)
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%
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(11.9)
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%
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Refrigeration &
Food Equipment
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(11.6)
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%
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(7.9)
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%
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Total
Organic
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(20.6)
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%
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(10.0)
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%
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Acquisitions
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0.7
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%
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0.9
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%
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Dispositions
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(0.6)
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%
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(0.7)
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%
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Currency
translation
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(1.7)
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%
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(1.4)
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%
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Total*
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(22.2)
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%
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(11.2)
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%
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* Totals may be
impacted by rounding.
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Non-GAAP Measures Definitions
In an effort to provide investors with additional information
regarding our results as determined by GAAP, Management also
discloses non-GAAP information that Management believes provides
useful information to investors. Adjusted net earnings, adjusted
diluted net earnings per share, total segment earnings (EBIT),
adjusted EBIT by segment, adjusted EBIT margin by segment, adjusted
EBITDA by segment, adjusted EBITDA margin by segment, free cash
flow, free cash flow as a percentage of revenue, free cash flow as
a percentage of net earnings, and organic revenue growth are not
financial measures under GAAP and should not be considered as a
substitute for net earnings, diluted net earnings per share, cash
flows from operating activities, or revenue as determined in
accordance with GAAP, and they may not be comparable to similarly
titled measures reported by other companies.
Adjusted net earnings represents net earnings adjusted for the
effect of acquisition-related amortization, rightsizing and other
costs, loss on extinguishment of debt, loss on assets held for
sale, and a gain/loss on disposition. We exclude after-tax
acquisition-related amortization because the amount and timing of
such charges are significantly impacted by the timing, size, number
and nature of the acquisitions the Company consummates. We exclude
the other items because they occur for reasons that may be
unrelated to the Company's commercial performance during the period
and/or Management believes they are not indicative of the Company's
ongoing operating costs or gains in a given period.
Adjusted diluted net earnings per share represents adjusted net
earnings divided by average diluted shares.
Total segment earnings (EBIT) is defined as net earnings before
income taxes, net interest expense and corporate expenses. Total
segment earnings (EBIT) margin is defined as total segment earnings
(EBIT) divided by revenue.
Adjusted EBIT by Segment is defined as net earnings before
income taxes, net interest expense, corporate expenses, rightsizing
and other costs, a 2019 loss on assets held for sale and a 2020
gain/loss on disposition. Adjusted EBIT Margin by Segment is
defined as adjusted EBIT by segment divided by segment revenue.
Adjusted EBITDA by Segment is defined as adjusted EBIT by
segment plus depreciation and amortization, excluding depreciation
and amortization included within rightsizing and other costs.
Adjusted EBITDA Margin by Segment is defined as adjusted EBITDA by
segment divided by segment revenue.
Management believes these measures are useful to investors to
better understand the Company's ongoing profitability as it will
better reflect the Company's core operating results, offer more
transparency and facilitate easier comparability to prior and
future periods and to its peers.
Free cash flow represents net cash provided by operating
activities minus capital expenditures. Free cash flow as a
percentage of revenue equals free cash flow divided by revenue.
Free cash flow as a percentage of net earnings equals free cash
flow divided by net earnings. Management believes that free cash
flow and free cash flow ratios are important measures of operating
performance because it provides management and investors a
measurement of cash generated from operations that is available for
mandatory payment obligations and investment opportunities, such as
funding acquisitions, paying dividends, repaying debt and
repurchasing our common stock.
Management believes that reporting organic revenue growth, which
excludes the impact of foreign currency exchange rates and the
impact of acquisitions and dispositions, provides a useful
comparison of our revenue and bookings performance and trends
between periods.
Performance Measures Definitions
Bookings represent total orders received from customers in the
current reporting period. This metric is an important measure of
performance and an indicator of revenue order trends.
Organic bookings represent total orders received from customers
in the current reporting period excluding the impact of foreign
currency exchange rates and the impact of acquisition and
dispositions. This metric is an important measure of performance
and an indicator of revenue order trends.
Backlog represents an estimate of the total remaining bookings
at a point in time for which performance obligations have not yet
have satisfied. This metric is useful as it represents the
aggregate amount we expect to recognize as revenue in the
future.
We use the above operational metrics in monitoring the
performance of the business. We believe the operational metrics are
useful to investors and other users of our financial information in
assessing the performance of our segments.
Investor
Contact:
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Media
Contact:
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Andrey
Galiuk
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Adrian
Sakowicz
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Vice President -
Corporate Development
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Vice President -
Communications
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and Investor
Relations
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(630)
743-5039
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(630)
743-5131
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asakowicz@dovercorp.com
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agaliuk@dovercorp.com
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SOURCE Dover