Dover (DOV) 8-K Dover Corporation Reports Second Quarter 2011 Results

Exhibit 99.2

INVESTOR SUPPLEMENT - SECOND QUARTER 2011

DOVER CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(unaudited) (in thousands, except per share figures)

	Three Months Ended June 30,					Six Months Ended June 30,
	2011		2010			2011		2010
Revenue	$	2,156,871	$	1,786,696		$	4,115,892	$	3,369,966
Cost of goods and services		1,341,014		1,097,998			2,551,210		2,069,111
Gross profit		815,857		688,698			1,564,682		1,300,855
Selling and administrative expenses		474,130		423,809			952,649		832,978
Operating earnings		341,727		264,889			612,033		467,877
Interest expense, net		28,134		26,942			56,420		54,111
Other expense (income), net		1,374		(4,708	)		2,594		(5,949	)
Earnings before provision for income taxes and discontinued operations		312,219		242,655			553,019		419,715
Provision for income taxes		63,125		70,762			120,619		126,337
Earnings from continuing operations		249,094		171,893			432,400		293,378
Earnings (loss) from discontinued operations, net		675		(2,023	)		12,274		(15,381	)
Net earnings	$	249,769	$	169,870		$	444,674	$	277,997
Basic earnings (loss) per common share:
Earnings from continuing operations	$	1.34	$	0.92		$	2.32	$	1.57
Gain (loss) from discontinued operations, net		-		(0.01	)		0.07		(0.08	)
Net earnings		1.34		0.91			2.38		1.49
Weighted average shares outstanding		186,443		186,823			186,522		186,998
Diluted earnings (loss) per common share:
Earnings from continuing operations	$	1.31	$	0.91		$	2.28	$	1.55
Gain (loss) from discontinued operations, net		-		(0.01	)		0.06		(0.08	)
Net earnings		1.32		0.90			2.34		1.47
Weighted average shares outstanding		189,705		188,720			189,905		188,948
Dividends paid per common share	$	0.275	$	0.26		$	0.55	$	0.52
The following table is a reconciliation of the share amounts used in computing earnings per share:
	Three Months Ended June 30,					Six Months Ended June 30,
		2011		2010			2011		2010
Weighted average shares outstanding - Basic		186,443		186,823			186,522		186,998
Dilutive effect of assumed exercise of employee stock options, SARs and Performance Shares		3,262		1,897			3,383		1,950
Weighted average shares outstanding - Diluted		189,705		188,720			189,905		188,948
Anti-dilutive options/SARs excluded from diluted EPS computation		1,513		3,790			1,184		1,501

DOVER CORPORATION - INVESTOR SUPPLEMENT

SECOND QUARTER 2011

DOVER CORPORATION

QUARTERLY SEGMENT INFORMATION

(unaudited) (in thousands)

	2010																		2011
		Q1			Q2		Q2 YTD				Q3			Q4		FY 2010				Q1			Q2			Q2 YTD
REVENUE
Industrial Products
Material Handling	$	189,052		$	214,295		$	403,347		$	220,997		$	229,987		$	854,331		$	252,766		$	276,828			$	529,594
Mobile Equipment		240,139			248,523			488,662			250,664			255,833			995,159			266,675			290,668				557,343
Eliminations		(393	)		(432	)		(825	)		(453	)		(401	)		(1,679	)		(679	)		(721	)			(1,400	)
		428,798			462,386			891,184			471,208			485,419			1,847,811			518,762			566,775				1,085,537
Engineered Systems
Product Identification		212,500			219,551			432,051			221,677			236,743			890,471			226,330			239,035				465,365
Engineered Products		271,773			357,570			629,343			398,685			311,176			1,339,204			334,315			406,620				740,935
		484,273			577,121			1,061,394			620,362			547,919			2,229,675			560,645			645,655		��		1,206,300
Fluid Management
Energy		205,327			216,020			421,347			220,001			244,234			885,582			303,540			321,076				624,616
Fluid Solutions		175,505			187,759			363,264			196,554			194,832			754,650			205,563			213,599				419,162
Eliminations		(32	)		(105	)		(137	)		(127	)		(178	)		(442	)		(163	)		(137	)			(300	)
		380,800			403,674			784,474			416,428			438,888			1,639,790			508,940			534,538				1,043,478
Electronic Technologies		290,989			345,607			636,596			381,386			405,682			1,423,664			373,330			412,630				785,960
Intra-segment eliminations		(1,590	)		(2,092	)		(3,682	)		(2,243	)		(2,367	)		(8,292	)		(2,656	)		(2,727	)			(5,383	)
Total consolidated revenue	$	1,583,270		$	1,786,696		$	3,369,966		$	1,887,141		$	1,875,541		$	7,132,648		$	1,959,021		$	2,156,871			$	4,115,892
NET EARNINGS
Segment Earnings:
Industrial Products	$	51,039		$	61,635		$	112,674		$	59,473		$	54,238		$	226,385		$	64,413		$	73,316			$	137,729
Engineered Systems		54,843			84,655			139,498			91,442			70,966			301,906			67,313			94,116				161,429
Fluid Management		86,767			96,168			182,935			101,847			103,638			388,420			113,685			131,382				245,067
Electronic Technologies		44,905			59,582			104,487			69,617			76,324			250,428			59,775			76,917				136,692
Total Segments		237,554			302,040			539,594			322,379			305,166			1,167,139			305,186			375,731				680,917
Corporate expense / other		33,325			32,443			65,768			34,553			35,393			135,714			36,100			35,378				71,478
Net interest expense		27,169			26,942			54,111			26,335			25,895			106,341			28,286			28,134				56,420
Earnings from continuing operations before provision for income taxes		177,060			242,655			419,715			261,491			243,878			925,084			240,800			312,219				553,019
Provision for income taxes		55,575			70,762			126,337			38,732			52,107			217,176			57,494			63,125				120,619
Earnings from continuing operations		121,485			171,893			293,378			222,759			191,771			707,908			183,306			249,094				432,400
Earnings (loss) from discontinued operations, net		(13,358	)		(2,023	)		(15,381	)		1,000			6,577			(7,804	)		11,599			675				12,274
Net earnings	$	108,127		$	169,870		$	277,997		$	223,759		$	198,348		$	700,104		$	194,905		$	249,769			$	444,674
SEGMENT OPERATING MARGIN
Industrial Products		11.9	%		13.3	%		12.6	%		12.6	%		11.2	%		12.3	%		12.4	%		12.9	%			12.7	%
Engineered Systems		11.3	%		14.7	%		13.1	%		14.7	%		13.0	%		13.5	%		12.0	%		14.6	%			13.4	%
Fluid Management		22.8	%		23.8	%		23.3	%		24.5	%		23.6	%		23.7	%		22.3	%		24.6	%			23.5	%
Electronic Technologies		15.4	%		17.2	%		16.4	%		18.3	%		18.8	%		17.6	%		16.0	%		18.6	%			17.4	%
Total Segment		15.0	%		16.9	%		16.0	%		17.1	%		16.3	%		16.4	%		15.6	%		17.4	%			16.5	%

DOVER CORPORATION - INVESTOR SUPPLEMENT

SECOND QUARTER 2011

DOVER CORPORATION

QUARTERLY SEGMENT INFORMATION

(unaudited) (in thousands)

	2010																		2011
		Q1			Q2		Q2 YTD				Q3			Q4		FY 2010				Q1			Q2		Q2 YTD
BOOKINGS
Industrial Products
Material Handling	$	204,098		$	223,787		$	427,885		$	222,961		$	248,948		$	899,794		$	288,714		$	293,000		$	581,714
Mobile Equipment		231,128			288,887			520,015			233,731			279,368			1,033,114			337,273			336,212			673,485
Eliminations		(407	)		(303	)		(710	)		(444	)		(976	)		(2,130	)		(499	)		(734	)		(1,233	)
		434,819			512,371			947,190			456,248			527,340			1,930,778			625,488			628,478			1,253,966
Engineered Systems
Product Identification		220,410			223,203			443,613			218,213			241,048			902,874			232,934			239,234			472,168
Engineered Products		368,134			379,048			747,182			329,119			332,142			1,408,443			399,757			400,604			800,361
		588,544			602,251			1,190,795			547,332			573,190			2,311,317			632,691			639,838			1,272,529
Fluid Management
Energy		208,669			226,301			434,970			213,247			247,143			895,360			354,774			335,748			690,522
Fluid Solutions		179,037			192,035			371,072			195,865			191,065			758,002			217,787			218,868			436,655
Eliminations		(85	)		(51	)		(136	)		(144	)		(895	)		(1,175	)		(309	)		51			(258	)
		387,621			418,285			805,906			408,968			437,313			1,652,187			572,252			554,667			1,126,919
Electronic Technologies		358,477			394,441			752,918			402,332			389,704			1,544,954			420,261			393,860			814,121
Intra-segment eliminations		(1,616	)		(2,244	)		(3,860	)		(2,278	)		(2,644	)		(8,782	)		(2,617	)		(3,315	)		(5,932	)
Total consolidated bookings	$	1,767,845		$	1,925,104		$	3,692,949		$	1,812,602		$	1,924,903		$	7,430,454		$	2,248,075		$	2,213,528		$	4,461,603
BACKLOG
Industrial Products
Material Handling	$	131,521		$	140,452					$	142,959		$	165,505					$	201,925		$	217,518
Mobile Equipment		319,801			359,727						344,160			368,140						439,693			485,276
Eliminations		(386	)		(257	)					(248	)		(822	)					(642	)		(654	)
		450,936			499,922						486,871			532,823						640,976			702,140
Engineered Systems
Product Identification		78,976			80,550						80,986			86,315						96,090			97,236
Engineered Products		314,465			334,971						267,545			288,969						352,067			346,335
		393,441			415,521						348,531			375,284						448,157			443,571
Fluid Management
Energy		76,844			84,800						84,659			94,113						163,475			177,129
Fluid Solutions		63,535			65,639						69,130			65,525						77,553			81,436
Eliminations		(55	)		(1	)					(17	)		(33	)					(180	)		-
		140,324			150,438						153,772			159,605						240,848			258,565
Electronic Technologies		271,340			318,450						357,800			342,578						392,823			374,139
Intra-segment eliminations		(362	)		(570	)					(490	)		(748	)					(711	)		(1,243	)
Total consolidated backlog	$	1,255,679		$	1,383,761					$	1,346,484		$	1,409,542					$	1,722,093		$	1,777,172
DEPRECIATION AND AMORTIZATION EXPENSE
Industrial Products	$	17,370		$	17,118		$	34,488		$	16,929		$	17,045		$	68,462		$	16,401		$	16,589		$	32,990
Engineered Systems		15,750			15,273			31,023			15,626			15,699			62,348			15,826			16,350			32,176
Fluid Management		14,763			15,523			30,286			15,109			15,868			61,263			21,597			21,775			43,372
Electronic Technologies		17,688			17,823			35,511			18,811			19,974			74,296			19,279			19,178			38,457
Corporate		369			336			705			658			674			2,037			584			626			1,210
	$	65,940		$	66,073		$	132,013		$	67,133		$	69,260		$	268,406		$	73,687		$	74,518		$	148,205

DOVER CORPORATION - INVESTOR SUPPLEMENT

SECOND QUARTER 2011

DOVER CORPORATION

QUARTERLY EARNINGS PER SHARE

(unaudited)

	2010																2011
		Q1			Q2		Q2 YTD				Q3		Q4	FY 2010				Q1		Q2	Q2 YTD
Basic earnings (loss) per common share:
Continuing operations	$	0.65		$	0.92		$	1.57		$	1.19	$	1.03	$	3.79		$	0.98	$	1.34	$	2.32
Discontinued operations		(0.07	)		(0.01	)		(0.08	)		0.01		0.04		(0.04	)		0.06		-		0.07
Net earnings		0.58			0.91			1.49			1.20		1.06		3.75			1.04		1.34		2.38
Diluted earnings (loss) per common share:
Continuing operations	$	0.65		$	0.91		$	1.55		$	1.18	$	1.01	$	3.74		$	0.96	$	1.31	$	2.28
Discontinued operations		(0.07	)		(0.01	)		(0.08	)		0.01		0.03		(0.04	)		0.06		-		0.06
Net earnings		0.58			0.90			1.47			1.19		1.04		3.70			1.03		1.32		2.34

NOTE:

Diluted earnings per share in the first and second quarters of 2011 and third and fourth quarters of 2010 were favorably impacted by discrete tax events.  The third quarter of 2010 was additionally impacted by the favorable resolution of a tax position in a foreign jurisdiction.  As a result, the Company's effective tax rates in the first and second quarters of 2011 and the third and fourth quarters of 2010 were 23.9%, 20.2%, 14.8% and 21.4%, respectively, which were lower than the Company's previously estimated tax rates of 27% to 29% for each of the respective periods.  These lower effective tax rates contributed incremental diluted earnings per share of $0.04 and $0.12 in the first and second quarters of 2011 and $0.20 and $0.07 in the third and fourth quarters of 2010, respectively.

DOVER CORPORATION - INVESTOR SUPPLEMENT

SECOND QUARTER 2011

DOVER CORPORATION

QUARTERLY FREE CASH FLOW INFORMATION

(unaudited) (in thousands)

	2010															2011
		Q1			Q2			Q3			Q4		FY 2010				Q1			Q2		Q2 YTD
Cash From Operations	$	87,066		$	231,199		$	200,847		$	431,439		$	950,551		$	132,609		$	209,288		$	341,897
CAPEX		(39,336	)		(46,945	)		(43,556	)		(53,380	)		(183,217	)		(52,650	)		(73,770	)		(126,420	)
Free Cash Flow	$	47,730		$	184,254		$	157,291		$	378,059		$	767,334		$	79,959		$	135,518		$	215,477
Free Cash Flow to Earnings From Continuing Operations		39.3	%		107.2	%		70.6	%		197.1	%		108.4	%		43.6	%		54.4	%		49.8	%