Dover (DOV) 8-K Dover Corporation Reports First Quarter 2008 Results

EXHIBIT 99.2

INVESTOR SUPPLEMENT — FIRST QUARTER 2008

DOVER CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited) (dollars in thousands, except per share data)

	Three Months Ended March 31
	2008		2007
Revenue	$	1,855,062	$	1,719,348
Cost of goods and services		1,173,326		1,096,955
Gross profit		681,736		622,393
Selling and administrative expenses		448,536		413,183
Operating earnings		233,200		209,210
Interest expense, net		23,330		21,838
Other expense (income), net		2,517		(280	)
Total interest/other expense, net		25,847		21,558
Earnings before provision for income taxes and discontinued operations		207,353		187,652
Provision for income taxes		61,090		53,161
Earnings from continuing operations		146,263		134,491
Earnings (loss) from discontinued operations, net		913		(5,560	)
Net earnings	$	147,176	$	128,931
Basic earnings (loss) per common share:
Earnings from continuing operations	$	0.76	$	0.66
Loss from discontinued operations		—		(0.03	)
Net earnings		0.76		0.63
Weighted average shares outstanding		192,424		204,457
Diluted earnings (loss) per common share:
Earnings from continuing operations	$	0.76	$	0.65
Loss from discontinued operations		—		(0.03	)
Net earnings		0.76		0.63
Weighted average shares outstanding		193,257		206,182
Dividends paid per common share	$	0.200	$	0.185

The following table is a reconciliation of the share amounts used in computing earnings per share:

	Three Months Ended March 31
		2008	2007
Weighted average shares outstanding — Basic		192,424	204,457
Dilutive effect of assumed exercise of employee stock options		833	1,725
Weighted average shares outstanding — Diluted		193,257	206,182
Anti-dilutive shares excluded from diluted EPS computation		5,428	3,400

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DOVER CORPORATION – INVESTOR SUPPLEMENT
FIRST QUARTER 2008

DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(unaudited) (dollars in thousands)

	2007																2008
	Q1			Q2			Q3			Q4			FY 2007				Q1
REVENUE
Industrial Products
Material Handling	$	243,344		$	251,679		$	233,106		$	230,983		$	959,112			$	253,895
Mobile Equipment		307,758			315,394			315,920			323,912			1,262,984				329,723
Eliminations		(219	)		(220	)		(203	)		(335	)		(977	)			(157	)
		550,883			566,853			548,823			554,560			2,221,119				583,461
Engineered Systems														—
Product Identification		206,625			224,353			227,617			253,985			912,580				231,526
Engineered Products		285,108			311,178			333,254			305,169			1,234,709				290,618
		491,733			535,531			560,871			559,154			2,147,289				522,144
Fluid Management														—
Energy		189,367			188,690			197,759			199,208			775,024				213,003
Fluid Solutions		169,669			174,579			176,756			186,109			707,113				188,328
Eliminations		(40	)		(24	)		(12	)		(53	)		(129	)			(32	)
		358,996			363,245			374,503			385,264			1,482,008				401,299
Electronic Technologies		321,173			340,717			363,002			365,211			1,390,103				351,757
Intra-segment eliminations		(3,437	)		(3,455	)		(3,370	)		(4,168	)		(14,430	)			(3,599	)
Total consolidated revenue	$	1,719,348		$	1,802,891		$	1,843,829		$	1,860,021		$	7,226,089			$	1,855,062
NET EARNINGS
Segment Earnings:
Industrial Products	$	70,148		$	85,077		$	75,893		$	65,933		$	297,051			$	75,697
Engineered Systems		50,944			77,318			79,451			74,104			281,817				63,583
Fluid Management		73,842			73,283			79,184			78,267			304,576				85,139
Electronic Technologies		36,949			45,354			50,801			47,233			180,337				36,234
Total Segments		231,883			281,032			285,329			265,537			1,063,781				260,653
Corporate expense / other		(22,393	)		(23,106	)		(21,092	)		(20,578	)		(87,169	)			(29,970	)
Net interest expense		(21,838	)		(22,449	)		(22,326	)		(22,395	)		(89,008	)			(23,330	)
Earnings from continuing operations before provision for income taxes		187,652			235,477			241,911			222,564			887,604				207,353
Provision for income taxes		53,161			63,510			63,972			53,688			234,331				61,090
Earnings from continuing operations		134,491			171,967			177,939			168,876			653,273				146,263
Earnings (loss) from discontinued operations, net		(5,560	)		227			(3,348	)		16,488			7,807				913
Net earnings	$	128,931		$	172,194		$	174,591		$	185,364		$	661,080			$	147,176
SEGMENT OPERATING MARGIN
Industrial Products		12.7	%		15.0	%		13.8	%		11.9	%		13.4	%			13.0	%
Engineered Systems		10.4	%		14.4	%		14.2	%		13.3	%		13.1	%			12.2	%
Fluid Management		20.6	%		20.2	%		21.1	%		20.3	%		20.6	%	��		21.2	%
Electronic Technologies		11.5	%		13.3	%		14.0	%		12.9	%		13.0	%			10.3	%
Total Segment		13.5	%		15.6	%		15.5	%		14.3	%		14.7	%			14.1	%

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DOVER CORPORATION – INVESTOR SUPPLEMENT
FIRST QUARTER 2008

DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION (continued)
(unaudited) (dollars in thousands)

	2007															2008
	Q 1			Q 2			Q 3			Q 4			FY 2007			Q 1
BOOKINGS
Industrial Products
Material Handling	$	259,039		$	246,416		$	228,085		$	227,507		$	961,047		$	263,974
Mobile Equipment		374,845			353,122			298,016			338,357			1,364,340			360,324
Eliminations		(438	)		(445	)		(324	)		(349	)		(1,556	)		(296	)
		633,446			599,093			525,777			565,515			2,323,831			624,002
Engineered Systems
Product Identification		215,596			219,111			231,166			253,343			919,216			239,547
Engineered Products		322,940			344,559			294,235			247,718			1,209,452			309,998
		538,536			563,670			525,401			501,061			2,128,668			549,545
Fluid Management
Energy		200,010			187,502			194,733			202,820			785,065			233,662
Fluid Solutions		171,944			180,964			177,021			186,715			716,644			197,289
Eliminations		(15	)		(16	)		(12	)		(67	)		(110	)		(24	)
		371,939			368,450			371,742			389,468			1,501,599			430,927
Electronic Technologies		311,840			354,858			381,804			330,049			1,378,551			360,336
Intra-segment eliminations		(3,041	)		(4,308	)		(4,474	)		(2,837	)		(14,660	)		(2,992	)
Total consolidated bookings	$	1,852,720		$	1,881,763		$	1,800,250		$	1,783,256			$7,317,989		$	1,961,818
BACKLOG
Industrial Products
Material Handling	$	161,991		$	157,945		$	153,245		$	149,628					$	165,067
Mobile Equipment		501,591			541,683			529,423			543,776						575,070
Eliminations		(207	)		(236	)		(275	)		(195	)					(171	)
		663,375			699,392			682,393			693,209						739,966
Engineered Systems
Product Identification		66,875			62,216			68,682			68,938						79,956
Engineered Products		286,313			327,088			287,901			230,796						251,073
		353,188			389,304			356,583			299,734						331,029
Fluid Management
Energy		88,392			89,044			87,105			88,245						106,540
Fluid Solutions		65,683			72,028			73,007			73,713						85,130
Eliminations		(8	)		—			—			(14	)					(6	)
		154,067			161,072			160,112			161,944						191,664
Electronic Technologies		229,010			243,996			266,474			232,704						246,711
Intra-segment eliminations		(1,193	)		(2,110	)		(3,223	)		(1,913	)					(2,039	)
Total consolidated backlog	$	1,398,447		$	1,491,654		$	1,462,339		$	1,385,678					$	1,507,331
ACQUISITION RELATED DEPRECIATION AND AMORTIZATION EXPENSE *
Industrial Products	$	6,460		$	6,417		$	6,933		$	6,899		$	26,709		$	8,935
Engineered Systems		12,094			5,954			6,257			6,948			31,253			6,601
Fluid Management		3,800			3,812			3,796			4,161			15,569			3,914
Electronic Technologies		8,756			10,319			9,957			9,264			38,296			8,902
	$	31,110		$	26,502		$	26,943		$	27,272		$	111,827		$	28,352

* Represents the pre-tax impact on earnings from the depreciation and amortization of acquisition accounting write-ups to reflect the fair value of inventory, property, plant and equipment and intangible assets.

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DOVER CORPORATION – INVESTOR SUPPLEMENT
FIRST QUARTER 2008

DOVER CORPORATION
QUARTERLY EARNINGS PER SHARE
(unaudited)

	2007												2008
	Q1			Q2		Q3			Q4		FY 2007		Q1
Basic earnings (loss) per common share:
Continuing operations	$	0.66		$	0.84	$	0.89		$	0.86	$	3.24	$	0.76
Discontinued operations		(0.03	)		0.00		(0.02	)		0.08		0.04		0.00
Net earnings		0.63			0.84		0.87			0.95		3.28		0.76
Diluted earnings (loss) per common share:
Continuing operations	$	0.65		$	0.83	$	0.88		$	0.86	$	3.22	$	0.76
Discontinued operations		(0.03	)		0.00		(0.02	)		0.08		0.04		0.00
Net earnings		0.63			0.84		0.86			0.94		3.26		0.76

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