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

EXHIBIT 99.2

INVESTOR SUPPLEMENT — SECOND QUARTER 2008

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

	Three Months Ended June 30						Six Months Ended June 30
	2008			2007			2008			2007
Revenue	$	2,010,978		$	1,824,143		$	3,876,464		$	3,568,576
Cost of goods and services		1,271,359			1,170,526			2,457,299			2,293,526
Gross profit		739,619			653,617			1,419,165			1,275,050
Selling and administrative expenses		446,531			391,508			890,306			798,742
Operating earnings		293,088			262,109			528,859			476,308
Interest expense, net		27,388			22,684			50,819			44,585
Other expense (income), net		1,186			(45	)		3,719			(423	)
Total interest/other expense, net		28,574			22,639			54,538			44,162
Earnings before provision for income taxes and discontinued operations		264,514			239,470			474,321			432,146
Provision for income taxes		77,604			64,799			139,480			119,655
Earnings from continuing operations		186,910			174,671			334,841			312,491
Loss from discontinued operations, net of tax		(51,634	)		(2,476	)		(52,387	)		(11,365	)
Net earnings	$	135,276		$	172,195		$	282,454		$	301,126
Basic earnings (loss) per common share:
Earnings from continuing operations	$	0.99		$	0.85		$	1.76		$	1.53
Loss from discontinued operations		(0.27	)		(0.01	)		(0.27	)		(0.06	)
Net earnings		0.72			0.84			1.48			1.47
Weighted average shares outstanding		189,094			204,431			190,760			204,446
Diluted earnings (loss) per common share:
Earnings from continuing operations	$	0.98		$	0.85		$	1.74			1.52
Loss from discontinued operations		(0.27	)		(0.01	)		(0.27	)		(0.06	)
Net earnings		0.71			0.84			1.47			1.46
Weighted average shares outstanding		190,589			206,145			191,966			206,155
Dividends paid per common share	$	0.200		$	0.185		$	0.400		$	0.370

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
	2008		2007		2008		2007
Weighted average shares outstanding — Basic		189,094		204,431		190,760		204,446
Dilutive effect of assumed exercise of employee stock options		1,495		1,714		1,206		1,709
Weighted average shares outstanding — Diluted		190,589		206,145		191,966		206,155
Anti-dilutive shares excluded from diluted EPS computation		3,778		3,403		3,778		3,403

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DOVER CORPORATION — INVESTOR SUPPLEMENT
SECOND QUARTER 2008

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

	2007																		2008
							Q2																		Q2
	Q1			Q2			YTD			Q3			Q4			FY 2007			Q1			Q2			YTD
REVENUE
Industrial Products
Material Handling	$	293,466		$	299,588		$	593,054		$	276,236		$	275,963		$	1,145,253		$	287,208		$	306,988		$	594,196
Mobile Equipment		307,758			315,394			623,152			315,920			323,912			1,262,984			329,723			342,228			671,951
Eliminations		(219	)		(220	)		(439	)		(203	)		(335	)		(977	)		(157	)		(210	)		(367	)
		601,005			614,762			1,215,767			591,953			599,540			2,407,260			616,774			649,006			1,265,780
Engineered Systems
Product Identification		206,625			224,353			430,978			227,617			253,985			912,580			231,526			249,250			480,776
Engineered Products		260,002			284,457			544,459			311,337			283,682			1,139,478			267,696			289,479			557,175
		466,627			508,810			975,437			538,954			537,667			2,052,058			499,222			538,729			1,037,951
Fluid Management
Energy		189,367			188,690			378,057			197,759			199,208			775,024			213,003			236,461			449,464
Fluid Solutions		169,669			174,579			344,248			176,756			186,109			707,113			188,328			210,207			398,535
Eliminations		(40	)		(24	)		(64	)		(12	)		(53	)		(129	)		(32	)		(38	)		(70	)
		358,996			363,245			722,241			374,503			385,264			1,482,008			401,299			446,630			847,929
Electronic Technologies		321,173			340,717			661,890			363,002			365,211			1,390,103			351,757			379,958			731,715
Intra-segment eliminations		(3,368	)		(3,391	)		(6,759	)		(3,306	)		(4,094	)		(14,159	)		(3,566	)		(3,345	)		(6,911	)
Total consolidated revenue	$	1,744,433		$	1,824,143		$	3,568,576		$	1,865,106		$	1,883,588		$	7,317,270		$	1,865,486		$	2,010,978		$	3,876,464
NET EARNINGS
Segment Earnings:
Industrial Products	$	74,521		$	88,796		$	163,317		$	77,418		$	71,751		$	312,486		$	78,838		$	87,925		$	166,763
Engineered Systems		51,657			77,828			129,485			84,223			78,019			291,727			62,996			80,045			143,041
Fluid Management		73,842			73,283			147,125			79,184			78,267			304,576			85,139			97,878			183,017
Electronic Technologies		36,949			45,354			82,303			50,801			47,233			180,337			36,234			51,029			87,263
Total Segments		236,969			285,261			522,230			291,626			275,270			1,089,126			263,207			316,877			580,084
Corporate expense / other		(22,392	)		(23,107	)		(45,499	)		(21,092	)		(20,578	)		(87,169	)		(29,969	)		(24,975	)		(54,944	)
Net interest expense		(21,901	)		(22,684	)		(44,585	)		(22,469	)		(22,536	)		(89,590	)		(23,431	)		(27,388	)		(50,819	)
Earnings from continuing operations before provision for income taxes		192,676			239,470			432,146			248,065			232,156			912,367			209,807			264,514			474,321
Provision for income taxes		54,856			64,799			119,655			65,938			57,024			242,617			61,876			77,604			139,480
Earnings from continuing operations		137,820			174,671			312,491			182,127			175,132			669,750			147,931			186,910			334,841
Earnings (loss) from discontinued operations, net		(8,889	)		(2,476	)		(11,365	)		(7,536	)		10,232			(8,669	)		(753	)		(51,634	)		(52,387	)
Net earnings	$	128,931		$	172,195		$	301,126		$	174,591		$	185,364		$	661,081		$	147,178		$	135,276		$	282,454
SEGMENT OPERATING MARGIN
Industrial Products		12.4	%		14.4	%		13.4	%		13.1	%		12.0	%		13.0	%		12.8	%		13.5	%		13.2	%
Engineered Systems		11.1	%		15.3	%		13.3	%		15.6	%		14.5	%		14.2	%		12.6	%		14.9	%		13.8	%
Fluid Management		20.6	%		20.2	%		20.4	%		21.1	%		20.3	%		20.6	%		21.2	%		21.9	%		21.6	%
Electronic Technologies		11.5	%		13.3	%		12.4	%		14.0	%		12.9	%		13.0	%		10.3	%		13.4	%		11.9	%
Total Segment		13.6	%		15.6	%		14.6	%		15.6	%		14.6	%		14.9	%		14.1	%		15.8	%		15.0	%

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DOVER CORPORATION — INVESTOR SUPPLEMENT
SECOND QUARTER 2008

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

	2007																		2008
							Q2																		Q2
	Q1			Q2			YTD			Q3			Q4			FY 2007			Q1			Q2			YTD
BOOKINGS
Industrial Products
Material Handling	$	304,050		$	286,875		$	590,925		$	272,405		$	278,625		$	1,141,955		$	296,278		$	313,199		$	609,477
Mobile Equipment		374,845			353,122			727,967			298,016			338,357			1,364,340			360,324			318,059			678,383
Eliminations		(438	)		(445	)		(883	)		(324	)		(349	)		(1,556	)		(296	)		(385	)		(681	)
		678,457			639,552			1,318,009			570,097			616,633			2,504,739			656,306			630,873			1,287,179
Engineered Systems
Product Identification		215,596			219,111			434,707			231,166			253,343			919,216			239,547			250,538			490,085
Engineered Products		299,270			317,006			616,276			272,229			228,133			1,116,638			284,257			279,673			563,930
		514,866			536,117			1,050,983			503,395			481,476			2,035,854			523,804			530,211			1,054,015
Fluid Management
Energy		200,010			187,502			387,512			194,733			202,820			785,065			233,662			252,535			486,197
Fluid Solutions		171,944			180,964			352,908			177,021			186,715			716,644			197,289			217,466			414,755
Eliminations		(15	)		(16	)		(31	)		(12	)		(67	)		(110	)		(24	)		(32	)		(56	)
		371,939			368,450			740,389			371,742			389,468			1,501,599			430,927			469,969			900,896
Electronic Technologies		311,840			354,858			666,698			381,804			330,049			1,378,551			360,337			384,790			745,127
Intra-segment eliminations		(3,019	)		(4,330	)		(7,349	)		(4,453	)		(2,837	)		(14,639	)		(2,992	)		(3,490	)		(6,482	)
Total consolidated bookings	$	1,874,083		$	1,894,647		$	3,768,730		$	1,822,585		$	1,814,789		$	7,406,104		$	1,968,382		$	2,012,353		$	3,980,735
BACKLOG
Industrial Products
Material Handling	$	252,474		$	240,977					$	237,468		$	213,653					$	228,082		$	235,284
Mobile Equipment		501,591			541,683						529,423			543,776						575,070			549,430
Eliminations		(207	)		(236	)					(275	)		(195	)					(171	)		(186	)
		753,858			782,424						766,616			757,234						802,981			784,528
Engineered Systems
Product Identification		66,875			62,216						68,682			68,938						79,956			82,196
Engineered Products		281,120			321,530						282,728			227,523						244,981			235,513
		347,995			383,746						351,410			296,461						324,937			317,709
Fluid Management
Energy		88,392			89,044						87,105			88,245						106,540			119,033
Fluid Solutions		65,683			72,028						73,007			73,713						85,130			91,870
Eliminations		(8	)		—						—			(14	)					(6	)		—
		154,067			161,072						160,112			161,944						191,664			210,903
Electronic Technologies		229,010			243,996						266,474			232,704						246,711			251,403
Intra-segment eliminations		(1,193	)		(2,110	)					(3,224	)		(1,913	)					(2,038	)		(1,424	)
Total consolidated backlog	$	1,483,737		$	1,569,128					$	1,541,388		$	1,446,430					$	1,564,255		$	1,563,119
ACQUISITION RELATED DEPRECIATION AND AMORTIZATION EXPENSE *
Industrial Products	$	6,741		$	6,697		$	13,438		$	7,213		$	7,179		$	27,830		$	9,215		$	8,070		$	17,285
Engineered Systems		11,607			5,459			17,066			5,755			6,441			29,262			6,109			6,116			12,225
Fluid Management		3,800			3,812			7,612			3,796			4,161			15,569			3,914			5,607			9,521
Electronic Technologies		8,756			10,319			19,075			9,957			9,264			38,296			8,902			9,416			18,318
	$	30,904		$	26,287		$	57,191		$	26,721		$	27,045		$	110,957		$	28,140		$	29,209		$	57,349

* 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.

3

DOVER CORPORATION — INVESTOR SUPPLEMENT
SECOND QUARTER 2008

DOVER CORPORATION
QUARTERLY EARNINGS PER SHARE
(unaudited)

	2007																	2008
	Q1			Q2			YTD			Q3			Q4		FY 2007			Q1			Q2			YTD
Basic earnings (loss) per common share:
Continuing operations	$	0.67		$	0.85		$	1.53		$	0.91		$	0.89	$	3.33		$	0.77		$	0.99		$	1.76
Discontinued operations		(0.04	)		(0.01	)		(0.06	)		(0.04	)		0.05		(0.04	)		(0.00	)		(0.27	)		(0.27	)
Net earnings		0.63			0.84			1.47			0.87			0.95		3.28			0.76			0.72			1.48
Diluted earnings (loss) per common share:
Continuing operations	$	0.67		$	0.85		$	1.52		$	0.90		$	0.89	$	3.30		$	0.77		$	0.98		$	1.74
Discontinued operations		(0.04	)		(0.01	)		(0.06	)		(0.04	)		0.05		(0.04	)		(0.00	)		(0.27	)		(0.27	)
Net earnings		0.63			0.84			1.46			0.86			0.94		3.26			0.76			0.71			1.47

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