Dover (DOV) 8-K Dover Corporation Reports First Quarter 2009 Results

EXHIBIT 99.2

INVESTOR SUPPLEMENT — FIRST QUARTER 2009

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

	Three Months Ended March 31
	2009			2008
Revenue	$	1,379,085		$	1,865,486
Cost of goods and services		896,942			1,185,941
Gross profit		482,143			679,545
Selling and administrative expenses		367,390			443,776
Operating earnings		114,753			235,769
Interest expense, net		22,398			23,431
Other expense (income), net		(1,736	)		2,533
Total interest/other expense, net		20,662			25,964
Earnings before provision for income taxes and discontinued operations		94,091			209,805
Provision for income taxes		32,997			61,876
Earnings from continuing operations		61,094			147,929
Loss from discontinued operations, net of tax		(7,669	)		(753	)
Net earnings	$	53,425		$	147,176
Basic earnings (loss) per common share:
Earnings from continuing operations	$	0.33		$	0.77
Loss from discontinued operations		(0.04	)		—
Net earnings		0.29			0.76
Weighted average shares outstanding		186,011			192,424
Diluted earnings (loss) per common share:
Earnings from continuing operations	$	0.33		$	0.77
Loss from discontinued operations		(0.04	)		—
Net earnings		0.29			0.76
Weighted average shares outstanding		186,121			193,257
Dividends paid per common share	$	0.25		$	0.20

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

	Three Months Ended March 31
	2009		2008
Weighted average shares outstanding — Basic		186,011		192,424
Dilutive effect of assumed exercise of employee stock options/SAR’s		110		833
Weighted average shares outstanding — Diluted		186,121		193,257
Anti-dilutive options/SAR’s excluded from diluted EPS computation		11,104		5,428

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DOVER CORPORATION – INVESTOR SUPPLEMENT
FIRST QUARTER 2009

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

	2008															2009
	Q1			Q2			Q3			Q4			FY 2008			Q1
REVENUE
Industrial Products
Material Handling	$	287,208		$	306,988		$	286,568		$	256,105		$	1,136,869		$	186,651
Mobile Equipment		329,723			342,228			343,261			308,210			1,323,422			248,292
Eliminations		(157	)		(210	)		(218	)		(201	)		(786	)		(152	)
		616,774			649,006			629,611			564,114			2,459,505			434,791
Engineered Systems
Product Identification		231,526			249,250			234,868			208,825			924,469			177,358
Engineered Products		267,696			289,479			289,778			238,928			1,085,881			223,426
		499,222			538,729			524,646			447,753			2,010,350			400,784
Fluid Management
Energy		213,003			236,461			249,656			236,294			935,414			176,334
Fluid Solutions		188,328			210,207			202,054			178,223			778,812			154,488
Eliminations		(32	)		(38	)		(28	)		(82	)		(180	)		(50	)
		401,299			446,630			451,682			414,435			1,714,046			330,772
Electronic Technologies		351,757			379,958			362,446			301,970			1,396,131			214,035
Intra-segment eliminations		(3,566	)		(3,345	)		(2,609	)		(1,624	)		(11,144	)		(1,297	)
Total consolidated revenue	$	1,865,486		$	2,010,978		$	1,965,776		$	1,726,648		$	7,568,888		$	1,379,085
NET EARNINGS
Segment Earnings (Loss):
Industrial Products	$	78,838		$	87,925		$	74,690		$	58,287		$	299,740		$	34,544
Engineered Systems		62,996			80,045			82,032			53,480			278,553			43,305
Fluid Management		85,139			97,878			102,232			100,068			385,317			75,442
Electronic Technologies		36,234			51,029			53,826			52,552			193,641			(12,110	)
Total Segments		263,207			316,877			312,780			264,387			1,157,251			141,181
Corporate expense / other		(29,971	)		(24,973	)		(30,785	)		(29,467	)		(115,196	)		(24,692	)
Net interest expense		(23,431	)		(27,388	)		(25,924	)		(19,293	)		(96,036	)		(22,398	)
Earnings from continuing operations before provision for income taxes		209,805			264,516			256,071			215,627			946,019			94,091
Provision for income taxes		61,876			77,604			65,736			46,045			251,261			32,997
Earnings from continuing operations		147,929			186,912			190,335			169,582			694,758			61,094
Earnings (loss) from discontinued operations, net		(753	)		(51,634	)		(2,685	)		(48,855	)		(103,927	)		(7,669	)
Net earnings	$	147,176		$	135,278		$	187,650		$	120,727		$	590,831		$	53,425
SEGMENT OPERATING MARGIN
Industrial Products		12.8	%		13.5	%		11.9	%		10.3	%		12.2	%		7.9	%
Engineered Systems		12.6	%		14.9	%		15.6	%		11.9	%		13.9	%		10.8	%
Fluid Management		21.2	%		21.9	%		22.6	%		24.1	%		22.5	%		22.8	%
Electronic Technologies		10.3	%		13.4	%		14.9	%		17.4	%		13.9	%		-5.7	%
Total Segment		14.1	%		15.8	%		15.9	%		15.3	%		15.3	%		10.2	%

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DOVER CORPORATION – INVESTOR SUPPLEMENT
FIRST QUARTER 2009

DOVER CORPORATION

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

	2008															2009
	Q1			Q2			Q3			Q4			FY 2008			Q1
BOOKINGS
Industrial Products
Material Handling	$	296,278		$	313,199		$	292,436		$	207,115		$	1,109,028		$	118,343
Mobile Equipment		360,324			318,059			295,240			204,257			1,177,880			210,558
Eliminations		(296	)		(385	)		(193	)		(260	)		(1,134	)		(22	)
		656,306			630,873			587,483			411,112			2,285,774			328,879
Engineered Systems
Product Identification		239,547			250,538			233,196			197,431			920,712			175,680
Engineered Products		284,257			279,673			260,227			219,716			1,043,873			236,353
		523,804			530,211			493,423			417,147			1,964,585			412,033
Fluid Management
Energy		233,662			252,535			268,390			209,930			964,517			142,721
Fluid Solutions		197,289			217,466			195,253			161,351			771,359			150,376
Eliminations		(24	)		(32	)		(31	)		(91	)		(178	)		(43	)
		430,927			469,969			463,612			371,190			1,735,698			293,054
Electronic Technologies		360,337			384,790			363,535			233,720			1,342,382			223,707
Intra-segment eliminations		(2,992	)		(3,490	)		(1,755	)		(1,182	)		(9,419	)		(1,291	)
Total consolidated bookings	$	1,968,382		$	2,012,353		$	1,906,298		$	1,431,987		$	7,319,020		$	1,256,382
BACKLOG
Industrial Products
Material Handling	$	228,082		$	235,284		$	240,009		$	188,591					$	120,066
Mobile Equipment		575,070			549,430			498,908			387,329						349,358
Eliminations		(171	)		(186	)		(161	)		(220	)					(48	)
		802,981			784,528			738,756			575,700						469,376
Engineered Systems
Product Identification		79,956			82,196			76,247			61,195						57,801
Engineered Products		244,981			235,513			205,127			183,821						196,394
		324,937			317,709			281,374			245,016						254,195
Fluid Management
Energy		106,540			119,033			133,713			95,532						58,771
Fluid Solutions		85,130			91,870			82,998			64,471						60,781
Eliminations		(6	)		—			(3	)		(12	)					(5	)
		191,664			210,903			216,708			159,991						119,547
Electronic Technologies		246,711			251,403			248,725			175,317						186,850
Intra-segment eliminations		(2,038	)		(1,424	)		(540	)		(61	)					(42	)
Total consolidated backlog	$	1,564,255		$	1,563,119		$	1,485,023		$	1,155,963					$	1,029,926
ACQUISITION RELATED DEPRECIATION AND AMORTIZATION EXPENSE *
Industrial Products	$	9,215		$	8,070		$	7,805		$	7,193		$	32,283		$	8,388
Engineered Systems		6,109			6,116			6,103			6,066			24,394			6,071
Fluid Management		3,914			5,607			5,422			4,607			19,550			4,828
Electronic Technologies		8,902			9,416			9,304			8,859			36,481			8,286
	$	28,140		$	29,209		$	28,634		$	26,725		$	112,708		$	27,573

* 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 2009

DOVER CORPORATION
QUARTERLY EARNINGS PER SHARE
(unaudited)

	2008														2009
	Q1		Q2			Q3			Q4			FY 2008			Q1
Basic earnings (loss) per common share:
Continuing operations	$	0.77	$	0.99		$	1.02		$	0.91		$	3.69		$	0.33
Discontinued operations		—		(0.27	)		(0.01	)		(0.26	)		(0.55	)		(0.04	)
Net earnings		0.76		0.72			1.01			0.65			3.13			0.29
Diluted earnings (loss) per common share:
Continuing operations	$	0.77	$	0.98		$	1.01		$	0.91		$	3.67		$	0.33
Discontinued operations		—		(0.27	)		(0.01	)		(0.26	)		(0.55	)		(0.04	)
Net earnings		0.76		0.71			1.00			0.65			3.12			0.29

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