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

Exhibit 99.2

INVESTOR SUPPLEMENT — SECOND QUARTER 2009

DOVER CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited) (in thousands, except per share data)

	Three Months Ended June 30						Six Months Ended June 30
	2009			2008			2009			2008
Revenue	$	1,390,331		$	2,010,978		$	2,769,417		$	3,876,464
Cost of goods and services		897,021			1,271,359			1,793,963			2,457,299
Gross profit		493,310			739,619			975,454			1,419,165
Selling and administrative expenses		364,962			446,531			732,352			890,306
Operating earnings		128,348			293,088			243,102			528,859
Interest expense, net		24,840			27,388			47,238			50,819
Other expense (income), net		1,513			1,186			(223	)		3,719
Total interest/other expense, net		26,353			28,574			47,015			54,538
Earnings before provision for income		—						—			—
taxes and discontinued operations		101,995			264,514			196,087			474,321
Provision for income taxes		1,121			77,604			34,118			139,480
Earnings from continuing operations		100,874			186,910			161,969			334,841
Loss from discontinued operations, net		(3,794	)		(51,634	)		(11,463	)		(52,387	)
Net earnings	$	97,080		$	135,276		$	150,506		$	282,454
Basic earnings (loss) per common share:
Earnings from continuing operations	$	0.54		$	0.99		$	0.87		$	1.76
Loss from discontinued operations, net		(0.02	)		(0.27	)		(0.06	)		(0.27	)
Net earnings		0.52			0.72			0.81			1.48
Weighted average shares outstanding		186,070			189,094			186,041			190,760
Diluted earnings (loss) per common share:
Earnings from continuing operations	$	0.54		$	0.98		$	0.87		$	1.74
Loss from discontinued operations, net		(0.02	)		(0.27	)		(0.06	)		(0.27	)
Net earnings		0.52			0.71			0.81			1.47
Weighted average shares outstanding		186,292			190,589			186,198			191,966
Dividends paid per common share	$	0.25		$	0.20		$	0.50		$	0.40

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
	2009		2008		2009		2008
Weighted average shares outstanding — Basic		186,070		189,094		186,041		190,760
Dilutive effect of assumed exercise of employee stock options/SAR’s		222		1,495		157		1,206
Weighted average shares outstanding — Diluted		186,292		190,589		186,198		191,966
Anti-dilutive options/SAR’s excluded from diluted EPS computation		13,365		3,778		13,538		3,778

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

	2008																		2009
							Q2																		Q2
	Q1			Q2			YTD			Q3			Q4			FY 2008			Q1			Q2			YTD
REVENUE
Industrial Products
Material Handling	$	287,208		$	306,988		$	594,196		$	286,568		$	256,105		$	1,136,869		$	186,651		$	153,574		$	340,225
Mobile Equipment		329,723			342,228			671,951			343,261			308,210			1,323,422			248,292			229,521			477,813
Eliminations		(157	)		(210	)		(367	)		(218	)		(201	)		(786	)		(152	)		(147	)		(299	)
		616,774			649,006			1,265,780			629,611			564,114			2,459,505			434,791			382,948			817,739
Engineered Systems
Product Identification		231,526			249,250			480,776			234,868			208,825			924,469			177,357			193,019			370,376
Engineered Products		267,696			289,479			557,175			289,778			238,928			1,085,881			223,427			274,398			497,825
		499,222			538,729			1,037,951			524,646			447,753			2,010,350			400,784			467,417			868,201
Fluid Management
Energy		213,003			236,461			449,464			249,656			236,294			935,414			176,334			138,415			314,749
Fluid Solutions		188,328			210,207			398,535			202,054			178,223			778,812			154,488			156,897			311,385
Eliminations		(32	)		(38	)		(70	)		(28	)		(82	)		(180	)		(50	)		(42	)		(92	)
		401,299			446,630			847,929			451,682			414,435			1,714,046			330,772			295,270			626,042
Electronic Technologies		351,757			379,958			731,715			362,446			301,970			1,396,131			214,035			245,953			459,988
Intra-segment eliminations		(3,566	)		(3,345	)		(6,911	)		(2,609	)		(1,624	)		(11,144	)		(1,296	)		(1,257	)		(2,553	)
Total consolidated revenue	$	1,865,486		$	2,010,978		$	3,876,464		$	1,965,776		$	1,726,648		$	7,568,888		$	1,379,086		$	1,390,331		$	2,769,417
NET EARNINGS
Segment Earnings:
Industrial Products	$	78,838		$	87,925		$	166,763		$	74,690		$	58,287		$	299,740		$	34,545		$	25,421		$	59,966
Engineered Systems		62,996			80,045			143,041			82,032			53,480			278,553			43,305			57,462			100,767
Fluid Management		85,139			97,878			183,017			102,232			100,068			385,317			75,441			55,573			131,014
Electronic Technologies		36,234			51,029			87,263			53,826			52,552			193,641			(12,110	)		17,993			5,883
Total Segments		263,207			316,877			580,084			312,780			264,387			1,157,251			141,181			156,449			297,630
Corporate expense / other		(29,969	)		(24,975	)		(54,944	)		(30,785	)		(29,466	)		(115,195	)		(24,691	)		(29,614	)		(54,305	)
Net interest expense		(23,431	)		(27,388	)		(50,819	)		(25,924	)		(19,294	)		(96,037	)		(22,398	)		(24,840	)		(47,238	)
Earnings from continuing operations before provision for income taxes		209,807			264,514			474,321			256,071			215,627			946,019			94,092			101,995			196,087
Provision for income taxes		61,876			77,604			139,480			65,736			46,045			251,261			32,997			1,121			34,118
Earnings from continuing operations		147,931			186,910			334,841			190,335			169,582			694,759			61,095			100,874			161,969
Earnings (loss) from discontinued operations, net		(753	)		(51,634	)		(52,387	)		(2,685	)		(48,855	)		(103,927	)		(7,669	)		(3,794	)		(11,463	)
Net earnings	$	147,178		$	135,276		$	282,454		$	187,650		$	120,727		$	590,831		$	53,426		$	97,080		$	150,506
SEGMENT OPERATING MARGIN
Industrial Products		12.8	%		13.5	%		13.2	%		11.9	%		10.3	%		12.2	%		7.9	%		6.6	%		7.3	%
Engineered Systems		12.6	%		14.9	%		13.8	%		15.6	%		11.9	%		13.9	%		10.8	%		12.3	%		11.6	%
Fluid Management		21.2	%		21.9	%		21.6	%		22.6	%		24.1	%		22.5	%		22.8	%		18.8	%		20.9	%
Electronic Technologies		10.3	%		13.4	%		11.9	%		14.9	%		17.4	%		13.9	%		-5.7	%		7.3	%		1.3	%
Total Segment		14.1	%		15.8	%		15.0	%		15.9	%		15.3	%		15.3	%		10.2	%		11.3	%		10.7	%

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

	2008																		2009
							Q2																			Q2
	Q1			Q2			YTD			Q3			Q4			FY 2008			Q1				Q2			YTD
BOOKINGS
Industrial Products
Material Handling	$	296,278		$	313,199		$	609,477		$	292,436		$	207,115		$	1,109,028		$	118,343			$	126,224		$	244,567
Mobile Equipment		360,324			318,059			678,383			295,240			204,257			1,177,880			210,558				245,937			456,495
Eliminations		(296	)		(385	)		(681	)		(193	)		(260	)		(1,134	)		(22	)			(202	)		(224	)
		656,306			630,873			1,287,179			587,483			411,112			2,285,774			328,879				371,959			700,838
Engineered Systems
Product Identification		239,547			250,538			490,085			233,196			197,431			920,712			175,680				205,736			381,416
Engineered Products		284,257			279,673			563,930			260,227			219,716			1,043,873			236,354				259,868			496,222
		523,804			530,211			1,054,015			493,423			417,147			1,964,585			412,034				465,604			877,638
Fluid Management
Energy		233,662			252,535			486,197			268,390			209,930			964,517			142,722				132,855			275,577
Fluid Solutions		197,289			217,466			414,755			195,253			161,351			771,359			150,376				159,483			309,859
Eliminations		(24	)		(32	)		(56	)		(31	)		(91	)		(178	)		(42	)			(39	)		(81	)
		430,927			469,969			900,896			463,612			371,190			1,735,698			293,056				292,299			585,355
Electronic Technologies		360,337			384,790			745,127			363,535			233,720			1,342,382			223,707				243,274			466,981
Intra-segment eliminations		(2,992	)		(3,490	)		(6,482	)		(1,755	)		(1,182	)		(9,419	)		(1,294	)			(1,436	)		(2,730	)
Total consolidated bookings	$	1,968,382		$	2,012,353		$	3,980,735		$	1,906,298		$	1,431,987		$	7,319,020		$	1,256,382		��	$	1,371,700		$	2,628,082
BACKLOG
Industrial Products
Material Handling	$	228,082		$	235,284					$	240,009		$	188,591					$	120,066			$	93,247
Mobile Equipment		575,070			549,430						498,908			387,329						349,358				368,315
Eliminations		(171	)		(186	)					(161	)		(220	)					(48	)			(143	)
		802,981			784,528						738,756			575,700						469,376				461,419
Engineered Systems
Product Identification		79,956			82,196						76,247			61,195						57,801				66,288
Engineered Products		244,981			235,513						205,127			183,821						196,394				245,165
		324,937			317,709						281,374			245,016						254,195				311,453
Fluid Management
Energy		106,540			119,033						133,713			95,532						58,771				54,734
Fluid Solutions		85,130			91,870						82,998			64,471						60,781				63,788
Eliminations		(6	)		—						(3	)		(12	)					(5	)			(1	)
		191,664			210,903						216,708			159,991						119,547				118,521
Electronic Technologies		246,711			251,403						248,725			175,317						186,850				185,512
Intra-segment eliminations		(2,038	)		(1,424	)					(540	)		(61	)					(42	)			(242	)
Total consolidated backlog	$	1,564,255		$	1,563,119					$	1,485,023		$	1,155,963					$	1,029,926			$	1,076,663
ACQUISITION RELATED DEPRECIATION AND AMORTIZATION EXPENSE *
Industrial Products	$	9,215		$	8,070		$	17,285		$	7,805		$	7,193		$	32,283		$	8,387			$	7,709		$	16,096
Engineered Systems		6,109			6,116			12,225			6,103			6,066			24,394			6,070				6,437			12,507
Fluid Management		3,914			5,607			9,521			5,422			4,607			19,550			4,828				4,592			9,420
Electronic Technologies		8,902			9,416			18,318			9,304			8,859			36,481			8,287				8,217			16,504
	$	28,140		$	29,209		$	57,349		$	28,634		$	26,725		$	112,708		$	27,572			$	26,955		$	54,527

*    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.

DOVER CORPORATION
QUARTERLY EARNINGS PER SHARE
(unaudited) (in thousands)

	2008															2009
	Q1			Q2			Q3			Q4			FY 2008			Q1			Q2			YTD
Basic earnings (loss) per common share:
Continuing operations	$	0.77		$	0.99		$	1.02		$	0.91		$	3.69		$	0.33		$	0.54		$	0.87
Discontinued operations		(0.00	)		(0.27	)		(0.01	)		(0.26	)		(0.55	)		(0.04	)		(0.02	)		(0.06	)
Net earnings		0.76			0.72			1.01			0.65			3.13			0.29			0.52			0.81
Diluted earnings (loss) per common share:
Continuing operations	$	0.77		$	0.98		$	1.01		$	0.91		$	3.67		$	0.33		$	0.54		$	0.87
Discontinued operations		(0.00	)		(0.27	)		(0.01	)		(0.26	)		(0.55	)		(0.04	)		(0.02	)		(0.06	)
Net earnings		0.76			0.71			1.00			0.65			3.12			0.29			0.52			0.81