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

Exhibit 99.2

INVESTOR SUPPLEMENT — THIRD QUARTER 2009

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

	Three Months Ended September 30						Nine Months Ended September 30
	2009			2008			2009			2008
Revenue	$	1,499,611		$	1,965,776		$	4,269,028		$	5,842,240
Cost of goods and services		941,345			1,261,433			2,735,308			3,718,732
Gross profit		558,266			704,343			1,533,720			2,123,508
Selling and administrative expenses		378,125			434,992			1,110,476			1,325,299
Operating earnings		180,141			269,351			423,244			798,209
Interest expense, net		26,299			25,924			73,537			76,743
Other income, net		(903	)		(12,644	)		(1,124	)		(8,926	)
Total interest expense/other income, net		25,396			13,280			72,413			67,817
Earnings before provision for income taxes and discontinued operations		154,745			256,071			350,831			730,392
Provision for income taxes		47,261			65,736			81,378			205,216
Earnings from continuing operations		107,484			190,335			269,453			525,176
Loss from discontinued operations, net		(600	)		(2,685	)		(12,063	)		(55,072	)
Net earnings	$	106,884		$	187,650		$	257,390		$	470,104
Basic earnings (loss) per common share:
Earnings from continuing operations	$	0.58		$	1.02		$	1.45		$	2.77
Loss from discontinued operations, net		—			(0.01	)		(0.06	)		(0.29	)
Net earnings		0.57			1.01			1.38			2.48
Weighted average shares outstanding		186,148			186,488			186,077			189,326
Diluted earnings (loss) per common share:
Earnings from continuing operations	$	0.58		$	1.01		$	1.45		$	2.76
Loss from discontinued operations, net		—			(0.01	)		(0.06	)		(0.29	)
Net earnings		0.57			1.00			1.38			2.47
Weighted average shares outstanding		186,358			187,706			186,321			190,531
Dividends paid per common share	$	0.26		$	0.25		$	0.76		$	0.65

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

	Three Months Ended September 30				Nine Months Ended September 30
	2009		2008		2009		2008
Weighted average shares outstanding — Basic		186,148		186,488		186,077		189,326
Dilutive effect of Stock Options SARs and Performance Shares		210		1,218		244		1,205
Weighted average shares outstanding — Diluted		186,358		187,706		186,321		190,531
Anti-dilutive equity securities excluded from diluted EPS computation		12,404		3,735		9,721		3,735

DOVER CORPORATION — INVESTOR SUPPLEMENT
THIRD QUATER 2009

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

	2008															2009
																									Q3
	Q1			Q2			Q3			Q4			FY 2008			Q1			Q2			Q3			YTD
REVENUE
Industrial Products
Material Handling	$	287,208		$	306,988		$	286,568		$	256,105		$	1,136,869		$	186,651		$	153,574		$	154,238		$	494,463
Mobile Equipment		329,723			342,228			343,261			308,210			1,323,422			248,292			229,521			242,011			719,824
Eliminations		(157	)		(210	)		(218	)		(201	)		(786	)		(152	)		(147	)		(209	)		(508	)
		616,774			649,006			629,611			564,114			2,459,505			434,791			382,948			396,040			1,213,779
Engineered Systems
Product Identification		231,526			249,250			234,868			208,825			924,469			177,358			193,019			211,952			582,329
Engineered Products		267,696			289,479			289,778			238,928			1,085,881			223,426			274,398			308,741			806,565
		499,222			538,729			524,646			447,753			2,010,350			400,784			467,417			520,693			1,388,894
Fluid Management
Energy		213,003			236,461			249,656			236,294			935,414			176,334			138,415			144,664			459,413
Fluid Solutions		188,328			210,207			202,054			178,223			778,812			154,489			156,897			164,604			475,990
Eliminations		(32	)		(38	)		(28	)		(82	)		(180	)		(51	)		(42	)		(21	)		(114	)
		401,299			446,630			451,682			414,435			1,714,046			330,772			295,270			309,247			935,289
Electronic Technologies		351,757			379,958			362,446			301,970			1,396,131			214,035			245,953			275,266			735,254
Intra-segment eliminations		(3,566	)		(3,345	)		(2,609	)		(1,624	)		(11,144	)		(1,296	)		(1,257	)		(1,635	)		(4,188	)
Total consolidated revenue	$	1,865,486		$	2,010,978		$	1,965,776		$	1,726,648		$	7,568,888		$	1,379,086		$	1,390,331		$	1,499,611		$	4,269,028
NET EARNINGS
Segment Earnings:
Industrial Products	$	78,838		$	87,925		$	74,690		$	58,287		$	299,740		$	34,544		$	25,421		$	38,119		$	98,084
Engineered Systems		62,996			80,045			82,032			53,480			278,553			43,305			57,462			78,194			178,961
Fluid Management		85,139			97,878			102,232			100,068			385,317			75,442			55,573			60,677			191,692
Electronic Technologies		36,234			51,029			53,826			52,552			193,641			(12,110	)		17,993			38,160			44,043
Total Segments		263,207			316,877			312,780			264,387			1,157,251			141,181			156,449			215,150			512,780
Corporate expense / other		(29,969	)		(24,975	)		(30,785	)		(29,466	)		(115,195	)		(24,692	)		(29,614	)		(34,106	)		(88,412	)
Net interest expense		(23,431	)		(27,388	)		(25,924	)		(19,294	)		(96,037	)		(22,398	)		(24,840	)		(26,299	)		(73,537	)
Earnings from continuing operations before provision for income taxes		209,807			264,514			256,071			215,627			946,019			94,091			101,995			154,745			350,831
Provision for income taxes		61,876			77,604			65,736			46,045			251,261			32,996			1,121			47,261			81,378
Earnings from continuing operations		147,931			186,910			190,335			169,582			694,758			61,095			100,874			107,484			269,453
Earnings (loss) from discontinued operations, net		(753	)		(51,634	)		(2,685	)		(48,855	)		(103,927	)		(7,669	)		(3,794	)		(600	)		(12,063	)
Net earnings	$	147,178		$	135,276		$	187,650		$	120,727		$	590,831		$	53,426		$	97,080		$	106,884		$	257,390
SEGMENT OPERATING MARGIN
Industrial Products		12.8	%		13.5	%		11.9	%		10.3	%		12.2	%		7.9	%		6.6	%		9.6	%		8.1	%
Engineered Systems		12.6	%		14.9	%		15.6	%		11.9	%		13.9	%		10.8	%		12.3	%		15.0	%		12.9	%
Fluid Management		21.2	%		21.9	%		22.6	%		24.1	%		22.5	%		22.8	%		18.8	%		19.6	%		20.5	%
Electronic Technologies		10.3	%		13.4	%		14.9	%		17.4	%		13.9	%		-5.7	%		7.3	%		13.9	%		6.0	%
Total Segment		14.1	%		15.8	%		15.9	%		15.3	%		15.3	%		10.2	%		11.3	%		14.3	%		12.0	%

	2008															2009
																									Q3
	Q1			Q2			Q3			Q4			FY 2008			Q1			Q2			Q3			YTD
BOOKINGS
Industrial Products
Material Handling	$	296,278		$	313,199		$	292,436		$	207,115		$	1,109,028		$	118,343		$	126,224		$	162,759		$	407,326
Mobile Equipment		360,324			318,059			295,240			204,257			1,177,880			210,558			245,937			191,539			648,034
Eliminations		(296	)		(385	)		(193	)		(260	)		(1,134	)		(22	)		(202	)		(337	)		(561	)
		656,306			630,873			587,483			411,112			2,285,774			328,879			371,959			353,961			1,054,799
Engineered Systems
Product Identification		239,547			250,538			233,196			197,431			920,712			175,679			205,736			212,642			594,057
Engineered Products		284,257			279,673			260,227			219,716			1,043,873			236,353			259,868			258,634			754,855
		523,804			530,211			493,423			417,147			1,964,585			412,032			465,604			471,276			1,348,912
Fluid Management
Energy		233,662			252,535			268,390			209,930			964,517			142,721			132,855			157,763			433,339
Fluid Solutions		197,289			217,466			195,253			161,351			771,359			150,375			159,483			165,601			475,459
Eliminations		(24	)		(32	)		(31	)		(91	)		(178	)		(42	)		(39	)		(41	)		(122	)
		430,927			469,969			463,612			371,190			1,735,698			293,054			292,299			323,323			908,676
Electronic Technologies		360,337			384,790			363,535			233,720			1,342,382			223,707			243,274			283,035			750,016
Intra-segment eliminations		(2,992	)		(3,490	)		(1,755	)		(1,182	)		(9,419	)		(1,288	)		(1,436	)		(1,790	)		(4,515	)
Total consolidated bookings	$	1,968,382		$	2,012,353		$	1,906,298		$	1,431,987		$	7,319,020		$	1,256,383		$	1,371,700		$	1,429,805		$	4,057,888

DOVER CORPORATION — INVESTOR SUPPLEMENT
THIRD QUATER 2009

	2008												2009
	Q1			Q2			Q3			Q4			Q1			Q2			Q3
BACKLOG
Industrial Products
Material Handling	$	228,082		$	235,284		$	240,009		$	188,591		$	120,066		$	93,247		$	102,146
Mobile Equipment		575,070			549,430			498,908			387,329			349,358			368,315			318,496
Eliminations		(171	)		(186	)		(161	)		(220	)		(48	)		(143	)		(170	)
		802,981			784,528			738,756			575,700			469,376			461,419			420,472
Engineered Systems
Product Identification		79,956			82,196			76,247			61,195			57,801			66,288			72,523
Engineered Products		244,981			235,513			205,127			183,821			196,394			245,165			199,888
		324,937			317,709			281,374			245,016			254,195			311,453			272,411
Fluid Management
Energy		106,540			119,033			133,713			95,532			58,771			54,734			66,043
Fluid Solutions		85,130			91,870			82,998			64,471			60,781			63,788			65,081
Eliminations		(6	)					(3	)		(12	)		(5	)		(1	)		(21	)
		191,664			210,903			216,708			159,991			119,547			118,521			131,103
Electronic Technologies		246,711			251,403			248,725			175,317			186,850			185,512			194,414
Intra-segment eliminations		(2,038	)		(1,424	)		(540	)		(61	)		(42	)		(242	)		(426	)
Total consolidated backlog	$	1,564,255		$	1,563,119		$	1,485,023		$	1,155,963		$	1,029,926		$	1,076,663		$	1,017,974

ACQUISITION RELATED DEPRECIATION AND AMORTIZATION EXPENSE *

	2008										2009
																	Q3
	Q1		Q2		Q3		Q4		FY 2008		Q1		Q2		Q3		YTD
Industrial Products	$	9,215	$	8,070	$	7,805	$	7,193	$	32,283	$	8,387	$	7,709	$	7,770	$	23,866
Engineered Systems		6,109		6,116		6,103		6,066		24,394		6,070		6,437		6,580		19,087
Fluid Management		3,914		5,607		5,422		4,607		19,550		4,828		4,592		4,432		13,852
Electronic Technologies		8,902		9,416		9,304		8,859		36,481		8,286		8,217		8,268		24,771
	$	28,140	$	29,209	$	28,634	$	26,725	$	112,708	$	27,571	$	26,955	$	27,050	$	81,576

* 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.

FREE CASH FLOW

	2008															2009
																									Q3
	Q1			Q2			Q3			Q4			FY 2008			Q1			Q2			Q3			YTD
Operations	$	153,904		$	232,074		$	354,085		$	270,353		$	1,010,416		$	114,866		$	192,436		$	246,811		$	554,113
CAPEX		(42,535	)		(42,580	)		(48,204	)		(42,476	)		(175,795	)		(31,475	)		(26,976	)		(24,799	)		(83,250	)
Free Cash Flow	$	111,369		$	189,494		$	305,881		$	227,877		$	834,621		$	83,391		$	165,460		$	222,012		$	470,863
Free Cash Flow to Earnings From Continuing Operations		75.3	%		101.4	%		160.7	%		134.4	%		120.1	%		136.5	%		164.0	%		206.6	%		174.7	%

DOVER CORPORATION — INVESTOR
SUPPLEMENT THIRD QUARTER 2009

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

	2008															2009
	Q1			Q2			Q3			Q4			FY 2008			Q1			Q2			Q3			Q3 YTD
Basic earnings (loss) per common share:
Continuing operations	$	0.77		$	0.99		$	1.02		$	0.91		$	3.69		$	0.33		$	0.54		$	0.58		$	1.45
Discontinued operations		(0.00	)		(0.27	)		(0.01	)		(0.26	)		(0.55	)		(0.04	)		(0.02	)		(0.00	)		(0.06	)
Net earnings		0.76			0.72			1.01			0.65			3.13			0.29			0.52			0.57			1.38
Diluted earnings (loss) per common share:
Continuing operations	$	0.77		$	0.98		$	1.01		$	0.91		$	3.67		$	0.33		$	0.54		$	0.58		$	1.45
Discontinued operations		(0.00	)		(0.27	)		(0.01	)		(0.26	)		(0.55	)		(0.04	)		(0.02	)		(0.00	)		(0.06	)
Net earnings		0.76			0.71			1.00			0.65			3.12			0.29			0.52			0.57			1.38