Dover (DOV) 8-K Dover Corporation Reports Second Quarter 2010 Results

Exhibit 99.2

INVESTOR SUPPLEMENT — SECOND QUARTER 2010
DOVER CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited) (in thousands, except per share figures)

	Three Months Ended June 30,						Six Months Ended June 30,
	2010			2009			2010			2009
Revenue	$	1,786,696		$	1,390,331		$	3,369,966		$	2,769,417
Cost of goods and services		1,097,998			897,021			2,069,111			1,793,963
Gross profit		688,698			493,310			1,300,855			975,454
Selling and administrative expenses		423,809			364,962			832,978			732,352
Operating earnings		264,889			128,348			467,877			243,102
Interest expense, net		26,942			24,840			54,111			47,238
Other expense/(income), net		(4,708	)		1,513			(5,949	)		(223	)
Total interest/other expense, net		22,234			26,353			48,162			47,015
Earnings before provision for incometaxes and discontinued operations		242,655			101,995			419,715			196,087
Provision for income taxes		70,762			1,121			126,337			34,118
Earnings from continuing operations		171,893			100,874			293,378			161,969
Loss from discontinued operations, net		(2,023	)		(3,794	)		(15,381	)		(11,463	)
Net earnings	$	169,870		$	97,080		$	277,997		$	150,506
Basic earnings (loss) per common share:
Earnings from continuing operations	$	0.92		$	0.54		$	1.57		$	0.87
Loss from discontinued operations, net		(0.01	)		(0.02	)		(0.08	)		(0.06	)
Net earnings		0.91			0.52			1.49			0.81
Weighted average shares outstanding		186,823			186,070			186,998			186,041
Diluted earnings (loss) per common share:
Earnings from continuing operations	$	0.91		$	0.54		$	1.55		$	0.87
Loss from discontinued operations, net		(0.01	)		(0.02	)		(0.08	)		(0.06	)
Net earnings		0.90			0.52			1.47			0.81
Weighted average shares outstanding		188,720			186,292			188,948			186,198
Dividends paid per common share	$	0.26		$	0.25		$	0.52		$	0.50

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,
	2010		2009		2010		2009
Weighted average shares outstanding — Basic		186,823		186,070		186,998		186,041
Dilutive effect of assumed exercise of employee stock options, SAR’s and performance shares	1,897			222		1,950		157
Weighted average shares outstanding — Diluted		188,720		186,292		188,948		186,198
Anti-dilutive options/SAR’s excluded from diluted EPS computation		3,790		13,365		1,501		13,538

DOVER CORPORATION — INVESTOR SUPPLEMENT
SECOND QUARTER 2010

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

	2009																		2010
							Q2																						Q2
	Q1			Q2			YTD			Q3			Q3 YTD			Q4				FY 2009			Q1			Q2			YTD
REVENUE
Industrial Products
Material Handling	$	186,651		$	153,574		$	340,225		$	154,238		$	494,463		$	165,890			$	660,353		$	189,052		$	214,295		$	403,347
Mobile Equipment		248,292			229,522			477,814			242,011			719,825			242,352				962,177			240,139			248,523			488,662
Eliminations		(152	)		(147	)		(299	)		(209	)		(508	)		(230	)			(738	)		(393	)		(432	)		(825	)
		434,791			382,949			817,740			396,040			1,213,780			408,012				1,621,792			428,798			462,386			891,184
Engineered Systems
Product Identification		177,358			193,018			370,376			211,952			582,328			219,948				802,276			212,500			219,551			432,051
Engineered Products		223,426			274,398			497,824			308,741			806,565			253,095				1,059,660			271,773			357,570			629,343
		400,784			467,416			868,200			520,693			1,388,893			473,043				1,861,936			484,273			577,121			1,061,394
Fluid Management
Energy		176,334			138,415			314,749			144,664			459,413			164,798				624,211			205,327			216,020			421,347
Fluid Solutions		154,488			156,897			311,385			164,604			475,989			170,860				646,849			175,505			187,759			363,264
Eliminations		(50	)		(43	)		(93	)		(21	)		(114	)		(36	)			(150	)		(32	)		(105	)		(137	)
		330,772			295,269			626,041			309,247			935,288			335,622				1,270,910			380,800			403,674			784,474
Electronic Technologies		214,035			245,953			459,988			275,266			735,254			291,700				1,026,954			290,989			345,607			636,596
Intra-segment eliminations		(1,297	)		(1,255	)		(2,552	)		(1,635	)		(4,187	)		(1,716	)			(5,903	)		(1,590	)		(2,092	)		(3,682	)
Total consolidated revenue	$	1,379,085		$	1,390,332		$	2,769,417		$	1,499,611		$	4,269,028		$	1,506,661			$	5,775,689		$	1,583,270		$	1,786,696		$	3,369,966
NET EARNINGS
Segment Earnings:
Industrial Products	$	34,544		$	25,421		$	59,965		$	38,119		$	98,084		$	41,673			$	139,757		$	51,039		$	61,635		$	112,674
Engineered Systems		43,305			57,463			100,768			78,194			178,962			48,306				227,268			54,843			84,655			139,498
Fluid Management		75,442			55,572			131,014			60,677			191,691			67,578				259,269			86,767			96,168			182,935
Electronic Technologies		(12,110	)		17,993			5,883			38,160			44,043			39,651				83,694			44,905			59,582			104,487
Total Segments		141,181			156,449			297,630			215,150			512,780			197,208				709,988			237,554			302,040			539,594
Corporate expense / other		(24,692	)		(29,613	)		(54,305	)		(34,106	)		(88,411	)		(29,584	)			(117,995	)		(33,325	)		(32,443	)		(65,768	)
Net interest expense		(22,398	)		(24,840	)		(47,238	)		(26,299	)		(73,537	)		(26,838	)			(100,375	)		(27,169	)		(26,942	)		(54,111	)
Earnings from continuing operations before provision for income taxes		94,091			101,996			196,087			154,745			350,832			140,786				491,618			177,060			242,655			419,715
Provision for income taxes		32,997			1,120			34,117			47,261			81,378			38,346				119,724			55,575			70,762			126,337
Earnings from continuing operations		61,094			100,876			161,971			107,484			269,455			102,440				371,894			121,485			171,893			293,378
Earnings (loss) from discontinued operations, net		(7,669	)		(3,793	)		(11,462	)		(600	)		(12,062	)		(3,394	)			(15,456	)		(13,358	)		(2,023	)		(15,381	)
Net earnings	$	53,425		$	97,083		$	150,508		$	106,884		$	257,392		$	99,046			$	356,438		$	108,127		$	169,870		$	277,997
SEGMENT OPERATING MARGIN
Industrial Products		7.9	%		6.6	%		7.3	%		9.6	%		8.1	%		10.2	%			8.6	%		11.9	%		13.3	%		12.6	%
Engineered Systems		10.8	%		12.3	%		11.6	%		15.0	%		12.9	%		10.2	%			12.2	%		11.3	%		14.7	%		13.1	%
Fluid Management		22.8	%		18.8	%		20.9	%		19.6	%		20.5	%		20.1	%			20.4	%		22.8	%		23.8	%		23.3	%
Electronic Technologies		-5.7	%		7.3	%		1.3	%		13.9	%		6.0	%		13.6	%			8.1	%		15.4	%		17.2	%		16.4	%
Total Segment		10.2	%		11.3	%		10.7	%		14.3	%		12.0	%		13.1	%			12.3	%		15.0	%		16.9	%		16.0	%

DOVER CORPORATION — INVESTOR SUPPLEMENT
SECOND QUARTER 2010

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

	2009															2010
							Q2						Q3															Q2
	Q1			Q2			YTD			Q3			YTD			Q4			FY 2009			Q1			Q2			YTD
BOOKINGS
Industrial Products
Material Handling	$	118,343		$	126,225		$	244,568		$	162,759		$	407,327		$	180,349		$	587,676		$	204,098		$	223,787		$	427,885
Mobile Equipment		210,558			245,937			456,495			191,539			648,034			253,130			901,164			231,128			288,887			520,015
Eliminations		(22	)		(203	)		(225	)		(337	)		(562	)		(424	)		(986	)		(407	)		(303	)		(710	)
		328,879			371,959			700,838			353,961			1,054,799			433,055			1,487,854			434,819			512,371			947,190
Engineered Systems
Product Identification		175,680			205,736			381,416			212,642			594,058			223,301			817,359			220,410			223,203			443,613
Engineered Products		236,353			259,869			496,222			258,634			754,856			263,211			1,018,067			368,134			379,048			747,182
		412,033			465,605			877,638			471,276			1,348,914			486,512			1,835,426			588,544			602,251			1,190,795
Fluid Management
Energy		142,721			132,855			275,576			157,763			433,339			176,706			610,045			208,669			226,301			434,970
Fluid Solutions		150,376			159,482			309,858			165,601			475,459			169,639			645,098			179,037			192,035			371,072
Eliminations		(43	)		(39	)		(82	)		(41	)		(123	)		(17	)		(140	)		(85	)		(51	)		(136	)
		293,054			292,298			585,352			323,323			908,675			346,328			1,255,003			387,621			418,285			805,906
Electronic Technologies		223,707			243,274			466,981			283,035			750,016			305,266			1,055,282			358,477			394,441			752,918
Intra-segment eliminations		(1,291	)		(1,435	)		(6,482	)		(1,790	)		1,528,911			(1,600	)		(6,116	)		(1,615	)		(2,244	)		(3,859	)
Total consolidated bookings	$	1,256,382		$	1,371,701		$	3,980,735		$	1,429,805		$	5,591,315		$	1,569,561		$	5,627,449		$	1,767,846		$	1,925,104		$	3,692,950
BACKLOG
Industrial Products
Material Handling	$	120,066		$	93,247					$	102,146					$	116,658					$	131,521		$	140,452
Mobile Equipment		349,358			368,315						318,496						329,774						319,801			359,727
Eliminations		(48	)		(143	)					(170	)					(371	)					(386	)		(257	)
		469,376			461,419						420,472						446,061						450,936			499,922
Engineered Systems
Product Identification		57,801			66,288						72,523						74,700						78,976			80,550
Engineered Products		196,394			245,165						199,888						218,520						314,465			334,971
		254,195			311,453						272,411						293,220						393,441			415,521
Fluid Management
Energy		58,771			54,734						66,043						77,173						76,844			84,800
Fluid Solutions		60,781			63,788						65,081						60,540						63,535			65,639
Eliminations		(5	)		(1	)					(21	)					(2	)					(55	)		(1	)
		119,547			118,521						131,103						137,711						140,324			150,438
Electronic Technologies		186,850			185,512						194,414						206,893						271,340			318,450
Intra-segment eliminations		(42	)		(242	)					(426	)					(337	)					(362	)		(570	)
Total consolidated backlog	$	1,029,926		$	1,076,663					$	1,017,974					$	1,083,548					$	1,255,679		$	1,383,761
ACQUISITION RELATED DEPRECIATION AND AMORTIZATION EXPENSE *
Industrial Products	$	8,388		$	7,708		$	16,096		$	7,770		$	23,866		$	8,182		$	32,048		$	7,575		$	7,620		$	15,195
Engineered Systems		6,071			6,436			12,507			6,580			19,087			7,579			26,666			7,915			7,057			14,972
Fluid Management		4,828			4,592			9,420			4,432			13,852			4,537			18,389			5,429			5,591			11,020
Electronic Technologies		8,286			8,217			16,503			8,268			24,771			8,432			33,203			8,370			8,540			16,910
	$	27,573		$	26,953		$	54,526		$	27,050		$	81,576		$	28,730		$	110,306		$	29,289		$	28,808		$	58,097

* 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 — INVESTOR
SUPPLEMENT SECOND QUARTER 2010

DOVER CORPORATION
QUARTERLY EARNINGS PER SHARE
(unaudited)

	2009															2010
	Q1			Q2			Q3			Q4			FY 2009			Q1			Q2			YTD
Basic earnings (loss) per common share:
Continuing operations	$	0.33		$	0.54		$	0.58		$	0.55		$	2.00		$	0.65		$	0.92		$	1.57
Discontinued operations		(0.04	)		(0.02	)		(0.00	)		(0.02	)		(0.08	)		(0.07	)		(0.01	)		(0.08	)
Net earnings		0.29			0.52			0.57			0.53			1.91			0.58			0.91			1.49
Diluted earnings (loss) per common share:
Continuing operations	$	0.33		$	0.54		$	0.58		$	0.55		$	1.99		$	0.65		$	0.91		$	1.55
Discontinued operations		(0.04	)		(0.02	)		(0.00	)		(0.02	)		(0.08	)		(0.07	)		(0.01	)		(0.08	)
Net earnings		0.29			0.52			0.57			0.53			1.91			0.58			0.90			1.47

DOVER CORPORATION — INVESTOR
SUPPLEMENT SECOND QUARTER 2010

DOVER CORPORATION
QUARTERLY FREE CASH FLOW INFORMATION
(unaudited)(in thousands)

	2009															2010
	Q1			Q2			Q3			Q4			FY 2009			Q1			Q2
Cash From Operations	$	114,866		$	192,436		$	246,811		$	247,947		$	802,060		$	87,066		$	231,199
CAPEX		(31,475	)		(26,976	)		(24,799	)		(36,759	)		(120,009	)		(39,336	)		(46,945	)
Free Cash Flow	$	83,391		$	165,460		$	222,012		$	211,188		$	682,051		$	47,730		$	184,254
Free Cash Flow to Earnings From Continuing Operations		136.5	%		164.0	%		206.6	%		206.2	%		183.4	%		39.3	%		107.2	%