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Dover Reports First Quarter 2021 Results; Raises 2021 Annual Guidance

DOWNERS GROVE, Ill., April 20, 2021 /PRNewswire/ — Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the first quarter ended March 31, 2021.



Three Months Ended March 31,

($ in millions, except per share data)


2021


2020


% Change

U.S. GAAP

Revenue


$

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1,868



$

1,656



13

%

Net earnings 1


233



176



32

%

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Diluted EPS 


1.61



1.21



33

%








Non-GAAP

Organic revenue change






9

%

Adjusted net earnings 2

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263



203



29

%

Adjusted diluted EPS


1.81



1.39



30

%


1 Q1 2021 and 2020 net earnings include rightsizing and other costs of $3.1 million and $6.3 million, respectively. Q1 2020 also includes a $5.0 million non-cash after-tax gain on the sale of Chino.

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2 Q1 2021 and 2020 adjusted net earnings exclude after tax acquisition-related amortization costs of $26.8 million and $25.7 million, respectively, and rightsizing and other costs of $3.1 million and $6.3 million, respectively. Q1 2020 also excludes a $5.0 million non-cash after-tax gain on the sale of Chino.

For the quarter ended March 31, 2021, Dover generated revenue of $1.9 billion, an increase of 13% (+9% organic) compared to the first quarter of the prior year. GAAP net earnings of $233 million increased 32%, and GAAP diluted EPS of $1.61 was up 33%. On an adjusted basis, net earnings of $263 million increased 29% and adjusted diluted EPS of $1.81 was up 30% versus the comparable quarter of the prior year.

A full reconciliation between GAAP and adjusted measures and definitions of non-GAAP and other performance measures are included as an exhibit herein.

MANAGEMENT COMMENTARY:

Dover’s President and Chief Executive Officer, Richard J. Tobin, said, “Overall, we are off to an encouraging start with first quarter results that exceeded our forecasts. Our businesses capitalized on the improving demand conditions in their markets and delivered strong volume growth despite some notable supply chain disruptions during the quarter. Comparable operating margins increased in the quarter on volume leverage, favorable product mix, and continued progress on our center-led efficiency initiatives.

“Order trends were strong and improved throughout the quarter across the majority of our businesses. We saw particularly healthy new order activity in biopharma connectors and pumps, plastics & polymer processing, food retail, industrial pumps, refuse collection, and automotive-exposed markets. Several markets that are still recovering, such as foodservice equipment, digital printing and industrial winches have also been posting encouraging trends. As a result of strong orders, our backlog at the end of the first quarter was substantially higher than the backlog we carried into the quarter.

“As we look forward, our strong end market demand, bookings rates, and robust backlog give us confidence that market demand for our products will remain durable as we progress through the year. There are challenges to navigate going forward such as material cost inflation, supply chain bottlenecks, and labor availability, but our first quarter performance gives us grounds for optimism that we are up to the challenge. Furthermore, our balance sheet remains healthy and we have substantial capacity for inorganic capital deployment to continue enhancing our portfolio.

“On the back of a strong first quarter and the current trading environment, we are raising our full year revenue and EPS guidance.”

FULL YEAR 2021 GUIDANCE UPDATE:

Guidance for full year 2021 revenue growth was raised to 10% to 12%. EPS guidance for full year 2021 was raised to $5.92 to $6.02 ($6.75 to $6.85 on an adjusted basis).

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CONFERENCE CALL INFORMATION:

Dover will host a webcast and conference call to discuss its first quarter 2021 results and updated 2021 guidance at 10:00 A.M. Eastern Time (9:00 A.M. Central Time) on Tuesday, April 20, 2021. The webcast can be accessed on the Dover website at dovercorporation.com. The conference call will also be made available for replay on the website. Additional information on Dover’s first quarter results and its operating segments can be found on the Company’s website.

ABOUT DOVER:

Dover is a diversified global manufacturer and solutions provider with annual revenue of approximately $7 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Fueling Solutions, Imaging & Identification, Pumps & Process Solutions and Refrigeration & Food Equipment. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 60 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what’s possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under “DOV.” Additional information is available at dovercorporation.com.

FORWARD-LOOKING STATEMENTS:

This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be deemed, “forward-looking” statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company’s control. Factors that could cause actual results to differ materially from current expectations include, among other things, the impacts of COVID-19, or other future pandemics, on the global economy and on our customers, suppliers, employees, business and cash flows, other general economic conditions and conditions in the particular markets in which we operate, changes in customer demand and capital spending, competitive factors and pricing pressures, our ability to develop and launch new products in a cost-effective manner, our ability to realize synergies from newly acquired businesses, and our ability to derive expected benefits from restructuring, productivity initiatives and other cost reduction actions. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2020, and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the Securities and Exchange Commission, and on our website, dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

INVESTOR SUPPLEMENT – FIRST QUARTER 2021


DOVER CORPORATION

CONSOLIDATED STATEMENTS OF EARNINGS

(unaudited)(in thousands, except per share data)

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Three Months Ended March 31,


2021


2020

Revenue

$

1,867,901



$

1,655,939


Cost of goods and services

1,146,353

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1,043,696


Gross profit

721,548



612,243


Selling, general, and administrative expenses

408,998



386,941


Operating earnings

312,550



225,302

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Interest expense

26,823



27,268


Interest income

(680)



(1,183)


Gain on sale of a business



(6,551)


Other income, net

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(2,843)



(7,732)


Earnings before provision for income taxes

289,250



213,500


Provision for income taxes

56,481



37,221


Net earnings

$

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232,769



$

176,279






Net earnings per share:




Basic

$

1.62



$

1.22


Diluted

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$

1.61



$

1.21


Weighted average shares outstanding:




Basic

143,765



144,259


Diluted

144,938

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145,782






Dividends paid per common share

$

0.495



$

0.49






* Per share data may be impacted by rounding.




DOVER CORPORATION

QUARTERLY SEGMENT INFORMATION

(unaudited)(in thousands)

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2021


2020


Q1


Q1

Q2

Q3

Q4

FY 2020

REVENUE








Engineered Products

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$

428,127



$

408,160


$

342,380


$

386,562


$

394,175

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$

1,531,277


Fueling Solutions

389,678



359,982


326,495


380,511


409,294


1,476,282


Imaging & Identification

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284,328



256,765


227,977


265,690


287,746


1,038,178


Pumps & Process Solutions

394,377



319,536


309,095

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347,875


347,497


1,324,003


Refrigeration & Food Equipment

372,077



311,913


293,527


368,395


342,255


1,316,090

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Intra-segment eliminations

(686)



(417)


(299)


(777)


(577)


(2,070)


Total consolidated revenue

$

1,867,901

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$

1,655,939


$

1,499,175


$

1,748,256


$

1,780,390


$

6,683,760

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NET EARNINGS








Segment Earnings:








Engineered Products

$

68,779



$

69,094


$

47,702


$

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64,890


$

56,481


$

238,167


Fueling Solutions

66,480



53,498


47,214


66,601

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69,661


236,974


Imaging & Identification

56,992



51,482


38,046


51,928


52,017


193,473


Pumps & Process Solutions

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123,645



66,079


67,702


89,786


81,709


305,276


Refrigeration & Food Equipment 1

38,117



23,529


11,459

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40,159


27,725


102,872


Total segment earnings (EBIT)

354,013



263,682


212,123


313,364


287,593


1,076,762

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Corporate expense / other

38,620



24,097


27,311


35,603


39,651


126,662


Interest expense

26,823



27,268

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28,711


27,724


28,234


111,937


Interest income

(680)



(1,183)


(728)


(960)


(700)

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(3,571)


Earnings before provision for income taxes

289,250



213,500


156,829


250,997


220,408


841,734


Provision for income taxes

56,481

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37,221


32,063


50,697


38,302


158,283


Net earnings

$

232,769



$

176,279

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$

124,766


$

200,300


$

182,106


$

683,451










SEGMENT MARGIN







Engineered Products

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16.1 %



16.9 %


13.9 %


16.8 %


14.3 %


15.6 %


Fueling Solutions

17.1 %



14.9 %


14.5 %

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17.5 %


17.0 %


16.1 %


Imaging & Identification

20.0 %



20.1 %


16.7 %


19.5 %


18.1 %


18.6 %

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Pumps & Process Solutions

31.4 %



20.7 %


21.9 %


25.8 %


23.5 %


23.1 %


Refrigeration & Food Equipment 1

10.2 %



7.5 %

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3.9 %


10.9 %


8.1 %


7.8 %


Total segment operating margin

19.0 %



15.9 %


14.1 %


17.9 %


16.2 %

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16.1 %










DEPRECIATION AND AMORTIZATION EXPENSE




















Engineered Products

$

14,047



$

10,122


$

9,722


$

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10,717


$

12,042


$

42,603


Fueling Solutions

19,269



18,339


17,968


18,014

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18,482


72,803


Imaging & Identification

9,593



8,769


9,224


9,809


10,576


38,378


Pumps & Process Solutions

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16,926



18,336


17,572


17,206


19,077


72,191


Refrigeration & Food Equipment

12,096



11,548


11,421

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12,081


11,491


46,541


Corporate

1,875



1,638


1,696


1,662


1,539


6,535

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Total depreciation and amortization expense

$

73,806



$

68,752


$

67,603


$

69,489


$

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73,207


$

279,051










1 Q1, Q2, Q3, and FY 2020 include a $6,551 gain, a $781 expense, a $557 expense and a $5,213 net gain, respectively, on the sale of the Chino,
California branch of The AMS Group (“AMS Chino”). Q2 and FY 2020 also include a $3,640 write-off of assets.

DOVER CORPORATION

QUARTERLY EARNINGS PER SHARE

(unaudited)(in thousands, except per share data*)


Earnings Per Share









2021


2020

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Q1


Q1

Q2

Q3

Q4

FY 2020

Net earnings per share:








Basic

$

1.62

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$

1.22


$

0.87


$

1.39


$

1.27


$

4.74

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Diluted

$

1.61



$

1.21


$

0.86


$

1.38


$

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1.25


$

4.70










Net earnings and weighted average shares used in calculated earnings per share amounts are as follows:

Net earnings

$

232,769



$

176,279


$

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124,766


$

200,300


$

182,106


$

683,451










Weighted average shares outstanding:










Basic

143,765

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144,259


143,955


144,032


143,954


144,050


Diluted

144,938



145,782


144,995


145,289

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145,355


145,393










* Per share data may be impacted by rounding.



DOVER CORPORATION

QUARTERLY ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP)

(unaudited)(in thousands, except per share data*)


Non-GAAP Reconciliations



2021


2020


Q1

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Q1

Q2

Q3

Q4

FY 2020

Adjusted net earnings:








Net earnings

$

232,769



$

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176,279


$

124,766


$

200,300


$

182,106


$

683,451


Acquisition-related amortization, pre-tax 1

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35,516



34,062


34,101


35,325


35,027


138,515


Acquisition-related amortization, tax impact 2

(8,720)



(8,411)


(8,451)

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(8,810)


(8,695)


(34,367)


Rightsizing and other costs, pre-tax 3

4,162



7,859


16,840


5,848


20,925


51,472

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Rightsizing and other costs, tax impact 2

(1,031)



(1,605)


(3,452)


(1,343)


(4,402)


(10,802)


(Gain) loss on disposition, pre-tax 4



(6,551)

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781


557



(5,213)


(Gain) loss on disposition, tax-impact 2



1,592


(190)


(135)


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1,267


Adjusted net earnings

$

262,696



$

203,225


$

164,395


$

231,742

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$

224,961


$

824,323










Adjusted diluted net earnings per share:







Diluted net earnings per share

$

1.61



$

1.21

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$

0.86


$

1.38


$

1.25


$

4.70


Acquisition-related amortization, pre-tax 1

0.25

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0.23


0.24


0.24


0.24


0.95


Acquisition-related amortization, tax impact 2

(0.06)



(0.06)


(0.06)


(0.06)

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(0.06)


(0.24)


Rightsizing and other costs, pre-tax 3

0.03



0.05


0.12


0.04


0.14


0.35


Rightsizing and other costs, tax impact 2

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(0.01)



(0.01)


(0.02)


(0.01)


(0.03)


(0.07)


(Gain) loss on disposition, pre-tax 4



(0.04)


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(0.03)


(Gain) loss on disposition, tax-impact 2



0.01





0.01

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Adjusted diluted net earnings per share

$

1.81



$

1.39


$

1.13


$

1.60


$

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1.55


$

5.67










1 Includes amortization on acquisition-related intangible assets and inventory step-up.

2 Adjustments were tax effected using the statutory tax rates in the applicable jurisdictions or the effective tax rate, where applicable, for each period.

3 Rightsizing and other costs include actions taken on employee reductions, facility consolidations and site closures, product line exits and other asset charges.

4 Represents a (gain) loss on the disposition of AMS Chino within the Refrigeration & Food Equipment segment, including working capital adjustments.









* Per share data and totals may be impacted by rounding.

DOVER CORPORATION

QUARTERLY SEGMENT ADJUSTED EBIT AND ADJUSTED EBITDA (NON-GAAP)

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(unaudited)(in thousands)


Non-GAAP Reconciliations



2021


2020


Q1


Q1

Q2

Q3

Q4

FY 2020

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ADJUSTED SEGMENT EBIT AND ADJUSTED EBITDA










Engineered Products:








Segment earnings (EBIT)

$

68,779



$

69,094


$

47,702


$

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64,890


$

56,481


$

238,167


Rightsizing and other costs

4,019



361


4,169


2,375

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4,625


11,530


Adjusted EBIT – Segment

72,798



69,455


51,871


67,265


61,106


249,697


Adjusted EBIT %

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17.0 %



17.0 %


15.2 %


17.4 %


15.5 %


16.3 %


Adjusted D&A 1

10,594



10,122


9,722

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10,651


10,193


40,688


Adjusted EBITDA – Segment

$

83,392



$

79,577


$

61,593

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$

77,916


$

71,299


$

290,385


Adjusted EBITDA %

19.5 %



19.5 %


18.0 %

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20.2 %


18.1 %


19.0 %


Fueling Solutions:








Segment earnings (EBIT)

$

66,480



$

53,498


$

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47,214


$

66,601


$

69,661


$

236,974


Rightsizing and other costs

58



1,493

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868


1,615


2,727


6,703


Adjusted EBIT – Segment

66,538



54,991


48,082


68,216


72,388

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243,677


Adjusted EBIT %

17.1 %



15.3 %


14.7 %


17.9 %


17.7 %


16.5 %


Adjusted D&A 1

19,180

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18,339


17,783


18,014


18,225


72,361


Adjusted EBITDA – Segment

$

85,718



$

73,330

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$

65,865


$

86,230


$

90,613


$

316,038


Adjusted EBITDA %

22.0 %

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20.4 %


20.2 %


22.7 %


22.1 %


21.4 %


Imaging & Identification:








Segment earnings (EBIT)

$

56,992



$

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51,482


$

38,046


$

51,928


$

52,017


$

193,473


Rightsizing and other costs

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682



264


(527)


99


6,191


6,027


Adjusted EBIT – Segment

57,674



51,746


37,519

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52,027


58,208


199,500


Adjusted EBIT %

20.3 %



20.2 %


16.5 %


19.6 %


20.2 %


19.2 %

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Adjusted D&A 1

9,218



8,769


9,224


9,809


10,201


38,003


Adjusted EBITDA – Segment

$

66,892

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$

60,515


$

46,743


$

61,836


$

68,409


$

237,503

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Adjusted EBITDA %

23.5 %



23.6 %


20.5 %


23.3 %


23.8 %


22.9 %


Pumps & Process Solutions:








Segment earnings (EBIT)

$

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123,645



$

66,079


$

67,702


$

89,786


$

81,709


$

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305,276


Rightsizing and other (benefits) costs

(2,006)



3,846


4,691


1,771


3,128


13,436


Adjusted EBIT – Segment

121,639

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69,925


72,393


91,557


84,837


318,712


Adjusted EBIT %

30.8 %



21.9 %


23.4 %


26.3 %

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24.4 %


24.1 %


Adjusted D&A 1

16,926



16,230


16,816


17,206


17,565


67,817


Adjusted EBITDA – Segment

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$

138,565



$

86,155


$

89,209


$

108,763


$

102,402

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$

386,529


Adjusted EBITDA %

35.1 %



27.0 %


28.9 %


31.3 %


29.5 %


29.2 %


Refrigeration & Food Equipment:

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Segment earnings (EBIT)

$

38,117



$

23,529


$

11,459


$

40,159


$

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27,725


$

102,872


Rightsizing and other (benefits) costs

(38)



704


6,016


(971)


726


6,475

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(Gain) loss on disposition 2



(6,551)


781


557



(5,213)


Adjusted EBIT – Segment

38,079



17,682

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18,256


39,745


28,451


104,134


Adjusted EBIT %

10.2 %



5.7 %


6.2 %


10.8 %


8.3 %

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7.9 %


Adjusted D&A 1

11,745



11,548


11,421


12,081


11,491


46,541


Adjusted EBITDA – Segment

$

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49,824



$

29,230


$

29,677


$

51,826


$

39,942


$

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150,675


Adjusted EBITDA %

13.4 %



9.4 %


10.1 %


14.1 %


11.7 %


11.4 %


Total Segments:







Segment earnings (EBIT) 3

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$

354,013



$

263,682


$

212,123


$

313,364


$

287,593

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$

1,076,762


Rightsizing and other costs

2,715



6,668


15,217


4,889


17,397


44,171


(Gain) loss on disposition 2

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(6,551)


781


557



(5,213)


Adjusted EBIT – Segment 4

356,728



263,799


228,121

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318,810


304,990


1,115,720


Adjusted EBIT % 4

19.1 %



15.9 %


15.2 %


18.2 %


17.1 %


16.7 %

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Adjusted D&A 1

67,663



65,008


64,966


67,761


67,675


265,410


Adjusted EBITDA – Segment 4

$

424,391

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$

328,807


$

293,087


$

386,571


$

372,665


$

1,381,130

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Adjusted EBITDA % 4

22.7 %



19.9 %


19.5 %


22.1 %


20.9 %


20.7 %










1 Adjusted D&A is depreciation and amortization expense, excluding depreciation and amortization included within rightsizing and other costs.

2 Q1, Q2, Q3, and FY 2020 includes a $6,551 gain, a $781 expense, a $557 expense and a $5,213 net gain on the sale of a business for AMS Chino, respectively.

3 Refer to Quarterly Segment Information section for reconciliation of total segment earnings (EBIT) to net earnings.

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4 Refer to Non-GAAP Disclosures section for definition.

DOVER CORPORATION

REVENUE GROWTH FACTORS (NON-GAAP)

(unaudited)(in thousands, except per share data*)


Non-GAAP Reconciliations


Revenue Growth Factors




2021



Q1

Organic



Engineered Products

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2.3

%

Fueling Solutions


3.0

%

Imaging & Identification


3.7

%

Pumps & Process Solutions


18.4

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%

Refrigeration & Food Equipment


18.3

%

Total Organic


8.8

%

Acquisitions


1.2

%

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Dispositions


(0.3)

%

Currency translation


3.1

%

Total*


12.8

%


 * Totals may be impacted by rounding.

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2021



Q1

Organic



United States


6.9

%

Other Americas


3.0

%

Europe

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12.7

%

Asia


19.8

%

Other


(4.7)

%

Total Organic


8.8

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%

Acquisitions


1.2

%

Dispositions


(0.3)

%

Currency translation


3.1

%

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Total*


12.8

%


 * Totals may be impacted by rounding.

Adjusted EPS Guidance Reconciliation


Range

2021 Guidance for Earnings per Share (GAAP)

$

5.92



$

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6.02


Acquisition-related amortization, net


0.73


Rightsizing and other costs, net


0.10


2021 Guidance for Adjusted Earnings per Share (Non-GAAP)

$

6.75



$

6.85

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DOVER CORPORATION

QUARTERLY CASH FLOW AND FREE CASH FLOW (NON-GAAP)

(unaudited)(in thousands)


Quarterly Cash Flow



2021


2020


Q1


Q1

Q2

Q3

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Q4

FY 2020

Net Cash Flows Provided By (Used In):







Operating activities

$

177,184



$

75,863


$

271,809

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$

339,247


$

417,891


$

1,104,810


Investing activities

(29,572)



(230,511)


(67,763)

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(64,724)


(118,381)


(481,379)


Financing activities

(124,239)



280,954


(67,458)


(496,832)


(222,954)


(506,290)

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Quarterly Free Cash Flow (Non-GAAP)



2021


2020


Q1


Q1

Q2

Q3

Q4

FY 2020

Cash flow from operating activities1

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$

177,184



$

75,863


$

271,809


$

339,247


$

417,891

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$

1,104,810


Less: Capital expenditures

(31,260)



(40,172)


(38,999)


(44,393)


(42,128)


(165,692)


Free cash flow

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$

145,924



$

35,691


$

232,810


$

294,854


$

375,763

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$

939,118










Free cash flow as a percentage of revenue

7.8 %



2.2 %


15.5 %


16.9 %


21.1 %


14.1 %










Free cash flow as a percentage of net earnings

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62.7 %



20.2 %


186.6 %


147.2 %


206.3 %


137.4 %










1 FY 2020 cash flow from operating activities reflects benefits from permitted deferrals of tax payments, most significantly in Q2, Q3, and Q4 and advanced payments on contracts, most significantly in Q3.

DOVER CORPORATION

PERFORMANCE MEASURES

(unaudited)(in thousands)

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2021


2020


Q1


Q1

Q2

Q3

Q4

FY 2020

BOOKINGS
















Engineered Products

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$

528,310



$

414,972


$

278,373


$

381,139


$

484,002

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$

1,558,486


Fueling Solutions

422,668



373,070


311,498


383,902


403,400


1,471,870


Imaging & Identification

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293,614



272,604


221,315


266,423


304,756


1,065,098


Pumps & Process Solutions

551,365



369,403


275,872

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323,801


365,262


1,334,338


Refrigeration & Food Equipment

537,326



355,157


326,400


449,549


379,393


1,510,499

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Intra-segment eliminations

(863)



(375)


(460)


(926)


(425)


(2,186)


Total consolidated bookings

$

2,332,420

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$

1,784,831


$

1,412,998


$

1,803,888


$

1,936,388


$

6,938,105

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BACKLOG
















Engineered Products

$

562,557



$

453,867


$

378,874


$

373,458

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$

463,701



Fueling Solutions

238,822



211,518


199,305


204,574


201,521



Imaging & Identification

198,556

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170,119


168,904


171,158


192,785



Pumps & Process Solutions

539,097



397,969


379,090


361,631


390,238

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Refrigeration & Food Equipment

677,309



356,133


390,368


472,140


510,498



Intra-segment eliminations

(544)



(159)


(367)

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(269)


(192)



Total consolidated backlog

$

2,215,797



$

1,589,447


$

1,516,174


$

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1,582,692


$

1,758,551











Bookings Growth Factors



2021


Q1

Organic


Engineered Products

24.8

%

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Fueling Solutions

7.3

%

Imaging & Identification

0.1

%

Pumps & Process Solutions

44.0

%

Refrigeration & Food Equipment

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50.7

%

Total Organic

26.5

%

Acquisitions

1.5

%

Dispositions

(0.3)

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%

Currency translation

3.0

%

Total*

30.7

%


* Totals may be impacted by rounding.

Non-GAAP Measures Definitions

In an effort to provide investors with additional information regarding our results as determined by GAAP, management also discloses non-GAAP information that management believes provides useful information to investors. Adjusted net earnings, adjusted diluted net earnings per share, total segment earnings (EBIT), adjusted EBIT by segment, adjusted EBIT margin by segment, adjusted EBITDA by segment, adjusted EBITDA margin by segment, free cash flow, free cash flow as a percentage of revenue, free cash flow as a percentage of net earnings, and organic revenue growth are not financial measures under GAAP and should not be considered as a substitute for net earnings, diluted net earnings per share, cash flows from operating activities, or revenue as determined in accordance with GAAP, and they may not be comparable to similarly titled measures reported by other companies. 

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Adjusted net earnings represents net earnings adjusted for the effect of acquisition-related amortization, rightsizing and other costs, and a gain/loss on disposition. We exclude after-tax acquisition-related amortization because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions the Company consummates. We exclude the other items because they occur for reasons that may be unrelated to the Company’s commercial performance during the period and/or Management believes they are not indicative of the Company’s ongoing operating costs or gains in a given period.

Adjusted diluted net earnings per share represents adjusted net earnings divided by average diluted shares.

Total segment earnings (EBIT) is defined as net earnings before income taxes, net interest expense and corporate expenses. Total segment earnings (EBIT) margin is defined as total segment earnings (EBIT) divided by revenue.

Adjusted EBIT by Segment is defined as net earnings before income taxes, net interest expense, corporate expenses, rightsizing and other costs, and a 2020 gain/loss on disposition. Adjusted EBIT Margin by Segment is defined as adjusted EBIT by segment divided by segment revenue.

Adjusted EBITDA by Segment is defined as adjusted EBIT by segment plus depreciation and amortization, excluding depreciation and amortization included within rightsizing and other costs. Adjusted EBITDA Margin by Segment is defined as adjusted EBITDA by segment divided by segment revenue.

Management believes these measures are useful to investors to better understand the Company’s ongoing profitability as it will better reflect the Company’s core operating results, offer more transparency and facilitate easier comparability to prior and future periods and to its peers.

Free cash flow represents net cash provided by operating activities minus capital expenditures. Free cash flow as a percentage of revenue equals free cash flow divided by revenue. Free cash flow as a percentage of net earnings equals free cash flow divided by net earnings. Management believes that free cash flow and free cash flow ratios are important measures of operating performance because it provides management and investors a measurement of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, paying dividends, repaying debt and repurchasing our common stock.

Management believes that reporting organic revenue growth, which excludes the impact of foreign currency exchange rates and the impact of acquisitions and dispositions, provides a useful comparison of our revenue and bookings performance and trends between periods.

Performance Measures Definitions

Bookings represent total orders received from customers in the current reporting period. This metric is an important measure of performance and an indicator of revenue order trends.

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Organic bookings represent total orders received from customers in the current reporting period excluding the impact of foreign currency exchange rates and the impact of acquisition and dispositions. This metric is an important measure of performance and an indicator of revenue order trends.

Backlog represents an estimate of the total remaining bookings at a point in time for which performance obligations have not yet have satisfied. This metric is useful as it represents the aggregate amount we expect to recognize as revenue in the future.

We use the above operational metrics in monitoring the performance of the business. We believe the operational metrics are useful to investors and other users of our financial information in assessing the performance of our segments.

Investor Contact:


Media Contact:

Andrey Galiuk


Adrian Sakowicz

Vice President – Corporate Development


Vice President – Communications

and Investor Relations

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(630) 743-5039

(630) 743-5131


[email protected] 

[email protected]



SOURCE Dover

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.prnewswire.com:443/news-releases/dover-reports-first-quarter-2021-results-raises-2021-annual-guidance-301271925.html

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