Dover Corporation reported financial results for the first quarter of 2005, with sales up 17% and earnings per share up 20% compared to the same period last year. All six of Dover's operating segments saw sales gains. The CEO commented that results reflected success in building on momentum from 2004, and that sequential improvement in sales, earnings, bookings and backlog suggested continued growth in the current quarter. Dover remains actively focused on acquisitions that meet its financial and operating criteria.
Dover Corporation reported strong financial results for the second quarter of 2005, with record sales, bookings, earnings and EPS. Sales increased 16% compared to the second quarter of 2004, driven by 7% organic growth, 7% from acquisitions, and 2% from currency translation. All of Dover's business segments saw sales and earnings increases, with the exception of the Technologies segment which saw declines in earnings and margins due to lower semiconductor demand and pricing pressures. Free cash flow was also strong at 9.2% of sales for the quarter and 5.4% year-to-date.
Dover Corporation reported financial results for the fourth quarter and full year of 2005. Revenue increased 19% to $1.6 billion for Q4 2005 and 17% to $6.1 billion for the full year. Earnings per share increased 30% to $0.61 for Q4 2005 and 21% to $2.32 for the full year. The CEO commented that 2005 was an outstanding year with record revenue, earnings, and acquisitions totaling $1.1 billion. The CEO expects another solid year in 2006 based on continued strength in key markets.
Carlisle Companies reported a 22% decline in first quarter net sales to $511.1 million compared to the prior year. Net income declined 65% to $10 million due to declining sales volumes, especially in the Construction Materials and Transportation Products segments. Cash flow from operations increased to $63.5 million. The company expects sales to decline 20-25% for the full year and is implementing cost cutting measures to maintain margins.
Dover Corporation reported financial results for the second quarter of 2005, with record sales of $1.58 billion, up 16% from the previous year. Earnings from continuing operations were $123.5 million or $0.61 per share, increases of 14% and 15% respectively from the prior year. The company had strong performance across all six of its business segments. Dover also acquired C-Tech Energy Services, adding new technology to its Oil and Gas Equipment group, and sold its Hydratight Sweeney business. Looking ahead, most market indicators are cautiously positive and the company enters the third quarter with a strong backlog.
The Timken Company reported record third quarter sales and net income that more than doubled from the previous year. Sales increased 15% to $1.3 billion due to strong performance in the industrial and steel groups. However, the automotive group continued to struggle in the challenging North American market. The company increased its full-year earnings outlook due to strong global industrial demand and expects its restructuring programs to improve automotive group performance and reduce costs.
Dover Corporation reported strong third quarter 2005 results with revenue increasing 13% to $1.56 billion and EPS growing 18% to $0.65 per share compared to third quarter 2004. All of Dover's business segments experienced revenue and income growth. Total acquisitions for the quarter were $962 million. Dover expects full year free cash flow to be between 7-9% of revenue.
- Grace reported financial results for Q1 2009 with sales of $682.1M, down 10.2% from Q1 2008. Net loss was $38.9M compared to a net income of $17.7M in Q1 2008.
- Excluding restructuring and other one-time costs, the loss would have been $8.7M for Q1 2009 compared to a net income of $35.2M in Q1 2008.
- Operating free cash flow was positive $76.2M for Q1 2009 compared to negative $14.5M in Q1 2008, driven mostly by reduced working capital and capital expenditures.
Dover Corporation reported record revenue, bookings, and backlog for the fourth quarter and full year 2005. Revenue increased 19% in the fourth quarter and 17% for the full year. Acquisitions contributed significantly to growth but lowered EPS in the fourth quarter. Several segments saw strong growth from energy, construction, and industrial markets while automotive and retail slowed. The company expects continued positive trends in 2006 driven by backlog and market conditions.
Dover Corporation reported strong financial results for the second quarter of 2005, with record sales, bookings, earnings and EPS. Sales increased 16% compared to the second quarter of 2004, driven by 7% organic growth, 7% from acquisitions, and 2% from currency translation. All of Dover's business segments saw sales and earnings increases, with the exception of the Technologies segment which saw declines in earnings and margins due to lower semiconductor demand and pricing pressures. Free cash flow was also strong at 9.2% of sales for the quarter and 5.4% year-to-date.
Dover Corporation reported financial results for the fourth quarter and full year of 2005. Revenue increased 19% to $1.6 billion for Q4 2005 and 17% to $6.1 billion for the full year. Earnings per share increased 30% to $0.61 for Q4 2005 and 21% to $2.32 for the full year. The CEO commented that 2005 was an outstanding year with record revenue, earnings, and acquisitions totaling $1.1 billion. The CEO expects another solid year in 2006 based on continued strength in key markets.
Carlisle Companies reported a 22% decline in first quarter net sales to $511.1 million compared to the prior year. Net income declined 65% to $10 million due to declining sales volumes, especially in the Construction Materials and Transportation Products segments. Cash flow from operations increased to $63.5 million. The company expects sales to decline 20-25% for the full year and is implementing cost cutting measures to maintain margins.
Dover Corporation reported financial results for the second quarter of 2005, with record sales of $1.58 billion, up 16% from the previous year. Earnings from continuing operations were $123.5 million or $0.61 per share, increases of 14% and 15% respectively from the prior year. The company had strong performance across all six of its business segments. Dover also acquired C-Tech Energy Services, adding new technology to its Oil and Gas Equipment group, and sold its Hydratight Sweeney business. Looking ahead, most market indicators are cautiously positive and the company enters the third quarter with a strong backlog.
The Timken Company reported record third quarter sales and net income that more than doubled from the previous year. Sales increased 15% to $1.3 billion due to strong performance in the industrial and steel groups. However, the automotive group continued to struggle in the challenging North American market. The company increased its full-year earnings outlook due to strong global industrial demand and expects its restructuring programs to improve automotive group performance and reduce costs.
Dover Corporation reported strong third quarter 2005 results with revenue increasing 13% to $1.56 billion and EPS growing 18% to $0.65 per share compared to third quarter 2004. All of Dover's business segments experienced revenue and income growth. Total acquisitions for the quarter were $962 million. Dover expects full year free cash flow to be between 7-9% of revenue.
- Grace reported financial results for Q1 2009 with sales of $682.1M, down 10.2% from Q1 2008. Net loss was $38.9M compared to a net income of $17.7M in Q1 2008.
- Excluding restructuring and other one-time costs, the loss would have been $8.7M for Q1 2009 compared to a net income of $35.2M in Q1 2008.
- Operating free cash flow was positive $76.2M for Q1 2009 compared to negative $14.5M in Q1 2008, driven mostly by reduced working capital and capital expenditures.
Dover Corporation reported record revenue, bookings, and backlog for the fourth quarter and full year 2005. Revenue increased 19% in the fourth quarter and 17% for the full year. Acquisitions contributed significantly to growth but lowered EPS in the fourth quarter. Several segments saw strong growth from energy, construction, and industrial markets while automotive and retail slowed. The company expects continued positive trends in 2006 driven by backlog and market conditions.
Mahindra and Mahindra (M&M) reported quarterly results that beat expectations. Net sales increased 19.2% year-over-year to Rs. 5,434 crore, supported by a 21% growth in core volumes. Operating performance and profit also exceeded forecasts due to better operating leverage and higher other income. EBITDA margins were 16.5%, ahead of estimates. Net profit grew 7.9% to Rs. 758 crore, driven by strong operating performance and higher other income. Overall, healthy volume growth and better cost management supported M&M's financial performance in the quarter.
PPG Industries reported their third quarter 2008 financial results. Despite challenges like hurricanes, an auto industry slowdown, and higher costs, PPG achieved double-digit sales and earnings growth in most business segments. They completed the sale of their automotive glass business and announced a restructuring to reduce costs. Strong cash generation allowed them to reduce debt by over $650 million for the year so far.
Celanese Corporation reported financial results for the fourth quarter and full year of 2004. For the fourth quarter, net sales increased 15% to $1.33 billion due to higher pricing, currency effects, and volume. However, net earnings declined to a loss of $57 million due to higher interest expenses, impairment charges, and unusual items. For the full year, net sales increased 10% to $5.07 billion but net earnings declined to a loss of $175 million mainly due to restructuring charges, interest expenses, and impairment charges. Celanese expects adjusted EBITDA to increase 25-30% in the first quarter of 2005 and grow 12-17% for the full year 2005.
Tegma, a Brazilian logistics company, announced a 43.5% increase in net revenue in the first quarter of 2008 compared to the same period in 2007. Net revenue grew to R$211.9 million, fueled by a 44.7% increase in the automobile sector and a 38.2% increase in other sectors. The number of transported automobiles increased 30.9% to 230,000 vehicles. Adjusted EBITDAR rose 14.4% to R$25.8 million despite a 3.1 percentage point decline in the adjusted EBITDAR margin to 12.2% due to changes in revenue mix and lower volumes compared to the previous quarter.
PPG Industries reported strong financial performance in the second quarter of 2008. Sales grew 42% to a record $4.4 billion due to acquisition and organic growth. Segment earnings increased 18% despite inflationary pressures. Price increases contributed to growth, offsetting weak demand in automotive and construction. The company expects moderating growth and higher prices to offset costs in the third quarter.
Dover Corporation reported financial results for the first quarter of 2006 with record revenue of $1.67 billion, a 22% increase over the first quarter of 2005. Earnings per share increased 40% to $0.65 compared to $0.47 in the prior year. All of Dover's business segments experienced revenue, earnings, margin and backlog growth. The company also reported a strong quarter for free cash flow and reduced its net debt to capital ratio.
Google announced its financial results for the first quarter of 2009. While revenues were down slightly from the previous quarter, they grew 6% over the first quarter of 2008. Operating income was $1.88 billion, or 34% of revenues. Net income was $1.42 billion, with earnings per share of $4.49. The company continued to see strong growth in paid clicks and remains focused on long-term investments.
Eastman Kodak Company reported financial results for the fourth quarter and full year of 2007. Key highlights include:
- Q4 earnings of $92 million, up from a $15 million loss in the year-ago period. Digital revenue grew 15% in Q4 driven by growth in all digital businesses.
- The company met or exceeded all 2007 financial goals including an 8% increase in digital revenue, $176 million in digital earnings, and $333 million in net cash generation.
- Sales totaled $3.22 billion for Q4, up 4% from the prior year. Digital revenue was $2.26 billion, up 15%, while traditional revenue declined 15%.
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Telecom Italia 3Q 2012 Results â Operations â Marco PatuanoGruppo TIM
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- Telecom Italia Group reported results for the first 9 months of 2012. Domestic service revenues declined 7% year-over-year to âŹ12.9 billion, while EBITDA declined 4.5% to âŹ6.7 billion.
- In the fixed business, core service revenues declined 4.9% due to worse performance in the consumer and corporate segments. Broadband revenues increased slightly.
- Mobile revenues declined 11.5% due to regulatory impacts on roaming revenues and wholesale business. Service revenues declined 12.6% and handset revenues increased 29.5%.
- The company is pursuing efficiency initiatives and confirmed its full-year targets for revenues and EBITDA despite challenges
T-Mobile reported strong financial and customer growth results for the second quarter of 2016, with 1.9 million total net customer additions, record low branded postpaid phone churn of 1.27%, $225 million in net income, and 35.6% growth in adjusted EBITDA year-over-year. The company continued expanding and enhancing its 4G LTE network coverage and saw increased 4G LTE speeds, maintaining its position as the fastest nationwide 4G LTE network in the US. T-Mobile raised its full-year 2016 customer and financial guidance.
- Sales increased 6% to $1.26 billion in Q3 2007 due to strong industrial demand, while earnings grew modestly to $41.2 million due to higher costs.
- For the first nine months of 2007, sales increased 4% to $3.89 billion while earnings grew 6% to $171.1 million, constrained by higher material and manufacturing expenses.
- The company expects full-year 2007 earnings per share of $2.40-$2.50, anticipating stronger performance driven by industrial growth and improvements offsetting cost pressures.
Third Quarter 2009 Earnings Review
- Sales were $740 million, with net earnings of $0.57 per diluted share excluding special items. Volume grew across Specialty Chemicals due to customer restocking and auto programs. Cost reductions benefited Coating Resins earnings. Engineered Materials saw lower volumes due to destocking and build rate declines.
- Full year 2009 guidance estimates adjusted EPS between $0.80 to $1.00 per share. Outlook anticipates operating earnings declines in Coating Resins but increases in other segments. Capital expenditures are estimated at $180-190 million.
- The company enhanced liquidity by reducing debt $153 million year-to-date, increasing cash
The document summarizes Bruker Corporation's Q2 2015 earnings presentation. Key points include:
- Revenues declined 13% year-over-year to $396 million due to currency headwinds and divestitures. Organic revenue growth was 1%.
- Non-GAAP earnings per share were $0.19, down 10% from the prior year.
- For the first half of 2015, revenues declined 15% to $749.5 million but non-GAAP operating margins increased by 90 basis points.
1) Hering reported strong financial results in 2009 with total gross revenue increasing 39.4% and EBITDA growing 71.9% to R$154 million.
2) The company expanded its store network opening 46 Hering Stores and 15 PUC Stores in 2009.
3) Same-store sales increased 27.2% in 2009 and 32.6% in the fourth quarter driven by increased store traffic.
4) Gross margins improved with the gross margin excluding depreciation reaching 53.1% in the fourth quarter.
5) The company outlined plans to further expand the Hering Store network to 405 stores by 2012 focused on
Bruker Corporation reported financial results for Q1 2015 with revenues of $353.5 million, down 17% year-over-year due to currency impacts and divestitures. Non-GAAP earnings per share were $0.14, up 27% from $0.11 in Q1 2014, driven by restructuring initiatives and operational improvements. For full-year 2015, Bruker expects organic revenue growth of approximately 1% and over 100 basis points of non-GAAP operating margin expansion despite currency headwinds.
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Bruker Corporation reported financial results for Q1 2014 with the following highlights:
- Revenue increased 8% year-over-year to $423.7 million, with growth in all three business segments.
- Non-GAAP earnings per share increased 38% to $0.11 compared to $0.08 in Q1 2013.
- Operating margin expanded 160 basis points to 7.6% driven by revenue growth and operating expense control.
- The company reiterated its full-year 2014 guidance for revenue growth of 3-4% and non-GAAP EPS growth of 10-14%.
Rockwell Collins reported financial results for the 3rd quarter of FY2015, with sales increasing 2% to $1.264 billion compared to the previous year. Income from continuing operations increased 9% to $178 million. Commercial Systems sales increased 5% and operating earnings increased 8%, while Government Systems sales decreased 1% and operating earnings decreased 4%. For the nine month period, sales increased 8% to $3.86 billion and income from continuing operations increased 15% to $510 million. The company provided guidance for FY2015 with total sales expected between $5.25-5.3 billion and earnings per share of $5.15-5.25.
Goodrich Corporation announced strong financial results for the second quarter of 2005 and increased its full year 2005 outlook. Net income for Q2 2005 was $76 million, up 91% from the previous year. Sales increased 20% to $1.353 billion. The company increased its full year 2005 outlook for sales to $5.2-5.3 billion and net income per share to $2.00-$2.10. The improved results were driven by growth in commercial aerospace, defense, and all other market channels. Management attributed the performance to the commercial aerospace upturn and strong demand for defense products.
- TelefĂłnica reported results for the first half of 2013, with revenues declining 7.8% year-over-year but growing 0.5% organically. OIBDA declined 9.7% year-over-year but was roughly stable at âŹ9.4 billion excluding foreign exchange impacts.
- Commercial activity was strong in the second quarter, with record smartphone additions of 8.2 million. This helped recover organic revenue growth.
- Cash flow generation was also strong, with free cash flow of âŹ1.9 billion in the second quarter alone. Net debt was reduced by âŹ10 billion since mid-2012.
- Performance was led by Latin America, with Brazil in particular seeing double-
Worldwide revenues for the second quarter of 2006 decreased 9% compared to the second quarter of 2005, primarily due to declines in volumes and price/mix across several strategic product groups. Digital product sales increased 6% due to the Creo acquisition, while traditional product sales decreased 22%. Gross profit margin declined 4.1 percentage points due to higher manufacturing costs and declines in volumes and price/mix. The Consumer Digital Imaging Group saw a 6% revenue decrease due to lower volumes and price/mix, with a 3.4 percentage point decline in gross margin.
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Pilgrim's Pride Corporation reported financial results for the 2008 fiscal year second quarter. Net loss was $1.67 per share compared to a net loss of $0.60 per share in the previous year's second quarter. Results included restructuring charges related to plant and distribution center closings. Feed costs, the largest expense, increased $200 million from the prior year due to higher corn and soybean meal prices. The company also sold its turkey business. Industrywide production cutbacks and declining egg sets were expected to improve pricing in the second half of the fiscal year as unused capacity is reduced and seasonal demand increases.
The 2004 annual report of Crown Holdings, Inc. provides financial highlights and a letter to shareholders. Key details include:
- Net sales grew 8.6% to $7.2 billion in 2004, with segment income up 31.3% and net income of $51 million compared to a loss of $32 million in 2003.
- Free cash flow was $266 million in 2004, down from $314 million in 2003 but supporting debt reduction.
- All operating divisions saw sales, segment income, and margin growth in 2004 both with and without currency effects.
- Research and development led to numerous new product innovations helping drive further business improvements.
- The report outlines goals to continue strengthening operations and pursuing growth opportunities
Mahindra and Mahindra (M&M) reported quarterly results that beat expectations. Net sales increased 19.2% year-over-year to Rs. 5,434 crore, supported by a 21% growth in core volumes. Operating performance and profit also exceeded forecasts due to better operating leverage and higher other income. EBITDA margins were 16.5%, ahead of estimates. Net profit grew 7.9% to Rs. 758 crore, driven by strong operating performance and higher other income. Overall, healthy volume growth and better cost management supported M&M's financial performance in the quarter.
PPG Industries reported their third quarter 2008 financial results. Despite challenges like hurricanes, an auto industry slowdown, and higher costs, PPG achieved double-digit sales and earnings growth in most business segments. They completed the sale of their automotive glass business and announced a restructuring to reduce costs. Strong cash generation allowed them to reduce debt by over $650 million for the year so far.
Celanese Corporation reported financial results for the fourth quarter and full year of 2004. For the fourth quarter, net sales increased 15% to $1.33 billion due to higher pricing, currency effects, and volume. However, net earnings declined to a loss of $57 million due to higher interest expenses, impairment charges, and unusual items. For the full year, net sales increased 10% to $5.07 billion but net earnings declined to a loss of $175 million mainly due to restructuring charges, interest expenses, and impairment charges. Celanese expects adjusted EBITDA to increase 25-30% in the first quarter of 2005 and grow 12-17% for the full year 2005.
Tegma, a Brazilian logistics company, announced a 43.5% increase in net revenue in the first quarter of 2008 compared to the same period in 2007. Net revenue grew to R$211.9 million, fueled by a 44.7% increase in the automobile sector and a 38.2% increase in other sectors. The number of transported automobiles increased 30.9% to 230,000 vehicles. Adjusted EBITDAR rose 14.4% to R$25.8 million despite a 3.1 percentage point decline in the adjusted EBITDAR margin to 12.2% due to changes in revenue mix and lower volumes compared to the previous quarter.
PPG Industries reported strong financial performance in the second quarter of 2008. Sales grew 42% to a record $4.4 billion due to acquisition and organic growth. Segment earnings increased 18% despite inflationary pressures. Price increases contributed to growth, offsetting weak demand in automotive and construction. The company expects moderating growth and higher prices to offset costs in the third quarter.
Dover Corporation reported financial results for the first quarter of 2006 with record revenue of $1.67 billion, a 22% increase over the first quarter of 2005. Earnings per share increased 40% to $0.65 compared to $0.47 in the prior year. All of Dover's business segments experienced revenue, earnings, margin and backlog growth. The company also reported a strong quarter for free cash flow and reduced its net debt to capital ratio.
Google announced its financial results for the first quarter of 2009. While revenues were down slightly from the previous quarter, they grew 6% over the first quarter of 2008. Operating income was $1.88 billion, or 34% of revenues. Net income was $1.42 billion, with earnings per share of $4.49. The company continued to see strong growth in paid clicks and remains focused on long-term investments.
Eastman Kodak Company reported financial results for the fourth quarter and full year of 2007. Key highlights include:
- Q4 earnings of $92 million, up from a $15 million loss in the year-ago period. Digital revenue grew 15% in Q4 driven by growth in all digital businesses.
- The company met or exceeded all 2007 financial goals including an 8% increase in digital revenue, $176 million in digital earnings, and $333 million in net cash generation.
- Sales totaled $3.22 billion for Q4, up 4% from the prior year. Digital revenue was $2.26 billion, up 15%, while traditional revenue declined 15%.
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Telecom Italia 3Q 2012 Results â Operations â Marco PatuanoGruppo TIM
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- Telecom Italia Group reported results for the first 9 months of 2012. Domestic service revenues declined 7% year-over-year to âŹ12.9 billion, while EBITDA declined 4.5% to âŹ6.7 billion.
- In the fixed business, core service revenues declined 4.9% due to worse performance in the consumer and corporate segments. Broadband revenues increased slightly.
- Mobile revenues declined 11.5% due to regulatory impacts on roaming revenues and wholesale business. Service revenues declined 12.6% and handset revenues increased 29.5%.
- The company is pursuing efficiency initiatives and confirmed its full-year targets for revenues and EBITDA despite challenges
T-Mobile reported strong financial and customer growth results for the second quarter of 2016, with 1.9 million total net customer additions, record low branded postpaid phone churn of 1.27%, $225 million in net income, and 35.6% growth in adjusted EBITDA year-over-year. The company continued expanding and enhancing its 4G LTE network coverage and saw increased 4G LTE speeds, maintaining its position as the fastest nationwide 4G LTE network in the US. T-Mobile raised its full-year 2016 customer and financial guidance.
- Sales increased 6% to $1.26 billion in Q3 2007 due to strong industrial demand, while earnings grew modestly to $41.2 million due to higher costs.
- For the first nine months of 2007, sales increased 4% to $3.89 billion while earnings grew 6% to $171.1 million, constrained by higher material and manufacturing expenses.
- The company expects full-year 2007 earnings per share of $2.40-$2.50, anticipating stronger performance driven by industrial growth and improvements offsetting cost pressures.
Third Quarter 2009 Earnings Review
- Sales were $740 million, with net earnings of $0.57 per diluted share excluding special items. Volume grew across Specialty Chemicals due to customer restocking and auto programs. Cost reductions benefited Coating Resins earnings. Engineered Materials saw lower volumes due to destocking and build rate declines.
- Full year 2009 guidance estimates adjusted EPS between $0.80 to $1.00 per share. Outlook anticipates operating earnings declines in Coating Resins but increases in other segments. Capital expenditures are estimated at $180-190 million.
- The company enhanced liquidity by reducing debt $153 million year-to-date, increasing cash
The document summarizes Bruker Corporation's Q2 2015 earnings presentation. Key points include:
- Revenues declined 13% year-over-year to $396 million due to currency headwinds and divestitures. Organic revenue growth was 1%.
- Non-GAAP earnings per share were $0.19, down 10% from the prior year.
- For the first half of 2015, revenues declined 15% to $749.5 million but non-GAAP operating margins increased by 90 basis points.
1) Hering reported strong financial results in 2009 with total gross revenue increasing 39.4% and EBITDA growing 71.9% to R$154 million.
2) The company expanded its store network opening 46 Hering Stores and 15 PUC Stores in 2009.
3) Same-store sales increased 27.2% in 2009 and 32.6% in the fourth quarter driven by increased store traffic.
4) Gross margins improved with the gross margin excluding depreciation reaching 53.1% in the fourth quarter.
5) The company outlined plans to further expand the Hering Store network to 405 stores by 2012 focused on
Bruker Corporation reported financial results for Q1 2015 with revenues of $353.5 million, down 17% year-over-year due to currency impacts and divestitures. Non-GAAP earnings per share were $0.14, up 27% from $0.11 in Q1 2014, driven by restructuring initiatives and operational improvements. For full-year 2015, Bruker expects organic revenue growth of approximately 1% and over 100 basis points of non-GAAP operating margin expansion despite currency headwinds.
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Bruker Corporation reported financial results for Q1 2014 with the following highlights:
- Revenue increased 8% year-over-year to $423.7 million, with growth in all three business segments.
- Non-GAAP earnings per share increased 38% to $0.11 compared to $0.08 in Q1 2013.
- Operating margin expanded 160 basis points to 7.6% driven by revenue growth and operating expense control.
- The company reiterated its full-year 2014 guidance for revenue growth of 3-4% and non-GAAP EPS growth of 10-14%.
Rockwell Collins reported financial results for the 3rd quarter of FY2015, with sales increasing 2% to $1.264 billion compared to the previous year. Income from continuing operations increased 9% to $178 million. Commercial Systems sales increased 5% and operating earnings increased 8%, while Government Systems sales decreased 1% and operating earnings decreased 4%. For the nine month period, sales increased 8% to $3.86 billion and income from continuing operations increased 15% to $510 million. The company provided guidance for FY2015 with total sales expected between $5.25-5.3 billion and earnings per share of $5.15-5.25.
Goodrich Corporation announced strong financial results for the second quarter of 2005 and increased its full year 2005 outlook. Net income for Q2 2005 was $76 million, up 91% from the previous year. Sales increased 20% to $1.353 billion. The company increased its full year 2005 outlook for sales to $5.2-5.3 billion and net income per share to $2.00-$2.10. The improved results were driven by growth in commercial aerospace, defense, and all other market channels. Management attributed the performance to the commercial aerospace upturn and strong demand for defense products.
- TelefĂłnica reported results for the first half of 2013, with revenues declining 7.8% year-over-year but growing 0.5% organically. OIBDA declined 9.7% year-over-year but was roughly stable at âŹ9.4 billion excluding foreign exchange impacts.
- Commercial activity was strong in the second quarter, with record smartphone additions of 8.2 million. This helped recover organic revenue growth.
- Cash flow generation was also strong, with free cash flow of âŹ1.9 billion in the second quarter alone. Net debt was reduced by âŹ10 billion since mid-2012.
- Performance was led by Latin America, with Brazil in particular seeing double-
Worldwide revenues for the second quarter of 2006 decreased 9% compared to the second quarter of 2005, primarily due to declines in volumes and price/mix across several strategic product groups. Digital product sales increased 6% due to the Creo acquisition, while traditional product sales decreased 22%. Gross profit margin declined 4.1 percentage points due to higher manufacturing costs and declines in volumes and price/mix. The Consumer Digital Imaging Group saw a 6% revenue decrease due to lower volumes and price/mix, with a 3.4 percentage point decline in gross margin.
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Pilgrim's Pride Corporation reported financial results for the 2008 fiscal year second quarter. Net loss was $1.67 per share compared to a net loss of $0.60 per share in the previous year's second quarter. Results included restructuring charges related to plant and distribution center closings. Feed costs, the largest expense, increased $200 million from the prior year due to higher corn and soybean meal prices. The company also sold its turkey business. Industrywide production cutbacks and declining egg sets were expected to improve pricing in the second half of the fiscal year as unused capacity is reduced and seasonal demand increases.
The 2004 annual report of Crown Holdings, Inc. provides financial highlights and a letter to shareholders. Key details include:
- Net sales grew 8.6% to $7.2 billion in 2004, with segment income up 31.3% and net income of $51 million compared to a loss of $32 million in 2003.
- Free cash flow was $266 million in 2004, down from $314 million in 2003 but supporting debt reduction.
- All operating divisions saw sales, segment income, and margin growth in 2004 both with and without currency effects.
- Research and development led to numerous new product innovations helping drive further business improvements.
- The report outlines goals to continue strengthening operations and pursuing growth opportunities
Dover Corporation reported third quarter 2008 results with revenue increasing 5% year-over-year to $2 billion and earnings per share increasing 13% to $1.01. Free cash flow was up 4% to $306 million for the quarter. Segment margins increased slightly to 15.9% while organic growth was 2.8% and acquisition growth was 1.7%. The company completed its $500 million share repurchase program for the quarter, repurchasing $114 million in shares.
This document is Dover Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended March 31, 2006. It includes Dover's condensed consolidated financial statements for the quarter, including statements of operations, balance sheets, cash flows, and stockholders' equity. It also includes notes to the financial statements regarding the basis of presentation, new accounting pronouncements related to stock-based compensation, and segment information. The report indicates Dover's revenues for the quarter increased 22% to $1.67 billion compared to the same period in 2005.
The document is Pilgrim's Pride Corporation's 2007 annual report. It discusses key events from fiscal year 2007, including completing the acquisition of Gold Kist Inc. to become the world's largest chicken company, achieving $150 million in annualized cost savings from integrating the two companies, and returning to profitability due to higher pricing and export demand despite rising feed costs. It also notes challenges around operational inefficiencies and higher production and freight costs. Going forward, the company will focus on automation investments to improve efficiency and help address tight labor markets and input cost pressures.
The 2008 annual report summarizes Gannett Co.'s financial performance for the year and initiatives to transform the company. Operating revenues declined 9% to $6.8 billion due to economic challenges. Net income would have been $747 million without $8.4 billion in impairment charges, resulting in a reported net loss of $6.65 billion. The company continued investing in its digital strategy through acquisitions and partnerships. It also restructured operations to reduce costs and focus on revenue opportunities while delivering local news across multiple platforms. Gannett made progress in its transition despite economic headwinds.
Dover Corporation reported financial results for the third quarter of 2005, with the following key points:
1) Revenue increased 13% to $1.56 billion compared to the prior year period, and income and earnings per share from continuing operations reached their highest levels since 2000.
2) The company completed $960 million in acquisitions in the third quarter to add new companies that are expected to help achieve growth targets and enhance shareholder value.
3) Segment results were mixed, with Resources achieving a record quarter while Commercial Equipment declined due to hurricane impacts, but the company remains cautiously optimistic about performance prospects for the fourth quarter.
Motorola announced record second quarter sales and earnings, with sales up 17% to $8.83 billion and earnings per share up 52% to $0.38. Mobile device shipments reached a record 33.9 million units, representing 18.1% of the global market. All four of Motorola's business segments grew profitability. For the third quarter, Motorola expects sales between $8.9-9.1 billion and earnings per share of $0.27-0.29.
Motorola reported record quarterly and annual sales and shipments. For the fourth quarter, sales were $11.8 billion, up 17% from the previous year. Shipments of mobile devices totaled 65.7 million units. Earnings from continuing operations were $0.21 per share, including charges. For the full year, sales reached a record $42.9 billion, up 22% compared to 2005. Motorola shipped a record 217.4 million mobile devices and expects first quarter 2007 sales to be between $10.4-10.6 billion.
- MeadWestvaco reported net income of $28 million for 2005, which included after-tax losses from discontinued operations of $91 million related to the sale of its printing and writing papers business.
- Using proceeds from the sale, MeadWestvaco repurchased 12% of its outstanding shares and reduced its total debt by $1 billion to improve its financial position.
- All of MeadWestvaco's businesses experienced significantly higher costs for raw materials, energy and freight in 2005 compared to 2004, offsetting gains from higher selling prices. MeadWestvaco's packaging and specialty chemicals businesses were also impacted by a Gulf Coast hurricane in 2005.
- MeadWestvaco reported net income of $28 million for 2005, down from a net loss in 2004, due to proceeds from selling its printing and writing papers business.
- Using the sale proceeds, MeadWestvaco repurchased 12% of outstanding shares, reduced total debt by $1 billion, and returned value to shareholders.
- However, MeadWestvaco faced significant cost inflation from higher energy and raw material costs in 2005, which offset improvements from higher selling prices.
Goodrich Corporation announced a 87% increase in fourth quarter 2005 net income per share compared to fourth quarter 2004. Fourth quarter 2005 sales increased 11% year-over-year to $1.398 billion. For full year 2005, net income was $264 million, or $2.13 per share, on sales of $5.397 billion. Goodrich reiterated its 2006 outlook of sales between $5.6-5.7 billion and earnings per share of $2.20-2.40, representing 12-22% growth over 2005.
Goodrich Corporation announced a 87% increase in fourth quarter 2005 net income per share compared to fourth quarter 2004. Fourth quarter 2005 sales increased 11% year-over-year to $1.398 billion. For full year 2005, net income was $264 million, or $2.13 per share, on sales of $5.397 billion. Goodrich reiterated its 2006 outlook of sales between $5.6-5.7 billion and earnings per share of $2.20-2.40, representing 12-22% growth over 2005.
Motorola reported record third quarter sales and earnings. Sales increased 26% to $9.42 billion and earnings per share increased 283% to $0.69. Mobile device shipments reached a record 38.7 million units and global market share increased 5.5 percentage points to 19%. All four of Motorola's business segments grew profitably with the mobile devices segment achieving a record $5.6 billion in sales. Motorola provided an outlook for fourth quarter 2005 sales between $10.3-10.5 billion and earnings per share of $0.32-0.34.
Motorola reported financial results for the first quarter of 2004 with sales of $8.6 billion, up 42% from the previous year, and net earnings of $609 million, up 257% over the previous year. The company ended the quarter with a net cash position of $902 million, the first time in over 35 years. Motorola provided guidance for the second quarter of 2004 of sales between $8.2-8.6 billion and earnings per share of $0.14-0.18, excluding potential impacts from the proposed IPO of its semiconductor business.
Black & Decker reported first quarter earnings of $1.45 per share from continuing operations, an 11% increase over the prior year. Sales increased 1% to $1.5 billion due to growth in power tools, hardware, and fastening systems segments, partially offset by currency impacts. The company expects mid-single digit sales growth and modest operating margin improvements for the full year.
Black & Decker reported first quarter 2006 net earnings from continuing operations of $113.1 million, or $1.45 per diluted share, an 11% increase over the prior year. Sales increased 1% to $1.5 billion due to growth in international markets and an acquisition, partly offset by a divestiture. The company declared a quarterly dividend of $0.38 per share and expects full year 2006 diluted EPS from continuing operations of $7.30 to $7.45, representing 8-11% growth over the prior year.
TRW Automotive reported fourth quarter and full year 2005 financial results, with sales of $3.1 billion for Q4 2005, a 1.6% decrease from the prior year. Net earnings for Q4 2005 were $59 million compared to a net loss of $62 million in the prior year. For the full year 2005, sales were $12.6 billion, a 5.3% increase from 2004, and net earnings were $204 million compared to $29 million in 2004. TRW provided guidance for 2006 of sales between $12.8-13.2 billion and EPS of $1.05-1.30, excluding a $57 million debt retirement charge.
TRW Automotive reported third quarter 2005 financial results with sales of $2.9 billion, up 6.5% from the prior year. Net earnings were $10 million, lower than the $13 million in the prior year due to higher restructuring costs and commodity inflation. The company completed the acquisition of Dalphimetal, enhancing its occupant safety business. For the full year, TRW expects revenues of $12.6 billion and earnings per share of $1.65-$1.80, excluding certain one-time items.
Full year earnings and operations update from Marcellus driller EQT, issued in Jan. 2013. The report shows a year over year large drop in revenue for the company, largely due to asset sales in 2011 making that year more profitable than it otherwise would have been, and taking some accounting write downs in 2012, along with lower natgas prices. The report says EQT drilled 135 natural gas wells in 2012 and all but 8 of them were in the Marcellus Shale. Marcellus production was up an astonishing 85% in 2012 over the previous year.
air products & chemicals Q4 FY 08 earningsfinance26
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- Air Products reported fiscal Q4 EPS from continuing operations of $1.26, up 10% from $1.15 in the prior year on an adjusted basis. Fiscal year 2008 sales increased 14% to $10.4 billion and income from continuing operations grew 16% to $1.1 billion.
- For fiscal year 2009, Air Products expects EPS to be in the range of $5.10 to $5.35, representing year-over-year earnings growth on a continuing operations basis of 1% to 6%.
- The Timken Company reported record sales of $5.2 billion for 2005, up 15% from the previous year, and net income increased sharply to a record $260.3 million.
- Strong demand across industrial markets drove the sales growth. The company made investments to improve operations and profitability through initiatives like Project ONE.
- For 2006, the company expects continued financial improvement, and estimates earnings per share of $2.65 to $2.80, excluding special items. Global industrial markets are expected to remain strong.
Dover reported strong financial results for Q2 2005. Sales increased 16% year-over-year to a record $1.585 billion. Earnings per share from continuing operations grew 17% to $0.61. All six of Dover's business segments saw sales growth. Margins improved sequentially as the company recovered a higher percentage of increased commodity costs compared to prior periods. Dover completed one small acquisition and expects to report significant M&A progress in the coming months. Management is focused on improving operating metrics and sees opportunities for continued positive results in the second half of the year.
Motorola reported strong financial results for the second quarter of 2004, with sales increasing 41% compared to the second quarter of 2003. However, Motorola reported a net loss due to a large non-cash tax expense related to the IPO of Freescale Semiconductor. Excluding this tax expense, pre-tax earnings increased significantly. All of Motorola's business segments saw sales increases, with the Personal Communications segment experiencing the largest growth. Motorola provided guidance for the third quarter of 2004 with sales expected to increase 25-30% and earnings per share of $0.15 to $0.19.
Clear Channel Communications reported financial results for the fourth quarter and full year of 2005. For the fourth quarter, revenue declined 1% to $1.76 billion compared to the same period in 2004. For the full year, revenue remained flat at $6.61 billion compared to 2004. Notable events in 2005 included the successful IPO of Clear Channel Outdoor and spin-off of Live Nation. Clear Channel also returned over $1.4 billion to shareholders through share repurchases and dividends. Looking ahead, management is optimistic about growth opportunities across radio, outdoor, and television and intends to return an additional $1.6 billion to shareholders.
- TriQuint announces its financial results for the first quarter of 2009, with revenue up 7% year-over-year to $118.9 million despite a 20% sequential decline.
- The company reduced inventory by $19.8 million from the previous quarter and had a book to bill ratio of 1.14.
- For the second quarter of 2009, TriQuint estimates revenue between $140-150 million, with non-GAAP net income expected to range between $0.02-0.04 per share.
Smurfit-Stone reported a net loss of $19 million for Q1 2005, an improvement from a $66 million loss in Q1 2004. Net sales increased 8% to $2.1 billion. The company continued to face cost pressures from higher energy, fiber, and employee benefit costs which narrowed margins. However, demand was improving and costs were expected to moderate for the rest of the year, leading the company to expect a return to profitability in Q2 2005.
Smurfit-Stone Container Corporation reported second quarter 2005 net income of $1 million, an improvement from a $10 million net loss in the second quarter of 2004. Sales increased to $2.2 billion from $2 billion in the prior year period. For the first half of 2005, the company reported a net loss of $18 million, an improvement from a $76 million net loss in the first half of 2004, with sales of $4.2 billion compared to $4 billion in the prior year. The company expects third quarter results to be negatively impacted by unfavorable pricing trends but anticipates increased packaging demand in the seasonally strong period.
Smurfit-Stone Container Corporation reported a net loss of $229 million or $0.90 per share for Q3 2005, primarily due to a $293 million pretax restructuring charge related to mill closures in Canada and a paper machine closure. Net sales were $2.1 billion, down from $2.2 billion in Q3 2004. For the first nine months of 2005, the net loss was $247 million or $0.97 per share, compared to a net loss of $48 million or $0.19 per share for the same period in 2004. The company expects costs to increase in Q4 due to higher energy and freight expenses, while average corrugated prices are expected to
- Smurfit-Stone Container Corporation reported a net loss of $92 million for Q4 2005 and a net loss of $339 million for the full year 2005.
- Market conditions were unfavorable in the first half of 2005 with declining containerboard and corrugated prices but began to improve in Q4 2005. However, higher energy and fiber costs negatively impacted results.
- The company expects better comparisons going forward as market conditions improve but not meaningful sequential earnings growth in Q1 2006 due to seasonal factors and cost pressures.
- Smurfit-Stone Container Corporation reported a net loss of $64 million for Q1 2006 compared to a net loss of $19 million in Q1 2005.
- Net sales were $2.1 billion for Q1 2006, comparable to Q1 2005. However, higher costs such as energy and freight, as well as lower containerboard and corrugated prices, negatively impacted year-over-year results.
- The company expects results to improve in Q2 2006 but not reach breakeven, and anticipates returning to profitability in Q3 2006 as prices have rebounded and benefits from strategic initiatives continue.
Smurfit-Stone Container Corporation reported financial results for the second quarter of 2006. The company reported a net loss of $44 million compared to net income of $1 million in the second quarter of 2005. Sales were flat at $1.76 billion. For the first half of 2006 the company reported a net loss of $108 million compared to a net loss of $18 million in the first half of 2005, with sales of $3.5 billion, consistent with the previous year. The company's containerboard and corrugated containers segment saw improved operating profits compared to the previous quarter and previous year.
1) Smurfit-Stone Container Corporation reported a net income of $22 million or $0.09 per diluted share for Q4 2006, compared to a net loss of $0.36 per diluted share in Q4 2005.
2) For full year 2006, Smurfit-Stone reported a net loss of $71 million or $0.28 per diluted share, an improvement from a net loss of $339 million or $1.33 per diluted share in 2005.
3) The company exceeded its cost reduction target for 2006 from its strategic initiatives program, achieving $243 million in savings, and expects further meaningful earnings growth in 2007.
1) Smurfit-Stone Container Corporation reported a net loss of $55 million for the first quarter of 2007 compared to a net loss of $0.25 per share in the first quarter of 2006.
2) The company announced plans to close two containerboard mills with 200,000 tons of annual capacity and restart a previously idled paper machine with 170,000 tons of annual capacity to realign its mill system.
3) While costs increased due to higher wood and recycled fiber prices, the company expects improved second quarter results and a return to profitability due to moderating costs and stronger demand.
Smurfit-Stone Container Corporation reported financial results for the second quarter of 2007, with the following highlights:
1) Operating profits were up 59% from the previous quarter and 16% from the second quarter of 2006, driven by higher average prices across major product lines.
2) Sales increased 6% year-over-year to $1.87 billion for the second quarter.
3) The company expects higher mill production and continued price improvements to drive further financial gains in the third quarter.
Smurfit-Stone Container Corporation reported improved financial results in the third quarter of 2007 compared to the previous quarter:
- Adjusted net income nearly doubled from the second quarter, reaching $28 million.
- Strategic initiatives led to $18 million in quarterly benefits from cost reductions.
- Debt was reduced by $328 million through the sale of the Brewton, Alabama mill.
While earnings are expected to decrease in the fourth quarter due to seasonal factors, management expects ongoing benefits from strategic cost cutting initiatives and capital investments to drive continued margin improvements.
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
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In World Expo 2010 Shanghai â the most visited Expo in the World History
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Chinaâs official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expoâs official magazine distributed throughout the Expo, showcasing Chinaâs New Generation of Leaders to the World.
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
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This presentation explores the pivotal role of KYC compliance in shaping and enforcing global regulations within the dynamic landscape of cryptocurrencies. Dive into the intricate connection between KYC practices and the evolving legal frameworks governing the crypto industry.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
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Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
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Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
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Learn how financial planner Mike Baumann helps individuals and families articulate their financial aspirations and develop tailored plans. This presentation delves into budgeting, investment strategies, retirement planning, tax optimization, and the importance of ongoing plan adjustments.
Discovering Delhi - India's Cultural Capital.pptxcosmo-soil
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Delhi, the heartbeat of India, offers a rich blend of history, culture, and modernity. From iconic landmarks like the Red Fort to bustling commercial hubs and vibrant culinary scenes, Delhi's real estate landscape is dynamic and diverse. Discover the essence of India's capital, where tradition meets innovation.
In World Expo 2010 Shanghai â the most visited Expo in the World History
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Chinaâs official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expoâs official magazine distributed throughout the Expo, showcasing Chinaâs New Generation of Leaders to the World.
1. FOR IMMEDIATE RELEASE
CONTACT: READ IT ON THE WEB
Robert G. Kuhbach www.dovercorporation.com
Vice President Finance &
Chief Financial Officer
(212) 922-1640 April 19, 2005
DOVER REPORTS FIRST QUARTER 2005 RESULTS
New York, New York, April 19, 2005 - Dover Corporation (NYSE: DOV) earned $100.3 million or
$.49 diluted earnings per share (EPS) from continuing operations for the first quarter ended
March 31, 2005, compared to $83.8 million or $.41 EPS from continuing operations in the
comparable period last year, an increase of 20%. Net earnings for the first quarter of 2005 were
$98.1 million or $.48 EPS, including $2.1 million of losses from discontinued operations
compared to $83.1 million or $.41 EPS, for the same period of 2004, which included $0.7 million
of losses from discontinued operations. Sales for the first quarter of 2005 were a record
$1,449.0 million, an increase of 17% as compared to $1,242.4 million for the comparable period
last year.
Commenting on the results and the current outlook, Doverâs Chief Executive Officer, Ronald L.
Hoffman, said, âDoverâs strong first quarter operating results reflect our success in building on
the momentum we established in 2004. Compared to the prior year quarter, all six of our
operating segments realized sales gains, four generated improved earnings and three had
better operating margins. I am encouraged by the fact that our results showed sequential
improvement in sales, earnings, bookings and backlog, which suggest that we are likely to see
continued improvement in the coming quarter.
âI am particularly pleased that our Industrial companies showed continued strong sales and
earnings growth, especially in our North American markets. All four Industrial segments
achieved year-over-year earnings gains and double-digit revenue increases, and many of these
companies were able to establish and maintain price increases for their products in very
competitive markets. Dover Resources, our sales, earnings and margin leader, continues to
benefit from a petroleum market driven by high and reasonably stable commodity prices.
âAll of our companies continue to drive improvements in their operations, including lowering
costs through sourcing and process improvements, while bringing new products to market at the
same time. While results in the Electronics and Technology segments still lag last yearâs levels,
there is some evidence to suggest that the global technology industry may have found the
bottom of the cycle. Booking trends in both the CAT and Components groups improved during
the quarter and we are hopeful that we will build on that trend.
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2. 2
âAs previously announced, Dover now reports its results in six segments and 13 operating
groups. This new operating structure has already begun to improve our focus on markets
served and enhance our management capacity to react to growth opportunities. We also feel
that it will provide improved visibility to our shareholders. Our balance sheet remains very
strong and we continue to actively search for acquisition candidates that meet Doverâs financial
and operating criteria.quot;
âOverall, we are pleased with the first quarter performance of our companies and look forward to
building on that success,â Mr. Hoffman concluded.
SEGMENT RESULTS
Diversified
Three Months Ended March 31,
(in thousands, unaudited) 2005 2004 % Change
Net sales $ 222,927 $ 184,907 21%
Earnings 24,303 22,265 9%
Operating margins 10.9% 12.0%
Bookings 272,072 218,092 25%
Book-to-Bill 1.22 1.18
Backlog 342,758 264,098 30%
Diversified achieved a 9% earnings improvement over the prior year, with favorable year-over-
year comparisons in both the Industrial Equipment and Process Equipment groups. Bookings
were up 25%, producing a 1.22 book-to-bill and a record backlog. The bookings increase was
driven by military orders and a robust construction market in the Industrial Equipment Group.
Diversified expects to achieve better results in the second quarter as a result of its recent
acquisition and continued focus on operational improvements.
The Industrial Equipment groupâs sales were up 30%, driven mainly by the companies serving
the commercial aerospace and construction markets, although earnings rose only 5%. The
January 2005 acquisition of Avborne, an aircraft maintenance, repair and overhaul business,
provided nearly half of the sales growth, but lowered margins due to initial acquisition and
integration costs as well as lower overall margin levels. As the year progresses, this strategic
acquisition is expected to produce improved results as synergies and cost efficiencies are
realized. The groupâs margins were further reduced by a one-time labor contract renewal
expense and steel cost increases passed through to customers at no markup. The automotive
and powersports businesses were flat, as strong North American markets were offset by
softness in Europe. Bookings rose 39% and backlog grew 20%, generating a book-to-bill ratio of
1.29.
The Process Equipment group achieved a 14% earnings improvement on a 10% increase in
sales. The groupâs color control product sales to the printing industry were at record levels,
resulting in significant earnings and margin improvement. Though sales and earnings were flat
in the power generation and oil & gas markets, bookings remain on a positive trend. Results in
the heat exchanger market were negatively impacted by continued raw material price increases
and lower volumes in Europe. Bookings increased 6%, backlog grew 8% and book-to-bill was
1.12.
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3. 3
Electronics
Three Months Ended March 31,
(in thousands, unaudited) 2005 2004 % Change
Net sales $ 135,599 $ 110,372 23%
Earnings 10,334 11,103 -7%
Operating margins 7.6% 10.1%
Bookings 147,154 122,874 20%
Book-to-Bill 1.09 1.11
Backlog 110,361 84,012 31%
First quarter sales were 23% higher than the prior year period, reflecting gains at both the
Components and Commercial Equipment groups. Electronicsâ earnings for the quarter included
$2.4 million of special restructuring/severance charges in the Components businesses that
caused earnings to decline by 7% compared to the prior-year quarter. Electronicsâ sequential
quarterly sales and earnings were basically flat, inclusive of the restructuring/severance
charges. Quarterly bookings increased 15% over the prior quarter resulting in a quarter end
backlog of $110 million, up $12 million from year-end. Based on positive trends during the first
quarter, Electronics expects the second quarter to show improvement, although further
restructuring and integration efforts in the Components group will continue to impact results
during the balance of the year.
The Components group reported a 28% increase in sales over the prior-year quarter largely due
to the impact of the CFC and Voltronics acquisitions in 2004. Excluding the impact of
acquisitions, sales were up 1% as weaker telecom activity was offset by modest growth in
military and heavy truck markets. Compared to the previous quarter, Componentsâ sales were
5% higher as a result of improvements in most markets. Bookings advanced in the current
quarter as compared to the fourth quarter, and yielded a book-to-bill of 1.13. The strength in the
first quarter book-to-bill is attributed to strong orders in the heavy truck business, which is typical
of the first quarter, and generally improved orders in other markets. Componentsâ first quarter
2005 earnings were down 13% compared to the same period last year, and were negatively
impacted by special charges for plant consolidation and severance costs, most of which were
associated with Vectronâs announced plans to consolidate its North American manufacturing
operations. Excluding these charges, earnings rose by 22%, approximately two-thirds of which
was due to cost and process improvements and one-third of which was due to acquisitions.
Operating margins, excluding the special charges, were flat compared to the same period last
year as the margin improvements at the core business were offset by weak results at Vectronâs
CFC acquisition. Sequential quarterly earnings in Components rose 16%, inclusive of
restructuring/severance charges. Aside from blanket orders received in the heavy truck
business, order activity accelerated during the quarter, with total quarter- end backlog up 15%
from year-end.
Sales in the Commercial Equipment group rose 11% versus the prior-year first quarter, driven
by stronger ATM sales, but partly offset by weaker shipments in the chemical concentration
dispensing business. Sales declined 9% from the previous record quarter, which benefited from
very strong activity in the ATM business. Earnings were flat compared to the prior-year quarter
as higher infrastructure cost and incremental spending on sales and marketing and product
development activities offset the impact of higher sales volumes. Sequential quarterly earnings
declined by 21% as a result of the spending on growth initiatives as well as the impact from
lower sales volumes. Book-to-bill for the quarter was 0.97, and while order rates early in the
quarter were soft, the group ended the quarter on a strong footing.
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4. 4
Industries
Three Months Ended March 31,
(in thousands, unaudited) 2005 2004 % Change
Net sales $ 219,679 $ 195,603 12%
Earnings 25,220 21,060 20%
Operating margins 11.5% 10.8%
Bookings 223,159 228,559 -2%
Book-to-Bill 1.02 1.17
Backlog 206,258 201,213 3%
Industriesâ first quarter results exceeded the prior yearâs performance with positive earnings
comparisons in both the Mobile Equipment and Service Equipment groups. Segment revenues
increased for the eighth consecutive quarter, driven by market strength, share gains and
improved pricing. Although earnings continued to be negatively impacted by rising steel costs,
their impact on the first quarter results was largely mitigated by pricing increases made in 2004
and early 2005. Industries expects continued improvement in sales, earnings and margins in
the second quarter of 2005.
The Mobile Equipment group saw sales increase 15% while earnings grew over 30%. Strength
in the transportation markets coupled with strong sales to the military drove North American
segment revenues. Growth in the commercial construction market, along with a strong
replacement market, drove higher screed sales. Although the waste management equipment
market got off to a slow start, revenues did grow slightly versus 2004. Earnings growth across
the group was driven by higher volume, pricing and productivity gains. Bookings were down
3%, backlog was up over 4% and book-to-bill was 1.02, compared to the prior-year first quarter.
Revenues in the Service Equipment group grew 9%, and earnings increased 2%. Earnings
across the group were again affected by high steel costs. Although pricing increases made in
2004 and early 2005 helped to contain the negative impact of the majority of steel price
increases, pricing on market-sensitive products has been disciplined. Despite a soft automotive
industry, Service Equipment revenues increased, as a result of pricing and market share gains.
Carryover strength in the laser and machine tool markets resulted in a double-digit gain in chiller
sales. Although bookings and backlog were down slightly from 2004 levels, the book-to-bill ratio
was positive at 1.01.
Resources
Three Months Ended March 31,
(in thousands, unaudited) 2005 2004 % Change
Net sales $ 371,655 $ 290,792 28%
Earnings 63,768 47,248 35%
Operating margins 17.2% 16.2%
Bookings 405,088 336,105 21%
Book-to-Bill 1.09 1.16
Backlog 194,310 146,811 32%
Resources generated record sales, earnings, and bookings in the first quarter of 2005. All three
groups within Resources realized positive comparisons to the prior year with positive leverage
on increased sales in the Oil and Gas and Fluid Solutions groups. Based on robust market
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5. 5
conditions, relatively strong backlog as well as the continuing benefit of 2004 acquisitions,
Resources expects the second quarter to show further improvement.
The Oil and Gas Equipment group is experiencing the strongest market dynamics since the
early 1990âs, and the businesses within the group have done an excellent job of managing
capacity, material costs, material availability, and pricing. Earnings rose over 80% on a 57%
sales increase reflecting positive margin improvement. This group has also benefited from
incremental revenue and earnings improvements associated with the acquisition of US
Synthetic in the third quarter of 2004. Bookings for the Oil and Gas group were up 39%
compared to the prior year and backlog grew 26% with a 1.01 book-to-bill ratio.
The Fluid Solutions group had 22% higher sales and 28% earnings growth, producing positive
leverage, resulting from strong rail and truck transportation markets, increasing expenditures in
hydrocarbon and chemical processing, high utilization at refineries, and strong material
commodity prices. The companies in this group have a strong global presence and are
leveraging their position to increase their global sourcing activities, as well as their sales and
marketing presence in key international markets. Additionally, all of the businesses in this group
are reaping the benefits of their well-structured lean initiatives. The acquisition of Almatec in the
fourth quarter of 2004 also had a positive impact on group results. Bookings were up 21%,
backlog increased 34% and book to bill was 1.06.
The Material Handling group was the most challenged in Resources, but was still able to
generate a 3% earnings increase on a 17% sales increase. Those companies serving the
automotive business were negatively impacted by pricing pressures. The balance of the
businesses in this group experienced strong market conditions in their construction equipment,
military, mobile crane, and aerial lift markets. Ongoing cost reductions, as well as some pricing
improvements had a positive impact, but could not fully offset the effect of steel and energy
price increases. Bookings rose 11%, backlog grew 33% and the book-to-bill in Material Handling
was 1.18.
Systems
Three Months Ended March 31,
(in thousands, unaudited) 2005 2004 % Change
Net sales $ 165,602 $ 147,631 12%
Earnings 21,223 15,579 36%
Operating margins 12.8% 10.6%
Bookings 168,696 161,214 5%
Book-to-Bill 1.02 1.09
Backlog 139,038 112,500 24%
Systemsâ earnings improved by 36% over the same quarter in the prior year and 3%
sequentially. Favorable year-over-year earnings improvements were achieved by both the
Food Equipment group and the Packaging Equipment group of 29% and 32%, respectively.
Segment margins improved by 2.2 percentage points over the prior yearâs first quarter and by
1.1 percentage points over the preceding quarter due to well-executed pricing initiatives and
productivity programs. Sales were up 12% year-over-year, reflecting increases in both groups,
but down 6% sequentially due to normal quarterly fluctuations. The book-to-bill ratio for the
quarter was 1.02 and bookings were up 5% over the prior-year quarter, reflecting increases in
both the Food Equipment and Packaging Equipment groups. Backlog was up substantially
compared to last year in all operations.
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6. 6
The Food Equipment group had a strong first quarter, with earnings up 29% on a 14% sales
increase. Margins improved by 13% over the prior-year quarter and 21% over the preceding
quarter. Supermarket equipment sales and earnings were also up over the prior-year quarter,
reflecting strong backlog entering 2005 and the continued strong capital programs of several
major customers. Foodservice equipment sales were flat as compared to the previous year, but
rose 6% sequentially. Margins on foodservice equipment also improved sequentially, but were
below the prior-year level due to material cost increases and increased discounting and rebates.
Group bookings were up 6% over the prior year, backlog grew 23%, primarily as a result of
increases in supermarket equipment bookings, and book-to-bill was 1.04.
The Packaging Equipment groupâs sales were up 9% compared to the first quarter of 2004 due
to increased sales of can necking and trimming equipment, which rose 70%. This increase was
partially offset by lower sales of packaging closures and automated packaging systems.
Closure systems revenue was down due to slower demand in Europe, but bookings have picked
up in the last two months of the quarter. Bookings and backlog for automated packaging
equipment continued to be slow. Packaging Equipment group earnings were up 32% over the
prior year first quarter, but down 12% sequentially. The year-over-year increase was due to
strong shipments at the can necking and trimming division. Bookings were up 2%, backlog
increased 24% and the book-to-bill ratio for the quarter was .97.
Technologies
Three Months Ended March 31,
(in thousands, unaudited) 2005 2004 % Change
Net sales $ 336,036 $ 315,244 7%
Earnings 20,941 26,583 -21%
Operating margins 6.2% 8.4%
Bookings 378,448 363,737 4%
Book-to-Bill 1.13 1.15
Backlog 205,430 195,393 5%
Technologies' results reflect sales, earnings and margin improvements in the Product
Identification and Printing group (PIP), which were offset by sales and significant earnings
declines in the Circuit Assembly and Test (CAT) group. Based on modest improvements in
bookings and backlog, and positive book-to-bill ratios, Technologies is optimistic that the market
for production equipment is showing some positive signs of improvement. The markets served
by the PIP companies have also seen some favorable indicators in the printing equipment
markets, and the acquisition of Datamax late last year is contributing to improving comparisons.
The CAT companies experienced a 7% sales and a 61% earnings decline versus the prior-year
period, and a 10% sales and 36% earnings decline compared to the prior quarter, largely due to
the significant fall-off in activity in companies serving the back end semiconductor industry. The
semiconductor sector experienced strong growth going into 2004, a trend that reversed itself in
the third quarter of last year. Given the 13% improvement in bookings over the prior quarter,
which were the highest since the second quarter of 2004, a book-to-bill of 1.16, and a 28%
increase in backlog over the end of the prior quarter, most of the CAT companies are cautiously
optimistic that the second quarter's results will show improvement, although not to the levels
achieved in the second quarter of 2004.
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7. 7
The PIP companies had sales and earnings gains of 43% and 47%, respectively, over the prior
year period, largely driven by the impact of the Datamax acquisition completed late in 2004.
Compared to the prior year first quarter, bookings were up 34%, backlog grew 21% and the
book-to-bill was 1.07, driven both by the Datamax acquisition as well as core growth. For the
quarter, the product identification companies showed strong activity in the Americas and Asia,
which was somewhat offset by weakness in western European countries. The economic
slowdown in key markets, as well as announcements of new product releases and product mix,
contributed to lower than expected sales, profits and margins. The package printing equipment
companies, however, achieved their best first quarter performance in five years, reflecting
strong activity in eastern European markets and specialty printing applications. The PIP group
expects improvements in sales, earnings and margins in the second quarter.
Other Information:
During the first quarter of 2005, Dover acquired four add-on companies: two in Technologies,
one in Diversified, and one in Electronics. The largest of these acquisitions was Avborne
Accessory Group, Inc., a leading supplier of aircraft repair and overhaul services, and related
parts, which is an add-on company to Sargent in the Diversified segment. These acquisitions
did not have a material impact on the companyâs quarterly financial earnings. For the first
quarter of 2005, Doverâs investment in acquisitions was $100.7 million. The company made no
acquisitions in first quarter of 2004.
Of the 17% consolidated revenue growth in the first quarter, 7% came from existing businesses,
with 8% from acquisitions and the balance of 2% reflected currency translation.
Net losses from discontinued operations for the quarter were $2.1 million compared to net
losses of $0.7 million for the same period last year. In the first quarter of 2005, Dover
discontinued a small business in the Industries segment, which resulted in a net charge of $2.3
million. This business was subsequently sold on April 1, 2005. Comparatively, during the first
quarter of 2004, Dover sold a small Components group business (then in the Technologies
segment) resulting in a gain of $6.5 million, net of tax, which was offset by an adjustment to fair
value of two discontinued businesses from the Diversified segment, resulting in a charge of $6.9
million, net of tax.
The effective tax rate for continuing operations for the first quarter of 2005 was 25.4% compared
to last yearâs first quarter tax rate of 28.8%. A $5.5 million tax benefit, or a 4.1% tax rate
reduction, was recognized during the first quarter of 2005 as a result of a favorable United
States Tax Court decision related to a 1997 income tax return position. The tax reserve related
to this transaction was no longer required since the Tax Court decision became final during the
quarter and can no longer be appealed. Excluding the benefit of this discrete item, the slight
increase in the 2005 first quarter rate is primarily attributable to the 20% reduction in tax benefits
relating to U.S. export sales caused by the American Jobs Creation Act of 2004.
Net debt levels increased $124.1 million during the first quarter of 2005 as a result of
acquisitions and first quarter incentive compensation payments. Commercial paper borrowings
increased and the net debt-to-total-capitalization ratio grew by approximately two percentage
points during the period. The following table provides a reconciliation of net debt to total
capitalization with the generally accepted accounting principles (GAAP) information found in the
attached financial information.
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8. 8
March 31, December 31,
Net Debt to Total Capitalization Ratio (in thousands, unaudited) 2005 2004
Current maturities of long-term debt $ 251,227 $ 252,677
Commercial paper and other short-term debt 263,902 86,588
Long-term debt 755,443 753,063
Total debt 1,270,572 1,092,328
Less: Cash, equivalents and marketable securities 411,960 357,803
Net debt 858,612 734,525
Add: Stockholders' equity 3,139,013 3,118,682
Total capitalization $ 3,997,625 $ 3,853,207
Net debt to total capitalization 21.5% 19.1%
Free cash flow for the three months ended March 31, 2005 decreased as cash generated from
operations declined $85.0 million compared to last year. The 2005 decline in free cash flow
primarily reflects a change in net tax funding of $51.7 million and higher benefits
and compensation payouts in 2005. The following table is a reconciliation of free cash flow with
cash flows from operating activities.
Three Months Ended March 31,
Free Cash Flow (in thousands, unaudited) 2005 2004
Cash flow provided by operating activities $ 46,244 $ 131,283
Less: Capital expenditures (27,820) (20,931)
Dividends to stockholders (32,592) (30,479)
Free cash flow $ (14,168) $ 79,873
During the first quarter of 2005, corporate expenses increased $4.9 million compared to the
prior year due to higher compensation expenses, benefit costs as well as Sarbanes-Oxley
compliance expenses.
In an effort to provide investors with additional information regarding the companyâs results as
determined by GAAP, the company also discloses non-GAAP information which management
believes provides useful information to investors. Free cash flow, net debt and total
capitalization are not financial measures under GAAP, should not be considered as a substitute
for cash flows from operating activities, debt and equity, as determined in accordance with
GAAP and may not be comparable to similarly titled measures reported by other companies.
Management believes the net debt-to-total-capitalization ratio and free cash flow are important
measures of liquidity and operating performance because they provide both management and
investors a measurement of cash generated from operations that is available to fund
acquisitions and repay debt.
Dover will host a Webcast of its first quarter 2005 conference call at 9:00 AM Eastern Time on
Wednesday, April 20, 2005. The Webcast can be accessed at the Companyâs website at
www.dovercorporation.com. The conference call will also be made available for replay on the
website and additional information on Doverâs first quarter 2005 results and its operating
companies can also be found on the company website.
Dover Corporation makes information available to the public, orally and in writing, which may
use words like quot;expectsquot; and quot;believesquot;, which are quot;forward-looking statementsquot; under the
Private Securities Litigation Reform Act of 1995. This press release contains forward-looking
statements regarding future events and the performance of Dover Corporation that involve risks
and uncertainties that could cause actual results to differ materially including, but not limited to,
failure to achieve expected synergies, failure to successfully integrate acquisitions, the impact of
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9. 9
continued events in the Middle East on the worldwide economy, economic conditions, increases
in the costs of raw materials, customer demand, increased competition in the relevant market,
and others. Dover Corporation refers you to the documents that it files from time to time with
the Securities and Exchange Commission, such as its reports on Form 10-K, Form 10-Q and
Form 8-K, which contain additional important factors that could cause its actual results to differ
from its current expectations and from the forward-looking statements contained in this press
release.
Effective January 1, 2005, Doverâs results are reported in six segments, and thirteen groups
within those segments, and prior period results have been restated to reflect this realignment
(see the following chart). Restated segment details are available on the companyâs website at
www.dovercorporation.com
Subsidiary Group Companies
Diversified Industrial Equipment Crenlo Performance Motorsports
Sargent
Process Equipment CRL Graphics Microsystems
Hydratight Sweeney SWEP
Tranter PHE Waukesha Bearings
Electronics Commercial Hydro Systems Triton
Equipment
Components Dielectric Novacap
K & L Microwave Dow Key
Kurz-Kasch Vectron
Industries Mobile Equipment Heil Environmental Heil Trailer
Marathon Somero
Service Equipment Chief Automotive Koolant Koolers
PDQ Rotary Lift
Resources Fluid Solutions Blackmer OPW Fluid Transfer Group
OPW Fueling Components
RPA Technologies Wilden
Material Handling De-Sta-Co Industries Texas Hydraulics
Tulsa Winch Warn
Oil & Gas Equipment C. Lee Cook Energy Products Group
Systems Food Equipment DI Foodservice Hill Phoenix
Packaging Equipment Belvac SWF Tipper Tie
Technologies Circuit Assembly & Test Alphasem DEK Everett Charles
Hover-Davis OK International
Universal Vitronics
Product Identification &
Imaje Mark Andy
Printing
####TABLES TO FOLLOW
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10. 10
DOVER CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited) (in thousands, except per share figures)
Three Months Ended March 31,
2005 2004
Net sales $ 1,449,034 $ 1,242,380
Cost of sales 951,543 806,515
Gross profit 497,491 435,865
Selling and administrative expenses 351,437 303,177
Operating profit 146,054 132,688
Interest expense, net 16,147 14,680
All other (income) expense, net (4,479) 313
Total 11,668 14,993
Earnings from continuing operations, before
taxes on income 134,386 117,695
Federal and other taxes on income 34,121 33,886
Net earnings from continuing operations 100,265 83,809
Net (losses) from discontinued operations (2,131) (697)
Net earnings $ 98,134 $ 83,112
Basic earnings per common share:
- Continuing operations $ 0.49 $ 0.41
- Discontinued operations (0.01) -
- Net earnings $ 0.48 $ 0.41
Diluted earnings per common share:
- Continuing operations $ 0.49 $ 0.41
- Discontinued operations (0.01) -
- Net earnings $ 0.48 $ 0.41
Weighted average number of common shares outstanding during the period:
Basic 203,650 203,088
Diluted 204,904 204,763
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11. 11
DOVER CORPORATION
MARKET SEGMENT RESULTS
(unaudited) (in thousands)
Three Months Ended March 31,
SALES 2005 2004
Diversified $ 222,927 $ 184,907
Electronics 135,599 110,372
Industries 219,679 195,603
Resources 371,655 290,792
Systems 165,602 147,631
Technologies 336,036 315,244
Intramarket eliminations (2,464) (2,169)
Net sales $ 1,449,034 $ 1,242,380
EARNINGS
Diversified $ 24,303 $ 22,265
Electronics 10,334 11,103
Industries 25,220 21,060
Resources 63,768 47,248
Systems 21,223 15,579
Technologies 20,941 26,583
Subtotal continuing operations 165,789 143,838
Corporate expense/other (15,256) (11,463)
Net interest expense (16,147) (14,680)
Earnings from continuing operations,
before taxes on income 134,386 117,695
Federal and other taxes on income 34,121 33,886
Net earnings from continuing operations $ 100,265 $ 83,809
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12. 12
DOVER CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET AND STATEMENT OF CASH FLOWS
(unaudited) (in thousands)
March 31, December 31,
BALANCE SHEET 2005 2004
Assets:
Cash and cash equivalents $ 411,830 $ 357,606
Receivables, net of allowances for doubtful accounts 964,565 912,688
Inventories 813,254 775,741
Deferred tax & other current assets 117,283 103,912
Property, plant & equipment, net 750,119 756,680
Goodwill 2,209,913 2,149,780
Intangibles, net 523,705 529,277
Other assets 196,694 195,674
Assets of discontinued operations 11,157 10,821
$ 5,998,520 $ 5,792,179
Liabilities & Stockholders' Equity:
Short-term debt $ 515,129 $ 339,265
Payables and accrued expenses 832,370 835,247
Taxes payable and other deferrals 734,971 724,098
Long-term debt 755,443 753,063
Liabilities of discontinued operations 21,594 21,824
Stockholders' equity 3,139,013 3,118,682
$ 5,998,520 $ 5,792,179
Three Months Ended March 31,
CASH FLOWS 2005 2004
Operating activities:
Net earnings $ 98,134 $ 83,112
(Earnings) losses from discontinued operations, net of tax 2,131 697
Depreciation and amortization 42,496 38,201
Net change (increase) decrease in assets and liabilities (96,517) 9,273
Contributions to defined benefit pension plan - -
Net cash from (used in) operating activities 46,244 131,283
Investing activities:
Proceeds from the sale of property and equipment 1,156 1,424
Additions to property, plant and equipment (27,820) (20,931)
Proceeds from sale of discontinued business - 15,000
Acquisitions (net of cash and cash equivalents acquired) (100,668) -
Net cash from (used in) investing activities (127,332) (4,507)
Financing activities:
Increase (decrease) in debt 177,815 (37,691)
Cash dividends to stockholders (32,592) (30,479)
Purchase of treasury stock and proceeds from exercise of stock options 2,785 4,363
Net cash from (used in) financing activities 148,008 (63,807)
Effect of exchange rate changes on cash (9,999) (7,365)
Net cash from (used in) discontinued operations (2,697) (3,450)
Net increase (decrease) in cash & equivalents 54,224 52,154
Cash & cash equivalents at beginning of period 357,606 370,379
Cash & cash equivalents at end of period $ 411,830 $ 422,533
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