Dover Corporation reported first quarter 2008 financial results with revenue increasing 8% year-over-year to $1.9 billion and EPS growth of 16% to $0.76. Business activity remained strong across segments with organic growth of 2.8% and acquisition growth contributing an additional 1.8% to revenue. Free cash flow was $104 million, significantly higher than the prior year. For the full year, the company expects organic revenue growth in the mid-single digits with margin improvement of 50-75 basis points and $312 million remaining for share repurchases.

1. Dover Corporation
First Quarter 2008
Conference Call
April 23, 2008
8:00 a.m. Eastern

2. Forward Looking Statements
We want to remind everyone that our comments
may contain forward-looking statements that are
inherently subject to uncertainties. We caution
everyone to be guided in their analysis of Dover
Corporation by referring to our Form 10K for a list of
factors that could cause our results to differ from
those anticipated in any such forward looking
statements.
We would also direct your attention to our internet
site, www.dovercorporation.com, where
considerably more information can be found.
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3. Dover’s Q1 2008 Performance
Q/Q
Q1 ‘08 Q1 ‘07
Revenue $1.9B $1.7B +8%
Continuing Earnings Per Share
EPS $0.76 $0.65 +16%
0.90
Segment Margins 14.1% 13.5% 60 bps
0.85
0.80
Organic Growth 2.8% 4.0%
0.75
Acquisition Growth 1.8% 12.8%
0.70
0.65 Free Cash Flow $104M $18M 5.8x
0.60
$3.22
0.55
• Business activity remains strong across the
0.50
portfolio
$2.88
0.45
0.40 • Book-to-bill was 1.06
$2.12
0.35
• Organic growth of industrial companies was 3.2%
0.30
0.25 • Energy, Fluid Solutions and Product ID platforms
0.20 performing at a high level
0.15
• Positive leverage at 3 of 4 segments
0.10
0.05 • Historically strong 1st quarter free cash flow at
0.00
5.6% of revenue
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
• Share repurchase activities on target
2005 2006 2007 ‘08
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4. Industrial Products
Revenue Operating Earnings
Mobile Equipment
• ($ in millions) ($ in millions)
(13% of Dover)
$583
– Revenue increase due to strong
$551
aerospace, military and oil field
$76
sales
– Earnings driven by volume and
cost reductions
$70
– Backlog up 15% vs. prior year,
Book-to-bill of 1.09
↑ 6% ↑ 8%
Material Handling
•
(18% of Dover)
– Business is mixed, strong
international, infrastructure and
military sales; U.S. automotive and
construction remains challenged
– CAMCO acquisition by De-Sta-Co:
sales integration complete
– Lantec acquired by Tulsa Winch in
March 2008 – integration begun
Q1 2007 Q1 2008
Q1 2007 Q1 2008
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5. Engineered Systems
Revenue Operating Earnings
Engineered Products
• ($ in millions) ($ in millions)
(16% of Dover)
$522
– Strong performance in
$492
refrigeration systems &
cases, heat exchangers
$64
– Tough comps in beverage
can equipment
↑ 6%
Product Identification
• ↑ 25%
$51
(12% of Dover)
– Revenue increase driven by
double-digit gains in direct
coding business
– Earnings reflect cost savings
realized from Markem•Imaje
integration activities, off-
setting $3M in related
expense
– Strong order backlog entering
second quarter.
Q1 2007 Q1 2008 Q1 2007 Q1 2008
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6. Fluid Management
Revenue Operating Earnings
Energy
•
($ in millions) ($ in millions)
(12% of Dover)
– Results driven by growth
$401
in U.S. oil and gas drilling
$85
and worldwide demand $359
for power generation
$74
– Operational
improvements and
product mix increased
↑ 12% ↑ 15%
earnings and margins
Fluid Solutions
•
(10% of Dover)
– General strength across
most industrial markets
– Business mix and
operational focus
improved earnings and
margins
– Backlog up 30%.
Q1 2007 Q1 2008
Q1 2007 Q1 2008
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7. Electronic Technologies
Revenue Operating Earnings
($ in millions) ($ in millions)
Electronic Technologies
•
$352
19% of Dover
$37 $36
$321
– Business activity is mixed
across the segment with
book-to-bill of 1.02
– Continued investments in
new products ↑ 10%
– $3M restructuring charges in
↓ 2%
the quarter (primarily
severance)
– Impact of restructuring
should result in $7 million of
savings for remainder of
year
– Inflationary pressures in
Asia (mainly China) from
currency and other costs
impacted margins by 100
bps
Q1 2007 Q1 2008
Q1 2007 Q1 2008
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8. Geographic Revenue Mix (Q1 2008)
Dover Growth Rate: 8%
Rest Of World
10.5%
6.5%
25.5%
ASIA
12.6%
United States
55.4%
Growth in Asia was driven by
Europe
21.5% increases in Electronic
5.5%
Technologies and Engineered
6.1%
Systems
First Quarter
Growth Rate
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9. Revenue Growth (Q1 2008)
Industrial Engineered Fluid Electronic Total
Products Systems Management Technologies Dover
Organic 1.1% 2.4% 7.7% 1.0% 2.8%
Acquisition 3.6% 0.0% 1.5% 2.0% 1.9%
Currency 1.2% 3.8% 2.6% 6.5% 3.2%
Total 5.9% 6.2% 11.8% 9.5% 7.9%
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10. PERFORMANCECOUNTS
Target Q1 2008 Q1 2007
Inventory Turns * 8 6.6 6.4
Earnings Growth 10% 8.8% 5.0%
Operating Margins 15% 14.1% 13.5%
WC as a % of Revenue 20% 19.1% 19.2%
ROI (Operating) 25% 25.8% 25.9%
* Dover has improved inventory turns four consecutive years
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11. First Quarter 2008 Overview
Net Debt to Capital Ratio
•
– 28.0%: up 60 bps over 2007 year-end, reflective of higher total debt
level to fund share repurchase program
Free Cash Flow
•
– $103.7 million; 5.6% of revenue
• Historically high for the 1st quarter
Effective Tax Rate
•
– 29.5%, up 120 bps
• Prior year benefited from discrete event and extension of R&D
credit.
Acquisitions
•
– One add-on by Tulsa Winch (Lantec Winch and Gear Inc.) for $22
million, net of cash acquired.
Share Repurchase Program
•
– Repurchased 3.6 million shares for $150 million.
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12. 2008 Outlook – Full Year
• Organic growth: mid single digits
• Margin improvement: Full year up 50 – 75 bps
• Capital expenditures: $150 – $175 million
• Interest expense: $88 - $92 million
• Full-year tax rate: 27% – 28% (quarterly variance)
• Free cash flow for full year: 10% of revenue
• Corporate expenses: $95 - $100 million
• Share repurchases remaining: $312 million
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