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Dover's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Fluids and our other industrial businesses also performed very well. The fluids performance was driven by significant investment we’ve made throughout the year and product development and growth in emerging markets.

At our Communication Technologies segment we saw extremely strong MEMS microphone activity, as well as solid life science and commercial aerospace markets. We expect the handset market to show high single-digit growth in 2012 with smartphone growth rate much higher.

Within our Printing & Identification segment, I’m encouraged by the actions taken by our Markem-Imaje team to deliver new products and expand our global sales and marketing activities. Our customers have responded very favorably to our new printers which are for broader market and application coverage than the prior generation. These investments in product and resources will drive even better growth in the coming year.

These strong performances helped offset continued fourth quarter headwinds in alternative energy and semi-con markets and weakness in telecom infrastructure markets. Despite these headwinds and general economic softness in Europe, we finished the year with the book-to-bill of 1, illustrating the depth and the resilience of our business mix. I feel we are well-positioned as we enter 2012.

For the full year of 2011, we achieved record revenue of $8 billion, up 20%, including organic growth of 11% and acquisition growth of 7%. Segment earnings were also a record, up 18%. Full year margin were 17%, a very strong result considering we absorbed over $30 million in deal cost and a significant increase in acquisition amortization. In addition to revenue and earnings, we set full year record for EPS and free cash flow. We also increase our dividend for the 56-consecutive-year.

During the year we took several important steps to better position Dover for the long-term. We realigned our businesses into a new segment structure to more closely match our five key growth markets. We also divested three businesses which did not fit our long-term strategy. We received over $0.5 billion in proceeds for these businesses and believe we have positively impacted our long-term profile.

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