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Please note that our current earnings release, investor supplement and associated presentation can be found on our website, www.dovercorporation.com. This call will be available for playback through August 6 th and the audio portion of this call will be archived on our website for three months. The replay telephone number is 800-642-1687. When accessing the playback you’ll need to supply the following reservation code: 85-79-12-89.Before we get started I’d like to remind everyone that our comments today, which are intended to supplement your understanding of Dover, may contain certain forward looking statements that are inherently subject to uncertainties. We caution everyone to expand 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. Also we undertake no obligation to publicly update or revise any forward looking statements except as required by law. We would also direct your attention to our website where considerably more information can be found. And with that I’d like to turn this call over to Bob. Robert Livingston Thanks, Paul. Good morning, everyone, and thank you for joining us for this morning's conference call. I’m pleased to report Dover posted significant Q2 gains in revenue, bookings, earnings, and margin, reflecting improved volume across the majority of our companies and continued benefits of our productivity initiatives. Revenue increased 29% and orders were up 40%, both higher than we anticipated at the beginning of the quarter. Organic revenue growth was 24% while acquisitions contributed 4 points, and FX added 1. Positive trends continued in electronic technologies, energy, fluid management, refrigeration equipment and product ID. Specifically we saw better than anticipated gains in electronic technologies driven by recent design wins at Knowles, growth in our electronic assembly markets, and a growing silicon equipment business at DEK. Energy’s performance was driven by increased North American rig count and continued market share gains.
At Fluid Solutions, a broad, end-market improvement, especially in Asia and Latin America, helped boost results. At Product ID, demand for product marking and coding equipment remains quite healthy. Lastly, the anticipated seasonal ramp up at Hill PHOENIX was even stronger than expected in the Q2 driven by strong remodel activity and leveraging our recent capacity expansion enrichment.With that, let me move to our Q2 results and Brad will discuss our 2010 guidance later in the call. Today we reported a 69% increase in quarterly earnings per share to $0.91. Q2 revenue was $1.8 billion, an increase of 29%. Earnings increased 70% to $172 million, as we benefited by strong earnings leverage in the quarter. On a sequential basis revenue and net margins increased 13% and 59% respectively. Bookings increased 40% over last year to $1.9 billion, and were up 9% sequentially. For the third consecutive quarter bookings improved in all segments at both a year-over-year and a sequential basis. Book to bill finished at 1.08. Segment operating margin for the quarter was 16.9%, up 560 basis points. Year-over-year margins increased significantly in all segments, most notably in electronic technologies and industrial products. For the second consecutive quarter, each segment posted sequential margin expansion. These results reflect strong conversion on volume and the benefits of our productivity initiatives. I am gratified to see how well our companies have converted volume to earnings. In the Q2 we generated free cash flow of $184 million, representing 12% of revenue. I remain confident that full year free cash flow will be at least 10% of revenue. Our acquisition pipeline has become more aggressive as we continue to look for opportunities which complement our strong positions and diversify our geographic footprint. We closed two small deals in the Q2 totaling $10 million. However, we remain confident we will complete some larger strategic add-ons as the year unfolds. Read the rest of this transcript for free on seekingalpha.com