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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 February 8th, and the audio portion of this call will be archived on our website for three months. The replay telephone number is 1800-585-8367. When accessing the playback, you’ll need to supply the following access code, 42636854.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 be guided in their analysis of Dover Corporation by referring to our Form 10-K for a list of factors that could cause our results to differ from those anticipated in any such forward-looking statement. 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 the call over to Bob. Bob Livingston Thanks, Paul. Good morning, everyone. And thank you for joining us for this morning’s conference call. Our solid fourth quarter capped off a record year in revenue and earnings, as we posted quarterly revenue growth 15%, including organic growth of 6%. This growth enabled us to deliver fourth quarter adjusted EPS of $1.07, a 19% improvement over the prior year. In our Energy segment, we continue to see strength across all end markets especially production-related activity. Market dynamics, including the shift from gas to oil drilling remained very solid for us and we anticipate this strength continuing well into 2012. Within our Engineered Systems segment, our refrigeration and food equipment businesses continued to execute extremely well, driven by market leading technology and customer focus. We were pleasantly surprised with the strength of fourth quarter bookings in refrigeration and begin 2012 well-positioned to deliver another outstanding year.
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. Read the rest of this transcript for free on seekingalpha.com