Dover Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Provides Earnings Guidance for the Year 2012
January 25, 2012 at 12:01 pm
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Dover Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company has posted revenue of $2,004,486,000 against $1,737,436,000 a year ago. Operating earnings were $295,252,000 against $259,574,000 a year ago. Earnings from continuing operations were $208,938,000 or $1.12 diluted per share against $184,906,000 or $0.97 diluted per share a year ago. Net earnings were $278,289,000 or $1.49 diluted per share against $198,348,000 or $1.04 diluted per share a year ago. Free cash flow was $275,760,000 against $368,712,000 a year ago. Adjusted earnings from continuing operations were $200,348,000 or $1.07 per diluted share against $179,375,000 or $0.90 per diluted share a year ago.
For the full year, the company has posted revenue of $7,950,140,000 against $6,640,191,000 a year ago. Operating earnings were $1,210,815,000 against $1,009,278,000 a year ago. Earnings from continuing operations were $846,365,000 or $4.48 diluted per share against $690,751,000 or $3.65 diluted per share a year ago. Net earnings were $895,243,000 or $4.74 diluted per share against $700,104,000 or $3.70 diluted per share a year ago. Net cash provided by operating activities of continuing operations was $1,058,229,000 against $901,862,000 a year ago. Additions to property, plant and equipment was $271,809,000 against $174,845,000 a year ago. Free cash flow was $786,420,000 against $727,017,000 a year ago. Net debt was $980,497,000 against $496,663,000 a year ago. Adjusted earnings from continuing operations were $805,031,000 or $4.26 per diluted share against $640,499,000 or $3.38 per diluted share a year ago.
The company expects full year 2012 revenue growth of 7% - 10%, comprising organic revenue growth of 4% - 7%, plus growth from completed acquisitions of 3%. Based on this revenue assumption, the company expects full-year diluted EPS from continuing operations to be in the range of $4.70 - $5.00. For the year, the company expects interest expense will be about $118 million. The company expects full year tax rate to be in the range of 26.5% to 27%. CapEx should be approximately 3% of full year revenue, as it continues to invest in capacity expansion and automation and emerging economy growth. The company expects again generating significant free cash flow, roughly 10% of revenue.
Dover Corporation is a diversified industrial group. Net sales break down by family of products as follows:
- material handling equipment (23.7%): industrial and recreational winches, construction and demolition machinery attachments, hydraulic parts, industrial automation tools, etc.;
- fluid management products (21.2%): sucker rods, drill bit inserts for oil and gas exploration, control valves, piston and seal rings, nozzles, swivels, suction system equipment, etc.;
- refrigeration equipment (21.1%): refrigeration systems, commercial kitchen air and ventilation systems, heat transfer equipment, food and beverage packaging machines, etc.;
- mobile equipment (20.8%): tank trailers, compactors, balers, car wash systems, internal engine components, etc.;
- identification products (13.2%): industrial marking and coding systems used to code information on products, product traceability, etc.
Net sales are distributed geographically as follows: the United States (55.8%), Americas (8.1%), Europe (20.8%), Asia (11%) and other (4.3%).
Dover Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Provides Earnings Guidance for the Year 2012