DOV
$96.78
Dover
($1.82)
(1.85%)
Earnings Details
3rd Quarter September 2017
Thursday, October 19, 2017 6:45:00 AM
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Summary

Dover Beats

Dover (DOV) reported 3rd Quarter September 2017 earnings of $1.16 per share on revenue of $2.0 billion. The consensus earnings estimate was $1.11 per share on revenue of $2.0 billion. The Earnings Whisper number was $1.12 per share. Revenue grew 17.5% on a year-over-year basis.

The company said it continues to expect 2017 non-GAAP earnings of $4.23 to $4.33 per share on revenue of $7.60 billion to $7.74 billion. The current consensus earnings estimate is $4.31 per share on revenue of $7.81 billion for the year ending December 31, 2017.

Dover Corp owns and operates a portfolio of manufacturing companies providing components and equipment, specialty systems and support services for a variety of applications in the industrial products, engineered systems, fluid management.

Results
Reported Earnings
$1.16
Earnings Whisper
$1.12
Consensus Estimate
$1.11
Reported Revenue
$2.01 Bil
Revenue Estimate
$1.99 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Dover Reports Third Quarter 2017 Results And Reaffirms Full Year EPS Guidance

Dover (DOV) announced today that for the third quarter ended September 30, 2017, revenue was $2.0 billion, an increase of 17% from the prior year. The increase in the quarter was driven by organic growth of 9%, acquisition growth of 10% and a favorable impact from foreign exchange ("FX") of 1%, partially offset by a 3% impact from dispositions. Net earnings were $178.9 million, an increase of 38% as compared to $130.1 million for the prior year period. Diluted net earnings per share ("EPS") for the third quarter ended September 30, 2017, were $1.14, compared to $0.83 EPS in the prior year period, representing an increase of 37%. EPS for the third quarter ended September 30, 2017 included disposition and Wellsite separation related costs of $0.02. Excluding these costs, adjusted EPS for the third quarter ended September 30, 2017 was $1.16, an increase of 40% over the comparable prior year period. EPS for the third quarter ended September 30, 2017, and September 30, 2016, include restructuring costs of $0.02 EPS and $0.04 EPS, respectively.

Dover’s President and Chief Executive Officer, Robert A. Livingston, said, "Our third quarter performance reflected continued strength in our global markets. We posted broad-based organic growth in the quarter, which included particularly strong growth at our digital printing, waste handling, bearings & compression and pumps platforms. Additionally, we are very pleased with the strong performance of our businesses comprising Wellsite, which remains on track to be separated in early 2018. In all, our revenue growth and margin improvement were largely in line with our expectations.

"We continue to make strides in simplifying our portfolio. Along with our planned Wellsite separation, we recently signed an agreement to sell the consumer and industrial winch business of Warn for $250 million. This deal marks another step in streamlining our business and focusing on our core growth platforms. The Warn sale is expected to close in the fourth quarter, subject to closing conditions.

"With regard to guidance, we are reaffirming our full year EPS forecast. Our EPS guidance of $4.23 to $4.33 is based on full year revenue growth of 14% to 15% versus our prior forecast of 12% to 14%. Within this guidance, organic growth of 6% to 7%, acquisition growth of 10%, and a negative 2% impact from dispositions all remain largely unchanged. Our revenue forecast includes a neutral impact from FX for the year."

Full year guidance for 2017 does not include the anticipated fourth quarter gain for the Warn sale or any fourth quarter costs related to the Wellsite separation. The gain and incremental separation costs will be reported in EPS upon completion of the Warn disposition, and as costs are incurred for the Wellsite separation.

Dover will host a webcast of its third quarter 2017 conference call at 10:00 A.M. Eastern Time (9:00 A.M. Central Time) on Thursday, October 19, 2017. The webcast can be accessed on the Dover website at dovercorporation.com. The conference call will also be made available for replay on the website. Additional information on Dover’s third quarter results and its operating segments can be found on the Company’s website.

About the Wellsite Separation:

Dover has previously announced it is exploring strategic alternatives for the separation of its upstream energy businesses within its Energy segment, collectively, the "Wellsite" business. The Company is considering options which may include a tax-free spin-off, sale or other strategic combination. Dover’s Wellsite business, which includes Dover Artificial Lift, Dover Energy Automation, and US Synthetic ("USS"), operate in some of the most attractive segments of the oil & gas drilling and production industry. Dover expects to complete its assessment of strategic separation alternatives by the end of the year and will provide additional information once we have decided on a specific transaction or have otherwise determined that further disclosure is required or appropriate.

About Dover:

Dover is a diversified global manufacturer with annual revenue exceeding $7 billion. We deliver innovative equipment and components, specialty systems, consumable supplies, software and digital solutions, and support services through four operating segments: Engineered Systems, Fluids, Refrigeration & Food Equipment and Energy. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 60 years, our team of 29,000 employees takes an ownership mindset, collaborating with customers to redefine what’s possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." Additional information is available at dovercorporation.com.

Forward-Looking Statements:

This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements concern future events and may be indicated by words or phrases such as "may," "anticipates," "expects," "believes," "suggests," "will," "plans," "should," "would," "could," and "forecast," or the use of the future tense and similar words or phrases. Forward-looking statements address matters that are uncertain, including, by way of example only: the potential separation of the Wellsite business, including any potential spin-off, sale or other strategic transaction, operating and strategic plans, future sales, earnings, cash flows, margins, organic growth, growth from acquisitions, restructuring charges, cost structure, capital expenditures, capital allocation, capital structure, dividends, cash flows, exchange rates, tax rates, interest rates, interest expense, changes in operations and trends in industries in which our businesses operate, anticipated market conditions and our positioning, global economies, and operating improvements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond Dover’s control. These factors could cause actual results to differ materially from current expectations and include, but are not limited to, uncertainties as to the structure and timing of any Wellsite separation transaction and whether it will be completed, the possibility that closing conditions for a Wellsite separation transaction may not be satisfied or waived, the impact of the strategic review and any separation transaction on Dover and the Wellsite business on a standalone basis if the separation is completed, and whether the strategic benefits of separation can be achieved, economic conditions generally and changes in economic conditions globally and in the markets and industries served by our businesses, including oil and gas activity and U.S. industrials activity; conditions and events affecting domestic and global financial and capital markets; oil and natural gas demand, production growth, and prices; changes in exploration and production spending by our customers and changes in the level of oil and natural gas exploration and development; changes in customer demand and capital spending; risks related to our international operations and the ability of our businesses to expand into new geographic markets; the impact of interest rate and currency exchange rate fluctuations; increased competition and pricing pressures; the impact of loss of a significant customer, or loss or non-renewal of significant contracts; the ability of our businesses to adapt to technological developments; the ability of our businesses to develop and launch new products, timing of such launches and risks relating to market acceptance by customers; the relative mix of products and services which impacts margins and operating efficiencies; the impact of loss of a single-source manufacturing facility; short-term capacity constraints; domestic and foreign governmental and public policy changes or developments, including import/export laws and sanctions, tax policies, environmental regulations and conflict minerals disclosure requirements; increases in the cost of raw materials; our ability to identify and successfully consummate value-adding acquisition opportunities or planned divestitures, and to realize anticipated earnings and synergies from acquired businesses and joint ventures; our ability to achieve expected savings from integration and other cost-control initiatives, such as lean and productivity programs as well as efforts to reduce sourcing input costs; the impact of legal compliance risks and litigation, including product recalls; indemnification obligations related to acquired or divested businesses; cybersecurity and privacy risks; protection and validity of patent and other intellectual property rights; goodwill or intangible asset impairment charges; a downgrade in our credit ratings which, among other matters, could make obtaining financing more difficult and costly; and work stoppages, union and works council campaigns and other labor disputes which could impact our productivity. Dover refers you to the documents that it files from time to time with the Securities and Exchange Commission, such as its reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks and uncertainties that could cause its actual results to differ materially from its current expectations and from the forward-looking statements contained herein. Dover undertakes no obligation to update any forward-looking statement, except as required by law.

INVESTOR SUPPLEMENT - THIRD QUARTER 2017
DOVER CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)(in thousands, except per share data)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2017
2016
2017
2016
Revenue
$
2,006,275
$
1,707,763
$
5,812,998
$
5,016,381
Cost of goods and services
1,261,942
1,075,975
3,658,045
3,164,116
Gross profit
744,333
631,788
2,154,953
1,852,265
Selling, general, and administrative expenses 470,516
421,042
1,439,852
1,301,901
Operating earnings
273,817
210,746
715,101
550,364
Interest expense
35,453
33,789
108,794
100,886
Interest income
(1,761)
(795)
(6,679)
(4,021)
Gain on sale of businesses
--
--
(90,093)
(12,061)
Other expense (income), net
2,697
(3,424)
2,888
(7,739)
Earnings before provision for income taxes
237,428
181,176
700,191
473,299
Provision for income taxes
58,516
51,092
184,974
125,569
Net earnings
$
178,912
$
130,084
$
515,217
$
347,730
Net earnings per share:
Basic
$
1.15
$
0.84
$
3.31
$
2.24
Diluted
$
1.14
$
0.83
$
3.27
$
2.22
Weighted average shares outstanding:
Basic
155,757
155,300
155,668
155,182
Diluted
157,555
156,798
157,565
156,562
Dividends paid per common share
$
0.47
$
0.44
$
1.35
$
1.28
DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(unaudited)(in thousands)
2017
2016
Q1
Q2
Q3
Q3 YTD
Q1
Q2
Q3
Q3 YTD
Q4
FY 2016
REVENUE
Engineered Systems
Printing & Identification
$
249,238
$
278,220
$
272,941
$
800,399
$
239,681
$
263,648
$
253,091
$
756,420
$
266,082
$
1,022,502
Industrials
358,397
377,210
372,891
1,108,498
337,314
328,784
317,471
983,569
360,212
1,343,781
607,635
655,430
645,832
1,908,897
576,995
592,432
570,562
1,739,989
626,294
2,366,283
Fluids
525,195
553,259
562,818
1,641,272
399,062
405,838
412,822
1,217,722
482,852
1,700,574
Refrigeration & Food Equipment
356,834
426,304
438,788
1,221,926
363,252
429,386
451,328
1,243,966
376,373
1,620,339
Energy
324,088
359,168
359,298
1,042,554
283,230
259,008
273,248
815,486
292,952
1,108,438
Intra-segment eliminations
(380)
(810)
(461)
(1,651)
(266)
(319)
(197)
(782)
(510)
(1,292)
Total consolidated revenue
$
1,813,372
$
1,993,351
$
2,006,275
$
5,812,998
$
1,622,273
$
1,686,345
$
1,707,763
$
5,016,381
$
1,777,961
$
6,794,342
NET EARNINGS
Segment Earnings:
Engineered Systems
$
174,398
$
106,820
$
98,348
$
379,566
$
93,748
$
104,034
$
97,240
$
295,022
$
96,807
$
391,829
Fluids
52,639
73,558
87,164
213,361
46,047
54,033
66,178
166,258
34,663
200,921
Refrigeration & Food Equipment
33,562
65,829
65,413
164,804
38,161
63,230
64,111
165,502
118,126
283,628
Energy
41,691
53,368
51,936
146,995
11,244
(75)
13,279
24,448
30,888
55,336
Total segments
302,290
299,575
302,861
904,726
189,200
221,222
240,808
651,230
280,484
931,714
Corporate expense / other
36,489
34,190
31,741
102,420
29,862
24,566
26,638
81,066
31,674
112,740
Interest expense
36,409
36,932
35,453
108,794
33,318
33,779
33,789
100,886
35,515
136,401
Interest income
(2,580)
(2,338)
(1,761)
(6,679)
(1,604)
(1,622)
(795)
(4,021)
(2,738)
(6,759)
Earnings before provision for income taxes
231,972
230,791
237,428
700,191
127,624
164,499
181,176
473,299
216,033
689,332
Provision for income taxes
59,725
66,733
58,516
184,974
28,268
46,209
51,092
125,569
54,871
180,440
Net earnings
$
172,247
$
164,058
$
178,912
$
515,217
$
99,356
$
118,290
$
130,084
$
347,730
$
161,162
$
508,892
SEGMENT MARGIN
Engineered Systems
28.7
% 16.3
% 15.2
% 19.9
%
16.2
% 17.6
% 17.0
% 17.0
%
15.5
% 16.6
%
Fluids
10.0
% 13.3
% 15.5
% 13.0
%
11.5
% 13.3
% 16.0
% 13.7
%
7.2
% 11.8
%
Refrigeration & Food Equipment
9.4
% 15.4
% 14.9
% 13.5
%
10.5
% 14.7
% 14.2
% 13.3
%
31.4
% 17.5
%
Energy
12.9
% 14.9
% 14.5
% 14.1
%
4.0
% --
% 4.9
% 3.0
%
10.5
% 5.0
%
Total segment operating margin
16.7
% 15.0
% 15.1
% 15.6
%
11.7
% 13.1
% 14.1
% 13.0
%
15.8
% 13.7
%
DEPRECIATION AND AMORTIZATION EXPENSE
Engineered Systems
$
19,575
$
20,259
$
22,104
$
61,938
$
16,036
$
16,075
$
16,238
$
48,349
$
25,597
$
73,946
Fluids
28,503
29,473
30,252
88,228
20,511
20,981
20,833
62,325
22,899
85,224
Refrigeration & Food Equipment
15,035
14,522
14,093
43,650
16,728
16,881
16,146
49,755
15,263
65,018
Energy
31,365
32,000
33,421
96,786
34,160
33,289
32,605
100,054
31,366
131,420
Corporate
1,120
1,164
994
3,278
1,169
868
901
2,938
2,193
5,131
Total depreciation and amortization expense $
95,598
$
97,418
$
100,864
$
293,880
$
88,604
$
88,094
$
86,723
$
263,421
$
97,318
$
360,739
DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(continued)
(unaudited)(in thousands)
2017
2016
Q1
Q2
Q3
Q3 YTD
Q1
Q2
Q3
Q3 YTD
Q4
FY 2016
BOOKINGS
Engineered Systems
Printing & Identification
$
256,665
$
282,157
$
268,700
$
807,522
$
242,569
$
266,490
$
248,443
$
757,502
$
268,951
$
1,026,453
Industrials
419,455
367,352
366,430
1,153,237
329,957
304,345
331,435
965,737
374,073
1,339,810
676,120
649,509
635,130
1,960,759
572,526
570,835
579,878
1,723,239
643,024
2,366,263
Fluids
565,987
554,656
576,538
1,697,181
418,345
413,767
413,535
1,245,647
457,283
1,702,930
Refrigeration & Food Equipment 438,576
466,276
357,855
1,262,707
411,367
468,661
429,134
1,309,162
336,645
1,645,807
Energy
348,317
352,617
$
368,377
$
1,069,311
273,445
246,021
270,685
790,151
299,771
1,089,922
Intra-segment eliminations
(1,149)
(529)
(468)
(2,146)
(90)
(944)
(245)
(1,279)
(308)
(1,587)
Total consolidated bookings
$
2,027,851
$
2,022,529
$
1,937,432
$
5,987,812
$
1,675,593
$
1,698,340
$
1,692,987
$
5,066,920
$
1,736,415
$
6,803,335
BACKLOG
Engineered Systems
Printing & Identification
$
109,347
$
115,763
$
116,359
$
102,640
$
104,509
$
101,190
$
98,924
Industrials
310,008
301,474
297,860
235,384
210,646
224,892
252,780
419,355
417,237
414,219
338,024
315,155
326,082
351,704
Fluids
371,717
378,774
398,827
286,457
315,786
318,246
331,238
Refrigeration & Food Equipment 341,530
382,598
302,574
303,479
332,312
309,462
258,329
Energy
156,255
147,568
158,645
144,828
129,873
126,519
134,181
Intra-segment eliminations
(729)
(378)
(383)
(36)
(265)
(252)
(102)
Total consolidated backlog
$
1,288,128
$
1,325,799
$
1,273,882
$
1,072,752
$
1,092,861
$
1,080,057
$
1,075,350
DOVER CORPORATION
QUARTERLY EARNINGS PER SHARE
(unaudited)(in thousands, except per share data*)
Earnings Per Share
2017
2016
Q1
Q2
Q3
Q3 YTD
Q1
Q2
Q3
Q3 YTD
Q4
FY 2016
Net earnings per share:
Basic
$
1.11
$
1.05
$
1.15
$
3.31
$
0.64
$
0.76
$
0.84
$
2.24
$
1.04
$
3.28
Diluted
$
1.09
$
1.04
$
1.14
$
3.27
$
0.64
$
0.76
$
0.83
$
2.22
$
1.03
$
3.25
Net earnings and weighted average shares used in calculated earnings per share amounts are as follows:
Net earnings
$
172,247
$
164,058
$
178,912
$
515,217
$
99,356
$
118,290
$
130,084
$
347,730
$
161,162
$
508,892
Weighted average shares outstanding:
Basic
155,540
155,703
155,757
155,668
155,064
155,180
155,300
155,182
155,376
155,231
Diluted
157,399
157,513
157,555
157,565
156,161
156,595
156,798
156,562
156,816
156,636
Adjusted Earnings Per Share (Non-GAAP)
Net earnings are adjusted by gains on disposition of businesses, disposition costs and a product recall charge to derive adjusted net earnings and adjusted diluted earnings per common share as follows:
2017
2016
Q1
Q2
Q3
Q3 YTD
Q1
Q2
Q3
Q3 YTD
Q4
FY 2016
Adjusted net earnings:
Net earnings
$
172,247
$
164,058
$
178,912
$
515,217
$
99,356
$
118,290
$
130,084
$
347,730
$
161,162
$
508,892
Gain on dispositions, pre-tax
(88,402)
--
--
(88,402)
(11,853)
--
--
(11,853)
(85,035)
(96,888)
Gain on dispositions, tax impact 1
26,682
--
--
26,682
625
--
--
625
28,060
28,685
Disposition costs, pre-tax 2
--
--
5,032
5,032
--
--
--
--
--
--
Disposition costs, tax impact 1
--
--
(1,464)
(1,464)
--
--
--
--
--
--
Product recall charge, pre-tax
--
--
--
--
--
--
--
--
23,150
23,150
Product recall charge, tax impact 1 --
--
--
--
--
--
--
--
(8,913)
(8,913)
Adjusted net earnings
$
110,527
$
164,058
$
182,480
$
457,065
$
88,128
$
118,290
$
130,084
$
336,502
$
118,424
$
454,926
Adjusted diluted earnings per common share:
Net earnings
$
1.09
$
1.04
$
1.14
$
3.27
$
0.64
$
0.76
$
0.83
$
2.22
$
1.03
$
3.25
Gain on dispositions, pre-tax
(0.56)
--
--
(0.56)
(0.08)
--
--
(0.08)
(0.54)
(0.62)
Gain on dispositions, tax impact
0.17
--
--
0.17
--
--
--
--
0.18
0.18
Disposition costs, pre-tax 2
--
--
0.03
0.03
--
--
--
--
--
--
Disposition costs, tax impact
--
--
(0.01)
(0.01)
--
--
--
--
--
--
Product recall charge, pre-tax
--
--
--
--
--
--
--
--
0.15
0.15
Product recall charge, tax impact
--
--
--
--
--
--
--
--
(0.06)
(0.06)
Adjusted net earnings
$
0.70
$
1.04
$
1.16
$
2.90
$
0.56
$
0.76
$
0.83
$
2.15
$
0.76
$
2.90
1 Gain on dispositions, disposition costs and the product recall charge were tax effected using the statutory tax rates in the specific jurisdiction for each period.
2 Disposition costs include costs related to the Wellsite separation as well as the fourth quarter sale of Warn Industries.
* Per share data may be impacted by rounding.
DOVER CORPORATION
ADDITIONAL INFORMATION
(unaudited)(in thousands)
Quarterly Cash Flow
2017
2016
Q1
Q2
Q3
Q3 YTD
Q1
Q2
Q3
Q3 YTD
Q4
FY 2016
Net Cash Flows Provided
By (Used In):
Operating activities
$
78,071
$
155,877
$
268,017
$
501,965
$
133,413
$
207,868
$
231,665
$
572,946
$
289,029
$
861,975
Investing activities
81,780
(51,137)
(55,428)
(24,785)
(425,857)
(69,415)
(66,110)
(561,382)
(942,461)
(1,503,843)
Financing activities
(93,293)
(216,273)
(197,634)
(507,200)
178,507
(127,678)
98,491
149,320
484,288
633,608
Quarterly Free Cash Flow (Non-GAAP)
2017
2016
Q1
Q2
Q3
Q3 YTD
Q1
Q2
Q3
Q3 YTD
Q4
FY 2016
Cash flow from operating
$
78,071
$
155,877
$
268,017
$
501,965
$
133,413
$
207,868
$
231,665
$
572,946
$
289,029
$
861,975
activities
Less: Capital expenditures (42,259)
(48,335)
(59,555)
(150,149)
(37,230)
(35,422)
(43,116)
(115,768)
(49,437)
(165,205)
Plus: Cash taxes paid for
--
42,955
5,651
48,606
--
435
217
652
217
869
gains on dispositions1
Plus: Cash paid for
--
--
369
369
--
--
--
--
--
--
Wellsite separation costs
Free cash flow
$
35,812
$
150,497
$
214,482
$
400,791
$
96,183
$
172,881
$
188,766
$
457,830
$
239,809
$
697,639
Free cash flow as a
2.0
%
7.5
%
10.7
%
6.9
%
5.9
%
10.3
%
11.1
%
9.1
%
13.5
%
10.3
%
percentage of revenue
Free cash flow as a
20.8
%
91.7
%
119.9
%
77.8
%
96.8
%
146.2
%
145.1
%
131.7
%
148.8
%
137.1
%
percentage of net earnings
1 Federal and state tax payments related to the gains on the dispositions of Performance Motorsports in 2017 and Tipper Tie and Texas Hydraulics in 2016.
Revenue Growth Factors
Three Months Ended September 30, 2017
Engineered
Fluids
Refrigeration
Energy
Total
Systems
& Food
Equipment
Organic
7
%
5
%
2
%
31
%
9
%
Acquisitions
8
%
30
%
--
%
--
%
10
%
Dispositions
(3)
%
--
%
(6)
%
--
%
(3) %
Currency translation
1
%
1
%
1
%
--
%
1
%
Total *
13
%
36
%
(3)
%
32
%
17
%
* Totals may be impacted by rounding.
Nine Months Ended September 30, 2017
Engineered
Fluids
Refrigeration
Energy
Total
Systems
& Food
Equipment
Organic
5
%
2
%
4
%
28
%
8
%
Acquisitions
9
%
33
%
--
%
--
%
11
%
Dispositions
(4)
%
--
%
(6)
%
--
%
(3) %
Currency translation
--
%
(1) %
--
%
--
%
--
%
Total *
10
%
35
%
(2)
%
28
%
16
%
* Totals may be impacted by rounding.

Non-GAAP Disclosures:

In an effort to provide investors with additional information regarding our results as determined by GAAP, Management also discloses non-GAAP information that Management believes provides useful information to investors. Adjusted net earnings, adjusted diluted earnings per common share, free cash flow and organic revenue growth are not financial measures under GAAP and should not be considered as a substitute for net earnings, diluted earnings per common share, cash flows from operating activities, or revenue as determined in accordance with GAAP, and they may not be comparable to similarly titled measures reported by other companies. Adjusted net earnings represents net earnings adjusted for gains on disposition of businesses and a product recall charge. Adjusted diluted earnings per common share represents adjusted net earnings divided by average diluted shares. Management believes this information is useful to investors to better understand the company’s ongoing profitability and facilitates easier comparisons of the company’s profitability to prior and future periods and to its peers. Free cash flow represents net cash provided by operating activities minus capital expenditures, plus the add back of cash taxes paid for gains on dispositions (which reflect tax payments on disposition-related investing activities) and cash paid for the Wellsite separation costs. Management believes that free cash flow is an important measure of operating performance because it provides management and investors a measurement of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, paying dividends, repaying debt and repurchasing our common stock. Management believes that reporting organic revenue growth, which excludes the impact of foreign currency exchange rates and the impact of acquisitions and dispositions, provides a useful comparison of our revenue performance and trends between periods.

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SOURCE Dover Corporation

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