Dover (DOV) FY2010 results: revenue $6.1 billion, up 14.3% on the year
Dover Corp. (DOV) reported revenue of $6.1 billion for fiscal 2010, the year ended 31 December 2010, up 14.3% on the year before. Net income was $700 million, up 96.4%, and diluted earnings per share $3.70. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2011.
Revenue
$6.1 billion
+14.3% on the year
FY2007FY2010
Operating margin
15.1%
11.1% a year earlier
FY2007FY2010
Net income
$700 million
+96.4% on the year
FY2007FY2010
Diluted EPS
$3.70
+93.7% on the year
FY2007FY2010
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2010
FY2009
FY2008
On the year
Last 8 years
Revenue
6,110
5,344
7,569
+14.3%
Cost of revenue
3,687
3,331
4,839
+10.7%
Gross profit
2,423
2,013
2,730
+20.3%
Gross margin
39.7%
37.7%
36.1%
Research and development
159
172
189
-7.4%
Selling, general and administrative
1,500
1,422
1,701
+5.5%
Operating income
923
591
1,029
+56.2%
Operating margin
15.1%
11.1%
13.6%
Interest expense
115
116
130
-0.6%
Pre-tax income
813
494
946
+64.5%
Income tax
194
121
251
+60.0%
Effective tax rate
23.8%
24.5%
26.6%
Net income
700
356
591
+96.4%
Net margin
11.5%
6.7%
7.8%
Diluted EPS
$3.70
$1.91
$3.12
+93.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2010
FY2009
FY2008
On the year
Last 8 years
Operating cash flow
943
793
1,003
+18.9%
Capital expenditure
169
113
176
+49.9%
Free cash flow
774
680
827
+13.7%
Free cash flow margin
12.7%
12.7%
10.9%
Depreciation and amortisation
229
231
261
-0.9%
Share-based compensation
20.4
17.2
25.2
+18.9%
Buybacks
124
0.0
467
Dividends paid
200
190
169
+5.4%
Dividend per share
$1.07
$1.02
$0.90
+4.9%
Diluted shares, weighted
189m
187m
189m
+1.3%
Balance sheet
$ million
FY2010
FY2009
FY2008
On the year
Last 8 years
Shareholders' equity
4,527
4,084
3,793
+10.8%
Debt
1,807
1,861
1,861
-2.9%
Other liabilities
2,229
1,938
2,230
+15.0%
Total liabilities and equity
8,563
7,882
7,883
+8.6%
Fixed assets
786
829
872
-5.2%
Goodwill
2,824
3,090
3,256
-8.6%
Intangible assets
799
951
952
-15.9%
Investments
122
224
279
-45.6%
Cash and equivalents
1,187
718
550
+65.3%
Receivables
1,023
879
1,013
+16.4%
Inventory
658
571
636
+15.3%
Other assets
1,163
621
324
+87.2%
Total assets
8,563
7,882
7,883
+8.6%
10-K for the year ended 31 December 2010, filed 11 February 2011: the filing.