Dover (DOV) FY2011 results: revenue $7.4 billion, up 20.6% on the year
Dover Corp. (DOV) reported revenue of $7.4 billion for fiscal 2011, the year ended 31 December 2011, up 20.6% on the year before. Net income was $895 million, up 27.9%, and diluted earnings per share $4.74. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2012.
Revenue
$7.4 billion
+20.6% on the year
FY2007FY2011
Operating margin
15.3%
15.1% a year earlier
FY2007FY2011
Net income
$895 million
+27.9% on the year
FY2007FY2011
Diluted EPS
$4.74
+28.1% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
7,369
6,110
5,344
+20.6%
Cost of revenue
4,524
3,687
3,331
+22.7%
Gross profit
2,845
2,423
2,013
+17.4%
Gross margin
38.6%
39.7%
37.7%
Research and development
176
159
172
+10.2%
Selling, general and administrative
1,721
1,500
1,422
+14.8%
Operating income
1,124
923
591
+21.8%
Operating margin
15.3%
15.1%
11.1%
Interest expense
n/a
115
116
Pre-tax income
1,010
813
494
+24.2%
Income tax
237
194
121
+22.4%
Effective tax rate
23.5%
23.8%
24.5%
Net income
895
700
356
+27.9%
Net margin
12.1%
11.5%
6.7%
Diluted EPS
$4.74
$3.70
$1.91
+28.1%
$ 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
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
1,080
943
793
+14.5%
Capital expenditure
263
169
113
+55.2%
Free cash flow
817
774
680
+5.6%
Free cash flow margin
11.1%
12.7%
12.7%
Depreciation and amortisation
290
229
231
+26.7%
Share-based compensation
25.1
20.4
17.2
+23.1%
Buybacks
242
124
0.0
+96.3%
Dividends paid
219
200
190
+9.5%
Dividend per share
$1.18
$1.07
$1.02
+10.3%
Diluted shares, weighted
189m
189m
187m
-0.1%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
4,931
4,527
4,084
+8.9%
Debt
2,187
1,807
1,861
+21.0%
Other liabilities
2,384
2,229
1,938
+6.9%
Total liabilities and equity
9,501
8,563
7,882
+11.0%
Fixed assets
971
786
829
+23.6%
Goodwill
3,507
2,824
3,090
+24.2%
Intangible assets
1,185
799
951
+48.2%
Investments
0.0
122
224
Cash and equivalents
1,207
1,187
718
+1.6%
Receivables
1,119
1,023
879
+9.4%
Inventory
734
658
571
+11.5%
Other assets
780
1,163
621
-33.0%
Total assets
9,501
8,563
7,882
+11.0%
10-K for the year ended 31 December 2011, filed 10 February 2012: the filing.