Dover (DOV) FY2012 results: revenue $6.6 billion, down 10.1% on the year
Dover Corp. (DOV) reported revenue of $6.6 billion for fiscal 2012, the year ended 31 December 2012, down 10.1% on the year before. Net income was $811 million, down 9.4%, and diluted earnings per share $4.41. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2013.
Revenue
$6.6 billion
-10.1% on the year
FY2007FY2012
Operating margin
16.0%
15.3% a year earlier
FY2007FY2012
Net income
$811 million
-9.4% on the year
FY2007FY2012
Diluted EPS
$4.41
-7.0% on the year
FY2007FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
6,627
7,369
6,110
-10.1%
Cost of revenue
4,047
4,524
3,687
-10.6%
Gross profit
2,580
2,845
2,423
-9.3%
Gross margin
38.9%
38.6%
39.7%
Research and development
124
176
159
-29.6%
Selling, general and administrative
1,521
1,721
1,500
-11.6%
Operating income
1,059
1,124
923
-5.8%
Operating margin
16.0%
15.3%
15.1%
Interest expense
n/a
n/a
115
Pre-tax income
931
1,010
813
-7.8%
Income tax
281
237
194
+18.5%
Effective tax rate
30.2%
23.5%
23.8%
Net income
811
895
700
-9.4%
Net margin
12.2%
12.1%
11.5%
Diluted EPS
$4.41
$4.74
$3.70
-7.0%
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
1,267
1,080
943
+17.4%
Capital expenditure
147
263
169
-44.2%
Free cash flow
1,120
817
774
+37.2%
Free cash flow margin
16.9%
11.1%
12.7%
Depreciation and amortisation
230
290
229
-20.8%
Share-based compensation
30.9
25.1
20.4
+22.9%
Buybacks
749
242
124
+208.9%
Dividends paid
241
219
200
+9.9%
Dividend per share
$1.33
$1.18
$1.07
+12.7%
Diluted shares, weighted
184m
189m
189m
-2.6%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
4,919
4,931
4,527
-0.2%
Debt
2,800
2,187
1,807
+28.0%
Other liabilities
2,725
2,384
2,229
+14.3%
Total liabilities and equity
10,444
9,501
8,563
+9.9%
Fixed assets
1,167
971
786
+20.2%
Goodwill
2,997
3,507
2,824
-14.5%
Intangible assets
1,625
1,185
799
+37.2%
Investments
0.0
0.0
122
Cash and equivalents
800
1,207
1,187
-33.7%
Receivables
1,226
1,119
1,023
+9.6%
Inventory
873
734
658
+18.9%
Other assets
1,755
780
1,163
+125.1%
Total assets
10,444
9,501
8,563
+9.9%
10-K for the year ended 31 December 2012, filed 15 February 2013: the filing.