Dover (DOV) FY2015 results: revenue $7.0 billion, down 10.3% on the year
Dover Corp. (DOV) reported revenue of $7.0 billion for fiscal 2015, the year ended 31 December 2015, down 10.3% on the year before. Net income was $870 million, up 12.2%, and diluted earnings per share $5.46. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2016.
Revenue
$7.0 billion
-10.3% on the year
FY2008FY2015
Operating margin
13.2%
15.7% a year earlier
FY2008FY2015
Net income
$870 million
+12.2% on the year
FY2008FY2015
Diluted EPS
$5.46
+19.0% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
6,956
7,753
7,155
-10.3%
Cost of revenue
4,388
4,778
4,377
-8.2%
Gross profit
2,568
2,974
2,779
-13.7%
Gross margin
36.9%
38.4%
38.8%
Research and development
115
118
117
-2.8%
Selling, general and administrative
1,647
1,759
1,617
-6.3%
Operating income
921
1,215
1,162
-24.2%
Operating margin
13.2%
15.7%
16.2%
Interest expense
132
132
n/a
-0.0%
Pre-tax income
801
1,094
1,046
-26.8%
Income tax
205
316
248
-35.2%
Effective tax rate
25.6%
28.9%
23.8%
Net income
870
775
1,003
+12.2%
Net margin
12.5%
10.0%
14.0%
Diluted EPS
$5.46
$4.59
$5.78
+19.0%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
835
976
1,153
-14.4%
Capital expenditure
154
166
142
-7.1%
Free cash flow
681
810
1,011
-15.9%
Free cash flow margin
9.8%
10.4%
14.1%
Depreciation and amortisation
327
307
278
+6.5%
Share-based compensation
30.7
31.6
30.5
-2.9%
Buybacks
600
601
458
-0.2%
Dividends paid
258
258
248
-0.2%
Dividend per share
$1.64
$1.55
$1.45
+5.8%
Diluted shares, weighted
159m
169m
174m
-5.7%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
3,645
3,701
5,377
-1.5%
Debt
2,755
3,031
2,828
-9.1%
Other liabilities
2,220
2,299
2,632
-3.4%
Total liabilities and equity
8,620
9,030
10,838
-4.5%
Fixed assets
854
837
788
+2.1%
Goodwill
3,737
3,492
3,109
+7.0%
Intangible assets
1,413
1,370
1,259
+3.2%
Investments
n/a
n/a
0.0
Cash and equivalents
362
682
804
-46.9%
Receivables
1,120
1,187
1,077
-5.6%
Inventory
803
864
715
-7.0%
Other assets
329
600
3,087
-45.1%
Total assets
8,620
9,030
10,838
-4.5%
10-K for the year ended 31 December 2015, filed 12 February 2016: the filing.