Dover (DOV) FY2018 results: revenue $7.0 billion, up 2.5% on the year
Dover Corp. (DOV) reported revenue of $7.0 billion for fiscal 2018, the year ended 31 December 2018, up 2.5% on the year before. Net income was $570 million, down 29.7%, and diluted earnings per share $3.75. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2019.
Revenue
$7.0 billion
+2.5% on the year
FY2011FY2018
Operating margin
12.1%
11.8% a year earlier
FY2011FY2018
Net income
$570 million
-29.7% on the year
FY2011FY2018
Diluted EPS
$3.75
-27.2% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
6,992
6,821
6,043
+2.5%
Cost of revenue
4,433
4,292
3,816
+3.3%
Gross profit
2,560
2,529
2,228
+1.2%
Gross margin
36.6%
37.1%
36.9%
Research and development
143
131
116
+9.6%
Selling, general and administrative
1,716
1,722
1,519
-0.3%
Operating income
843
807
709
+4.5%
Operating margin
12.1%
11.8%
11.7%
Interest expense
131
145
136
-9.8%
Pre-tax income
725
876
685
-17.2%
Income tax
134
129
183
+3.9%
Effective tax rate
18.5%
14.7%
26.7%
Net income
570
812
509
-29.7%
Net margin
8.2%
11.9%
8.4%
Diluted EPS
$3.75
$5.15
$3.25
-27.2%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
799
836
863
-4.4%
Capital expenditure
171
170
140
+0.5%
Free cash flow
628
666
723
-5.7%
Free cash flow margin
9.0%
9.8%
12.0%
Depreciation and amortisation
283
283
250
-0.2%
Share-based compensation
23.7
24.1
18.6
-1.6%
Buybacks
895
105
0.0
+752.2%
Dividends paid
284
284
268
-0.1%
Dividend per share
$1.90
$1.82
$1.72
+4.4%
Diluted shares, weighted
152m
158m
157m
-3.6%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
2,769
4,383
3,800
-36.8%
Debt
3,164
3,568
3,621
-11.3%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
2,433
2,707
2,695
-10.1%
Total liabilities and equity
8,366
10,658
10,116
-21.5%
Fixed assets
806
788
946
+2.4%
Goodwill
3,677
3,686
3,666
-0.2%
Intangible assets
1,134
1,283
1,803
-11.6%
Cash and equivalents
396
754
349
-47.4%
Receivables
1,232
1,184
1,265
+4.1%
Inventory
749
677
870
+10.6%
Other assets
371
2,286
1,217
-83.8%
Total assets
8,366
10,658
10,116
-21.5%
10-K for the year ended 31 December 2018, filed 15 February 2019: the filing.