Dover (DOV) FY2019 results: revenue $7.1 billion, up 2.1% on the year
Dover Corp. (DOV) reported revenue of $7.1 billion for fiscal 2019, the year ended 31 December 2019, up 2.1% on the year before. Net income was $678 million, up 18.9%, and diluted earnings per share $4.61. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2020.
Revenue
$7.1 billion
+2.1% on the year
FY2012FY2019
Operating margin
13.7%
12.1% a year earlier
FY2012FY2019
Net income
$678 million
+18.9% on the year
FY2012FY2019
Diluted EPS
$4.61
+22.9% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
7,136
6,992
6,821
+2.1%
Cost of revenue
4,515
4,433
4,292
+1.9%
Gross profit
2,621
2,560
2,529
+2.4%
Gross margin
36.7%
36.6%
37.1%
Research and development
141
143
131
-1.5%
Selling, general and administrative
1,599
1,716
1,722
-6.8%
Operating income
975
843
807
+15.6%
Operating margin
13.7%
12.1%
11.8%
Interest expense
126
131
145
-3.9%
Pre-tax income
843
725
876
+16.2%
Income tax
165
134
129
+23.0%
Effective tax rate
19.6%
18.5%
14.7%
Net income
678
570
812
+18.9%
Net margin
9.5%
8.2%
11.9%
Diluted EPS
$4.61
$3.75
$5.15
+22.9%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
945
799
836
+18.4%
Capital expenditure
187
171
170
+9.2%
Free cash flow
759
628
666
+20.8%
Free cash flow margin
10.6%
9.0%
9.8%
Cash from investing
-384
n/a
n/a
Cash from financing
-558
n/a
n/a
Depreciation and amortisation
272
283
283
-3.6%
Share-based compensation
29.7
23.7
24.1
+25.3%
Buybacks
143
895
105
-84.0%
Dividends paid
282
284
284
-0.5%
Dividend per share
$1.94
$1.90
$1.82
+2.1%
Diluted shares, weighted
147m
152m
158m
-3.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
3,033
2,769
4,383
+9.5%
Debt
3,070
3,164
3,568
-3.0%
Operating lease liabilities
121
0.0
n/a
Finance lease liabilities
8.1
n/a
n/a
Other liabilities
2,437
2,433
2,707
+0.2%
Total liabilities and equity
8,669
8,366
10,658
+3.6%
Fixed assets
842
806
788
+4.4%
Goodwill
3,783
3,677
3,686
+2.9%
Intangible assets
1,055
1,134
1,283
-7.0%
Cash and equivalents
397
396
754
+0.3%
Receivables
1,217
1,232
1,184
-1.2%
Inventory
806
749
677
+7.7%
Other assets
568
371
2,286
+53.2%
Total assets
8,669
8,366
10,658
+3.6%
10-K for the year ended 31 December 2019, filed 14 February 2020: the filing.