Dover (DOV) FY2020 results: revenue $6.7 billion, down 6.3% on the year
Dover Corp. (DOV) reported revenue of $6.7 billion for fiscal 2020, the year ended 31 December 2020, down 6.3% on the year before. Net income was $683 million, up 0.8%, and diluted earnings per share $4.70. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2021.
Revenue
$6.7 billion
-6.3% on the year
FY2013FY2020
Operating margin
14.0%
13.7% a year earlier
FY2013FY2020
Net income
$683 million
+0.8% on the year
FY2013FY2020
Diluted EPS
$4.70
+2.0% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
6,684
7,136
6,992
-6.3%
Cost of revenue
4,210
4,515
4,433
-6.8%
Gross profit
2,474
2,621
2,560
-5.6%
Gross margin
37.0%
36.7%
36.6%
Research and development
142
141
143
+0.8%
Selling, general and administrative
1,541
1,599
1,716
-3.6%
Operating income
933
975
843
-4.3%
Operating margin
14.0%
13.7%
12.1%
Interest expense
112
126
131
-11.0%
Pre-tax income
842
843
725
-0.2%
Income tax
158
165
134
-4.1%
Effective tax rate
18.8%
19.6%
18.5%
Net income
683
678
570
+0.8%
Net margin
10.2%
9.5%
8.2%
Diluted EPS
$4.70
$4.61
$3.75
+2.0%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,105
945
799
+16.9%
Capital expenditure
166
187
171
-11.3%
Free cash flow
939
759
628
+23.8%
Free cash flow margin
14.1%
10.6%
9.0%
Cash from investing
-481
-384
n/a
Cash from financing
-506
-558
n/a
Depreciation and amortisation
279
272
283
+2.5%
Share-based compensation
25.0
29.7
23.7
-15.7%
Buybacks
106
143
895
-25.8%
Dividends paid
284
282
284
+0.7%
Dividend per share
$1.97
$1.94
$1.90
+1.5%
Diluted shares, weighted
145m
147m
152m
-1.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
3,386
3,033
2,769
+11.6%
Debt
3,109
3,070
3,164
+1.3%
Operating lease liabilities
134
121
0.0
+10.5%
Finance lease liabilities
8.7
8.1
n/a
+7.8%
Other liabilities
2,515
2,437
2,433
+3.2%
Total liabilities and equity
9,152
8,669
8,366
+5.6%
Fixed assets
897
842
806
+6.5%
Goodwill
4,073
3,783
3,677
+7.6%
Intangible assets
1,084
1,055
1,134
+2.7%
Cash and equivalents
513
397
396
+29.2%
Receivables
1,137
1,217
1,232
-6.6%
Inventory
836
806
749
+3.7%
Other assets
612
568
371
+7.8%
Total assets
9,152
8,669
8,366
+5.6%
10-K for the year ended 31 December 2020, filed 12 February 2021: the filing.