Dover Corporation is a world-wide, diversified manufacturer of industrial products. The company's businesses are divided into the following four business segments: Dover Diversified; Dover Industries; Dover Resources; and Dover Technologies.
3005 HIGHLAND PARKWAY SUITE 200 DOWNERS GROVE, IL -, USA Phone: (630) 541-1540 Fax: 212-922-1656 Web: http://www.dovercorporation.com
Industry:MACH-GENL INDL Sector: Industrial Products Fiscal Year End:December Last Reported Quarter:12/31/11 Next EPS Date:04/19/12
Capital Structure Solvency and Cash Flow
Cash Flow and Balance Sheet
Cash flow from operations for the quarter ended December 31, 2010, was $431.4 million compared with $247.9 million in the year-ago period. For fiscal FY10 the Company reported cash from operating activity of $950.5 million versus $802.1 million in FY09.
Capital expenditure totaled $53.4 million in 4Q10 versus $36.8 million in 4Q09, up 45%. For fiscal FY10, capital expenditure increased to $183.2 million versus $120 million in FY09.
Free cash flow increased 79% on the year-over -year basis to $378.1 million from $211.2 million in 4Q09. For fiscal FY10, free cash flow amounted to $767.3 million compared with $682 million in FY09.
Net debt-to-total capitalization ratio improved to 9.9% as of December 31, 2010 compared with 18.4% as of December 31, 2009.
Last edited Wed Mar 02, 2011 07:02 AM by SreelaBose (Zacks Investment Research)
Governance Social Responsibility and Employee Relations
Harbison-Fischer will be consolidated into Norris Production Solutions, an operating unit within Dover's Fluid Management segment. Norris Production Solutions is a leading manufacturer and provider of integrated products and solutions across the artificial lift spectrum for oil & gas production.
Harbison-Fischer products are used extensively in artificial lift applications globally with 2011 revenue pegged at an approximate $160 million.
On December 22, 2010, Dover Corp. signed a definitive agreement to acquire Vienna, Austria-based Sound Solutions business line of NXP Semiconductors NV (NXPI) for $855 million. The acquisition is expected to close around the end of the first quarter of 2011 and will be slightly accretive to Dover’s earnings per share during the first full year of ownership.
Sound Solutions is one of the world's leading manufacturers of dynamic speakers and receivers for cell phones and other consumer electronics. It has manufacturing facilities in Vienna and Beijing. It is anticipated that Annual revenue for Sound Solutions would be approximately $330 million in 2010.
Sound Solutions will become a part of Knowles Electronics within Dover's Electronic Technologies segment. Electronic Technologies manufactures advanced micro-component products for the hearing aid and consumer electronics industries, high frequency capacitors, microwave electro-magnetic switches, radio frequency and microwave filters, electromagnetic products, and frequency control/select components. The segment generated revenues of $1 billion in 2009 and $1 billion in the first nine months of 2010.
Last edited Wed Mar 02, 2011 07:04 AM by SreelaBose (Zacks Investment Research)
• Material exposure to rapidly evolving and volatile technology end markets.
• Major challenges include finding appropriate acquisitions for new platforms and effectively managing large acquisitions.
• DOV has a growing manufacturing base in China, entailing increased political event risk and potential risks to intellectual property rights.
• The risks of macro softening and associated impact on DOV’s financials could more than supersede the potential near term, cost-saving benefits of segment reclassification.
• Many of DOV’s customers are in cyclical businesses with varying demand, thereby affecting revenue.
Last edited Wed Mar 02, 2011 07:06 AM by SreelaBose (Zacks Investment Research)
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Last Modification: Thursday 03 of June, 2010 06:51:00 CDT by WikiMigrationBot.
