Dover Corporation Reports Third Quarter 2009 Results

- Reports revenue of $1.5 billion, up 8% sequentially

NEW YORK, Oct. 23 /PRNewswire-FirstCall/ -- Dover Corporation (NYSE: DOV)
announced today that for the third quarter ended September 30, 2009, earnings
from continuing operations were $107.5 million or $0.58 diluted earnings per
share ("EPS"), compared to $190.3 million or $1.01 EPS from continuing
operations in the prior-year period, representing decreases of 44% and 43%,
respectively. Revenue for the third quarter of 2009 was $1.5 billion, a
decrease of 24% over the prior-year period. The revenue decrease was driven by
a decline in core business revenue of 24%, a negative impact of foreign
exchange of 2% and a 2% increase from net acquisitions.

Earnings from continuing operations for the nine months ended September 30,
2009 were $269.5 million or $1.45 EPS, compared to $525.2 million or $2.76 EPS
in the prior-year period, representing decreases of 49% and 47%, respectively.
Revenue for the nine month period ended September 30, 2009 was $4.3 billion,
a decrease of 27% over the prior year period, and reflected a decline in core
business revenue of 26%, a negative impact of foreign exchange of 3% and a 2%
increase from net acquisitions.

Commenting on the third quarter results, Dover's President and Chief Executive
Officer, Robert A. Livingston, said, "The signs of stability we observed
during the second quarter carried through to the third quarter across the
majority of our businesses. I am pleased that we were able to leverage an 8%
sequential improvement in revenue into a 38% sequential improvement in segment
earnings. Operating margins expanded sequentially at all segments and came in
at 14.3%, reflecting our year-long restructuring efforts. Quarterly free cash
flow was $222 million, representing 14.8% of revenue for the quarter, and we
are well on track to deliver another year in which our free cash flow exceeds
10% of revenue. Further, order trends continue to be stable, with some
businesses, particularly our refrigeration business in Engineered Systems,
beginning to see the effects of a normal seasonal slowdown.

"Consistent with our comments last quarter, we continue to anticipate full
year revenue to be 24% - 26% lower than last year. Based on this expectation,
we estimate full year earnings per share will be around the midpoint of our
previously provided range of $1.75 - $2.00. Thanks in large part to the
continued disciplined focus of our business leaders, we remain well-positioned
to finish the year with solid double-digit margins and strong cash flow. We
are confident the steps we've taken to strengthen our businesses will provide
us with a foundation to leverage the eventual market recovery when it occurs."

Net earnings for the third quarter of 2009 were $106.9 million or $0.57 EPS,
including a loss from discontinued operations of $.6 million, compared to net
earnings of $187.7 million or $1.00 EPS for the same period of 2008, which
included a loss from discontinued operations of $2.7 million or $0.01 EPS.
Net earnings for the nine months ended September 30, 2009 were $257.4 million
or $1.38 EPS, including a loss from discontinued operations of $12.1 million
or $0.06 EPS, compared to net earnings of $470.1 million or $2.47 EPS for the
same period of 2008, which included a loss from discontinued operations of
$55.1 million or $0.29 EPS.

Dover will host a webcast of its third quarter 2009 conference call at 9:00
A.M. Eastern Time on Friday, October 23, 2009. The webcast can be accessed at
the Dover Corporation website at www.dovercorporation.com. The conference call
will also be made available for replay on the website. Additional information
on Dover's third quarter 2009 results and its operating companies can also be
found on the Company website.

Dover Corporation is a global portfolio of manufacturing companies providing
innovative components and equipment, specialty systems and support services
for a variety of applications in the industrial products, engineered systems,
fluid management and electronic technologies markets. For more information,
please visit www.dovercorporation.com.

This press release contains "forward-looking" statements within the meaning of
the Securities Exchange Act of 1934, as amended, and the Private Securities
Litigation Reform Act of 1995. Such statements relate to, among other things,
income, earnings, cash flows, changes in operations, operating improvements,
industries in which Dover companies operate and the U.S. and global economies.
Statements in this press release that are not historical may be indicated by
words or phrases such as "anticipates," "expects," "believes," "indicates,"
"suggests," "will," "plans," "supports," "projects," "should," "would,"
"could," "hope," "forecast" and "management is of the opinion," use of future
tense and similar words or phrases. Forward-looking statements are subject to
inherent risks and uncertainties that could cause actual results to differ
materially from current expectations, including, but not limited to, current
economic conditions and uncertainties in the credit and capital markets; the
Company's ability to achieve expected savings from integration, synergy and
other cost-control initiatives; the ability to identify and successfully
consummate value-adding acquisition opportunities; increased competition and
pricing pressures in the markets served by Dover's operating companies; the
ability of Dover's companies to expand into new geographic markets and to
anticipate and meet customer demands for new products and product
enhancements; increases in the cost of raw materials; changes in customer
demand; political events that could impact the worldwide economy; the impact
of natural disasters and their effect on global energy markets; a downgrade in
Dover's credit ratings; international economic conditions including interest
rate and currency exchange rate fluctuations; the relative mix of products and
services which impacts margins and operating efficiencies; short-term capacity
constraints; domestic and foreign governmental and public policy changes
including environmental regulations and tax policies (including domestic and
international export subsidy programs, R&E credits and other similar
programs); unforeseen developments in contingencies such as litigation;
protection and validity of patent and other intellectual property rights; the
cyclical nature of some of Dover's companies; domestic housing industry
weakness; and continued events in the Middle East and possible future
terrorist threats and their effect on the worldwide economy. Dover
Corporation refers you to the documents that it files from time to time with
the Securities and Exchange Commission, such as its reports on Form 10-K, Form
10-Q and Form 8-K, for a discussion of these and other risks and uncertainties
that could cause its actual results to differ materially from its current
expectations and from the forward-looking statements contained in this press
release. Dover Corporation undertakes no obligation to update any
forward-looking statement.

SOURCE Dover Corporation

Paul Goldberg, Treasurer & Director of Investor Relations, Dover Corporation,
+1-212-922-1640