DOWNERS GROVE, Ill., Oct. 19, 2017 /PRNewswire/ -- Dover (NYSE: DOV) announced today that for the third quarter ended September 30, 2017, revenue was $2.0 billion, an increase of 17% from the prior year. The increase in the quarter was driven by organic growth of 9%, acquisition growth of 10% and a favorable impact from foreign exchange ("FX") of 1%, partially offset by a 3% impact from dispositions. Net earnings were $178.9 million, an increase of 38% as compared to $130.1 million for the prior year period. Diluted net earnings per share ("EPS") for the third quarter ended September 30, 2017, were $1.14, compared to $0.83 EPS in the prior year period, representing an increase of 37%. EPS for the third quarter ended September 30, 2017 included disposition and Wellsite separation related costs of $0.02. Excluding these costs, adjusted EPS for the third quarter ended September 30, 2017 was $1.16, an increase of 40% over the comparable prior year period. EPS for the third quarter ended September 30, 2017, and September 30, 2016, include restructuring costs of $0.02 EPS and $0.04 EPS, respectively.

Dover's President and Chief Executive Officer, Robert A. Livingston, said, "Our third quarter performance reflected continued strength in our global markets. We posted broad-based organic growth in the quarter, which included particularly strong growth at our digital printing, waste handling, bearings & compression and pumps platforms. Additionally, we are very pleased with the strong performance of our businesses comprising Wellsite, which remains on track to be separated in early 2018. In all, our revenue growth and margin improvement were largely in line with our expectations.

"We continue to make strides in simplifying our portfolio. Along with our planned Wellsite separation, we recently signed an agreement to sell the consumer and industrial winch business of Warn for $250 million. This deal marks another step in streamlining our business and focusing on our core growth platforms. The Warn sale is expected to close in the fourth quarter, subject to closing conditions.

"With regard to guidance, we are reaffirming our full year EPS forecast. Our EPS guidance of $4.23 to $4.33 is based on full year revenue growth of 14% to 15% versus our prior forecast of 12% to 14%. Within this guidance, organic growth of 6% to 7%, acquisition growth of 10%, and a negative 2% impact from dispositions all remain largely unchanged. Our revenue forecast includes a neutral impact from FX for the year."

Full year guidance for 2017 does not include the anticipated fourth quarter gain for the Warn sale or any fourth quarter costs related to the Wellsite separation. The gain and incremental separation costs will be reported in EPS upon completion of the Warn disposition, and as costs are incurred for the Wellsite separation.

Dover will host a webcast of its third quarter 2017 conference call at 10:00 A.M. Eastern Time (9:00 A.M. Central Time) on Thursday, October 19, 2017. The webcast can be accessed on the Dover website at dovercorporation.com. The conference call will also be made available for replay on the website. Additional information on Dover's third quarter results and its operating segments can be found on the Company's website.

About the Wellsite Separation:

Dover has previously announced it is exploring strategic alternatives for the separation of its upstream energy businesses within its Energy segment, collectively, the "Wellsite" business. The Company is considering options which may include a tax-free spin-off, sale or other strategic combination. Dover's Wellsite business, which includes Dover Artificial Lift, Dover Energy Automation, and US Synthetic ("USS"), operate in some of the most attractive segments of the oil & gas drilling and production industry. Dover expects to complete its assessment of strategic separation alternatives by the end of the year and will provide additional information once we have decided on a specific transaction or have otherwise determined that further disclosure is required or appropriate.

About Dover:

Dover is a diversified global manufacturer with annual revenue exceeding $7 billion. We deliver innovative equipment and components, specialty systems, consumable supplies, software and digital solutions, and support services through four operating segments: Engineered Systems, Fluids, Refrigeration & Food Equipment and Energy. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 60 years, our team of 29,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." Additional information is available at dovercorporation.com.

Forward-Looking Statements:

This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements concern future events and may be indicated by words or phrases such as "may," "anticipates," "expects," "believes," "suggests," "will," "plans," "should," "would," "could," and "forecast," or the use of the future tense and similar words or phrases. Forward-looking statements address matters that are uncertain, including, by way of example only: the potential separation of the Wellsite business, including any potential spin-off, sale or other strategic transaction, operating and strategic plans, future sales, earnings, cash flows, margins, organic growth, growth from acquisitions, restructuring charges, cost structure, capital expenditures, capital allocation, capital structure, dividends, cash flows, exchange rates, tax rates, interest rates, interest expense, changes in operations and trends in industries in which our businesses operate, anticipated market conditions and our positioning, global economies, and operating improvements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond Dover's control. These factors could cause actual results to differ materially from current expectations and include, but are not limited to, uncertainties as to the structure and timing of any Wellsite separation transaction and whether it will be completed, the possibility that closing conditions for a Wellsite separation transaction may not be satisfied or waived, the impact of the strategic review and any separation transaction on Dover and the Wellsite business on a standalone basis if the separation is completed, and whether the strategic benefits of separation can be achieved, economic conditions generally and changes in economic conditions globally and in the markets and industries served by our businesses, including oil and gas activity and U.S. industrials activity; conditions and events affecting domestic and global financial and capital markets; oil and natural gas demand, production growth, and prices; changes in exploration and production spending by our customers and changes in the level of oil and natural gas exploration and development; changes in customer demand and capital spending; risks related to our international operations and the ability of our businesses to expand into new geographic markets; the impact of interest rate and currency exchange rate fluctuations; increased competition and pricing pressures; the impact of loss of a significant customer, or loss or non-renewal of significant contracts; the ability of our businesses to adapt to technological developments; the ability of our businesses to develop and launch new products, timing of such launches and risks relating to market acceptance by customers; the relative mix of products and services which impacts margins and operating efficiencies; the impact of loss of a single-source manufacturing facility; short-term capacity constraints; domestic and foreign governmental and public policy changes or developments, including import/export laws and sanctions, tax policies, environmental regulations and conflict minerals disclosure requirements; increases in the cost of raw materials; our ability to identify and successfully consummate value-adding acquisition opportunities or planned divestitures, and to realize anticipated earnings and synergies from acquired businesses and joint ventures; our ability to achieve expected savings from integration and other cost-control initiatives, such as lean and productivity programs as well as efforts to reduce sourcing input costs; the impact of legal compliance risks and litigation, including product recalls; indemnification obligations related to acquired or divested businesses; cybersecurity and privacy risks; protection and validity of patent and other intellectual property rights; goodwill or intangible asset impairment charges; a downgrade in our credit ratings which, among other matters, could make obtaining financing more difficult and costly; and work stoppages, union and works council campaigns and other labor disputes which could impact our productivity. Dover 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 herein. Dover undertakes no obligation to update any forward-looking statement, except as required by law.



                                                           INVESTOR SUPPLEMENT - THIRD QUARTER 2017
                                                           ----------------------------------------


                                                                      DOVER CORPORATION

                                                             CONSOLIDATED STATEMENTS OF EARNINGS

                                                       (unaudited)(in thousands, except per share data)


                                                              Three Months Ended                             Nine Months Ended
                                                                September 30,                                  September 30,

                                                       2017                                 2016             2017               2016
                                                       ----                                 ----             ----               ----

    Revenue                                                    $2,006,275                               $1,707,763                   $5,812,998  $5,016,381

    Cost of goods and services                    1,261,942                              1,075,975                    3,658,045        3,164,116
                                                  ---------                              ---------                    ---------        ---------

    Gross profit                                    744,333                                631,788                    2,154,953        1,852,265

    Selling, general, and administrative expenses   470,516                                421,042                    1,439,852        1,301,901
                                                    -------                                -------                    ---------        ---------

    Operating earnings                              273,817                                210,746                      715,101          550,364

    Interest expense                                 35,453                                 33,789                      108,794          100,886

    Interest income                                 (1,761)                                 (795)                     (6,679)         (4,021)

    Gain on sale of businesses                            -                                     -                    (90,093)        (12,061)

    Other expense (income), net                       2,697                                (3,424)                       2,888          (7,739)
                                                      -----                                                              -----           ------

    Earnings before provision for income taxes      237,428                                181,176                      700,191          473,299

    Provision for income taxes                       58,516                                 51,092                      184,974          125,569
                                                     ------                                 ------                      -------          -------

    Net earnings                                                 $178,912                                 $130,084                     $515,217    $347,730
                                                                 ========                                 ========                     ========    ========


    Net earnings per share:

    Basic                                                           $1.15                                    $0.84                        $3.31       $2.24

    Diluted                                                         $1.14                                    $0.83                        $3.27       $2.22


    Weighted average shares outstanding:

    Basic                                           155,757                                155,300                      155,668          155,182

    Diluted                                         157,555                                156,798                      157,565          156,562


    Dividends paid per common share                                 $0.47                                    $0.44                        $1.35       $1.28
                                                                    =====                                    =====                        =====       =====



                                                                                                                                          DOVER CORPORATION

                                                                                                                                    QUARTERLY SEGMENT INFORMATION

                                                                                                                                      (unaudited)(in thousands)


                                                                                                   2017                                                                                                              2016

                                                 Q1         Q2      Q3      Q3 YTD             Q1       Q2          Q3       Q3 YTD      Q4         FY 2016
                                                 ---       ---      ---     ------             ---      ---        ---       ------      ---        -------

    REVENUE
    -------

    Engineered Systems

    Printing & Identification                             $249,238                   $278,220                       $272,941                            $800,399                             $239,681                     $263,648                       $253,091   $756,420   $266,082 $1,022,502

    Industrials                                 358,397             377,210            372,891          1,108,498                           337,314                    328,784     317,471                   983,569          360,212        1,343,781
                                                -------             -------            -------          ---------                           -------                    -------     -------                   -------          -------        ---------

                                                607,635             655,430            645,832          1,908,897                           576,995                    592,432     570,562                 1,739,989          626,294        2,366,283
                                                -------             -------            -------          ---------                           -------                    -------     -------                 ---------          -------        ---------


    Fluids                                      525,195             553,259            562,818          1,641,272                           399,062                    405,838     412,822                 1,217,722          482,852        1,700,574
                                                -------             -------            -------          ---------                           -------                    -------     -------                 ---------          -------        ---------


    Refrigeration & Food Equipment              356,834             426,304            438,788          1,221,926                           363,252                    429,386     451,328                 1,243,966          376,373        1,620,339
                                                -------             -------            -------          ---------                           -------                    -------     -------                 ---------          -------        ---------


    Energy                                      324,088             359,168            359,298          1,042,554                           283,230                    259,008     273,248                   815,486          292,952        1,108,438
                                                -------             -------            -------          ---------                           -------                    -------     -------                   -------          -------        ---------


    Intra-segment eliminations                    (380)              (810)             (461)           (1,651)                            (266)                     (319)      (197)                    (782)           (510)         (1,292)
                                                   ----                ----               ----             ------

    Total consolidated revenue                          $1,813,372                 $1,993,351                     $2,006,275                          $5,812,998                           $1,622,273                   $1,686,345                     $1,707,763 $5,016,381 $1,777,961 $6,794,342
                                                        ==========                 ==========                     ==========                          ==========                           ==========                   ==========                     ========== ========== ========== ==========


    NET EARNINGS
    ------------

    Segment Earnings:

    Engineered Systems                                    $174,398                   $106,820                        $98,348                            $379,566                              $93,748                     $104,034                        $97,240   $295,022    $96,807   $391,829

    Fluids                                       52,639              73,558             87,164            213,361                            46,047                     54,033      66,178                   166,258           34,663          200,921

    Refrigeration & Food Equipment               33,562              65,829             65,413            164,804                            38,161                     63,230      64,111                   165,502          118,126          283,628

    Energy                                       41,691              53,368             51,936            146,995                            11,244                       (75)     13,279                    24,448           30,888           55,336
                                                 ------              ------             ------            -------                            ------                        ---      ------                    ------           ------           ------

    Total segments                              302,290             299,575            302,861            904,726                           189,200                    221,222     240,808                   651,230          280,484          931,714

    Corporate expense / other                    36,489              34,190             31,741            102,420                            29,862                     24,566      26,638                    81,066           31,674          112,740

    Interest expense                             36,409              36,932             35,453            108,794                            33,318                     33,779      33,789                   100,886           35,515          136,401

    Interest income                             (2,580)            (2,338)           (1,761)           (6,679)                          (1,604)                   (1,622)      (795)                  (4,021)         (2,738)         (6,759)
                                                 ------              ------             ------             ------

    Earnings before provision for income taxes  231,972             230,791            237,428            700,191                           127,624                    164,499     181,176                   473,299          216,033          689,332

    Provision for income taxes                   59,725              66,733             58,516            184,974                            28,268                     46,209      51,092                   125,569           54,871          180,440
                                                 ------              ------             ------            -------                            ------                     ------      ------                   -------           ------          -------

    Net earnings                                          $172,247                   $164,058                       $178,912                            $515,217                              $99,356                     $118,290                       $130,084   $347,730   $161,162   $508,892
                                                          ========                   ========                       ========                            ========                              =======                     ========                       ========   ========   ========   ========


    SEGMENT MARGIN
    --------------

    Engineered Systems                            28.7%              16.3%             15.2%             19.9%                            16.2%                     17.6%      17.0%                    17.0%           15.5%           16.6%

    Fluids                                        10.0%              13.3%             15.5%             13.0%                            11.5%                     13.3%      16.0%                    13.7%            7.2%           11.8%

    Refrigeration & Food Equipment                 9.4%              15.4%             14.9%             13.5%                            10.5%                     14.7%      14.2%                    13.3%           31.4%           17.5%

    Energy                                        12.9%              14.9%             14.5%             14.1%                             4.0%                         -   %   4.9%                     3.0%           10.5%            5.0%

    Total segment operating margin                16.7%              15.0%             15.1%             15.6%                            11.7%                     13.1%      14.1%                    13.0%           15.8%           13.7%


    DEPRECIATION AND AMORTIZATION EXPENSE
    -------------------------------------

    Engineered Systems                                     $19,575                    $20,259                        $22,104                             $61,938                              $16,036                      $16,075                        $16,238    $48,349    $25,597    $73,946

    Fluids                                       28,503              29,473             30,252             88,228                            20,511                     20,981      20,833                    62,325           22,899           85,224

    Refrigeration & Food Equipment               15,035              14,522             14,093             43,650                            16,728                     16,881      16,146                    49,755           15,263           65,018

    Energy                                       31,365              32,000             33,421             96,786                            34,160                     33,289      32,605                   100,054           31,366          131,420

    Corporate                                     1,120               1,164                994              3,278                             1,169                        868         901                     2,938            2,193            5,131


    Total depreciation and amortization expense            $95,598                    $97,418                       $100,864                            $293,880                              $88,604                      $88,094                        $86,723   $263,421    $97,318   $360,739
                                                           =======                    =======                       ========                            ========                              =======                      =======                        =======   ========    =======   ========



                                                                                                                                       DOVER CORPORATION

                                                                                                                                 QUARTERLY SEGMENT INFORMATION

                                                                                                                                          (continued)

                                                                                                                                   (unaudited)(in thousands)


                                                                                         2017                                                                                                                           2016

                                    Q1         Q2      Q3     Q3 YTD              Q1          Q2          Q3       Q3 YTD      Q4         FY 2016
                                    ---       ---     ---     ------             ---          ---        ---       ------      ---        -------

    BOOKINGS
    --------

    Engineered Systems

    Printing & Identification                $256,665                  $282,157                           $268,700                            $807,522                                          $242,569                     $266,490                                 $248,443                       $757,502   $268,951 $1,026,453

    Industrials                    419,455            367,352            366,430              1,153,237                           329,957                    304,345                  331,435                   965,737          374,073                  1,339,810


                                   676,120            649,509            635,130              1,960,759                           572,526                    570,835                  579,878                 1,723,239          643,024                  2,366,263
                                   -------            -------            -------              ---------                           -------                    -------                  -------                 ---------          -------                  ---------


    Fluids                         565,987            554,656            576,538              1,697,181                           418,345                    413,767                  413,535                 1,245,647          457,283                  1,702,930
                                   -------            -------            -------              ---------                           -------                    -------                  -------                 ---------          -------                  ---------


    Refrigeration & Food Equipment 438,576            466,276            357,855              1,262,707                           411,367                    468,661                  429,134                 1,309,162          336,645                  1,645,807
                                   -------            -------            -------              ---------                           -------                    -------                  -------                 ---------          -------                  ---------


    Energy                         348,317            352,617                    $368,377                           $1,069,311                              273,445                  246,021                   270,685          790,151                    299,771             1,089,922
                                   -------            -------                    --------                           ----------                              -------                  -------                   -------          -------                    -------             ---------


    Intra-segment eliminations     (1,149)             (529)             (468)               (2,146)                             (90)                     (944)                   (245)                  (1,279)           (308)                   (1,587)
                                    ------               ----               ----                 ------                               ---                       ----                     ----                    ------             ----                     ------


    Total consolidated bookings            $2,027,851                $2,022,529                         $1,937,432                          $5,987,812                                        $1,675,593                   $1,698,340                               $1,692,987                     $5,066,920 $1,736,415 $6,803,335
                                           ==========                ==========                         ==========                          ==========                                        ==========                   ==========                               ==========                     ========== ========== ==========


    BACKLOG
    -------

    Engineered Systems

    Printing & Identification                $109,347                  $115,763                           $116,359                                                     $102,640                             $104,509                      $101,190                                         $98,924

    Industrials                    310,008            301,474            297,860                                       235,384                  210,646                   224,892                              252,780
                                   -------            -------            -------                                       -------                  -------                   -------                              -------

                                   419,355            417,237            414,219                                       338,024                  315,155                   326,082                              351,704
                                   -------            -------            -------                                       -------                  -------                   -------                              -------


    Fluids                         371,717            378,774            398,827                                       286,457                  315,786                   318,246                              331,238
                                   -------            -------            -------                                       -------                  -------                   -------                              -------


    Refrigeration & Food Equipment 341,530            382,598            302,574                                       303,479                  332,312                   309,462                              258,329
                                   -------            -------            -------                                       -------                  -------                   -------                              -------


    Energy                         156,255            147,568            158,645                                       144,828                  129,873                   126,519                              134,181
                                   -------            -------            -------                                       -------                  -------                   -------                              -------


    Intra-segment eliminations       (729)             (378)             (383)                                         (36)                   (265)                    (252)                               (102)
                                      ----               ----               ----                                           ---                     ----                      ----                                 ----


    Total consolidated backlog             $1,288,128                $1,325,799                         $1,273,882                                                   $1,072,752                           $1,092,861                    $1,080,057                                      $1,075,350
                                           ==========                ==========                         ==========                                                   ==========                           ==========                    ==========                                      ==========



                                                                                                                                                                  DOVER CORPORATION

                                                                                                                                                            QUARTERLY EARNINGS PER SHARE

                                                                                                                                                  (unaudited)(in thousands, except per share data*)


    Earnings Per Share
    ------------------

                                                                                                                   2017                                                                                                     2016

                                                             Q1             Q2               Q3        Q3 YTD          Q1          Q2         Q3 Q3 YTD        Q4          FY 2016
                                                            ---             ---             ---        ------         ---         ---        --- ------       ---          -------

    Net earnings per share:

    Basic                                                                $1.11                              $1.05                      $1.15                        $3.31                                     $0.64                 $0.76               $0.84    $2.24    $1.04    $3.28

    Diluted                                                              $1.09                              $1.04                      $1.14                        $3.27                                     $0.64                 $0.76               $0.83    $2.22    $1.03    $3.25


    Net earnings and weighted average shares used in calculated earnings per share amounts are as follows:


    Net earnings                                                      $172,247                           $164,058                   $178,912                     $515,217                                   $99,356              $118,290            $130,084 $347,730 $161,162 $508,892


    Weighted average shares outstanding:

    Basic                                                  155,540                155,703                  155,757        155,668                      155,064                155,180               155,300         155,182          155,376 155,231

    Diluted                                                157,399                157,513                  157,555        157,565                      156,161                156,595               156,798         156,562          156,816 156,636



    Adjusted Earnings Per Share (Non-GAAP)
    -------------------------------------

    Net earnings are adjusted by gains on disposition of businesses, disposition costs and a product recall charge to derive adjusted net earnings and adjusted diluted earnings per common share as follows:


                                                                                                                                                             2017                                                                                             2016

                                                                                        Q1           Q2          Q3               Q3 YTD                           Q1           Q2          Q3        Q3 YTD     Q4      FY 2016
                                                                                        ---         ---         ---               ------                           ---         ---         ---        ------    ---      -------

    Adjusted net earnings:

    Net earnings                                                                                  $172,247                              $164,058                              $178,912                          $515,217                   $99,356                      $118,290               $130,084 $347,730 $161,162 $508,892

    Gain on dispositions, pre-tax                                                     (88,402)                       -                        -                 (88,402)                             (11,853)                  -      -           (11,853)         (85,035)      (96,888)

    Gain on dispositions, tax impact (1)                                                26,682                        -                        -                   26,682                                   625                   -      -                625            28,060         28,685

    Disposition costs, pre-tax (2)                                                           -                       -                    5,032                     5,032                                     -                  -      -                  -                -             -

    Disposition costs, tax impact (1)                                                        -                       -                  (1,464)                  (1,464)                                    -                  -      -                  -                -             -

    Product recall charge, pre-tax                                                           -                       -                        -                        -                                    -                  -      -                  -           23,150         23,150

    Product recall charge, tax impact (1)                                                    -                       -                        -                        -                                    -                  -      -                  -          (8,913)       (8,913)
                                                                                           ---                     ---                      ---                      ---                                  ---                ---    ---                ---           ------         ------

    Adjusted net earnings                                                                         $110,527                              $164,058                              $182,480                          $457,065                   $88,128                      $118,290               $130,084 $336,502 $118,424 $454,926
                                                                                                  ========                              ========                              ========                          ========                   =======                      ========               ======== ======== ======== ========


    Adjusted diluted earnings per common share:

    Net earnings                                                                                     $1.09                                 $1.04                                 $1.14                             $3.27                     $0.64                         $0.76                  $0.83    $2.22    $1.03    $3.25

    Gain on dispositions, pre-tax                                                       (0.56)                       -                        -                   (0.56)                               (0.08)                  -      -             (0.08)           (0.54)        (0.62)

    Gain on dispositions, tax impact                                                      0.17                        -                        -                     0.17                                     -                  -      -                  -             0.18           0.18

    Disposition costs, pre-tax 2                                                             -                       -                     0.03                      0.03                                     -                  -      -                  -                -             -

    Disposition costs, tax impact                                                            -                       -                   (0.01)                   (0.01)                                    -                  -      -                  -                -             -

    Product recall charge, pre-tax                                                           -                       -                        -                        -                                    -                  -      -                  -             0.15           0.15

    Product recall charge, tax impact                                                        -                       -                        -                        -                                    -                  -      -                  -           (0.06)        (0.06)
                                                                                           ---                     ---                      ---                      ---                                  ---                ---    ---                ---            -----          -----

    Adjusted net earnings                                                                            $0.70                                 $1.04                                 $1.16                             $2.90                     $0.56                         $0.76                  $0.83    $2.15    $0.76    $2.90
                                                                                                     =====                                 =====                                 =====                             =====                     =====                         =====                  =====    =====    =====    =====


    (1) Gain on dispositions, disposition costs and the product recall charge were tax effected using the statutory tax rates in the specific jurisdiction for each period.

    (2) Disposition costs include costs related to the Wellsite separation as well as the fourth quarter sale of Warn Industries.


    * Per share data may be impacted by rounding.



                                                                                                                           DOVER CORPORATION

                                                                                                                         ADDITIONAL INFORMATION

                                                                                                                       (unaudited)(in thousands)


    Quarterly Cash Flow
    -------------------


                                                                             2017                                                                                                 2016

                              Q1       Q2        Q3     Q3 YTD            Q1      Q2        Q3      Q3 YTD   Q4       FY 2016
                              ---      ---      ---     ------           ---      ---      ---      ------   ---      -------

    Net Cash Flows Provided
    By (Used In):

    Operating activities             $78,071                    $155,877                   $268,017                      $501,965                            $133,413                      $207,868                  $231,665 $572,946 $289,029 $861,975

    Investing activities      81,780           (51,137)         (55,428)         (24,785)                  (425,857)               (69,415)      (66,110)            (561,382)         (942,461)     (1,503,843)

    Financing activities    (93,293)         (216,273)         (197,634)         (507,200)                    178,507               (127,678)         98,491               149,320           484,288         633,608



    Quarterly Free Cash Flow (Non-GAAP)
    ----------------------------------


                                                                                                                                               2017                                                                                                    2016

                                                                         Q1          Q2          Q3         Q3 YTD                     Q1           Q2           Q3      Q3 YTD   Q4        FY 2016
                                                                         ---         ---         ---        ------                     ---          ---         ---      ------   ---       -------

    Cash flow from operating                                                       $78,071                               $155,877                               $268,017                       $501,965                          $133,413                        $207,868                  $231,665 $572,946 $289,029 $861,975
    activities

    Less: Capital expenditures                                         (42,259)                (48,335)                 (59,555)                 (150,149)                      (37,230)                (35,422)    (43,116)             (115,768)          (49,437)       (165,205)

    Plus: Cash taxes paid for                                                 -                  42,955                     5,651                     48,606                              -                     435          217                    652                217             869
    gains on dispositions(1)

    Plus: Cash paid for                                                       -                       -                      369                        369                              -                       -           -                     -                 -               -
    Wellsite separation costs


    Free cash flow                                                                 $35,812                               $150,497                               $214,482                       $400,791                           $96,183                        $172,881                  $188,766 $457,830 $239,809 $697,639
                                                                                   =======                               ========                               ========                       ========                           =======                        ========                  ======== ======== ======== ========


    Free cash flow as a                                                    2.0%                    7.5%                    10.7%                      6.9%                          5.9%                   10.3%       11.1%                  9.1%             13.5%           10.3%
    percentage of revenue


    Free cash flow as a                                                   20.8%                   91.7%                   119.9%                     77.8%                         96.8%                  146.2%      145.1%                131.7%            148.8%          137.1%
    percentage of net earnings


    (1) Federal and state tax payments related to the gains on the dispositions of Performance Motorsports in 2017 and Tipper Tie and Texas Hydraulics in 2016.



    Revenue Growth Factors
    ----------------------


                                                     Three Months Ended September 30, 2017

                                          Engineered               Fluids           Refrigeration Energy      Total
                                            Systems                                     & Food
                                                                                      Equipment


    Organic                                       7%                           5%                      2%           31%     9%

    Acquisitions                                  8%                          30%                       -   %         - %  10%

    Dispositions                                (3)%                            -   %                (6)%             - % (3)%

    Currency translation                          1%                           1%                      1%             - %   1%
                                                 ---                           ---                      ---                   ---

    Total *                                      13%                          36%                    (3)%           32%    17%


    * Totals may be impacted by rounding.



                                                         Nine Months Ended September 30, 2017

                                          Engineered                   Fluids           Refrigeration Energy        Total
                                            Systems                                         & Food
                                                                                          Equipment


    Organic                                       5%                               2%                      4%             28%         8%

    Acquisitions                                  9%                              33%                       -  %            -  %     11%

    Dispositions                                (4)%                                -   %                (6)%               -  %    (3)%

    Currency translation                           - %                           (1)%                       -  %            -  %       -  %
                                                 --- ---                          ---                      ---  ---        ---  ---   ---  ---

    Total *                                      10%                              35%                    (2)%             28%        16%


    * Totals may be impacted by rounding.

Non-GAAP Disclosures:

In an effort to provide investors with additional information regarding our results as determined by GAAP, Management also discloses non-GAAP information that Management believes provides useful information to investors. Adjusted net earnings, adjusted diluted earnings per common share, free cash flow and organic revenue growth are not financial measures under GAAP and should not be considered as a substitute for net earnings, diluted earnings per common share, cash flows from operating activities, or revenue as determined in accordance with GAAP, and they may not be comparable to similarly titled measures reported by other companies. Adjusted net earnings represents net earnings adjusted for gains on disposition of businesses and a product recall charge. Adjusted diluted earnings per common share represents adjusted net earnings divided by average diluted shares. Management believes this information is useful to investors to better understand the company's ongoing profitability and facilitates easier comparisons of the company's profitability to prior and future periods and to its peers. Free cash flow represents net cash provided by operating activities minus capital expenditures, plus the add back of cash taxes paid for gains on dispositions (which reflect tax payments on disposition-related investing activities) and cash paid for the Wellsite separation costs. Management believes that free cash flow is an important measure of operating performance because it provides management and investors a measurement of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, paying dividends, repaying debt and repurchasing our common stock. Management believes that reporting organic revenue growth, which excludes the impact of foreign currency exchange rates and the impact of acquisitions and dispositions, provides a useful comparison of our revenue performance and trends between periods.

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SOURCE Dover Corporation