UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________
FORM 8-K
________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 18, 2012
________________________________
DOVER CORPORATION
(Exact Name of Registrant as Specified in Charter)
________________________________
|
State of Delaware
|
1-4018 |
53-0257888
|
|
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number) |
(I.R.S. Employer Identification No.)
|
|
3005 Highland Parkway
|
||
|
Downers Grove, Illinois
|
60515
|
|
|
(Address of principal executive offices)
|
(Zip Code)
|
(630) 541-1540
(Registrant’s telephone number, including area code)
(Former Name or Former address, if Changed Since Last Report)
______________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12(b))
|
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 2.02 Results of Operations and Financial Condition.
On April 18, 2012, Dover Corporation (i) issued the Press Release attached hereto as Exhibit 99.1 announcing its results of operations for the first quarter ended March 31, 2012; and (ii) posted on its website at http://www.dovercorporation.com the presentation slides attached hereto as Exhibit 99.2 for the quarter ended March 31, 2012.
The information in this Current Report on Form 8-K, including exhibits, is being furnished to the Securities and Exchange Commission (the “SEC”) and shall not be deemed to be incorporated by reference into any of Dover’s filings with the SEC under the Securities Act of 1933.
Item 9.01 Financial Statements and Exhibits.
|
(a)
|
Financial statements of businesses acquired.
Not applicable.
|
|
(b)
|
Pro forma financial information.
Not applicable.
|
|
(c)
|
Shell company transactions.
Not applicable.
|
|
(d)
|
Exhibits.
The following exhibits are furnished as part of this report:
99.1 Dover Corporation Press Release dated April 18, 2012.
99.2 Presentation Slides Posted on Dover Corporation’s Website at http://www.dovercorporation.com.
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: April 18, 2012 | DOVER CORPORATION | ||
| (Registrant) | |||
|
By:
|
/s/ Joseph W. Schmidt | ||
| Joseph W. Schmidt | |||
| Senior Vice President, General Counsel & Secretary | |||
EXHIBIT INDEX
|
Number
|
Exhibit
|
|
|
99.1
|
Press Release of Dover Corporation, dated April 18, 2012
|
|
|
99.2
|
Presentation Slides Posted on Dover Corporation’s Website at http://www.dovercorporation.com
|
Exhibit 99.1
|
CONTACT:
|
READ IT ON THE WEB
|
|
Paul Goldberg
|
www.dovercorporation.com
|
|
Vice President - Investor Relations
|
|
|
(212) 922-1640
|
DOVER CORPORATION REPORTS FIRST QUARTER 2012 RESULTS
| ● | Reports revenue of $2.1 billion, an increase of 14% over the prior year, including organic growth of 9% |
| ● | Delivers quarterly diluted earnings per share from continuing operations of $1.05 |
| ● | Raises low end of guidance for full-year earnings per share from continuing operations; new range is $4.80 - $5.00 |
Downers Grove, Illinois, April 18, 2012 —Dover Corporation (NYSE: DOV) announced today that for the first quarter ended March 31, 2012, revenue was $2.1 billion, an increase of 14% over the prior-year period. The revenue increase was primarily driven by organic growth of 9% and a 5% increase from acquisitions. Earnings from continuing operations were $196.8 million, or $1.05 diluted earnings per share (“EPS”), compared to $174.8 million, or $0.92 EPS, in the prior-year period, representing increases in earnings from continuing operations and EPS of 13% and 14%, respectively. EPS from continuing operations increased 19% in the quarter, excluding the impact of tax benefits of $0.04 EPS recognized in the prior year period.
Commenting on the first quarter results, Dover’s President and Chief Executive Officer, Robert A. Livingston, said, “We are off to a great start in 2012 with strong revenue growth across the majority of our end-markets. Our 9% organic revenue growth for the quarter was driven by broad-based strength in energy, refrigeration and food equipment, handsets, fluids, and our industrial end-markets. Segment margin was 16.2%, led by our Energy and Engineered Systems segments, both of which exhibited strong operating leverage on volume. We saw a seasonal upswing in many of our businesses and finished with a solid book-to-bill of 1.06.”
“Dover continued to execute on our growth plans throughout the first quarter, including completing the acquisition of Maag Group. Maag, a leader in gear pumps for the plastics and petrochemical industries, is now part of our Fluid Solutions platform and will help expand our participation in the global fluids space. We also invested for growth through expansion of our international sales and service network, and strategic capital projects connected with the handset market. These capital projects will improve productivity, facilitate production of new design wins and help drive improved results in the back half of the year.”
“Looking forward, we now expect full year 2012 revenue growth of 10% - 12%, comprised of organic revenue growth of 5% - 7%, plus growth from completed acquisitions of 5%. Based on this revenue assumption, we expect full-year diluted EPS from continuing operations to be in the range of $4.80 - $5.00, which represents a $0.10 increase from the low-end of our prior guidance.”
Net earnings for the first quarter of 2012 were $196.1 million or $1.05 EPS, including a net loss from discontinued operations of $0.7 million, compared to net earnings of $194.9 million, or $1.03 EPS, for the same period of 2011, which included a gain from discontinued operations of $20.1 million, or $0.11 EPS.
Dover will host a webcast of its first quarter 2012 conference call at 10:00 A.M. Eastern Time (9:00 A.M. Central Time) on Wednesday, April 18, 2012. 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 first quarter results and its operating segments can also be found on the company’s website.
About Dover:
Dover Corporation is a multi-billion dollar diversified global manufacturer. For over 50 years, Dover has been providing its customers with outstanding products and services that reflect the company’s commitment to operational excellence, innovation and market leadership. The company focuses on innovative equipment and components, specialty systems and support services through its four major operating segments: Communication Technologies, Energy, Engineered Systems and Printing & Identification. Dover is headquartered in Downers Grove, Illinois and employs nearly 34,000 people worldwide. Dover Corporation is traded on the New York Stock Exchange under "DOV." Additional information is available at the company’s website at www.dovercorporation.com.
Forward-Looking Statement:
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, uncertainties in the credit and capital markets, interest rates, currency exchange rates, the world economy and sovereign credit, especially in Europe; political events and possible future terrorist threats that could impact countries where Dover does business or the worldwide economy; the impact of natural disasters and their effect on global supply chains and energy markets; increases in the cost of raw materials; 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; the impact of loss of a single-source manufacturing facility; changes in customer demand; a downgrade in Dover’s credit ratings; 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, tax policies, 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; and the cyclical nature of some of Dover’s companies. 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.
INVESTOR SUPPLEMENT - FIRST QUARTER 2012
DOVER CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)(in thousands, except per share data)
|
Three Months Ended March 31,
|
||||||||
|
2012
|
2011
|
|||||||
|
Revenue
|
$ | 2,063,364 | $ | 1,812,078 | ||||
|
Cost of goods and services
|
1,283,040 | 1,100,327 | ||||||
|
Gross profit
|
780,324 | 711,751 | ||||||
|
Selling and administrative expenses
|
480,880 | 453,427 | ||||||
|
Operating earnings
|
299,444 | 258,324 | ||||||
|
Interest expense, net
|
30,027 | 28,318 | ||||||
|
Other expense, net
|
2,622 | 1,188 | ||||||
|
Earnings before provision for income taxes and discontinued operations
|
266,795 | 228,818 | ||||||
|
Provision for income taxes
|
69,968 | 54,027 | ||||||
|
Earnings from continuing operations
|
196,827 | 174,791 | ||||||
|
(Loss) earnings from discontinued operations, net
|
(764 | ) | 20,114 | |||||
|
Net earnings
|
$ | 196,063 | $ | 194,905 | ||||
|
Comprehensive earnings
|
$ | 237,305 | $ | 266,566 | ||||
|
Basic earnings per common share:
|
||||||||
|
Earnings from continuing operations
|
$ | 1.07 | $ | 0.94 | ||||
|
Earnings from discontinued operations, net
|
- | 0.11 | ||||||
|
Net earnings
|
1.07 | 1.04 | ||||||
|
Weighted average shares outstanding
|
183,737 | 186,659 | ||||||
|
Diluted earnings per common share:
|
||||||||
|
Earnings from continuing operations
|
$ | 1.05 | $ | 0.92 | ||||
|
Earnings from discontinued operations, net
|
- | 0.11 | ||||||
|
Net earnings
|
1.05 | 1.03 | ||||||
|
Weighted average shares outstanding
|
186,706 | 190,090 | ||||||
|
Dividends paid per common share
|
$ | 0.315 | $ | 0.275 | ||||
DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(unaudited)(in thousands)
|
2012
|
2011
|
|||||||||||||||||||||||
| Q1 | Q1 | Q2 | Q3 | Q4 |
FY 2011
|
|||||||||||||||||||
|
REVENUE
|
||||||||||||||||||||||||
|
Communication Technologies
|
$ | 357,575 | $ | 269,582 | $ | 288,843 | $ | 405,357 | $ | 396,295 | $ | 1,360,077 | ||||||||||||
|
Energy
|
531,570 | 425,424 | 454,327 | 510,608 | 510,390 | 1,900,749 | ||||||||||||||||||
|
Engineered Systems
|
||||||||||||||||||||||||
|
Fluid Solutions
|
180,364 | 163,196 | 178,031 | 173,804 | 162,590 | 677,621 | ||||||||||||||||||
|
Refrigeration & Industrial
|
642,213 | 560,453 | 645,573 | 649,768 | 568,844 | 2,424,638 | ||||||||||||||||||
|
Eliminations
|
(453 | ) | (382 | ) | (424 | ) | (431 | ) | (287 | ) | (1,524 | ) | ||||||||||||
| 822,124 | 723,267 | 823,180 | 823,141 | 731,147 | 3,100,735 | |||||||||||||||||||
|
Printing & Identification
|
352,332 | 394,627 | 429,497 | 400,515 | 368,325 | 1,592,964 | ||||||||||||||||||
|
Intra-segment eliminations
|
(237 | ) | (822 | ) | (877 | ) | (1,015 | ) | (1,671 | ) | (4,385 | ) | ||||||||||||
|
Total consolidated revenue
|
$ | 2,063,364 | $ | 1,812,078 | $ | 1,994,970 | $ | 2,138,606 | $ | 2,004,486 | $ | 7,950,140 | ||||||||||||
|
NET EARNINGS
|
||||||||||||||||||||||||
|
Segment Earnings:
|
||||||||||||||||||||||||
|
Communication Technologies
|
$ | 46,556 | $ | 47,325 | $ | 54,527 | $ | 53,433 | $ | 71,097 | $ | 226,382 | ||||||||||||
|
Energy
|
132,115 | 93,051 | 110,447 | 125,268 | 121,871 | 450,637 | ||||||||||||||||||
|
Engineered Systems
|
122,092 | 98,235 | 128,570 | 125,529 | 92,852 | 445,186 | ||||||||||||||||||
|
Printing & Identification
|
32,605 | 54,637 | 67,967 | 59,447 | 44,483 | 226,534 | ||||||||||||||||||
|
Total Segments
|
333,368 | 293,248 | 361,511 | 363,677 | 330,303 | 1,348,739 | ||||||||||||||||||
|
Corporate expense / other
|
36,546 | 36,112 | 35,391 | 34,083 | 32,393 | 137,979 | ||||||||||||||||||
|
Net interest expense
|
30,027 | 28,318 | 28,157 | 30,061 | 29,060 | 115,596 | ||||||||||||||||||
|
Earnings from continuing operations before provision for income taxes
|
266,795 | 228,818 | 297,963 | 299,533 | 268,850 | 1,095,164 | ||||||||||||||||||
|
Provision for income taxes
|
69,968 | 54,027 | 58,765 | 76,095 | 59,912 | 248,799 | ||||||||||||||||||
|
Earnings from continuing operations
|
196,827 | 174,791 | 239,198 | 223,438 | 208,938 | 846,365 | ||||||||||||||||||
|
Earnings (loss) from discontinued operations, net
|
(764 | ) | 20,114 | 10,571 | (51,158 | ) | 69,351 | 48,878 | ||||||||||||||||
|
Net earnings
|
$ | 196,063 | $ | 194,905 | $ | 249,769 | $ | 172,280 | $ | 278,289 | $ | 895,243 | ||||||||||||
|
SEGMENT OPERATING MARGIN
|
||||||||||||||||||||||||
|
Communication Technologies
|
13.0 | % | 17.6 | % | 18.9 | % | 13.2 | % | 17.9 | % | 16.6 | % | ||||||||||||
|
Energy
|
24.9 | % | 21.9 | % | 24.3 | % | 24.5 | % | 23.9 | % | 23.7 | % | ||||||||||||
|
Engineered Systems
|
14.9 | % | 13.6 | % | 15.6 | % | 15.2 | % | 12.7 | % | 14.4 | % | ||||||||||||
|
Printing & Identification
|
9.3 | % | 13.8 | % | 15.8 | % | 14.8 | % | 12.1 | % | 14.2 | % | ||||||||||||
|
Total Segment
|
16.2 | % | 16.2 | % | 18.1 | % | 17.0 | % | 16.5 | % | 17.0 | % | ||||||||||||
|
DEPRECIATION AND AMORTIZATION EXPENSE
|
||||||||||||||||||||||||
|
Communication Technologies
|
$ | 31,513 | $ | 18,685 | $ | 18,533 | $ | 34,360 | $ | 30,261 | $ | 101,839 | ||||||||||||
|
Energy
|
21,184 | 18,573 | 18,765 | 19,399 | 21,082 | 77,819 | ||||||||||||||||||
|
Engineered Systems
|
19,582 | 18,415 | 18,816 | 18,332 | 19,213 | 74,776 | ||||||||||||||||||
|
Printing & Identification
|
11,206 | 11,372 | 11,685 | 11,548 | 11,543 | 46,148 | ||||||||||||||||||
|
Corporate
|
700 | 586 | 626 | 636 | 713 | 2,561 | ||||||||||||||||||
| $ | 84,185 | $ | 67,631 | $ | 68,425 | $ | 84,275 | $ | 82,812 | $ | 303,143 | |||||||||||||
DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(continued)
(unaudited)(in thousands)
|
2012
|
2011
|
|||||||||||||||||||||||
| Q1 | Q1 | Q2 | Q3 | Q4 |
FY 2011
|
|||||||||||||||||||
|
BOOKINGS
|
||||||||||||||||||||||||
|
Communication Technologies
|
$ | 356,386 | $ | 274,611 | $ | 309,734 | $ | 410,616 | $ | 349,579 | $ | 1,344,540 | ||||||||||||
|
Energy
|
585,775 | 495,125 | 472,543 | 498,212 | 519,525 | 1,985,405 | ||||||||||||||||||
|
Engineered Systems
|
||||||||||||||||||||||||
|
Fluid Solutions
|
184,711 | 173,626 | 175,539 | 174,772 | 158,895 | 682,832 | ||||||||||||||||||
|
Refrigeration & Industrial
|
711,911 | 660,449 | 623,929 | 602,488 | 625,840 | 2,512,706 | ||||||||||||||||||
|
Eliminations
|
(408 | ) | (733 | ) | (884 | ) | 179 | (1,378 | ) | (2,816 | ) | |||||||||||||
| 896,214 | 833,342 | 798,584 | 777,439 | 783,357 | 3,192,722 | |||||||||||||||||||
|
Printing & Identification
|
347,368 | 438,526 | 386,259 | 384,085 | 353,849 | 1,562,719 | ||||||||||||||||||
|
Intra-segment eliminations
|
(609 | ) | (2,736 | ) | (3,370 | ) | (2,452 | ) | (3,153 | ) | (11,711 | ) | ||||||||||||
|
Total consolidated bookings
|
$ | 2,185,134 | $ | 2,038,868 | $ | 1,963,750 | $ | 2,067,900 | $ | 2,003,157 | $ | 8,073,675 | ||||||||||||
|
BACKLOG
|
||||||||||||||||||||||||
|
Communication Technologies
|
$ | 435,912 | $ | 410,843 | $ | 431,558 | $ | 483,512 | $ | 437,320 | ||||||||||||||
|
Energy
|
296,360 | 240,198 | 255,889 | 243,401 | 246,351 | |||||||||||||||||||
|
Engineered Systems
|
||||||||||||||||||||||||
|
Fluid Solutions
|
191,327 | 57,357 | 54,945 | 55,230 | 54,194 | |||||||||||||||||||
|
Refrigeration & Industrial
|
598,910 | 544,995 | 523,011 | 469,876 | 528,118 | |||||||||||||||||||
|
Eliminations
|
(132 | ) | (339 | ) | (526 | ) | (94 | ) | (177 | ) | ||||||||||||||
| 790,105 | 602,013 | 577,430 | 525,012 | 582,135 | ||||||||||||||||||||
|
Printing & Identification
|
177,511 | 262,629 | 220,619 | 197,792 | 180,871 | |||||||||||||||||||
|
Intra-segment eliminations
|
(987 | ) | (704 | ) | (1,178 | ) | (891 | ) | (193 | ) | ||||||||||||||
|
Total consolidated backlog
|
$ | 1,698,901 | $ | 1,514,979 | $ | 1,484,318 | $ | 1,448,826 | $ | 1,446,484 | ||||||||||||||
DOVER CORPORATION
QUARTERLY EARNINGS PER SHARE
(unaudited)(in thousands, except per share data)
|
2012
|
2011
|
|||||||||||||||||||||||
| Q1 | Q1 | Q2 | Q3 | Q4 |
FY 2011
|
|||||||||||||||||||
|
Basic earnings (loss) per common share:
|
||||||||||||||||||||||||
|
Continuing operations
|
$ | 1.07 | $ | 0.94 | $ | 1.28 | $ | 1.20 | $ | 1.13 | $ | 4.55 | ||||||||||||
|
Discontinued operations
|
- | 0.11 | 0.06 | (0.28 | ) | 0.38 | 0.26 | |||||||||||||||||
|
Net earnings
|
1.07 | 1.04 | 1.34 | 0.93 | 1.51 | 4.82 | ||||||||||||||||||
|
Diluted earnings (loss) per common share:
|
||||||||||||||||||||||||
|
Continuing operations
|
$ | 1.05 | $ | 0.92 | $ | 1.26 | $ | 1.19 | $ | 1.12 | $ | 4.48 | ||||||||||||
|
Discontinued operations
|
- | 0.11 | 0.06 | (0.27 | ) | 0.37 | 0.26 | |||||||||||||||||
|
Net earnings
|
1.05 | 1.03 | 1.32 | 0.91 | 1.49 | 4.74 | ||||||||||||||||||
|
Adjusted diluted earnings per common share (calculated below):
|
||||||||||||||||||||||||
|
Continuing operations
|
$ | 1.05 | $ | 0.88 | $ | 1.14 | $ | 1.18 | $ | 1.07 | $ | 4.26 | ||||||||||||
|
Net earnings (loss) and average shares used in calculated earnings (loss) per share amounts are as follows:
|
||||||||||||||||||||||||
|
Net earnings (loss) :
|
||||||||||||||||||||||||
|
Continuing operations
|
$ | 196,827 | $ | 174,791 | $ | 239,198 | $ | 223,438 | $ | 208,938 | $ | 846,365 | ||||||||||||
|
Discontinued operations
|
(764 | ) | 20,114 | 10,571 | (51,158 | ) | 69,351 | 48,878 | ||||||||||||||||
|
Net earnings
|
196,063 | 194,905 | 249,769 | 172,280 | 278,289 | 895,243 | ||||||||||||||||||
|
Average shares outstanding:
|
||||||||||||||||||||||||
|
Basic
|
183,737 | 186,659 | 186,443 | 185,770 | 184,686 | 185,882 | ||||||||||||||||||
|
Diluted
|
186,706 | 190,090 | 189,705 | 188,436 | 187,208 | 188,887 | ||||||||||||||||||
NOTE:
Earnings from continuing operations are adjusted by discrete and other tax items to derive adjusted earnings from continuing operations and adjusted diluted earnings per common share as follows:
|
2012
|
2011
|
|||||||||||||||||||||||
| Q1 | Q1 | Q2 | Q3 | Q4 |
FY 2011
|
|||||||||||||||||||
|
Adjusted earnings from continuing operations:
|
||||||||||||||||||||||||
|
Earnings from continuing operations
|
$ | 196,827 | $ | 174,791 | $ | 239,198 | $ | 223,438 | $ | 208,938 | $ | 846,365 | ||||||||||||
|
Less: Gains from discrete and other tax items
|
1,432 | 8,016 | 22,338 | 2,390 | 8,590 | 41,334 | ||||||||||||||||||
|
Adjusted earnings from continuing operations
|
$ | 195,395 | $ | 166,775 | $ | 216,860 | $ | 221,048 | $ | 200,348 | $ | 805,031 | ||||||||||||
|
Adjusted diluted earnings per common share:
|
||||||||||||||||||||||||
|
Earnings from continuing operations
|
$ | 1.05 | $ | 0.92 | $ | 1.26 | $ | 1.19 | $ | 1.12 | $ | 4.48 | ||||||||||||
|
Less: Gains from discrete and other tax items
|
- | 0.04 | 0.12 | 0.01 | 0.05 | 0.22 | ||||||||||||||||||
|
Adjusted earnings from continuing operations
|
$ | 1.05 | $ | 0.88 | $ | 1.14 | $ | 1.18 | $ | 1.07 | $ | 4.26 | ||||||||||||
DOVER CORPORATION
QUARTERLY FREE CASH FLOW
(unaudited)(in thousands)
|
2012
|
2011
|
|||||||||||||||||||||||
| Q1 | Q1 | Q2 | Q3 | Q4 |
FY 2011
|
|||||||||||||||||||
|
Cash flow from operating activities
|
$ | 160,127 | $ | 117,503 | $ | 205,260 | $ | 376,614 | $ | 358,852 | $ | 1,058,229 | ||||||||||||
|
Less: Additions to property, plant and equipment
|
(71,429 | ) | (51,379 | ) | (72,338 | ) | (65,000 | ) | (83,092 | ) | (271,809 | ) | ||||||||||||
|
Free cash flow
|
$ | 88,698 | $ | 66,124 | $ | 132,922 | $ | 311,614 | $ | 275,760 | $ | 786,420 | ||||||||||||
|
Free cash flow as a percentage of earnings from continuing operations
|
45.1 | % | 37.8 | % | 55.6 | % | 139.5 | % | 132.0 | % | 92.9 | % | ||||||||||||
|
Free cash flow as a percentage of revenue
|
4.3 | % | 3.6 | % | 6.7 | % | 14.6 | % | 13.8 | % | 9.9 | % | ||||||||||||
Exhibit 99.2
