Dover Corp. (DOV, Financial) filed Quarterly Report for the period ended 2010-03-31.
Dover Corp. has a market cap of $10.04 billion; its shares were traded at around $53.61 with a P/E ratio of 23.1 and P/S ratio of 1.7. The dividend yield of Dover Corp. stocks is 1.9%. Dover Corp. had an annual average earning growth of 9.1% over the past 10 years.DOV is in the portfolios of Diamond Hill Capital of Diamond Hill Capital Management Inc, Kenneth Fisher of Fisher Asset Management, LLC, Steven Cohen of SAC Capital Advisors, Tom Russo of Gardner Russo & Gardner, Bruce Kovner of Caxton Associates, George Soros of Soros Fund Management LLC, Manning & Napier Advisors, Inc.
For the first three months of 2010, the Company generated cash from financing activities of $69.6 million compared to a use of cash for financing activities of $122.8 million in the comparable period of 2009. The increased cash flow on a comparable basis resulted primarily from $127.5 million of proceeds from the issuance of commercial paper for general corporate purposes, as well as additional proceeds from the exercise of employee stock options, offset in part by treasury stock purchases totaling $28.7 million and $2.2 million of higher dividend payments.
Adjusted Working Capital (a non-GAAP measure calculated as accounts receivable, plus inventory, less accounts payable) increased from the prior year end by $79.7 million, or 7.3%, to $1,172.3 million which reflected an increase in receivables of $111.6 million, an increase in inventory of $48.7 million and an increase in accounts payable of $80.6 million generally due to higher sales volume. Excluding acquisitions and the effects of foreign exchange translation, Adjusted Working Capital would have increased by $94.9 million, or 8.7%. Average Annual Adjusted Working Capital as a percentage of revenue (a non-GAAP measure calculated as the five-quarter average balance of accounts receivable, plus inventory, less accounts payable divided by the trailing twelve months of revenue) decreased to 18.9% at March 31, 2010 from 19.9% at December 31, 2009 and inventory turns were 6.3 at March 31, 2010 compared to 6.2 at December 31, 2009.
Earnings from continuing operations for the quarter increased 99% to $121.5 million, or $0.65 diluted EPS (EPS), compared to $61.1 million, or $0.33 EPS, in the prior year first quarter. The increase was primarily a result of end-market improvements across all of the Companys segments driving increased sales volume, the absence of significant restructuring charges in the current period and the benefits of restructuring initiatives from the prior year.
Loss from discontinued operations for the first quarter of 2010 was $13.4 million, or $0.07 EPS, compared to a first quarter 2009 loss of $7.7 million, or $0.04 EPS. The 2010 loss included a $13.1 million loss, net of tax, related to a business held for sale which was sold and other adjustments and a nominal loss from operations.
At March 31, 2010 and December 31, 2009 the Company had reserves related to severance and other restructuring activities of $11.0 million and $16.8 million, respectively. During the first quarter of 2010, the Company recorded $2.1 million in additional charges and made $7.9 million in payments and other adjustments related to these reserves. For the first quarter of 2010, $0.1 million and $2.0 million of restructuring charges were recorded in cost of goods and services and selling and administrative expenses, respectively, in the Unaudited Condensed Consolidated Statement of Operations.
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Dover Corp. has a market cap of $10.04 billion; its shares were traded at around $53.61 with a P/E ratio of 23.1 and P/S ratio of 1.7. The dividend yield of Dover Corp. stocks is 1.9%. Dover Corp. had an annual average earning growth of 9.1% over the past 10 years.DOV is in the portfolios of Diamond Hill Capital of Diamond Hill Capital Management Inc, Kenneth Fisher of Fisher Asset Management, LLC, Steven Cohen of SAC Capital Advisors, Tom Russo of Gardner Russo & Gardner, Bruce Kovner of Caxton Associates, George Soros of Soros Fund Management LLC, Manning & Napier Advisors, Inc.
Highlight of Business Operations:
Cash and cash equivalents of $690.3 million at March 31, 2010 decreased $24.1 million from the December 31, 2009 balance of $714.4 million; however, short-term investments at March 31, 2010 increased $97.9 million from the balance at December 31, 2009. Cash equivalents were invested in highly liquid investment grade money market instruments with a maturity of less than 90 days. Short-term investments consist of investment grade time deposits with original maturity dates between three months and one year.For the first three months of 2010, the Company generated cash from financing activities of $69.6 million compared to a use of cash for financing activities of $122.8 million in the comparable period of 2009. The increased cash flow on a comparable basis resulted primarily from $127.5 million of proceeds from the issuance of commercial paper for general corporate purposes, as well as additional proceeds from the exercise of employee stock options, offset in part by treasury stock purchases totaling $28.7 million and $2.2 million of higher dividend payments.
Adjusted Working Capital (a non-GAAP measure calculated as accounts receivable, plus inventory, less accounts payable) increased from the prior year end by $79.7 million, or 7.3%, to $1,172.3 million which reflected an increase in receivables of $111.6 million, an increase in inventory of $48.7 million and an increase in accounts payable of $80.6 million generally due to higher sales volume. Excluding acquisitions and the effects of foreign exchange translation, Adjusted Working Capital would have increased by $94.9 million, or 8.7%. Average Annual Adjusted Working Capital as a percentage of revenue (a non-GAAP measure calculated as the five-quarter average balance of accounts receivable, plus inventory, less accounts payable divided by the trailing twelve months of revenue) decreased to 18.9% at March 31, 2010 from 19.9% at December 31, 2009 and inventory turns were 6.3 at March 31, 2010 compared to 6.2 at December 31, 2009.
Earnings from continuing operations for the quarter increased 99% to $121.5 million, or $0.65 diluted EPS (EPS), compared to $61.1 million, or $0.33 EPS, in the prior year first quarter. The increase was primarily a result of end-market improvements across all of the Companys segments driving increased sales volume, the absence of significant restructuring charges in the current period and the benefits of restructuring initiatives from the prior year.
Loss from discontinued operations for the first quarter of 2010 was $13.4 million, or $0.07 EPS, compared to a first quarter 2009 loss of $7.7 million, or $0.04 EPS. The 2010 loss included a $13.1 million loss, net of tax, related to a business held for sale which was sold and other adjustments and a nominal loss from operations.
At March 31, 2010 and December 31, 2009 the Company had reserves related to severance and other restructuring activities of $11.0 million and $16.8 million, respectively. During the first quarter of 2010, the Company recorded $2.1 million in additional charges and made $7.9 million in payments and other adjustments related to these reserves. For the first quarter of 2010, $0.1 million and $2.0 million of restructuring charges were recorded in cost of goods and services and selling and administrative expenses, respectively, in the Unaudited Condensed Consolidated Statement of Operations.
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