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Dover Corp DOV
Q2 2013 Earnings Call Transcript

Transcript Call Date 07/18/2013

Operator: Good morning, and welcome to the Second Quarter 2013 Dover Corporation Earnings Conference Call. With us today are Bob Livingston, President and Chief Executive Officer; Brad Cerepak, Senior Vice President and CFO; and Paul Goldberg, Vice President of Investor Relations.

After the speakers' opening remarks, there will be a question-and-answer period. As a reminder, ladies and gentlemen, this conference call is being recorded and your participation implies consent to our recording of this call. If you do not agree with these terms, please disconnect at this time.

Thank you. I would now like to turn the call over to Mr. Paul Goldberg. Mr. Goldberg, please go ahead, sir.

Paul E. Goldberg - VP, IR: Thank you, Laurie. Good morning and welcome to Dover's second quarter earnings call. Today's call will begin with comments from Bob and Brad on Dover's second quarter operating and financial performance, and follow with our outlook for the remainder of the year. We will then open up the call for questions. As a courtesy, we kindly ask that you limit yourself to one question with a follow-up.

Please note that our current earnings release, investor supplement, and associated presentation can be found on our website www.dovercorporation.com. This call will be available for playback through August 1st, and the audio portion of this call will be archived on our website for three months. The replay telephone number is 1-800-585-8367. When accessing the playback, you'll need to supply the following access code, 12556710.

Before we get started I'd like to remind everyone that our comments today, which are intended to supplement your understanding of Dover, may contain certain forward-looking statements that are inherently subject to uncertainties. We caution everyone to be guided in their analysis of Dover Corporation by referring to our Forms 10-K and 10-Q for a list of factors that could cause our results to differ from those anticipated in any forward-looking statements. Also we undertake no obligation to publicly update or revise any forward-looking statements, except as required by law. We would also direct your attention to our website, where considerably more information can be found.

With that, I'd like to turn the call over to Bob.

Robert A. Livingston - President and CEO: Thanks, Paul. Good morning, everyone and thank you for joining us for this morning's conference call. I was very pleased with our second quarter results, which were driven by strong revenue growth especially in the Consumer Electronics and Refrigeration markets. Our Energy and Fluid markets also contributed solid growth. In all, we generated 5% organic revenue growth and improved margins 30 basis points and grew adjusted EPS 24%.

From a geographic point of view, our North American markets were modestly positive. Our China markets were strong, resulting in broad-based growth of 20%. We continue to see significant growth from the investments we have been making in Latin America, the Middle East and Australia. Lastly, European markets were largely flat in the quarter. Many of the positive trends evident in the second quarter are continuing, giving us confidence as we move into the second half of the year. The served markets within Energy as well as the Consumer Electronics, Refrigeration and Food Equipment, Fluids and fast-moving consumer goods markets should all be strong as evidenced by 8% bookings growth.

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