Exhibit 99.1

Investor Contact:						Media Contact:
Andrey Galiuk						Adrian Sakowicz
Vice President - Corporate Development						Vice President - Communications
and Investor Relations						(630) 743-5039
(630) 743-5131						asakowicz@dovercorp.com
agaliuk@dovercorp.com

DOVER REPORTS SECOND QUARTER 2020 RESULTS; RE-INITIATES FULL YEAR GUIDANCE

DOWNERS GROVE, Ill., July 22, 2020 — Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the second quarter ended June 30, 2020.

						Three Months Ended June 30,																														Six Months Ended June 30,
($ in millions, except per share data)						2020						2019						% Change						2020						2019						% Change
U.S. GAAP
Revenue						$	1,499					$	1,811					(17)		%				$	3,155					$	3,535					(11)		%
Net earnings 1						125						198						(37)		%				301						304						(1)		%
Diluted EPS						0.86						1.35						(36)		%				2.07						2.07						—		%
Non-GAAP
Organic revenue change																		(16)		%																(10)		%
Adjusted net earnings 2						164						229						(28)		%				368						412						(11)		%
Adjusted diluted EPS						1.13						1.56						(28)		%				2.53						2.80						(10)		%

¹ Q2 2020 and 2019 net earnings include rightsizing and other costs of $13.4 million and $5.1 million, respectively. Q2 2020 also includes a $0.6 million expense related to the sale of AMS Chino. Q2 year-to-date 2020 and 2019 net earnings include rightsizing and other costs of $19.6 million and $8.2 million, respectively. Q2 year-to-date 2020 also includes a $4.4 million non-cash gain on the sale of AMS Chino, and year-to-date 2019 includes a $46.9 million non-cash loss on assets held for sale related to Finder.

² Q2 2020 and 2019 adjusted net earnings exclude after tax acquisition-related amortization costs of $25.7 million and $26.2 million, respectively, and rightsizing and other costs of $13.4 million and $5.1 million, respectively. Q2 2020 also excludes a $0.6 million expense related to the sale of AMS Chino. Q2 year-to-date 2020 and 2019 adjusted net earnings exclude acquisition-related amortization costs of $51.3 million and $52.9 million, respectively, and rightsizing and other costs of $19.6 million and $8.2 million, respectively. Q2 year-to-date 2020 also excludes a $4.4 million non-cash gain on the sale of AMS Chino, and year-to-date 2019 excludes a $46.9 million non-cash loss on assets held for sale related to Finder.

For the quarter ended June 30, 2020, Dover generated revenue of $1.5 billion, a decline of 17% (-16% organic) compared to the second quarter of the prior year. GAAP net earnings of $125 million decreased 37%, and GAAP diluted EPS of $0.86 was down 36%. On an adjusted basis, net earnings of $164 million declined 28%, and adjusted diluted EPS of $1.13 was down 28% versus the comparable quarter of the prior year.

For the six months ended June 30, 2020, Dover generated revenue of $3.2 billion, a decline of 11% (-10% organic) compared to the first six months of the prior year. GAAP net earnings of $301 million decreased 1%, and GAAP diluted EPS of $2.07 was flat year-over-year. On an adjusted basis, net earnings of $368 million declined 11%, and adjusted diluted EPS of $2.53 was down 10% versus the comparable quarter of the prior year.

A full reconciliation between GAAP and adjusted measures and definitions of non-GAAP and other performance measures are included as an exhibit herein.

MANAGEMENT COMMENTARY:

Dover’s President and Chief Executive Officer, Richard J. Tobin, said, “We are proud of our work and results in the second quarter. Economic uncertainty and operational disruption caused by the COVID-19 pandemic slowed activity across many markets and made the operating environment undeniably challenging. Our businesses have navigated the quarter well, as we focused on what was and remains within our control: diligently managing our costs and cash flow, providing a safe working environment for our associates and supporting our customers with the critical products they needed to keep their essential operations running.

“As we expected, activity declined across a majority of the markets we serve, albeit the impact varied widely across our diverse portfolio with many businesses proving their profitability and cash flow resilience in challenging conditions. Demand conditions in

textile printing, foodservice, below-ground fueling, food retail and automotive aftermarket were particularly challenged, partially offset by relative resilience in biopharma, aerospace & defense, heat exchangers and marking & coding. We remain positioned well for the second half with a higher backlog compared to this time last year, driven by our longer cycle businesses and sequential intra-quarter improvement in many shorter cycle businesses.

“Global lockdowns, travel restrictions, proactive production curtailments and reduced volumes created a challenging operating environment in the second quarter, but our cost controls and continued execution of our multi-year productivity program resulted in a satisfactory decremental margin performance, positioning us well to reach or exceed our annual conversion margin target.

“Looking forward, the demand outlook for the remainder of the year remains uncertain, with activity across most markets improving but not back to business-as-usual. As a result of our improved demand visibility into the third quarter, and our solid margin performance year-to-date, we are making the decision to reinstate our annual guidance, though with a wider range than usual for the mid-year reflecting the fluidity of market conditions. We retain additional flexibility to adjust our cost base if macroeconomic conditions in the second half of the year necessitate a response.”

FULL YEAR 2020 GUIDANCE REINSTATED:

In 2020, Dover expects to generate GAAP EPS in the range of $4.16 to $4.41 ($5.00 to $5.25 on an adjusted basis). A full reconciliation between forecasted GAAP and forecasted adjusted EPS is included as an exhibit herein.

CONFERENCE CALL INFORMATION:

Dover will host a webcast and conference call to discuss its second quarter and year-to-date 2020 results as well as updated 2020 guidance at 9:00 A.M. Eastern Time (8:00 A.M. Central Time) on Wednesday, July 22, 2020. 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 second quarter results and its operating segments can be found on the Company’s website.

ABOUT DOVER:

Dover is a diversified global manufacturer and solutions provider with annual revenue of approximately $7 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Fueling Solutions, Imaging & Identification, Pumps & Process Solutions and Refrigeration & Food Equipment. 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 over 23,000 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. All statements in this document other than statements of historical fact are statements that are, or could be deemed, “forward-looking” statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company’s control. Factors that could cause actual results to differ materially from current expectations include, among other things, the impacts of COVID-19, or other future pandemics, on the global economy and on our customers, suppliers, employees, business and cash flows, other general economic conditions and conditions in the particular markets in which we operate, changes in customer demand and capital spending, competitive factors and pricing pressures, our ability to develop and launch new products in a cost-effective manner, our ability to realize synergies from newly acquired businesses, and our ability to derive expected benefits from restructuring, productivity initiatives and other cost reduction actions. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2019, and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the Securities and Exchange Commission, and on our website, dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

INVESTOR SUPPLEMENT - SECOND QUARTER 2020

DOVER CORPORATION

CONSOLIDATED STATEMENTS OF EARNINGS

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

			Three Months Ended June 30,																		Six Months Ended June 30,
			2020						2019						2020						2019
Revenue			$	1,499,175					$	1,810,706					$	3,155,114					$	3,535,463
Cost of goods and services			947,577						1,138,113						1,991,273						2,239,328
Gross profit			551,598						672,593						1,163,841						1,296,135
Selling, general, and administrative expenses			366,740						396,634						753,681						805,100
Loss on assets held for sale			—						—						—						46,946
Operating earnings			184,858						275,959						410,160						444,089
Interest expense			28,711						31,754						55,979						63,562
Interest income			(728)						(945)						(1,911)						(1,835)
Loss (gain) on sale of a business			781						—						(5,770)						—
Other income, net			(735)						(4,589)						(8,467)						(5,695)
Earnings before provision for income taxes			156,829						249,739						370,329						388,057
Provision for income taxes			32,063						51,654						69,284						84,267
Net earnings			$	124,766					$	198,085					$	301,045					$	303,790
Net earnings per share:
Basic			$	0.87					$	1.36					$	2.09					$	2.09
Diluted			$	0.86					$	1.35					$	2.07					$	2.07
Weighted average shares outstanding:
Basic			143,955						145,366						144,107						145,227
Diluted			144,995						147,179						145,359						147,041
Dividends paid per common share			$	0.49					$	0.48					$	0.98					$	0.96
* Per share data may be impacted by rounding.

IS - 1

DOVER CORPORATION

QUARTERLY SEGMENT INFORMATION

(unaudited)(in thousands)

			2020																														2019
			Q1			Q2			Q2 YTD																		Q1			Q2			Q2 YTD			Q3						Q4			FY 2019
REVENUE
Engineered Products			$	408,160		$	342,380		$	750,540																	$	418,851		$	429,928		$	848,779		$	426,689					$	422,089		$	1,697,557
Fueling Solutions			359,982			326,495			686,477																		373,050			390,586			763,636			411,769						444,772			1,620,177
Imaging & Identification			256,765			227,977			484,742																		268,354			266,588			534,942			275,109						274,420			1,084,471
Pumps & Process Solutions			319,536			309,095			628,631																		330,219			338,924			669,143			341,337						328,048			1,338,528
Refrigeration & Food Equipment			311,913			293,527			605,440																		334,643			385,474			720,117			370,335						306,165			1,396,617
Intra-segment eliminations			(417)			(299)			(716)																		(360)			(794)			(1,154)			106						95			(953)
Total consolidated revenue			$	1,655,939		$	1,499,175		$	3,155,114																	$	1,724,757		$	1,810,706		$	3,535,463		$	1,825,345					$	1,775,589		$	7,136,397
NET EARNINGS
Segment Earnings:
Engineered Products			$	69,094		$	47,702		$	116,796																	$	67,119		$	77,129		$	144,248		$	74,367					$	73,233		$	291,848
Fueling Solutions			53,498			47,214			100,712																		37,230			52,637			89,867			68,069						73,937			231,873
Imaging & Identification			51,482			38,046			89,528																		55,955			54,641			110,596			61,655						57,233			229,484
Pumps & Process Solutions 1			66,079			67,702			133,781																		14,991			76,278			91,269			77,433						71,379			240,081
Refrigeration & Food Equipment 2			23,529			11,459			34,988																		24,807			44,375			69,182			35,211						14,439			118,832
Total segment earnings (EBIT)			263,682			212,123			475,805																		200,102			305,060			505,162			316,735						290,221			1,112,118
Corporate expense / other 3			24,097			27,311			51,408																		30,866			24,512			55,378			28,658						63,781			147,817
Interest expense			27,268			28,711			55,979																		31,808			31,754			63,562			31,410						30,846			125,818
Interest income			(1,183)			(728)			(1,911)																		(890)			(945)			(1,835)			(1,263)						(1,428)			(4,526)
Earnings before provision for income taxes			213,500			156,829			370,329																		138,318			249,739			388,057			257,930						197,022			843,009
Provision for income taxes			37,221			32,063			69,284																		32,613			51,654			84,267			51,924						28,900			165,091
Net earnings			$	176,279		$	124,766		$	301,045																	$	105,705		$	198,085		$	303,790		$	206,006					$	168,122		$	677,918
SEGMENT MARGIN
Engineered Products			16.9 %			13.9		%	15.6		%																16.0 %			17.9 %			17.0 %			17.4 %						17.4 %			17.2 %
Fueling Solutions			14.9 %			14.5		%	14.7		%																10.0 %			13.5 %			11.8 %			16.5 %						16.6 %			14.3 %
Imaging & Identification			20.1 %			16.7		%	18.5		%																20.9 %			20.5 %			20.7 %			22.4 %						20.9 %			21.2 %
Pumps & Process Solutions 1			20.7 %			21.9		%	21.3		%																4.5 %			22.5 %			13.6 %			22.7 %						21.8 %			17.9 %
Refrigeration & Food Equipment 2			7.5 %			3.9		%	5.8		%																7.4 %			11.5 %			9.6 %			9.5 %						4.7 %			8.5 %
Total segment operating margin			15.9 %			14.1		%	15.1		%																11.6 %			16.8 %			14.3 %			17.4 %						16.3 %			15.6 %
DEPRECIATION AND AMORTIZATION EXPENSE
Engineered Products			$	10,122		$	9,722		$	19,844																	$	10,359		$	10,452		$	20,811		$	10,095					$	10,126		$	41,032
Fueling Solutions			18,339			17,968			36,307																		17,879			18,945			36,824			18,744						19,477			75,045
Imaging & Identification			8,769			9,224			17,993																		7,435			7,413			14,848			7,360						8,322			30,530
Pumps & Process Solutions			18,336			17,572			35,908																		17,548			16,201			33,749			16,018						17,817			67,584
Refrigeration & Food Equipment			11,548			11,421			22,969																		13,011			12,777			25,788			13,047						12,525			51,360
Corporate			1,638			1,696			3,334																		1,506			1,981			3,487			1,523						1,726			6,736
Total depreciation and amortization expense			$	68,752		$	67,603		$	136,355																	$	67,738		$	67,769		$	135,507		$	66,787					$	69,993		$	272,287
1 Q1 and FY 2019 include a $46,946 loss on assets held for sale for Finder Pompe S.r.l.
2 Q1, Q2, and Q2 YTD includes a $6,551 gain, a $781 expense and a $5,770 net gain on the sale of the Chino, California branch of The AMS Group ("AMS Chino"), respectively. Q2 and Q2 YTD also include a $3,640 write-off of assets.
3 Q4 and FY 2019 include a $23,543 loss on early extinguishment of debt.

IS - 2

DOVER CORPORATION

QUARTERLY EARNINGS PER SHARE

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

Earnings Per Share
			2020																														2019
			Q1			Q2			Q2 YTD																		Q1			Q2			Q2 YTD			Q3						Q4			FY 2019
Net earnings per share:
Basic			$	1.22		$	0.87		$	2.09																	$	0.73		$	1.36		$	2.09		$	1.42					$	1.16		$	4.67
Diluted			$	1.21		$	0.86		$	2.07																	$	0.72		$	1.35		$	2.07		$	1.40					$	1.15		$	4.61
Net earnings and weighted average shares used in calculated earnings per share amounts are as follows:
Net earnings			$	176,279		$	124,766		$	301,045																	$	105,705		$	198,085		$	303,790		$	206,006					$	168,122		$	677,918
Weighted average shares outstanding:
Basic			144,259			143,955			144,107																		145,087			145,366			145,227			145,372						144,966			145,198
Diluted			145,782			144,995			145,359																		146,911			147,179			147,041			147,051						146,790			146,992
* Per share data may be impacted by rounding.

IS - 3

DOVER CORPORATION

QUARTERLY ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP)

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

Non-GAAP Reconciliations

			2020																														2019
			Q1			Q2			Q2 YTD																		Q1			Q2			Q2 YTD			Q3						Q4			FY 2019
Adjusted net earnings:
Net earnings			$	176,279		$	124,766		$	301,045																	$	105,705		$	198,085		$	303,790		$	206,006					$	168,122		$	677,918
Acquisition-related amortization, pre-tax 1			34,062			34,101			68,163																		35,635			34,997			70,632			34,244						33,460			138,336
Acquisition-related amortization, tax impact 2			(8,411)			(8,451)			(16,862)																		(8,964)			(8,777)			(17,741)			(8,624)						(8,403)			(34,768)
Rightsizing and other costs, pre-tax 3			7,859			16,840			24,699																		3,963			6,457			10,420			3,807						17,926			32,153
Rightsizing and other costs, tax impact 2			(1,605)			(3,452)			(5,057)																		(861)			(1,377)			(2,238)			(806)						(3,745)			(6,789)
Loss on extinguishment of debt, pre-tax 4			—			—			—																		—			—			—			—						23,543			23,543
Loss on extinguishment of debt, tax impact 2			—			—			—																		—			—			—			—						(5,163)			(5,163)
Loss on assets held for sale 5			—			—			—																		46,946			—			46,946			—						—			46,946
(Gain) loss on disposition, pre-tax 6			(6,551)			781			(5,770)																		—			—			—			—						—			—
(Gain) loss on disposition, tax-impact 2			1,592			(190)			1,402																		—			—			—			—						—			—
Adjusted net earnings			$	203,225		$	164,395		$	367,620																	$	182,424		$	229,385		$	411,809		$	234,627					$	225,740		$	872,176
Adjusted diluted net earnings per share:
Diluted net earnings per share			$	1.21		$	0.86		$	2.07																	$	0.72		$	1.35		$	2.07		$	1.40					$	1.15		$	4.61
Acquisition-related amortization, pre-tax 1			0.23			0.24			0.47																		0.24			0.24			0.48			0.23						0.23			0.94
Acquisition-related amortization, tax impact 2			(0.06)			(0.06)			(0.12)																		(0.06)			(0.06)			(0.12)			(0.06)						(0.06)			(0.24)
Rightsizing and other costs, pre-tax 3			0.05			0.12			0.17																		0.03			0.04			0.07			0.03						0.12			0.22
Rightsizing and other costs, tax impact 2			(0.01)			(0.02)			(0.03)																		(0.01)			(0.01)			(0.02)			(0.01)						(0.03)			(0.06)
Loss on extinguishment of debt, pre-tax 4			—			—			—																		—			—			—			—						0.16			0.16
Loss on extinguishment of debt, tax impact 2			—			—			—																		—			—			—			—						(0.04)			(0.04)
Loss on assets held for sale 5			—			—			—																		0.32			—			0.32			—						—			0.32
(Gain) loss on disposition, pre-tax 6			(0.04)			—			(0.04)																		—			—			—			—						—			—
(Gain) loss on disposition, tax-impact 2			0.01			—			0.01																		—			—			—			—						—			—
Adjusted diluted net earnings per share			$	1.39		$	1.13		$	2.53																	$	1.24		$	1.56		$	2.80		$	1.60					$	1.54		$	5.93
1 Includes amortization on acquisition-related intangible assets and inventory step-up.
2 Adjustments were tax effected using the statutory tax rates in the applicable jurisdictions or the effective tax rate, where applicable, for each period.
3 Rightsizing and other costs include actions taken on employee reductions, facility consolidations and site closures, product line exits and other asset charges.
4 Represents a loss on early extinguishment of €300,000 2.125% notes due 2020 and $450,000 4.30% notes due 2021.
5 Represents a loss on assets held for sale of Finder Pompe S.r.l. ("Finder"). Under local law, no tax benefit is realized from the loss on the sale of a wholly-owned business.
6 Represents a (gain) loss on the disposition of AMS Chino within the Refrigeration & Food Equipment segment.
* Per share data and totals may be impacted by rounding.

IS - 4

DOVER CORPORATION

QUARTERLY SEGMENT ADJUSTED EBIT AND ADJUSTED EBITDA (NON-GAAP)

(unaudited)(in thousands)

Non-GAAP Reconciliations

			2020																														2019
			Q1			Q2			Q2 YTD																		Q1			Q2			Q2 YTD			Q3						Q4			FY 2019
ADJUSTED SEGMENT EBIT AND ADJUSTED EBITDA
Engineered Products:
Segment earnings (EBIT)			$	69,094		$	47,702		$	116,796																	$	67,119		$	77,129		$	144,248		$	74,367					$	73,233		$	291,848
Rightsizing and other costs			361			4,169			4,530																		80			1,125			1,205			590						1,355			3,150
Adjusted EBIT - Segment			69,455			51,871			121,326																		67,199			78,254			145,453			74,957						74,588			294,998
Adjusted EBIT %			17.0		%	15.2		%	16.2		%																16.0		%	18.2		%	17.1		%	17.6		%				17.7		%	17.4		%
Adjusted D&A 2			10,122			9,722			19,844																		10,359			9,855			20,214			10,095						10,126			40,435
Adjusted EBITDA - segment			$	79,577		$	61,593		$	141,170																	$	77,558		$	88,109		$	165,667		$	85,052					$	84,714		$	335,433
Adjusted EBITDA %			19.5		%	18.0		%	18.8		%																18.5		%	20.5		%	19.5		%	19.9		%				20.1		%	19.8		%
Fueling Solutions:
Segment earnings (EBIT)			$	53,498		$	47,214		$	100,712																	$	37,230		$	52,637		$	89,867		$	68,069					$	73,937		$	231,873
Rightsizing and other costs			1,493			868			2,361																		752			1,768			2,520			811						1,554			4,885
Adjusted EBIT - Segment			54,991			48,082			103,073																		37,982			54,405			92,387			68,880						75,491			236,758
Adjusted EBIT %			15.3		%	14.7		%	15.0		%																10.2		%	13.9		%	12.1		%	16.7		%				17.0		%	14.6		%
Adjusted D&A 2			18,339			17,783			36,122																		17,879			18,945			36,824			18,744						19,477			75,045
Adjusted EBITDA - segment			$	73,330		$	65,865		$	139,195																	$	55,861		$	73,350		$	129,211		$	87,624					$	94,968		$	311,803
Adjusted EBITDA %			20.4		%	20.2		%	20.3		%																15.0		%	18.8		%	16.9		%	21.3		%				21.4		%	19.2		%
Imaging & Identification:
Segment earnings (EBIT)			$	51,482		$	38,046		$	89,528																	$	55,955		$	54,641		$	110,596		$	61,655					$	57,233		$	229,484
Rightsizing and other costs			264			(527)			(263)																		389			1,268			1,657			301						4,392			6,350
Adjusted EBIT - Segment			51,746			37,519			89,265																		56,344			55,909			112,253			61,956						61,625			235,834
Adjusted EBIT %			20.2		%	16.5		%	18.4		%																21.0		%	21.0		%	21.0		%	22.5		%				22.5		%	21.7		%
Adjusted D&A 2			8,769			9,224			17,993																		7,336			7,317			14,653			7,286						7,892			29,831
Adjusted EBITDA - segment			$	60,515		$	46,743		$	107,258																	$	63,680		$	63,226		$	126,906		$	69,242					$	69,517		$	265,665
Adjusted EBITDA %			23.6		%	20.5		%	22.1		%																23.7		%	23.7		%	23.7		%	25.2		%				25.3		%	24.5		%
Pumps & Process Solutions:
Segment earnings (EBIT)			$	66,079		$	67,702		$	133,781																	$	14,991		$	76,278		$	91,269		$	77,433					$	71,379		$	240,081
Rightsizing and other costs			3,846			4,691			8,537																		414			903			1,317			943						3,868			6,128
Loss on assets held for sale 1			—			—			—																		46,946			—			46,946			—						—			46,946
Adjusted EBIT - Segment			69,925			72,393			142,318																		62,351			77,181			139,532			78,376						75,247			293,155
Adjusted EBIT %			21.9		%	23.4		%	22.6		%																18.9		%	22.8		%	20.9		%	23.0		%				22.9		%	21.9		%
Adjusted D&A 2			16,230			16,816			33,046																		17,548			16,199			33,747			16,018						17,004			66,769
Adjusted EBITDA - segment			$	86,155		$	89,209		$	175,364																	$	79,899		$	93,380		$	173,279		$	94,394					$	92,251		$	359,924
Adjusted EBITDA %			27.0		%	28.9		%	27.9		%																24.2		%	27.6		%	25.9		%	27.7		%				28.1		%	26.9		%
Refrigeration & Food Equipment:
Segment earnings (EBIT)			$	23,529		$	11,459		$	34,988																	$	24,807		$	44,375		$	69,182		$	35,211					$	14,439		$	118,832
Rightsizing and other costs			704			6,016			6,720																		2,293			666			2,959			840						2,243			6,042
(Gain) loss on disposition 3			(6,551)			781			(5,770)																		—			—			—			—						—			—
Adjusted EBIT - Segment			17,682			18,256			35,938																		27,100			45,041			72,141			36,051						16,682			124,874
Adjusted EBIT %			5.7		%	6.2		%	5.9		%																8.1		%	11.7		%	10.0		%	9.7		%				5.4		%	8.9		%
Adjusted D&A 2			11,548			11,421			22,969																		13,011			12,777			25,788			13,047						12,525			51,360
Adjusted EBITDA - segment			$	29,230		$	29,677		$	58,907																	$	40,111		$	57,818		$	97,929		$	49,098					$	29,207		$	176,234
Adjusted EBITDA %			9.4		%	10.1		%	9.7		%																12.0		%	15.0		%	13.6		%	13.3		%				9.5		%	12.6		%
Total Segments:
Segment earnings (EBIT) 4			$	263,682		$	212,123		$	475,805																	$	200,102		$	305,060		$	505,162		$	316,735					$	290,221		$	1,112,118
Rightsizing and other costs			6,668			15,217			21,885																		3,928			5,730			9,658			3,485						13,412			26,555
Loss on assets held for sale 1			—			—			—																		46,946			—			46,946			—						—			46,946
(Gain) loss on disposition 3			(6,551)			781			(5,770)																		—			—			—			—						—			—
Adjusted EBIT - Segment 5			263,799			228,121			491,920																		250,976			310,790			561,766			320,220						303,633			1,185,619
Adjusted EBIT % 4			15.9		%	15.2		%	15.6		%																14.5		%	17.2		%	15.9		%	17.5		%				17.1		%	16.6		%
Adjusted D&A 2			65,008			64,966			129,974																		66,133			65,093			131,226			65,190						67,024			263,440
Adjusted EBITDA - segment 5			$	328,807		$	293,087		$	621,894																	$	317,109		$	375,883		$	692,992		$	385,410					$	370,657		$	1,449,059
Adjusted EBITDA % 5			19.9		%	19.5		%	19.7		%																18.4		%	20.7		%	19.6		%	21.1		%				20.9		%	20.3		%
1 Q1 and FY 2019 include a $46,946 loss on assets held for sale for Finder.
2 Adjusted D&A is depreciation and amortization expense, excluding depreciation and amortization included within rightsizing and other costs.
3 Q1, Q2, and Q2 YTD includes a $6,551 gain, a $781 expense and a $5,770 net gain on the sale of a business for AMS Chino, respectively.
4 Refer to Quarterly Segment Information section for reconciliation of total segment earnings (EBIT) to net earnings.
5 Refer to Non-GAAP Disclosures section for definition.

IS - 5

DOVER CORPORATION

REVENUE GROWTH FACTORS (NON-GAAP)

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

Non-GAAP Reconciliations

Revenue Growth Factors

			2020
			Q2						Q2 YTD
Organic
Engineered Products			(20.1)		%				(11.1)		%
Fueling Solutions			(14.8)		%				(8.9)		%
Imaging & Identification			(14.0)		%				(9.2)		%
Pumps & Process Solutions			(8.8)		%				(5.0)		%
Refrigeration & Food Equipment			(20.2)		%				(12.8)		%
Total Organic			(16.0)		%				(9.5)		%
Acquisitions			0.7		%				0.8		%
Dispositions			(0.7)		%				(0.7)		%
Currency translation			(1.2)		%				(1.4)		%
Total*			(17.2)		%				(10.8)		%

* Totals may be impacted by rounding.

			2020
			Q2
Organic
United States			(10.3)		%
Other Americas			(33.5)		%
Europe			(19.5)		%
Asia			(14.3)		%
Other			(33.1)		%
Total Organic			(16.0)		%
Acquisitions			0.7		%
Dispositions			(0.7)		%
Currency translation			(1.2)		%
Total*			(17.2)		%

* Totals may be impacted by rounding.

Adjusted EPS Guidance Reconciliation
			Range
2020 Guidance for Earnings per Share (GAAP)			$	4.16					$	4.41
Acquisition-related amortization, net						0.71
Rightsizing and other costs, net						0.16
Gain on disposition, net						(0.03)
2020 Guidance for Adjusted Earnings per Share (Non-GAAP)			$	5.00					$	5.25

IS - 6

DOVER CORPORATION

QUARTERLY CASH FLOW AND FREE CASH FLOW (NON-GAAP)

(unaudited)(in thousands)

Quarterly Cash Flow

			2020																														2019
			Q1			Q2			Q2 YTD																		Q1			Q2			Q2 YTD			Q3						Q4			FY 2019
Net Cash Flows Provided By (Used In):
Operating activities			$	75,863		$	271,809		$	347,672																	$	24,524		$	208,709		$	233,233		$	350,865					$	361,208		$	945,306
Investing activities			(230,511)			(67,763)			(298,274)																		(217,690)			(69,755)			(287,445)			(48,612)						(48,198)			(384,255)
Financing activities			280,954			(67,458)			213,496																		36,067			(60,596)			(24,529)			(277,901)						(255,612)			(558,042)

Quarterly Free Cash Flow (Non-GAAP)

			2020																														2019
			Q1			Q2			Q2 YTD																		Q1			Q2			Q2 YTD			Q3						Q4			FY 2019
Cash flow from operating activities			$	75,863		$	271,809		$	347,672																	$	24,524		$	208,709		$	233,233		$	350,865					$	361,208		$	945,306
Less: Capital expenditures			(40,172)			(38,999)			(79,171)																		(37,122)			(53,970)			(91,092)			(46,184)						(49,528)			(186,804)
Free cash flow			$	35,691		$	232,810		$	268,501																	$	(12,598)		$	154,739		$	142,141		$	304,681					$	311,680		$	758,502
Free cash flow as a percentage of revenue			2.2		%	15.5		%	8.5		%																(0.7)		%	8.5		%	4.0		%	16.7		%				17.6		%	10.6		%
Free cash flow as a percentage of net earnings			20.2		%	186.6		%	89.2		%																(11.9)		%	78.1		%	46.8		%	147.9		%				185.4		%	111.9		%

IS - 7

DOVER CORPORATION

PERFORMANCE MEASURES

(unaudited)(in thousands)

			2020																														2019
			Q1			Q2			Q2 YTD																		Q1			Q2			Q2 YTD			Q3						Q4			FY 2019
BOOKINGS
Engineered Products			$	414,972		$	278,373		$	693,345																	$	427,697		$	397,420		$	825,117		$	426,059					$	457,145		$	1,708,321
Fueling Solutions			373,070			311,498			684,568																		343,083			394,256			737,339			450,727						425,698			1,613,764
Imaging & Identification			272,604			221,315			493,919																		267,762			264,175			531,937			284,527						276,451			1,092,915
Pumps & Process Solutions			369,403			275,872			645,275																		369,801			375,905			745,706			329,642						318,482			1,393,830
Refrigeration & Food Equipment			355,157			326,400			681,557																		376,998			384,365			761,363			323,422						361,970			1,446,755
Intra-segment eliminations			(375)			(460)			(835)																		(725)			(490)			(1,215)			(528)						872			(871)
Total consolidated bookings			$	1,784,831		$	1,412,998		$	3,197,829																	$	1,784,616		$	1,815,631		$	3,600,247		$	1,813,849					$	1,840,618		$	7,254,714
BACKLOG
Engineered Products			$	453,867		$	378,874																				$	451,335		$	418,154					$	416,025					$	452,142
Fueling Solutions			211,518			199,305																					185,847			186,202						223,081						205,842
Imaging & Identification			170,119			168,904																					118,177			116,810						121,877						125,775
Pumps & Process Solutions			397,969			379,090																					353,066			378,427						361,478						353,073
Refrigeration & Food Equipment			356,133			390,368																					311,632			310,454						262,870						320,577
Intra-segment eliminations			(159)			(367)																					(403)			(141)						(252)						(249)
Total consolidated backlog			$	1,589,447		$	1,516,174																				$	1,419,654		$	1,409,906					$	1,385,079					$	1,457,160

Bookings Growth Factors

			2020
			Q2																								Q2 YTD
Organic
Engineered Products			(29.8)		%																						(15.6)		%
Fueling Solutions			(18.2)		%																						(5.3)		%
Imaging & Identification			(16.5)		%																						(8.0)		%
Pumps & Process Solutions			(25.7)		%																						(11.9)		%
Refrigeration & Food Equipment			(11.6)		%																						(7.9)		%
Total Organic			(20.6)		%																						(10.0)		%
Acquisitions			0.7		%																						0.9		%
Dispositions			(0.6)		%																						(0.7)		%
Currency translation			(1.7)		%																						(1.4)		%
Total*			(22.2)		%																						(11.2)		%

* Totals may be impacted by rounding.

IS - 8

Non-GAAP Measures Definitions

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 net earnings per share, total segment earnings (EBIT), adjusted EBIT by segment, adjusted EBIT margin by segment, adjusted EBITDA by segment, adjusted EBITDA margin by segment, free cash flow, free cash flow as a percentage of revenue, free cash flow as a percentage of net earnings, and organic revenue growth are not financial measures under GAAP and should not be considered as a substitute for net earnings, diluted net earnings per 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 the effect of acquisition-related amortization, rightsizing and other costs, loss on extinguishment of debt, loss on assets held for sale, and a gain/loss on disposition. We exclude after-tax acquisition-related amortization because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions the Company consummates. We exclude the other items because they occur for reasons that may be unrelated to the Company's commercial performance during the period and/or Management believes they are not indicative of the Company's ongoing operating costs or gains in a given period.

Adjusted diluted net earnings per share represents adjusted net earnings divided by average diluted shares.

Total segment earnings (EBIT) is defined as net earnings before income taxes, net interest expense and corporate expenses. Total segment earnings (EBIT) margin is defined as total segment earnings (EBIT) divided by revenue.

Adjusted EBIT by Segment is defined as net earnings before income taxes, net interest expense, corporate expenses, rightsizing and other costs, a 2019 loss on assets held for sale and a 2020 gain/loss on disposition. Adjusted EBIT Margin by Segment is defined as adjusted EBIT by segment divided by segment revenue.

Adjusted EBITDA by Segment is defined as adjusted EBIT by segment plus depreciation and amortization, excluding depreciation and amortization included within rightsizing and other costs. Adjusted EBITDA Margin by Segment is defined as adjusted EBITDA by segment divided by segment revenue.

Management believes these measures are useful to investors to better understand the Company’s ongoing profitability as it will better reflect the Company's core operating results, offer more transparency and facilitate easier comparability to prior and future periods and to its peers.

Free cash flow represents net cash provided by operating activities minus capital expenditures. Free cash flow as a percentage of revenue equals free cash flow divided by revenue. Free cash flow as a percentage of net earnings equals free cash flow divided by net earnings. Management believes that free cash flow and free cash flow ratios are important measures 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 and bookings performance and trends between periods.

Performance Measures Definitions

Bookings represent total orders received from customers in the current reporting period. This metric is an important measure of performance and an indicator of revenue order trends.

Organic bookings represent total orders received from customers in the current reporting period excluding the impact of foreign currency exchange rates and the impact of acquisition and dispositions. This metric is an important measure of performance and an indicator of revenue order trends.

Backlog represents an estimate of the total remaining bookings at a point in time for which performance obligations have not yet have satisfied. This metric is useful as it represents the aggregate amount we expect to recognize as revenue in the future.

We use the above operational metrics in monitoring the performance of the business. We believe the operational metrics are useful to investors and other users of our financial information in assessing the performance of our segments.

IS - 9