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 2021 RESULTS; RAISES FULL YEAR GUIDANCE

DOWNERS GROVE, Ill., July 20, 2021 — Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the second quarter ended June 30, 2021.

						Three Months Ended June 30,																		Six Months Ended June 30,
($ in millions, except per share data)						2021						2020						% Change						2021						2020						% Change
U.S. GAAP
Revenue						$	2,032					$	1,499					36		%				$	3,900					$	3,155					24		%
Net earnings 1						265						125						112		%				497						301						65		%
Diluted EPS						1.82						0.86						112		%				3.43						2.07						66		%
Non-GAAP
Organic revenue change																		30		%																19		%
Adjusted net earnings 2						299						164						82		%				562						368						53		%
Adjusted diluted EPS						2.06						1.13						82		%				3.87						2.53						53		%

1 Q2 2021 and 2020 net earnings include rightsizing and other costs of $8.2 million and $13.4 million, respectively. Q2 2020 also includes a $0.6 million expense related to the sale of AMS Chino. Year-to-date 2021 and 2020 net earnings include rightsizing and other costs of $11.3 million and $19.6 million, respectively. Year-to-date 2020 also includes a $4.4 million non-cash gain on the sale of AMS Chino.

2 Q2 2021 and 2020 adjusted net earnings exclude after tax acquisition-related amortization costs of $26.6 million and $25.7 million, respectively, and rightsizing and other costs of $8.2 million and $13.4 million, respectively. Q2 2020 also excludes a $0.6 million expense related to the sale of AMS Chino. Year-to-date 2021 and 2020 adjusted net earnings exclude acquisition-related amortization costs of $53.4 million and $51.3 million, respectively, and rightsizing and other costs of $11.3 million and $19.6 million, respectively. Year-to-date 2020 also excludes a $4.4 million non-cash gain on the sale of AMS Chino.

For the quarter ended June 30, 2021, Dover generated revenue of $2.0 billion, an increase of 36% (+30% organic) compared to the second quarter of the prior year. GAAP net earnings of $265 million increased 112%, and GAAP diluted EPS of $1.82 was also up 112%. On an adjusted basis, net earnings of $299 million increased 82% and adjusted diluted EPS of $2.06 was also up 82% versus the comparable quarter of the prior year.

For the six months ended June 30, 2021, Dover generated revenue of $3.9 billion, an increase of 24% (+19% organic) compared to the first six months of the prior year. GAAP net earnings of $497 million increased by 65%, and GAAP diluted EPS of $3.43 was up 66% year-over-year. On an adjusted basis, net earnings of $562 million increased 53%, and adjusted diluted EPS of $3.87 was also up 53% versus the comparable period 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 performed well again this quarter as new order activity remained strong and margin improvement continued its solid trajectory across all segments. Our portfolio is performing above pre-pandemic levels in terms of revenue and margin, and our record-high backlog provides visibility into the second half of the year, and in some of our businesses into 2022.

“During the quarter we saw top-line growth across all of our segments, with the largest contributions to the year-over-year increase from pumps and process solutions, fueling solutions, food retail, marking & coding and automotive aftermarket

businesses. We are encouraged by the demand growth in compressor components, foodservice, and textile printing, and we expect continued recovery in these markets over the balance of the year.

“Our teams have done a commendable job in the first half navigating logistics bottlenecks, component and labor shortages, and cost inflation to meet end market demand and drive solid margin conversion. Our forecast for the balance of the year reflects the expectation that logistics constraints and input cost inflation will neither deteriorate nor improve materially. Despite this dynamic, we believe that our localized manufacturing and sourcing strategy and diverse business mix give us distinct advantages to win in the current demand environment.

“We also have continued to invest organically in capacity expansions in our high-growth businesses and productivity improvements across our portfolio. Our center-led initiatives are continuing to drive cost synergies across our portfolio companies allowing them to concentrate on winning in the marketplace and driving growth. Acquisition activity remains robust and we recently acquired three attractive bolt-on businesses in single-use pumps, brand protection software and IoT dispensing solutions.

“As we look toward the second half of the year, our robust backlog levels and sustained strong bookings pace give us confidence in our durable top-line trajectory. We also remain confident in our ability to execute operationally to drive portfolio profitability. As a result, we are raising our full year revenue and EPS guidance.”

FULL YEAR 2021 GUIDANCE UPDATE:

Guidance for full year 2021 revenue growth was raised to 15% to 17%. EPS guidance for full year 2021 was raised to $6.45 to $6.55 ($7.30 to $7.40 on an adjusted basis).

CONFERENCE CALL INFORMATION:

Dover will host a webcast and conference call to discuss its second quarter and year-to-date 2021 results as well as updated 2021 guidance at 10:00 A.M. Eastern Time (9:00 A.M. Central Time) on Tuesday, July 20, 2021. 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 over $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 65 years, our team of over 24,000 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, 2020, 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 2021

DOVER CORPORATION

CONSOLIDATED STATEMENTS OF EARNINGS

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

			Three Months Ended June 30,												Six Months Ended June 30,
			2021						2020						2021						2020
Revenue			$	2,031,676					$	1,499,175					$	3,899,577					$	3,155,114
Cost of goods and services			1,259,504						947,577						2,405,857						1,991,273
Gross profit			772,172						551,598						1,493,720						1,163,841
Selling, general, and administrative expenses			428,042						366,740						837,040						753,681
Operating earnings			344,130						184,858						656,680						410,160
Interest expense			26,661						28,711						53,484						55,979
Interest income			(942)						(728)						(1,622)						(1,911)
Gain on sale of a business			—						781						—						(5,770)
Other income, net			(4,933)						(735)						(7,776)						(8,467)
Earnings before provision for income taxes			323,344						156,829						612,594						370,329
Provision for income taxes			58,836						32,063						115,317						69,284
Net earnings			$	264,508					$	124,766					$	497,277					$	301,045
Net earnings per share:
Basic			$	1.84					$	0.87					$	3.46					$	2.09
Diluted			$	1.82					$	0.86					$	3.43					$	2.07
Weighted average shares outstanding:
Basic			143,941						143,955						143,854						144,107
Diluted			145,118						144,995						145,040						145,359
Dividends paid per common share			$	0.495					$	0.49					$	0.99					$	0.98
* Per share data may be impacted by rounding.

IS - 1

DOVER CORPORATION

QUARTERLY SEGMENT INFORMATION

(unaudited)(in thousands)

			2021												2020
			Q1			Q2			Q2 YTD																		Q1			Q2			Q2 YTD			Q3						Q4			FY 2020
REVENUE
Engineered Products			$	428,127		$	442,091		$	870,218																	$	408,160		$	342,380		$	750,540		$	386,562					$	394,175		$	1,531,277
Fueling Solutions			389,678			437,042			826,720																		359,982			326,495			686,477			380,511						409,294			1,476,282
Imaging & Identification			284,328			294,076			578,404																		256,765			227,977			484,742			265,690						287,746			1,038,178
Pumps & Process Solutions			394,377			428,701			823,078																		319,536			309,095			628,631			347,875						347,497			1,324,003
Refrigeration & Food Equipment			372,077			430,506			802,583																		311,913			293,527			605,440			368,395						342,255			1,316,090
Intra-segment eliminations			(686)			(740)			(1,426)																		(417)			(299)			(716)			(777)						(577)			(2,070)
Total consolidated revenue			$	1,867,901		$	2,031,676		$	3,899,577																	$	1,655,939		$	1,499,175		$	3,155,114		$	1,748,256					$	1,780,390		$	6,683,760
NET EARNINGS
Segment Earnings:
Engineered Products			$	68,779		$	62,720		$	131,499																	$	69,094		$	47,702		$	116,796		$	64,890					$	56,481		$	238,167
Fueling Solutions			66,480			78,755			145,235																		53,498			47,214			100,712			66,601						69,661			236,974
Imaging & Identification			56,992			60,747			117,739																		51,482			38,046			89,528			51,928						52,017			193,473
Pumps & Process Solutions			123,645			138,632			262,277																		66,079			67,702			133,781			89,786						81,709			305,276
Refrigeration & Food Equipment 1			38,117			48,971			87,088																		23,529			11,459			34,988			40,159						27,725			102,872
Total segment earnings (EBIT)			354,013			389,825			743,838																		263,682			212,123			475,805			313,364						287,593			1,076,762
Corporate expense / other			38,620			40,762			79,382																		24,097			27,311			51,408			35,603						39,651			126,662
Interest expense			26,823			26,661			53,484																		27,268			28,711			55,979			27,724						28,234			111,937
Interest income			(680)			(942)			(1,622)																		(1,183)			(728)			(1,911)			(960)						(700)			(3,571)
Earnings before provision for income taxes			289,250			323,344			612,594																		213,500			156,829			370,329			250,997						220,408			841,734
Provision for income taxes			56,481			58,836			115,317																		37,221			32,063			69,284			50,697						38,302			158,283
Net earnings			$	232,769		$	264,508		$	497,277																	$	176,279		$	124,766		$	301,045		$	200,300					$	182,106		$	683,451
SEGMENT MARGIN
Engineered Products			16.1 %			14.2 %			15.1 %																		16.9 %			13.9 %			15.6 %			16.8 %						14.3 %			15.6 %
Fueling Solutions			17.1 %			18.0 %			17.6 %																		14.9 %			14.5 %			14.7 %			17.5 %						17.0 %			16.1 %
Imaging & Identification			20.0 %			20.7 %			20.4 %																		20.1 %			16.7 %			18.5 %			19.5 %						18.1 %			18.6 %
Pumps & Process Solutions			31.4 %			32.3 %			31.9 %																		20.7 %			21.9 %			21.3 %			25.8 %						23.5 %			23.1 %
Refrigeration & Food Equipment 1			10.2 %			11.4 %			10.9 %																		7.5 %			3.9 %			5.8 %			10.9 %						8.1 %			7.8 %
Total segment operating margin			19.0 %			19.2 %			19.1 %																		15.9 %			14.1 %			15.1 %			17.9 %						16.2 %			16.1 %
DEPRECIATION AND AMORTIZATION EXPENSE
Engineered Products			$	14,047		$	11,981		$	26,028																	$	10,122		$	9,722		$	19,844		$	10,717					$	12,042		$	42,603
Fueling Solutions			19,269			19,475			38,744																		18,339			17,968			36,307			18,014						18,482			72,803
Imaging & Identification			9,593			9,294			18,887																		8,769			9,224			17,993			9,809						10,576			38,378
Pumps & Process Solutions			16,926			16,866			33,792																		18,336			17,572			35,908			17,206						19,077			72,191
Refrigeration & Food Equipment			12,096			12,077			24,173																		11,548			11,421			22,969			12,081						11,491			46,541
Corporate			1,875			1,826			3,701																		1,638			1,696			3,334			1,662						1,539			6,535
Total depreciation and amortization expense			$	73,806		$	71,519		$	145,325																	$	68,752		$	67,603		$	136,355		$	69,489					$	73,207		$	279,051
1 Q1, Q2, Q3, and FY 2020 include a $6,551 gain, a $781 expense, a $557 expense and a $5,213 net gain, respectively, on the sale of the Chino, California branch of The AMS Group ("AMS Chino"). Q2 and FY 2020 also include a $3,640 write-off of assets.

IS - 2

DOVER CORPORATION

QUARTERLY EARNINGS PER SHARE

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

Earnings Per Share
			2021												2020
			Q1			Q2			Q2 YTD																		Q1			Q2			Q2 YTD			Q3						Q4			FY 2020
Net earnings per share:
Basic			$	1.62		$	1.84		$	3.46																	$	1.22		$	0.87		$	2.09		$	1.39					$	1.27		$	4.74
Diluted			$	1.61		$	1.82		$	3.43																	$	1.21		$	0.86		$	2.07		$	1.38					$	1.25		$	4.70
Net earnings and weighted average shares used in calculated earnings per share amounts are as follows:
Net earnings			$	232,769		$	264,508		$	497,277																	$	176,279		$	124,766		$	301,045		$	200,300					$	182,106		$	683,451
Weighted average shares outstanding:
Basic			143,765			143,941			143,854																		144,259			143,955			144,107			144,032						143,954			144,050
Diluted			144,938			145,118			145,040																		145,782			144,995			145,359			145,289						145,355			145,393
* 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

			2021												2020
			Q1			Q2			Q2 YTD																		Q1			Q2			Q2 YTD			Q3						Q4			FY 2020
Adjusted net earnings:
Net earnings			$	232,769		$	264,508		$	497,277																	$	176,279		$	124,766		$	301,045		$	200,300					$	182,106		$	683,451
Acquisition-related amortization, pre-tax 1			35,516			35,162			70,678																		34,062			34,101			68,163			35,325						35,027			138,515
Acquisition-related amortization, tax impact 2			(8,720)			(8,571)			(17,291)																		(8,411)			(8,451)			(16,862)			(8,810)						(8,695)			(34,367)
Rightsizing and other costs, pre-tax 3			4,162			10,779			14,941																		7,859			16,840			24,699			5,848						20,925			51,472
Rightsizing and other costs, tax impact 2			(1,031)			(2,597)			(3,628)																		(1,605)			(3,452)			(5,057)			(1,343)						(4,402)			(10,802)
(Gain) loss on disposition, pre-tax 4			—			—			—																		(6,551)			781			(5,770)			557						—			(5,213)
(Gain) loss on disposition, tax-impact 2			—			—			—																		1,592			(190)			1,402			(135)						—			1,267
Adjusted net earnings			$	262,696		$	299,281		$	561,977																	$	203,225		$	164,395		$	367,620		$	231,742					$	224,961		$	824,323
Adjusted diluted net earnings per share:
Diluted net earnings per share			$	1.61		$	1.82		$	3.43																	$	1.21		$	0.86		$	2.07		$	1.38					$	1.25		$	4.70
Acquisition-related amortization, pre-tax 1			0.25			0.24			0.49																		0.23			0.24			0.47			0.24						0.24			0.95
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			0.03			0.07			0.10																		0.05			0.12			0.17			0.04						0.14			0.35
Rightsizing and other costs, tax impact 2			(0.01)			(0.02)			(0.03)																		(0.01)			(0.02)			(0.03)			(0.01)						(0.03)			(0.07)
(Gain) loss on disposition, pre-tax 4			—			—			—																		(0.04)			—			(0.04)			—						—			(0.03)
(Gain) loss on disposition, tax-impact 2			—			—			—																		0.01			—			0.01			—						—			0.01
Adjusted diluted net earnings per share			$	1.81		$	2.06		$	3.87																	$	1.39		$	1.13		$	2.53		$	1.60					$	1.55		$	5.67
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 (gain) loss on the disposition of AMS Chino within the Refrigeration & Food Equipment segment, including working capital adjustments.
* 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

			2021												2020
			Q1			Q2			Q2 YTD																		Q1			Q2			Q2 YTD			Q3						Q4			FY 2020
ADJUSTED SEGMENT EBIT AND ADJUSTED EBITDA
Engineered Products:
Segment earnings (EBIT)			$	68,779		$	62,720		$	131,499																	$	69,094		$	47,702		$	116,796		$	64,890					$	56,481		$	238,167
Rightsizing and other costs			4,019			4,654			8,673																		361			4,169			4,530			2,375						4,625			11,530
Adjusted EBIT - Segment			72,798			67,374			140,172																		69,455			51,871			121,326			67,265						61,106			249,697
Adjusted EBIT %			17.0 %			15.2 %			16.1 %																		17.0 %			15.2 %			16.2 %			17.4 %						15.5 %			16.3 %
Adjusted D&A 1			10,594			9,695			20,289																		10,122			9,722			19,844			10,651						10,193			40,688
Adjusted EBITDA - Segment			$	83,392		$	77,069		$	160,461																	$	79,577		$	61,593		$	141,170		$	77,916					$	71,299		$	290,385
Adjusted EBITDA %			19.5 %			17.4 %			18.4 %																		19.5 %			18.0 %			18.8 %			20.2 %						18.1 %			19.0 %
Fueling Solutions:
Segment earnings (EBIT)			$	66,480		$	78,755		$	145,235																	$	53,498		$	47,214		$	100,712		$	66,601					$	69,661		$	236,974
Rightsizing and other costs			58			1,657			1,715																		1,493			868			2,361			1,615						2,727			6,703
Adjusted EBIT - Segment			66,538			80,412			146,950																		54,991			48,082			103,073			68,216						72,388			243,677
Adjusted EBIT %			17.1 %			18.4 %			17.8 %																		15.3 %			14.7 %			15.0 %			17.9 %						17.7 %			16.5 %
Adjusted D&A 1			19,180			19,475			38,655																		18,339			17,783			36,122			18,014						18,225			72,361
Adjusted EBITDA - Segment			$	85,718		$	99,887		$	185,605																	$	73,330		$	65,865		$	139,195		$	86,230					$	90,613		$	316,038
Adjusted EBITDA %			22.0 %			22.9 %			22.5 %																		20.4 %			20.2 %			20.3 %			22.7 %						22.1 %			21.4 %
Imaging & Identification:
Segment earnings (EBIT)			$	56,992		$	60,747		$	117,739																	$	51,482		$	38,046		$	89,528		$	51,928					$	52,017		$	193,473
Rightsizing and other costs			682			178			860																		264			(527)			(263)			99						6,191			6,027
Adjusted EBIT - Segment			57,674			60,925			118,599																		51,746			37,519			89,265			52,027						58,208			199,500
Adjusted EBIT %			20.3 %			20.7 %			20.5 %																		20.2 %			16.5 %			18.4 %			19.6 %						20.2 %			19.2 %
Adjusted D&A 1			9,218			9,184			18,402																		8,769			9,224			17,993			9,809						10,201			38,003
Adjusted EBITDA - Segment			$	66,892		$	70,109		$	137,001																	$	60,515		$	46,743		$	107,258		$	61,836					$	68,409		$	237,503
Adjusted EBITDA %			23.5 %			23.8 %			23.7 %																		23.6 %			20.5 %			22.1 %			23.3 %						23.8 %			22.9 %
Pumps & Process Solutions:
Segment earnings (EBIT)			$	123,645		$	138,632		$	262,277																	$	66,079		$	67,702		$	133,781		$	89,786					$	81,709		$	305,276
Rightsizing and other (benefits) costs			(2,006)			899			(1,107)																		3,846			4,691			8,537			1,771						3,128			13,436
Adjusted EBIT - Segment			121,639			139,531			261,170																		69,925			72,393			142,318			91,557						84,837			318,712
Adjusted EBIT %			30.8 %			32.5 %			31.7 %																		21.9 %			23.4 %			22.6 %			26.3 %						24.4 %			24.1 %
Adjusted D&A 1			16,926			16,866			33,792																		16,230			16,816			33,046			17,206						17,565			67,817
Adjusted EBITDA - Segment			$	138,565		$	156,397		$	294,962																	$	86,155		$	89,209		$	175,364		$	108,763					$	102,402		$	386,529
Adjusted EBITDA %			35.1 %			36.5 %			35.8 %																		27.0 %			28.9 %			27.9 %			31.3 %						29.5 %			29.2 %
Refrigeration & Food Equipment:
Segment earnings (EBIT)			$	38,117		$	48,971		$	87,088																	$	23,529		$	11,459		$	34,988		$	40,159					$	27,725		$	102,872
Rightsizing and other (benefits) costs			(38)			2,539			2,501																		704			6,016			6,720			(971)						726			6,475
(Gain) loss on disposition 2			—			—			—																		(6,551)			781			(5,770)			557						—			(5,213)
Adjusted EBIT - Segment			38,079			51,510			89,589																		17,682			18,256			35,938			39,745						28,451			104,134
Adjusted EBIT %			10.2 %			12.0 %			11.2 %																		5.7 %			6.2 %			5.9 %			10.8 %						8.3 %			7.9 %
Adjusted D&A 1			11,745			12,077			23,822																		11,548			11,421			22,969			12,081						11,491			46,541
Adjusted EBITDA - Segment			$	49,824		$	63,587		$	113,411																	$	29,230		$	29,677		$	58,907		$	51,826					$	39,942		$	150,675
Adjusted EBITDA %			13.4 %			14.8 %			14.1 %																		9.4 %			10.1 %			9.7 %			14.1 %						11.7 %			11.4 %
Total Segments:
Segment earnings (EBIT) 3			$	354,013		$	389,825		$	743,838																	$	263,682		$	212,123		$	475,805		$	313,364					$	287,593		$	1,076,762
Rightsizing and other costs			2,715			9,927			12,642																		6,668			15,217			21,885			4,889						17,397			44,171
(Gain) loss on disposition 2			—			—			—																		(6,551)			781			(5,770)			557						—			(5,213)
Adjusted EBIT - Segment 4			356,728			399,752			756,480																		263,799			228,121			491,920			318,810						304,990			1,115,720
Adjusted EBIT % 4			19.1 %			19.7 %			19.4 %																		15.9 %			15.2 %			15.6 %			18.2 %						17.1 %			16.7 %
Adjusted D&A 1			67,663			67,297			134,960																		65,008			64,966			129,974			67,761						67,675			265,410
Adjusted EBITDA - Segment 4			$	424,391		$	467,049		$	891,440																	$	328,807		$	293,087		$	621,894		$	386,571					$	372,665		$	1,381,130
Adjusted EBITDA % 4			22.7 %			23.0 %			22.9 %																		19.9 %			19.5 %			19.7 %			22.1 %						20.9 %			20.7 %
1 Adjusted D&A is depreciation and amortization expense, excluding depreciation and amortization included within rightsizing and other costs.
2 Q1, Q2, Q3, and FY 2020 includes a $6,551 gain, a $781 expense, a $557 expense and a $5,213 net gain on the sale of a business for AMS Chino, respectively.
3 Refer to Quarterly Segment Information section for reconciliation of total segment earnings (EBIT) to net earnings.
4 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

									2021
									Q2																		Q2 YTD
Organic
Engineered Products									25.4		%																12.9		%
Fueling Solutions									24.9		%																13.4		%
Imaging & Identification									20.2		%																11.4		%
Pumps & Process Solutions									33.6		%																25.8		%
Refrigeration & Food Equipment									43.5		%																30.5		%
Total Organic									29.7		%																18.7		%
Acquisitions									1.3		%																1.3		%
Dispositions									—		%																(0.2)		%
Currency translation									4.5		%																3.8		%
Total*									35.5		%																23.6		%

* Totals may be impacted by rounding.

																					2021
																					Q2
Organic
United States																					25.0		%
Other Americas																					49.6		%
Europe																					29.8		%
Asia																					37.6		%
Other																					43.0		%
Total Organic																					29.7		%
Acquisitions																					1.3		%
Dispositions																					—		%
Currency translation																					4.5		%
Total*																					35.5		%

* Totals may be impacted by rounding.

Adjusted EPS Guidance Reconciliation
			Range
2021 Guidance for Earnings per Share (GAAP)			$	6.45					$	6.55
Acquisition-related amortization, net						0.74
Rightsizing and other costs, net						0.11
2021 Guidance for Adjusted Earnings per Share (Non-GAAP)			$	7.30					$	7.40

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DOVER CORPORATION

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

(unaudited)(in thousands)

Quarterly Cash Flow

			2021												2020
			Q1			Q2			Q2 YTD																		Q1			Q2			Q2 YTD			Q3						Q4			FY 2020
Net Cash Flows Provided By (Used In):
Operating activities			$	177,184		$	260,073		$	437,257																	$	75,863		$	271,809		$	347,672		$	339,247					$	417,891		$	1,104,810
Investing activities			(29,572)			(121,631)			(151,203)																		(230,511)			(67,763)			(298,274)			(64,724)						(118,381)			(481,379)
Financing activities			(124,239)			(75,949)			(200,188)																		280,954			(67,458)			213,496			(496,832)						(222,954)			(506,290)

Quarterly Free Cash Flow (Non-GAAP)

			2021												2020
			Q1			Q2			Q2 YTD																		Q1			Q2			Q2 YTD			Q3						Q4			FY 2020
Cash flow from operating activities1			$	177,184		$	260,073		$	437,257																	$	75,863		$	271,809		$	347,672		$	339,247					$	417,891		$	1,104,810
Less: Capital expenditures			(31,260)			(41,971)			(73,231)																		(40,172)			(38,999)			(79,171)			(44,393)						(42,128)			(165,692)
Free cash flow			$	145,924		$	218,102		$	364,026																	$	35,691		$	232,810		$	268,501		$	294,854					$	375,763		$	939,118
Free cash flow as a percentage of revenue			7.8 %			10.7 %			9.3 %																		2.2 %			15.5 %			8.5 %			16.9 %						21.1 %			14.1 %
Free cash flow as a percentage of net earnings			62.7 %			82.5 %			73.2 %																		20.2 %			186.6 %			89.2 %			147.2 %						206.3 %			137.4 %

1 FY 2020 cash flow from operating activities reflects benefits from permitted deferrals of tax payments, most significantly in Q2, Q3, and Q4 and advanced

payments on contracts, most significantly in Q3.

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DOVER CORPORATION

PERFORMANCE MEASURES

(unaudited)(in thousands)

			2021												2020
			Q1			Q2			Q2 YTD																		Q1			Q2			Q2 YTD			Q3						Q4			FY 2020
BOOKINGS
Engineered Products			$	528,310		$	497,200		$	1,025,510																	$	414,972		$	278,373		$	693,345		$	381,139					$	484,002		$	1,558,486
Fueling Solutions			422,668			453,146			875,814																		373,070			311,498			684,568			383,902						403,400			1,471,870
Imaging & Identification			293,614			299,608			593,222																		272,604			221,315			493,919			266,423						304,756			1,065,098
Pumps & Process Solutions			551,365			521,010			1,072,375																		369,403			275,872			645,275			323,801						365,262			1,334,338
Refrigeration & Food Equipment			537,326			606,545			1,143,871																		355,157			326,400			681,557			449,549						379,393			1,510,499
Intra-segment eliminations			(863)			(498)			(1,361)																		(375)			(460)			(835)			(926)						(425)			(2,186)
Total consolidated bookings			$	2,332,420		$	2,377,011		$	4,709,431																	$	1,784,831		$	1,412,998		$	3,197,829		$	1,803,888					$	1,936,388		$	6,938,105
BACKLOG
Engineered Products			$	562,557		$	613,517																				$	453,867		$	378,874					$	373,458					$	463,701
Fueling Solutions			238,822			256,497																					211,518			199,305						204,574						201,521
Imaging & Identification			198,556			206,125																					170,119			168,904						171,158						192,785
Pumps & Process Solutions			539,097			634,477																					397,969			379,090						361,631						390,238
Refrigeration & Food Equipment			677,309			854,188																					356,133			390,368						472,140						510,498
Intra-segment eliminations			(544)			(262)																					(159)			(367)						(269)						(192)
Total consolidated backlog			$	2,215,797		$	2,564,542																				$	1,589,447		$	1,516,174					$	1,582,692					$	1,758,551

Bookings Growth Factors

																					2021
																					Q2						Q2 YTD
Organic
Engineered Products																					73.5		%				44.4		%
Fueling Solutions																					33.5		%				19.2		%
Imaging & Identification																					26.6		%				12.0		%
Pumps & Process Solutions																					81.7		%				59.7		%
Refrigeration & Food Equipment																					83.1		%				66.2		%
Total Organic																					61.2		%				41.7		%
Acquisitions																					2.0		%				1.8		%
Dispositions																					—		%				(0.2)		%
Currency translation																					5.0		%				4.0		%
Total*																					68.2		%				47.3		%

* 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, 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, 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