Dover Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported revenue of $1,694,600,000 against $1,977,947,000 for the same period in the last year. Operating earnings were $199,444,000 against $263,491,000 for the same period in the last year. Earnings before provision for income taxes and discontinued operations were $169,490,000 against $230,987,000 for the same period in the last year. Earnings from continuing operations were $136,574,000 or $0.88 per diluted share against $171,835,000 or $1.03 per diluted share for the same period in the last year. Net earnings were $141,825,000 or $0.92 per diluted share against $169,294,000 or $1.02 per diluted share for the same period in the last year. Adjusted earnings from continuing operations were $127,192,000 against $167,975,000 for the same period in the last year. Adjusted diluted earnings per common share from continuing operations were $0.81 against $1.01 for the same period in the last year. Cash flow from operating activities was $316,603,000 against $447,430,000 for the same period in the last year. Additions to property, plant and equipment were $42,972,000 against $57,256,000 for the same period in the last year. Free cash flow was $273,631,000 against $387,522,000 for the same period in the last year. The decrease in revenue was driven by an organic revenue decline of 12% and an unfavorable impact from foreign exchange of 4%, partially offset by 2% growth from acquisitions.

For the year, the company reported revenue of $6,956,311,000 against $7,752,728,000 for the same period in the last year. Operating earnings were $920,762,000 against $1,215,484,000 for the same period in the last year. Earnings before provision for income taxes and discontinued operations were $800,610,000 against $1,094,207,000 for the same period in the last year. Earnings from continuing operations were $595,881,000 or $3.74 per diluted share against $778,140,000 or $4.61 per diluted share for the same period in the last year. Net earnings were $869,829,000 or $5.46 per diluted share against $775,235,000 or $4.59 per diluted share for the same period in the last year. Adjusted earnings from continuing operations were $578,368,000 against $766,850,000 for the same period in the last year. Adjusted diluted earnings per common share from continuing operations were $3.63 against $4.54 for the same period in the last year. Net cash provided by operating activities of continuing operations was $949,059,000 against $952,816,000 for the same period in the last year. Additions to property, plant and equipment was $154,251,000 against $166,033,000 for the same period in the last year. Free cash flow was $794,808,000 against $786,783,000 for the same period in the last year. Net debt was $2,406,279,000 as at December 31, 2015 against $2,349,416,000 as at December 31, 2014.

Regarding 2016, the company reaffirming EPS to be in the range of $3.85 to $4.05. This guidance reflects a lower revenue forecast driven by weaker oil & gas markets, essentially offset by an improved tax rate. In total, full-year revenue growth, on an adjusted basis, is now anticipated to be in the range of 1% to 4%, comprising an organic revenue decline of 4% to 1%, one point below prior forecast. Full year tax rate expected to be 28%.