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Dover Corp (NYSE:DOV)Q4 2019 Balance CallJan 30, 2020, 10:00 a.m. ET

Operator

Good morning and acceptable to Dover’s Fourth Division 2019 Balance Appointment Call. Speaking today are Richard J. Tobin, President and Chief Executive Officer, Brad Cerepak, Senior Vice President and Chief Financial Officer, and Andrey Galiuk, Vice President of Accumulated Development and Broker Relations. Afterwards the speakers’ remarks, there will be a question-and-answer period. [Operator Instructions] As a reminder, ladies and gentlemen, this appointment alarm is actuality recorded and your accord implies accord to our recording of this call. If you do not accede to these terms, amuse abstract at this time. Acknowledge you.

I would now like to duke the alarm over to Mr. Andrey Galiuk. Amuse go ahead, sir.

Andrey Galiuk — Vice President, Accumulated Development and Broker Relations

Thanks, Nicole. Acceptable morning and acceptable to Dover’s fourth division 2019 balance call. This alarm will be accessible for playback through February 20th and the audio allocation of this alarm will be archived on our website for three months. Dover provides non-GAAP advice and reconciliations amid GAAP and adapted measures are included in our broker supplement and presentation materials, which are accessible on our website.

Our comments today may accommodate advanced statements. We attention anybody to be guided in their assay of Dover by apropos to our Form 10-K for a account of factors that could account our after-effects to alter from those advancing in any advanced statements. We undertake no obligation to about amend or alter any advanced statements except as adapted by law.

With that, I will about-face this alarm over to Rich.

Richard J. Tobin — President & Chief Executive Officer

Thanks, Andrey. Acceptable morning, anybody and acknowledgment for abutting us on this morning’s appointment call. Let’s get started on Accelerate 3 with key highlights for the fourth division and the abounding year of 2019. Q4 acquirement beneath 1% organically due to a boxy acquirement atone of — with Q4 of 2018 that we accept been highlighting throughout the year. Overall, 2019 acquirement beforehand was solid, up 4%, at the high-end of our antecedent anniversary advice as four of our bristles segments delivered able-bodied beforehand admitting ambiguous automated macro ambiance in some of our end markets and operating geographies.

Bookings in the division were about collapsed year-over-year, announcement a solid book-to-bill of 1.04. We are encouraged with the backbone of our backlog, which stands at 8% college than at the alpha of 2019 and is up in four out of our bristles segments, which we’ll awning afterwards in the presentation. Admitting announcement lower revenue, our balance from connected operations added with margins in Q4 accession 140 abject points, giving us aplomb about our allowance aspirations in 2020. We are accomplishment advanced with our abundance and allowance beforehand efforts as categorical in our broker presentation in September.

Adjusted Q4 balance were up 7% and for the abounding year our balance grew 15%. Adapted adulterated EPS was $1.54 a allotment for Q4 and $5.93 for the abounding year, which represents a 19% access year-over-year. Summing up, 2019 was addition year of able achievement for Dover. We delivered industry-leading amoebic beforehand ante in the topline, broadcast margins materially, bigger our banknote breeze about-face metrics and connected to enhance the affection of the Dover portfolio through amoebic investments and four bolt-on acquisitions. On the aback of a solid acclimation balance and connected drive and beheading of our allowance beforehand plans, we are announcement full-year adapted EPS advice of $6.20 to $6.40 a share.

Let’s move on to Accelerate 4 for added detail on the articulation performance. Engineered Products articulation had a solid accomplishment to a able year. Q4 beforehand was 3% and abounding year 5%. Topline grew in the division on connected able appeal for our debris accumulating cartage as able-bodied as connected double-digit beforehand in associated software. Our agent account business saw beforehand in its European and OEM businesses and we additionally alien a new ADAS arrangement agenda alms and we are aflame about its beforehand prospects. Our MPG business grew in high-single digits as it began aircraft adjoin a able balance congenital beforehand in the year. Appeal in our automated winch and automated automation businesses remained chastened as a aftereffect of alternate weakness in automated appurtenances and automotive. Articulation bookings in the fourth division were solid at a book-to-bill of 1.08 and consistent balance college than at the alpha of 2019. Our Q4 adapted articulation allowance broadcast 200 abject credibility on solid volume, artefact mix and abundance measures.

Fueling Solutions accomplished able and delivered a year of admirable results. Full-year beforehand was broad-based at a 11% and the articulation delivered 320-basis point allowance beforehand with the aboveground businesses departure the year able-bodied into the ambition ambit of 15% to 17% that we had set for it in 2018. Appeal remained advantageous in Q4, acquiescent 5% beforehand for the articulation and was decidedly able in North America, breadth EMV acquiescence appeal appears to be accepting momentum. Bookings in the articulation were up 11% organically in Q4, accouterment a solid abject for 2020. We accept completed the affiliation of Belanger into our agent ablution belvedere and the business is on clip to accommodated or beat our acknowledgment on invested basic hurdle.

Imaging & Identification beneath 2% in the division and concluded the year with 1% amoebic growth. Appearance and coding activity was apathetic in Asia throughout the year, including in Q4, while added regions performed as expected. As you know, our agenda bolt press business can be chapped on the timing of orders and shipments and impacted by tariffs and costs availability in the Asian textile-producing markets. Accumulated of these factors contributed to a slower Q4 in the bolt industry activity, but we connected to assignment with a solid activity of -to-be orders. Also, our agenda press workflow software is bold actual acceptable drive with double-digit growth. Balance for the articulation is up 7% year-over-year. The articulation broadcast allowance by 270 abject credibility in Q4 and by 260 abject credibility for the abounding year, admitting slower topline, allegorical our charge to beforehand productivity, bulk ascendancy and appraisement discipline.

Lastly, we afresh bankrupt the ahead arise accession of Systech, a arch provider of traceability and cast aegis software solutions, primarily to all-around biologic manufacturers. This alms fits logically into our appearance and coding portfolio and expands the allotment of software and account acquirement aural Markem-Imaje to over 15%. We are aflame about the affairs of alive beforehand by accession this alms into our high-value, fast-moving chump appurtenances chump portfolio.

Pumps & Process Solutions acquaint an 8% abatement as the articulation faced a boxy commensurable in Q4 as a aftereffect of Maag addition timing and witnessed a abiding slowing during the division in the automated pump market, breadth distributors were actively managing bottomward account levels. Aural the biopharma pump and connectors business, acquirement connected its able double-digit beforehand and carries a actual able balance into the new year. We apprehend the biopharma business to abide its double-digit aisle into 2020.

With account to DPC, our Precision Components business, activity slowed in what appears to be a acting abeyance in the accustomed gas busline basement body out, but we abide assured about its abiding attractiveness. Admitting the aloft acclimation timing differences, Maag concluded the year able-bodied and carries a able balance into 2020. Summing up, all the businesses in this articulation acquaint amoebic beforehand in 2019, acquiescent a articulation beforehand bulk of 4%. The articulation delivered an outstanding 310-basis point allowance beforehand for the abounding year. The articulation is entering 2020 with a balance that’s 12% college year-over-year, but we apprehend to get off to a slower alpha in automated pumps and DPC in the aboriginal half.

On Refrigeration & Aliment Equipment, it’s been an acutely boxy year for the articulation with new aliment retail abundance architecture continuing to lag expectations and abnormally impacting our systems and casework businesses. This aftereffect was partially account by able sales in the case artefact band that primarily serves abundance remodels, which connected to aggrandize at a double-digit bulk year-over-year, including on revenue, bookings, and backlog. We accept not stood still during this aeon with armpit consolidations in Unified Brands and branch automation and case set that contributed absolutely to balance in 2020. Admitting a arduous appeal ambiance in 2019, our can basic and calefaction exchanger businesses alternate to beforehand in Q4. Belvac’s balance is about angled compared to the alpha of 2019. Overall, the articulation enters 2020 on a complete agenda with a 19% college balance year-over-year. Our operational abundance initiatives abide on clue to alpha carrying results, primarily in the added bisected of 2020.

I’ll canyon it on to Brad here.

Brad M. Cerepak — Senior Vice President & Chief Financial Officer

Thanks, Rich. Acceptable morning, everyone. Let’s alpha activity through the capacity on Accelerate 5. Rich has provided blush on the beforehand dynamics by segment. I will point out that on top of the 1% amoebic acquirement decline, FX connected to be a headwind in Q4, abbreviation topline by 1% or $20 million. We apprehend FX headwinds to abate in 2020. Acquisitions and dispositions, principally Belanger and Finder, contributed a $5 actor net access to acquirement in the quarter. Bookings were collapsed organically and were analogously abrogating impacted by FX and absolutely accurate by acquisitions.

From a geographic perspective, the U.S., our bigger bazaar grew, 4% organically for the abounding year, with all businesses except Refrigeration announcement solid growth. Europe was up 6%, breadth all bristles segments acquaint amoebic beforehand in 2019. All of Asia grew 2% organically for the abounding year, while China acquaint 3% growth. Activity in Asia was alloyed above our businesses. Able authoritative and new body appeal in the fueling and plastics and polymer markets were account in allotment by slower appeal in automated calefaction exchangers and business — appearance and coding. Latin America was hardly bottomward for the year, with a able aboriginal bisected and a slower added half.

Now to the balance bridges on Accelerate 6. Starting at the top, Engineered Products adapted articulation EBITDA bigger $9 million, abundantly apprenticed by accumulated and mix, added than offsetting headwinds from FX. Fueling Solutions beforehand of $17 actor reflects a accumulated of able-bodied growth, connected allowance beforehand in retail fueling and in allotment the accession of Belanger. Imaging & Identification grew $6 actor on able broadcast allowance admitting lower volumes. The $6 actor abatement at Pumps & Process Solutions was apprenticed by lower commensurable volumes and was partially account by stronger margins. Lastly, the abatement of $7 actor in Refrigeration & Aliment Equipment reflects lower volumes in the quarter.

Going to the basal of the chart. Adapted balance from continuing operations bigger $15 actor or 7%, primarily apprenticed by college articulation balance and lower absorption and tax expenses, partially account by college accumulated costs. The able tax rate, excluding detached tax benefits, is about 22% for 2019. Detached tax allowances in the division were about $0.06 per share. Rightsizing and added costs were $18 actor in the division or $14 actor after-tax, accouterment aplomb on added abbreviation costs and accession margins in 2020. In the quarter, we additionally refinanced debt due to complete in 2020 and in 2021, consistent in a $24 actor accident on concealment or $18 actor after-tax. This accident is advised as an acclimation account to EPS in the quarter. The refinancing after-effects in about $13 actor lower absorption bulk on abiding debt in 2020.

Now on Accelerate 7. We accomplished the year with actual able banknote flow. Chargeless banknote breeze for the year was $758 actor or $140 actor over aftermost year, including a $16 actor access in basic expenditures. The chargeless banknote breeze access exceeded beforehand in earnings, absorption bigger alive basic conduct and consistent in a added than 500-basis point beforehand in banknote breeze about-face as a percent of adapted earnings. As a percent of revenue, chargeless banknote breeze was 10.6% for the year or 11.1% if we exclude banknote restructuring expenses, both of which are aloft the beggarly of our anniversary advice of 8% to 12%. Basic expenditures were $187 actor for the year, hardly added compared to aftermost year, but beneath our aboriginal plan. While our above amplification projects abide on clip with our plan, timing of payments accompanying to several ample projects will discharge over into 2020.

Lastly, let’s analysis Accelerate 8 with the EPS bridge. We accomplished the year with a able 19% access in balance per share. This was apprenticed by acquirement beforehand about-face as able-bodied as allowance beforehand activities, consistent in acquirement about-face allowance able-bodied in balance of 100%. As you can see on this — on the chart, the backbone of the dollar in 2019 resulted in a abrogating FX appulse of about 13% — $0.13 of EPS, which we do not apprehend to reoccur in 2020. All in all, we can apprehend the aforementioned activating into 2020, a advantageous about-face on acquirement beforehand and operational accumulation alive year-over-year EPS accretion.

With that, I’ll about-face it aback to Rich.

Richard J. Tobin — President & Chief Executive Officer

Thanks, Brad. Let’s booty a attending at the outlooks on Accelerate 9. We are entering the year with auspicious balance and a effective appeal ambiance above the majority of our markets, acceptance us to anticipation amoebic beforehand of 2% to 3%, which I’ll awning in detail on the abutting slide. Adapted EPS is forecasted to be $6.20 a allotment to $6.40 a allotment as a aftereffect of solid acquirement about-face and our ahead arise bulk accumulation initiatives. We apprehend balance beforehand to abundantly levered in the added bisected as a aftereffect of seasonality and timing of abundance measures. We apprehend addition able year of banknote breeze about-face of 85% to 90% of adapted net earnings, admitting college spending on basic investment. Engineered Products is accepted to abound 3% to 5% organically on connected backbone in decay handling, agent casework and our aerospace and aegis business. Fueling Solutions is accepted to accept a slower 2020 compared to the able accomplished brace of years as the underground advancement aeon in China rolls off, EMV activity in the U.S. is best up, and we apprehend to accession bigger afterimage in the abutting brace of abode about abeyant upside here. Imaging & Id is accepted to abound 2% to 3%, with the angle abundantly abased on altitude in Asia for both appearance and coding and bolt printing. Pumps & Process Solutions enters the year with a actual able backlog, and we apprehend it to abound 3% to 5%, geared adjoin the added half. And assuredly in Refrigeration & Aliment Equipment is accepted to abound abundantly in 2020. We are entering the year with a actual able backlog, but the aisle of the accomplished two years calls for attention aboriginal in the year. Overall, our multi-industrial portfolio with cogent allotment of aftermarket basic and account and software acquirement is accepted to bear advantageous beforehand in what continues to be an ambiguous macro environment.

Go to Accelerate 11, Dover activity is simple, but our aspirations are ambitious. We laid out key priorities in 2018 and are tracking actual able-bodied carrying adjoin those. We plan to beforehand the aforementioned activity added in 2020. First, you can see from the aftereffect of our rightsizing and operational beforehand in our basal band and our banknote flow. We accomplished ambition allowance achievement in our Fueling business. In 2020, we will abide with the ahead arise $50 actor bulk abridgement affairs as able-bodied as our advancing cast and abundance programs in Dover Aliment Retail. Coupled with advantageous beforehand in conversion, these accomplishments will abide accouterment a allowance accession tailwind. Our business has abiding able growth, while demography costs out and alive on their productivity, all beneath ambiguous macro conditions. And our top antecedence in basic deployment is amoebic reinvestment. We accomplished several beforehand and abundance basic projects and are starting investments in our can basic and calefaction exchanger businesses to abduction growing volumes and advancement aggressive capabilities. Allotment of our SG&A abridgement affairs was reinvest in its assorted growth, R&D, and agenda initiatives and we will abide advance in world-class agenda and operational capabilities in 2020.

Lastly, we committed to acclimatized portfolio-enhancing M&A. Over the aftermost 12 months, we accept consummated four bolt-on, high-fit, accretive proprietary transactions. In the antecedence areas of our portfolio, the M&A activity charcoal alive activity into 2020.

On a final note, I’d like to abode the assured Coronavirus questions as best I can at this aboriginal date of developments. Aboriginal and foremost, we accept been in approved acquaintance with our in-country advisers and accept issued activity advice application our acquaintance from the SARS time period. We accept additionally put in adapted biking behavior Companywide. Our accumulation sites had planned to be bottomward from January 24th to 30th for Chinese New Year, but we apprehend to abide bottomward through February 9th in best sites, as a aftereffect of cantonal-enacted assurance measures. In alertness for Chinese New Year, Dover and our supplier arrangement had congenital account to awning this aeon as accustomed practice, but we are alive carefully with our all-around accumulation abject on abeyant acknowledgment strategies actively.

I would like to acknowledge everybody at Dover for carrying a able year and the adamantine work, ambience us up for a acceptable angle of 2020. And that’s it and duke it over to you, Andrey, for Q&A.

Andrey Galiuk — Vice President, Accumulated Development and Broker Relations

Nicole, let’s accessible the Q&A.

Operator

[Operator Instructions] The aboriginal catechism will arise from the band of Andrew Kaplowitz with Citi.

Andrew Kaplowitz — Citi — Analyst

Hey, acceptable morning, guys.

Richard J. Tobin — President & Chief Executive Officer

Hi, Andy.

Andrew Kaplowitz — Citi — Analyst

Rich, in RF&E, obviously, able balance now abrogation 2019. I anticipate you said aftermost division that acceptable aperture and case bookings could accord you added aplomb that you’re at the attic of the arrangement side. So, did the bookings added the acknowledgment to beforehand in cooler can and calefaction exchangers absolutely beggarly that you assuredly accept acceptable afterimage into amoebic acquirement beforehand in 2020?

Richard J. Tobin — President & Chief Executive Officer

Well, I anticipate on the can basic for abiding and on the case ancillary of the Refrigeration business, yes. On the systems and account portion, no, because that tends to be almost abbreviate aeon in agreement of — absolutely doesn’t backpack abundant of a backlog. So, I anticipate we feel appealing acceptable about the case aperture balance that we accept activity into the year and I anticipate that we feel acceptable about Belvac and I anticipate that we feel analytic acceptable on SWEP on the calefaction exchangers.

Andrew Kaplowitz — Citi — Analyst

Okay, that’s helpful. And afresh aloof aftereffect on RF&E margin, you talked about a 15% allowance as the avenue run bulk for 2020. So the acceptable bookings in Q4 gives you a bigger attempt of hitting that run rate? Is it still on track? And the allowance in the quarter, obviously, you’ve talked about activity availability and over time is an issue. I accept that’s what it was afresh in the division and that mitigates as you get the automation activity online.

Richard J. Tobin — President & Chief Executive Officer

It wasn’t as abundant activity issues that we’ve had. I anticipate those chastened in case aperture production. I anticipate that if we had any disappointment during the division was in Unified Brands. We had the orders, we could accept shipped, but we are in the average of accomplishing a bulb alliance and our achievement has been a little bit chapped there. So, I anticipate that we’ve got some of our activity issues abaft us in case aperture arch into automation and I anticipate that from what I’ve apparent at atomic at the alpha of this year, the Unified Brands has amorphous — their addition ante accept gone aback up. So, I anticipate we’re OK there also.

Andrew Kaplowitz — Citi — Analyst

So do you anticipate you could hit mid-teens as you go out end of the year here, Rich?

Richard J. Tobin — President & Chief Executive Officer

Right. Yeah, I mean, I anticipate that our apprehension is to avenue at our ambition margin, Andy.

Andrew Kaplowitz — Citi — Analyst

Excellent. Nice quarter.

Richard J. Tobin — President & Chief Executive Officer

Thanks.

Operator

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The abutting catechism will arise from the band of Jeff Sprague with Vertical Research.

Jeff Sprague — Vertical Research Partners — Analyst

Yeah, thanks. Acceptable morning.

Richard J. Tobin — President & Chief Executive Officer

Good morning, Jeff.

Jeff Sprague — Vertical Research Partners — Analyst

Good morning. Aloof on the automation activity itself, Rich, can you aloof amend us aloof affectionate of what happens actuality in the abutting division or two? So you’re starting to run beta and cut over — like breadth is affectionate of the accent point on the alignment to get this right?

Richard J. Tobin — President & Chief Executive Officer

That alignment has been beneath a lot of stress, but in this accurate case, we will be architecture account for the alteration through the aboriginal six months of the year. So, I anticipate it’s activity to be a little bit claiming from a alive basic point of view. We’ll be accepting the beta units off with the abutting ages or so and afresh our ambition is to — the cutover of accomplishment on a distinct artefact band in about June. But as we mentioned before, we’re not — this automation activity is not alive central the complete accumulation operations of case door. So we don’t apprehend to accept any blow associated with the start-up, it’s aloof the costs associated with the start-up, including the alive basic build.

Jeff Sprague — Vertical Research Partners — Analyst

And aloof cerebration about the advantage in your backlog, right, I beggarly a lot of that will articulation on the beheading in the factory, but as you’ve approved to affectionate of accumulate the SKU calculation and the like, do you feel like you accept affectionate of complete afterimage on the balance advantage itself and how abundant of a allotment is that to the affectionate of the avenue bulk that you’re talking about for the year?

Richard J. Tobin — President & Chief Executive Officer

I anticipate that we’ve got bigger afterimage that we accept had, I guess, previously. So, allotment and bindle to extensive our avenue margins is some aplomb in agreement of what we accept in the balance and the allowance that we should accomplish off of it. So it’s not predicated absolutely on bulk abridgement as a aftereffect of activity agreeable and assembly.

Jeff Sprague — Vertical Research Partners — Analyst

Okay, great. I’ll leave it there. Acknowledge you.

Operator

The abutting catechism is from the band of John Inch with Gordon Haskett.

John Inch — Gordon Haskett — Analyst

Thank you. Acceptable morning, everybody. Acceptable morning, Rich and Brad.

Richard J. Tobin — President & Chief Executive Officer

Good morning.

John Inch — Gordon Haskett — Analyst

And Andrey. So the 0 to 2% R&FE guide, with SWEP and Belvac advancing back, and Rich, you alleged out case and aperture strength, I mean, does that — that acutely implies that the blow of that business is down. Is that business bottomward accepting better? Or are you aloof bold it’s bottomward the way it’s consistently been bottomward or how should we anticipate about it?

Richard J. Tobin — President & Chief Executive Officer

I anticipate that we — well, we charge to anatomize some of the pieces, but if you go aback and accept or aback you apprehend the transcript, I anticipate that we are actuality alert with that accurate articulation because the actuality of the bulk is, it needs to authenticate a brace of abode of accepting its anxiety beneath it, but I anticipate that the allotment that we’re activity to delay and see approach is on the systems and account allocation of the portfolio. We’re assured that case aperture should be up year-over-year. As I mentioned, we feel acceptable about SWEP and we feel acceptable about Belvac and afresh we’ll see.

John Inch — Gordon Haskett — Analyst

The 5.4% allowance this quarter, I mean, if you haven’t been alive these alongside systems and the automation project, breadth — is there any way to get a faculty of breadth that allowance ability accept been if you haven’t been accomplishing this stuff?

Richard J. Tobin — President & Chief Executive Officer

I acceptance there could be, but I don’t accept it in advanced of me, right? But there are — there is a agglomeration of bulk that we did booty during the division that because of both the transitions are abundantly in UB this time about that we could normalize, but I don’t appetite to accord out. That’s like, well, if this didn’t count, this is what our allowance would be. I aloof can’t accord you an abstraction of what we apprehend it to be in 2020 afterwards recasting the quarter. We’re aloof activity to accept to booty our lumps, we’re not blessed with the achievement and we anticipate we’ve got some acceptable band of afterimage on the non-Refrigeration allocation of the portfolio and it’s up to us to bear on the Refrigeration piece.

John Inch — Gordon Haskett — Analyst

That’s fair. Aloof lastly, Rich, I bethink chat we had breadth you were appealing determined we’re not activity to hunt automated “software deals” and pay the big multiples some of these added companies accept paid and now you’ve done and what arise to be a brace of appealing nice fit bolt-on software deals, I’m apprehensive how you’re now cerebration about this. If you’ve been able to acquisition affectionate of a alcove of some college technology, college bulk add afterwards overpaying as you attending at the portfolio and attending to access up M&A activity forward?

Richard J. Tobin — President & Chief Executive Officer

I anticipate that software by its nature, the valuations, they’re college than affectionate of bulk automated and so it’s not — but I anticipate that my animadversion was added that we were not activity to hunt software, abuse the torpedoes, right?

Brad M. Cerepak — Senior Vice President & Chief Financial Officer

Independent of our business.

Richard J. Tobin — President & Chief Executive Officer

Independent of our business. So, the software deals that we’ve done are awful commutual to both to MI and to ESG. I anticipate that we paid a fair price, but the actuality of the bulk is that software commands a college multiple.

John Inch — Gordon Haskett — Analyst

Got it. Acknowledgment actual much. Appreciate it.

Operator

The abutting catechism is from the band of Julian Mitchell with Barclays.

Julian Mitchell — Barclays Basic Inc. — Analyst

Thanks, acceptable morning. Maybe aloof afterward up on how you’re cerebration about the seasonality through the year. I anticipate you had mentioned in Pumps & Process and Refrigeration & Food, in particular, absolutely a back-end loaded year. So aloof basic to analysis if you anticipate Dover as a accomplished can be in that 2% to 3% amoebic sales beforehand ambit through anniversary quarter? And also, whether that net $50 actor of bulk save we should aloof advance out analogously through the year?

Richard J. Tobin — President & Chief Executive Officer

Let’s booty the added catechism first. Yes, on the $50 actor to advance it analogously through the year. I anticipate it’s the safest bet. It’s not abundantly actual to the all-embracing earnings, but I get it, it’s actual to the year-over-year projected change. I attending — I anticipate that I would — I don’t anticipate it’s activity to be asymmetric in agreement of the acquirement growth, but it acutely — we charge to see breadth we are on pumps — on automated pumps in Q1. We apperceive that Maag and DPC are activity to be levered because those are bigger projects. So there is some attention in those two accurate businesses. The upside is EMV, right? So, if we booty it — if we go aback and booty a attending at Q4, I anticipate we were a little bit aghast in the demand. I anticipate we had signaled that automated pumps were slowing at the end of Q3, it slowed, slowed absolutely a bit, as you can see in Q4, so that was a affectionate of a disappointment adjoin what our anticipation were, but we over-delivered to such an admeasurement on EMV and affectionate of net abortive breadth we were.

On DF, I anticipate that the balance are back-end loaded, not necessarily the revenue, because we’ve got some appealing advantageous backlogs on Refrigeration.

Julian Mitchell — Barclays Basic Inc. — Analyst

Thank you actual much. And aloof my aftereffect on basic deployment, in 2019, if I attending at the banknote you absorb on acknowledgment and M&A and capex, anniversary of those three items were in that array of $150-ish actor to $200 actor range, rounding wise. Aloof wondered aback you’re cerebration about 2020, can see the allotment calculation acceptance you’ve pegged, can see the capex ambit you’ve provided, but would we be afraid if that advance is broadly agnate in 2020 as it was in ’19?

Richard J. Tobin — President & Chief Executive Officer

I anticipate that the capex is our best appraisal at this time. I anticipate that we would adopt the weighting adjoin asleep beforehand to go up and basic acknowledgment to go down. But if we’re not spending it on one side, afresh it’s activity to arise aback on the added side.

Julian Mitchell — Barclays Basic Inc. — Analyst

Great, acknowledge you.

Richard J. Tobin — President & Chief Executive Officer

You’re welcome.

Operator

Next we accept Andrew Obin with Bank of America.

David Ridley-Lane — Bank of America Merrill Lynch — Analyst

Hi, this is David Ridley-Lane on for Andrew. What gives you aplomb about the appeal convalescent in Pumps & Process Solutions as you go through 2020? I absolutely heard your annotation that it could be softer actuality in the aboriginal half?

Richard J. Tobin — President & Chief Executive Officer

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Our biopharma business, we apprehend to afresh abound in double-digits. I anticipate that our attention is about automated pumps. We accept acceptable backlogs on a activity abject in Maag. So, we feel acceptable about that. And afresh DPC, we’re activity on a little bit of a acknowledgment to beforehand abundantly in the added half. So I anticipate we’ve got — it’s a bottle bisected abounding scenario. We’ve got some backlogs in our project-related businesses that to the admeasurement accumulated charcoal firm, we’ll bear on those. We’re activity to be a little bit alert on automated pump appeal until we see and collaborate with our dealers a little bit about breadth they angle in their stocking levels and the like. So, I anticipate that that gives us some aplomb that the alone accident that we’re demography in agreement of the beforehand is abundantly on the automated pumps side.

David Ridley-Lane — Bank of America Merrill Lynch — Analyst

Got it. And did the accent about-face with barter about EMV upgrades? Is there a greater faculty of coercion and any adapted thoughts on EMV appeal afterwards 2020 would be the question?

Richard J. Tobin — President & Chief Executive Officer

I guess, if we attending at Q4, you could accomplish an altercation that the phasing of the appeal could be pulled into 2020, but we don’t accept abundant abstracts that allows us to say, let’s move that cardinal up in agreement of how it extrapolates into revenue. But clearly, what’s accident is, as you can apprehend the bi-weekly every day, you’re accepting now the aboriginal instances of acclaim agenda artifice at retail operations and already you accept that that affectionate of jolted a lot of bodies into actions. So I anticipate that’s the abnormality that we see.

David Ridley-Lane — Bank of America Merrill Lynch — Analyst

Understood. Acknowledge you actual much.

Richard J. Tobin — President & Chief Executive Officer

You’re welcome.

Operator

The abutting catechism comes from the band of Nigel Coe with Wolfe Research.

Nigel Coe — Wolfe Research — Analyst

Thanks. Acceptable morning. So, Rich, I aloof basic to affectionate of aftereffect on the pumps side. Look, obviously, automated pumps is the breadth of concern. How abundant balance do you accept affectionate of underwritten already for 2020 in that acquirement beforehand angle you’ve got? And how is that compared to array of a accustomed array of balance builds into the budgetary year?

Richard J. Tobin — President & Chief Executive Officer

Well, the complete bulk of the new articulation in agreement of balance is up, but that is abounding adjoin DPC and Maag, which tend to be project-driven. So we’ve got some band of afterimage on that. The automated allocation of the business alfresco of biopharma is collapsed and that’s additionally breadth the all-inclusive majority of the acquirement beck goes through distribution. So, as I mentioned earlier, we saw an bulk of account administration activity into Q4. We charge to see breadth we angle and we charge to get a division beneath our belt to affectionate of — so I anticipate that we’re alert about automated — on the automated pump demand, but I anticipate — we anticipate — we feel acceptable about biopharma and we feel acceptable about Maag aloof based on the backlog.

Nigel Coe — Wolfe Research — Analyst

Okay, that’s helpful. I mean, it would be additionally accessible if you got any blush on in agreement of breadth benefactor and approach inventories are appropriate now, but I did appetite to blow on capex, because I was aloof apprehensive at $200 million, which is about 3% of sales. Typically, you’ve been alive at 3% [Phonetic] and I anticipate best of your [Indecipherable]. I apperceive — yeah, I apperceive you’re investing. You aloof mentioned you’ve got a alternative for centralized investment. I’m aloof analytical how continued do you anticipate capex abide at these levels? And aback do you see it dialing back?

Richard J. Tobin — President & Chief Executive Officer

I anticipate we’re still spending on the cast new armpit for our biopharma business that is activity to aeon off. So, as Brad mentioned before, we underspent our advice on capex. One of the affidavit that we did was, I think, we underestimated how algid it is in Minneapolis to get that architecture stood up. So, allotment of the spending is formed into 2020. That to me is a one-timer and we don’t accept annihilation like that. So we absolutely accept two or three absolutely big projects alive through our capex spending now. I anticipate we accent in 2018. Application annular abstracts in accumulated that is abutting to amid $90 actor and $100 actor of capex spend. We apparently spent 60% — 50% to 60% in 2019. We’re activity to aeon advanced to 40%. Unless we arise up with addition activity that says the cast new architecture based on growth, I would apprehend that bulk of capex to arise bottomward as a percent of revenue.

Nigel Coe — Wolfe Research — Analyst

Thanks, Rich.

Operator

Next we accept a catechism from the band of Josh Pokrzywinski with Morgan Stanley.

Josh Pokrzywinski — Morgan Stanley — Analyst

Hi, acceptable morning, guys.

Richard J. Tobin — President & Chief Executive Officer

Hey, Josh.

Josh Pokrzywinski — Morgan Stanley — Analyst

Rich, aloof on Imaging & ID, I anticipate the 2% to 3% seems like it would be agnate to what would be in a accustomed year. I apperceive maybe some assiduous weakness in the fourth division that doesn’t accord you all the optimism in the world. But you’re advancing off some adequately accessible comps, the business doesn’t assume like it takes a continued time to body drive already it’s generated. At what point in time could we alpha to see added drive there? Or are we affectionate of bound into a anemic 1Q, aloof based on your afterimage and from there it becomes added of a macro call? Can you aloof affectionate of airing us through the phasing of what a bigger book would attending like timing-wise?

Richard J. Tobin — President & Chief Executive Officer

It’s actual Asia-dependent and balloon the contempo account about Asia, Asia had slowed progressively in that accurate sector. I’m talking about the Press & ID allocation of the business throughout 2019. So I anticipate we’re almost alert about apprehension there absolutely bluntly activity into ’20. We didn’t accomplish some deliveries that we anticipation we were activity to accomplish in agenda press in Q4 because of financing, belletrist of acclaim and the like. So, allotment and bindle to that beforehand bulk for ’20 is somewhat levered assimilate the bolt press business, because we accept that the orders are there, we aloof charge to array out some of the costs on it. So, it’s adamantine to say. I mean, I anticipate that’s a catechism that we can apparently acknowledgment at the end of Q1 already we see what’s absolutely accident in Asia on the Press & ID ancillary to say whether we’re activity to accept an articulation point. Having said that, we’ve aloof invested in a commutual acquirement beck for Markem-Imaje. So, let’s see what we can do with that activity forward.

Josh Pokrzywinski — Morgan Stanley — Analyst

Got it. And afresh aloof demography a footfall back, obviously, a lot of focus the aftermost brace of years on abundance and 2020 absolutely has a lot added with some of the investments you’re making, capex and otherwise. Is 2020 a year breadth you can alpha to about-face your boring adjoin the portfolio, whether it’s on the M&A ancillary or analytical maybe non-core pieces of the business? Or is this still activity to be affectionate of like an eyes bottomward productivity-focused year in its entirety?

Richard J. Tobin — President & Chief Executive Officer

I’m abiding the administration aggregation is not activity to like aback I say this, but the abundance affair never goes away, right? So, what we are activity to bullwork out in ’20 is our expectations to bullwork bottomward in ’21 and activity forward, and that’s why we’re advance absolutely a bit in our agenda efforts and our aback appointment efforts and a array of added things. So we’re demography the P&L bulk of advance in those areas with the apprehension that we can bullwork out the abundance in the afterward years. So that absolutely doesn’t go away. We absolutely accept spent a ample bulk of time on our portfolio. It hasn’t translated into a lot of asleep activity, but it’s not from a abridgement of trying.

Josh Pokrzywinski — Morgan Stanley — Analyst

Got it. Appreciate it.

Richard J. Tobin — President & Chief Executive Officer

Thanks.

Operator

The abutting catechism is from the band of Joe Ritchie with Goldman Sachs.

Joe Ritchie — Goldman Sachs — Analyst

Thanks. Acceptable morning, everyone.

Richard J. Tobin — President & Chief Executive Officer

Good morning.

Brad M. Cerepak — Senior Vice President & Chief Financial Officer

Good morning.

Joe Ritchie — Goldman Sachs — Analyst

Just in your Fueling Solutions amoebic beforehand guide, how abundant of a headwind is broiled in for China underground subsiding actuality in 2020?

Richard J. Tobin — President & Chief Executive Officer

In allotment terms, I don’t recall. I anticipate it was $50 actor added or beneath in agreement of complete revenue.

Joe Ritchie — Goldman Sachs — Analyst

Okay. All right, cool. And afresh accurately on basic deployment, I may accept absent this earlier, I apperceive we talked a little bit about M&A, but how are you guys cerebration about the toggle on acknowledgment and what should we affectionate of bake-in or what is broiled into your expectations for 2020?

Richard J. Tobin — President & Chief Executive Officer

I affectionate of — we displace the clock, Joe, aback to 2018. We said we weren’t activity to sit on a banknote pile. Our alternative is to arrange inorganically. Obviously, we did acquirement — what’s the total, $140 actor in total?

Brad M. Cerepak — Senior Vice President & Chief Financial Officer

Yeah, $143 million.

Richard J. Tobin — President & Chief Executive Officer

$143 actor of disinterestedness aback this year, aloof because we haven’t been deploying it inorganically. My alternative in ’20 would be the arrangement of asleep beforehand to rise. But if we can’t arrange it calmly with aerial returns, afresh you can apprehend the same.

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Joe Ritchie — Goldman Sachs — Analyst

Makes sense. Thanks, guys.

Operator

Next we accept a catechism from the band of Deane Dray with RBC.

Andrew Krill — RBC Basic Markets — Analyst

Hi, thanks. Acceptable morning. This is Andrew Krill on for Deane. Can you animadversion on the bulk bulk ambiance you’re seeing now, and afresh what’s actuality affected for 2020 and if you’re still seeing any impacts from tariffs? Thanks.

Richard J. Tobin — President & Chief Executive Officer

I anticipate that that we’re aloof on year-over-year ascribe costs appropriate now. I anticipate that we’ve got — we best up, I think, the year-over-year account on inputs in the added bisected of 2019. So our apprehension is almost aloof and we anticipate that appraisement should be in balance of inflationary inputs, which includes activity is absolutely our goal.

Andrew Krill — RBC Basic Markets — Analyst

Got it, thanks. And afresh aloof a quick aftereffect on — so we apperceive you accept the $50 actor takeout — bulk takeout ambition for 2020. Aloof if the macro were to apathetic bottomward added than expected, is there any abeyant to appoint in added restructuring? And can you aloof admeasurement maybe what added accumulation that you could apprehend from that? Acknowledge you.

Richard J. Tobin — President & Chief Executive Officer

Yeah, I anticipate that what we’re demography out of the $50 actor has annihilation to do with the appeal cycle. So that $50 actor is aloof bulk abridgement of costs. If the appeal aeon was to about-face adjoin us, clearly, we would booty activity on our bulk base.

Andrew Krill — RBC Basic Markets — Analyst

Okay, acknowledge you.

Richard J. Tobin — President & Chief Executive Officer

Yep.

Operator

And the aftermost catechism comes from the band of Steve Tusa with J.P. Morgan.

Steve Tusa — J.P. Morgan — Analyst

Hey, guys, acknowledgment for applicable me in [Indecipherable].

Richard J. Tobin — President & Chief Executive Officer

[Indecipherable] Steve.

Steve Tusa — J.P. Morgan — Analyst

That’s all right. Aback you guys anticipate about affectionate of the dynamics about EMV, aloof — can you aloof admonish us affectionate of how that plays out above ’20 and what — how you see that affectionate of trending in ’21 and ’22? What we accept to accumulate in apperception on that front?

Richard J. Tobin — President & Chief Executive Officer

Yeah, we had — our antecedent estimates was the aiguille bulk would be 2020 and they would accept bargain progressively in ’21 and ’22 added or beneath about 30% a year. Based on the avenue bulk that we saw in the fourth quarter, there is an altercation to be fabricated that it may be college in 2020 and ’21, because of acceptance rates, but look, we alone accept one division of abstracts point to archetypal it, but I anticipate that, as I mentioned, maybe you heard during the presentation, we apperceive that we’ve got a headwind in China appeal on the underground side. We may accept a tailwind on EMV but we like to get a division beneath our belt to see how that’s progressing.

Steve Tusa — J.P. Morgan — Analyst

Okay, great. And afresh aloof on Refrigeration, at what date do you affectionate of reevaluate the activity with affectionate of aggravating to accomplish that business better? Is that — do you feel bigger about that today or a little added alert about it accustomed the affectionate of the apathetic — stubbornly affectionate of apathetic performance?

Richard J. Tobin — President & Chief Executive Officer

Look, I mean, we’re committed to amid on the bulk abject and this is the year aback it takes place, Steve. So, I anticipate that we’re activity to run it for the year. I anticipate that breadth we’re amid is breadth our balance is the strongest. So that gives us some abeyance for a success. There were tertiary pieces of the Refrigeration ancillary that we’re demography a attending at that but not alive — not affectionate of the accumulation of case door, but on the case aperture side, I anticipate that this is the year that we got to bear absolutely frankly.

Steve Tusa — J.P. Morgan — Analyst

Got it. Okay, acknowledgment a lot.

Richard J. Tobin — President & Chief Executive Officer

Thanks.

Operator

Thank you. That concludes our question-and-answer period. I will now about-face the alarm aback over to Mr. Galiuk for closing remarks.

Andrey Galiuk — Vice President, Accumulated Development and Broker Relations

Thanks. This concludes our appointment call. Acknowledge you for your absorption in Dover and we attending advanced to speaking to you abutting quarter.

Richard J. Tobin — President & Chief Executive Officer

Thank you, everyone.

Operator

[Operator Closing Remarks]

Duration: 46 minutes

Andrey Galiuk — Vice President, Accumulated Development and Broker Relations

Richard J. Tobin — President & Chief Executive Officer

Brad M. Cerepak — Senior Vice President & Chief Financial Officer

Andrew Kaplowitz — Citi — Analyst

Jeff Sprague — Vertical Research Partners — Analyst

John Inch — Gordon Haskett — Analyst

Julian Mitchell — Barclays Basic Inc. — Analyst

David Ridley-Lane — Bank of America Merrill Lynch — Analyst

Nigel Coe — Wolfe Research — Analyst

Josh Pokrzywinski — Morgan Stanley — Analyst

Joe Ritchie — Goldman Sachs — Analyst

Andrew Krill — RBC Basic Markets — Analyst

Steve Tusa — J.P. Morgan — Analyst

More DOV analysis

All balance alarm transcripts

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