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 2019 RESULTS; TIGHTENS FULL YEAR 2019 ADJUSTED EPS GUIDANCE TO $5.75 TO $5.85

Reports adjusted diluted EPS growth of 20%, organic revenue growth of 3%, and significant operating margin accretion

DOWNERS GROVE, Ill., July 18, 2019 — Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the second quarter ended June 30, 2019.

	Three Months Ended June 30,			Six Months Ended June 30,
($ in millions, except per share data)	2019	2018	% Change	2019	2018	% Change
U.S. GAAP from continuing operations
Revenue	$1,811	$1,798	1%	$3,535	$3,436	3%
Earnings 1	198	166	19%	304	276	10%
Diluted EPS 1	1.35	1.08	25%	2.07	1.77	17%
Non-GAAP from continuing operations
Adjusted earnings	229	200	15%	412	342	21%
Adjusted diluted EPS	1.56	1.30	20%	2.80	2.20	27%

¹ Q1 2019 included a $46.9 million ($0.32 of EPS) non-cash after-tax loss on assets held for sale related to Finder Pompe S.r.l.

A full reconciliation between GAAP and adjusted measures is included as an exhibit herein.

Second Quarter 2019 Financial Results:

For the second quarter ended June 30, 2019, revenue was $1.8 billion, an increase of 0.7% over the prior year. The increase in the quarter was driven by organic growth of 2.9% and acquisition growth of 0.8%, partially offset by a 2.5% unfavorable impact from foreign exchange ("FX") and 0.5% due to dispositions.

Earnings from continuing operations of $198.1 million included acquisition-related amortization costs of $26.2 million and rightsizing and other costs of $5.1 million, representing $0.18 and $0.03 of diluted earnings per share from continuing operations ("EPS"), respectively. Excluding these items, adjusted earnings from continuing operations for the quarter were $229.4 million (+15% over the comparable period in 2018), and adjusted EPS was $1.56 (+20% over the comparable period in 2018).

Year to Date 2019 Financial Results:

For the six month period ended June 30, 2019, revenue was $3.5 billion, an increase of 2.9% over the comparable period in the prior year. The increase was driven by organic growth of 5.5% and acquisition growth of 0.7% partially offset by a 3.0% unfavorable impact from FX and 0.3% due to dispositions.

Earnings from continuing operations of $303.8 million included acquisition-related amortization costs of $52.9 million and rightsizing and other costs of $8.2 million, representing $0.36 and $0.06 of EPS, respectively. In addition, the period included a $46.9 million, or $0.32 of EPS, non-cash after-tax loss on assets held for sale related to Finder Pompe S.r.l. (a supplier of pumps to the upstream oil & gas industry), which was sold on April 2, 2019. Excluding these items, adjusted earnings from continuing operations for the period were $411.8 million (+21% over the comparable period in 2018), and adjusted EPS was $2.80 (+27% over the comparable period in 2018).

Full Year 2019 Guidance Update:

Adjusted EPS guidance for full year 2019 was tightened toward the upper end of the previous range, to $5.75 to $5.85. Guidance for full year revenue growth remains unchanged.

Management Commentary:

Dover’s President and Chief Executive Officer, Richard J. Tobin, said, “Our results for the second quarter reflect a continued constructive demand environment across a significant portion of our portfolio that, when coupled with our ongoing productivity improvement actions, drove a 190 bps increase in operating margins on a comparable basis.

“Our Fluids segment posted a solid quarter with organic growth of 7%, with our fueling & transport, pumps, and process solutions businesses each delivering significant improvements in operating margin. Engineered Systems' organic growth of 2% was primarily driven by the industrial platform, offsetting the expected lower activity in digital printing, which we expect to reaccelerate into the second half. Organic revenue in Refrigeration & Food Equipment was slower in the quarter principally as a result of reduced shipments of heat exchangers in Asia; we still expect the segment to end the year with positive organic growth and margin improvement over the prior year.

“Overall, on the back of a strong first half of the year, solid backlogs and continued execution towards margin expansion targets, we are tightening the range of our previous full year adjusted EPS guidance to $5.75 to $5.85."

Conference Call Information:

Dover will host a webcast and conference call to discuss its second quarter 2019 results at 10:00 A.M. Eastern Time (9:00 A.M. Central Time) on Thursday, July 18, 2019. 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 and year to date results and its operating segments can be found on the Company’s website.

About Dover:

Dover is a diversified global manufacturer with annual revenue of approximately $7 billion. We deliver innovative equipment and components, specialty systems, consumable supplies, software and digital solutions, and support services through three operating segments: Engineered Systems, Fluids 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 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, 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, 2018, 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 2019

DOVER CORPORATION

CONSOLIDATED STATEMENTS OF EARNINGS

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Revenue	$	1,810,706	$	1,798,094	$	3,535,463	$	3,435,765
Cost of goods and services	1,138,113		1,132,858		2,239,328		2,167,700
Gross profit	672,593		665,236		1,296,135		1,268,065
Selling, general, and administrative expenses	396,634		428,775		805,100		863,801
Loss on assets held for sale	—		—		46,946		—
Operating earnings	275,959		236,461		444,089		404,264
Interest expense	31,754		32,125		63,562		67,765
Interest income	(945)		(2,563)		(1,835)		(4,620)
Other income, net	(4,589)		(4,538)		(5,695)		(4,568)
Earnings before provision for income taxes	249,739		211,437		388,057		345,687
Provision for income taxes	51,654		44,981		84,267		69,822
Earnings from continuing operations	198,085		166,456		303,790		275,865
Loss from discontinued operations, net	—		(26,497)		—		(4,472)
Net earnings	$	198,085	$	139,959	$	303,790	$	271,393
Basic earnings (loss) per share*:
Earnings from continuing operations	$	1.36	$	1.10	$	2.09	$	1.80
Loss from discontinued operations, net	—		(0.17)		—		(0.03)
Net earnings	$	1.36	$	0.92	$	2.09	$	1.77
Weighted average shares outstanding	145,366		151,744		145,227		153,124
Diluted earnings (loss) per common share*:
Earnings from continuing operations	$	1.35	$	1.08	$	2.07	$	1.77
Loss from discontinued operations, net	—		(0.17)		—		(0.03)
Net earnings	$	1.35	$	0.91	$	2.07	$	1.74
Weighted average shares outstanding	147,179		153,938		147,041		155,573
Dividends paid per common share	$	0.48	$	0.47	$	0.96	$	0.94
* Per share data may be impacted by rounding.

DOVER CORPORATION

QUARTERLY SEGMENT INFORMATION

(unaudited)(in thousands)

	2019									2018
	Q1			Q2			Q2 YTD			Q1			Q2			Q2 YTD			Q3			Q4			FY 2018
REVENUE
Engineered Systems
Printing & Identification	$	282,086		$	278,813		$	560,899		$	282,522		$	299,834		$	582,356		$	283,232		$	296,843		$	1,162,431
Industrials	405,105			417,688			822,793			389,104			403,155			792,259			388,302			399,956			1,580,517
	687,191			696,501			1,383,692			671,626			702,989			1,374,615			671,534			696,799			2,742,948
Fluids	703,224			729,433			1,432,657			628,098			693,666			1,321,764			690,065			785,509			2,797,338
Refrigeration & Food Equipment	334,643			385,474			720,117			338,235			401,766			740,001			386,214			326,878			1,453,093
Intra-segment eliminations	(301)			(702)			(1,003)			(288)			(327)			(615)			(410)			(236)			(1,261)
Total consolidated revenue	$	1,724,757		$	1,810,706		$	3,535,463		$	1,637,671		$	1,798,094		$	3,435,765		$	1,747,403		$	1,808,950		$	6,992,118
NET EARNINGS
Segment Earnings:
Engineered Systems	$	123,074		$	131,770		$	254,844		$	102,066		$	126,649		$	228,715		$	108,714		$	113,841		$	451,270
Fluids 1	52,221			128,915			181,136			67,348			93,028			160,376			101,207			128,221			389,804
Refrigeration & Food Equipment	24,807			44,375			69,182			29,182			51,372			80,554			42,434			13,131			136,119
Total segments	200,102			305,060			505,162			198,596			271,049			469,645			252,355			255,193			977,193
Corporate expense / other	30,866			24,512			55,378			30,763			30,050			60,813			30,207			38,704			129,724
Interest expense	31,808			31,754			63,562			35,640			32,125			67,765			31,192			32,015			130,972
Interest income	(890)			(945)			(1,835)			(2,057)			(2,563)			(4,620)			(2,060)			(2,201)			(8,881)
Earnings before provision for income taxes	138,318			249,739			388,057			134,250			211,437			345,687			193,016			186,675			725,378
Provision for income taxes	32,613			51,654			84,267			24,841			44,981			69,822			35,711			28,700			134,233
Earnings from continuing operations	105,705			198,085			303,790			109,409			166,456			275,865			157,305			157,975			591,145
Earnings (loss) from discontinued operations, net	—			—			—			22,025			(26,497)			(4,472)			—			(16,406)			(20,878)
Net earnings	$	105,705		$	198,085		$	303,790		$	131,434		$	139,959		$	271,393		$	157,305		$	141,569		$	570,267
SEGMENT MARGIN
Engineered Systems	17.9		%	18.9		%	18.4		%	15.2		%	18.0		%	16.6		%	16.2		%	16.3		%	16.5		%
Fluids 1	7.4		%	17.7		%	12.6		%	10.7		%	13.4		%	12.1		%	14.7		%	16.3		%	13.9		%
Refrigeration & Food Equipment	7.4		%	11.5		%	9.6		%	8.6		%	12.8		%	10.9		%	11.0		%	4.0		%	9.4		%
Total segment operating margin	11.6		%	16.8		%	14.3		%	12.1		%	15.1		%	13.7		%	14.4		%	14.1		%	14.0		%
DEPRECIATION AND AMORTIZATION EXPENSE
Engineered Systems	$	17,795		$	17,865		$	35,660		$	19,239		$	19,203		$	38,442		$	18,204		$	19,233		$	75,879
Fluids	35,426			35,146			70,572			34,449			34,981			69,430			34,954			36,060			140,444
Refrigeration & Food Equipment	13,011			12,777			25,788			13,579			13,524			27,103			13,533			19,841			60,477
Corporate	1,506			1,981			3,487			1,358			1,595			2,953			1,399			1,428			5,780
Total depreciation and amortization expense	$	67,738		$	67,769		$	135,507		$	68,625		$	69,303		$	137,928		$	68,090		$	76,562		$	282,580
1 Q1 and Q2 YTD 2019 includes a $46,946 loss on assets held for sale for Finder Pompe S.r.l. ("Finder"). Excluding this loss, Fluids segment earnings was $99,167 and $228,082, respectively, and segment margin was 14.1% and 15.9%, respectively.

DOVER CORPORATION

QUARTERLY SEGMENT INFORMATION

(continued)

(unaudited)(in thousands)

	2019						2018
	Q1		Q2		Q2 YTD		Q1		Q2		Q2 YTD		Q3		Q4		FY 2018
BOOKINGS
Engineered Systems
Printing & Identification	$	280,658	$	276,402	$	557,060	$	284,437	$	306,770	$	591,207	$	271,367	$	295,963	$	1,158,537
Industrials	414,786		385,181		799,967		466,722		412,780		879,502		390,606		481,172		1,751,280
	695,444		661,583		1,357,027		751,159		719,550		1,470,709		661,973		777,135		2,909,817
Fluids	712,856		770,091		1,482,947		703,461		737,340		1,440,801		723,996		734,943		2,899,740
Refrigeration & Food Equipment	376,998		384,365		761,363		372,701		428,816		801,517		331,979		341,221		1,474,717
Intra-segment eliminations	(682)		(408)		(1,090)		(624)		33		(591)		(549)		(584)		(1,724)
Total consolidated bookings	$	1,784,616	$	1,815,631	$	3,600,247	$	1,826,697	$	1,885,739	$	3,712,436	$	1,717,399	$	1,852,715	$	7,282,550
BACKLOG
Engineered Systems
Printing & Identification	$	121,374	$	119,967			$	135,915	$	137,019			$	126,609	$	122,028
Industrials	448,137		414,996				376,474		372,525				367,963		438,546
	569,511		534,963				512,389		509,544				494,572		560,574
Fluids	538,888		564,603				544,250		564,959				588,632		523,791
Refrigeration & Food Equipment	311,632		310,454				283,250		309,440				255,783		268,991
Intra-segment eliminations	(377)		(114)				(389)		(134)				(58)		(185)
Total consolidated backlog	$	1,419,654	$	1,409,906			$	1,339,500	$	1,383,809			$	1,338,929	$	1,353,171

DOVER CORPORATION

QUARTERLY EARNINGS PER SHARE

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

Earnings Per Share
	2019						2018
	Q1		Q2		Q2 YTD		Q1		Q2		Q2 YTD		Q3		Q4		FY 2018
Basic earnings (loss) per common share:
Continuing operations	$	0.73	$	1.36	$	2.09	$	0.71	$	1.10	$	1.80	$	1.07	$	1.08	$	3.94
Discontinued operations	—		—		—		0.14		(0.17)		(0.03)		—		(0.11)		(0.14)
Net earnings	$	0.73	$	1.36	2.09		$	0.85	$	0.92	$	1.77	$	1.07	$	0.97	$	3.80
Diluted earnings (loss) per common share:
Continuing operations	$	0.72	$	1.35	$	2.07	$	0.70	$	1.08	$	1.77	$	1.05	$	1.07	$	3.89
Discontinued operations	—		—		—		0.14		(0.17)		(0.03)		—		(0.11)		(0.14)
Net earnings	$	0.72	$	1.35	$	2.07	$	0.84	$	0.91	$	1.74	$	1.05	$	0.96	$	3.75
Net earnings (loss) and weighted average shares used in calculated earnings per share amounts are as follows:
Net earnings (loss):
Continuing operations	$	105,705	$	198,085	$	303,790	$	109,409	$	166,456	$	275,865	$	157,305	$	157,975	$	591,145
Discontinued operations	—		—		—		22,025		(26,497)		(4,472)		—		(16,406)		(20,878)
Net earnings	$	105,705	$	198,085	$	303,790	$	131,434	$	139,959	$	271,393	$	157,305	$	141,569	$	570,267
Weighted average shares outstanding:
Basic	145,087		145,366		145,227		154,520		151,744		153,124		147,344		146,007		149,874
Diluted	146,911		147,179		147,041		157,090		153,938		155,573		149,457		147,940		152,133
* Per share data may be impacted by rounding.

Non-GAAP Reconciliations

Adjusted Earnings Per Share (Non-GAAP)
Earnings from continuing operations are adjusted by the effect of acquisition-related amortization, rightsizing and other costs, loss on assets held for sale, and the Tax Cuts and Jobs Act to derive adjusted earnings from continuing operations and adjusted diluted earnings per common share as follows:
	2019						2018
	Q1		Q2		Q2 YTD		Q1		Q2		Q2 YTD		Q3		Q4		FY 2018
Adjusted earnings:
Earnings from continuing operations	$	105,705	$	198,085	$	303,790	$	109,409	$	166,456	$	275,865	$	157,305	$	157,975	$	591,145
Acquisition-related amortization, pre-tax 1	35,635		34,997		70,632		38,150		38,072		76,222		34,997		35,078		146,297
Acquisition-related amortization, tax impact 2	(8,964)		(8,777)		(17,741)		(9,716)		(9,683)		(19,399)		(8,785)		(8,817)		(37,001)
Rightsizing and other costs, pre-tax 3	3,963		6,457		10,420		4,371		6,808		11,179		24,201		37,448		72,828
Rightsizing and other costs, tax impact 2	(861)		(1,377)		(2,238)		(797)		(1,448)		(2,245)		(4,477)		(7,809)		(14,531)
Loss on assets held for sale 4	46,946		—		46,946		—		—		—		—		—		—
Tax Cuts and Jobs Act 5	—		—		—		—		—		—		—		(2,832)		(2,832)
Adjusted earnings from continuing operations	$	182,424	$	229,385	$	411,809	$	141,417	$	200,205	$	341,622	$	203,241	$	211,043	$	755,906
Adjusted diluted earnings per common share*:
Diluted earnings per share from continuing operations	$	0.72	$	1.35	$	2.07	$	0.70	$	1.08	$	1.77	$	1.05	$	1.07	$	3.89
Acquisition-related amortization, pre-tax 1	0.24		0.24		0.48		0.24		0.25		0.49		0.23		0.24		0.96
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		0.04		0.07		0.03		0.04		0.07		0.16		0.25		0.48
Rightsizing and other costs, tax impact 2	(0.01)		(0.01)		(0.02)		(0.01)		(0.01)		(0.01)		(0.03)		(0.05)		(0.10)
Loss on assets held for sale 4	0.32		—		0.32		—		—		—		—		—		—
Tax Cuts and Jobs Act 5	—		—		—		—		—		—		—		(0.02)		(0.02)
Adjusted diluted earnings per share from continuing operations	$	1.24	$	1.56	$	2.80	$	0.90	$	1.30	$	2.20	$	1.36	$	1.43	$	4.97
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 associated asset charges.
4 Represents a loss on assets held for sale of Finder. Under local law, no tax benefit is realized from the loss on the sale of a wholly-owned business.
5 2018 tax benefits related to additional Tax Cuts and Jobs Act regulatory guidance covered by SAB 118.
* Per share data and totals may be impacted by rounding.

Adjusted EPS from Continuing Operations Guidance Reconciliation
	Range
2019 Guidance for Earnings per Share from Continuing Operations (GAAP)	$	4.63		$	4.73
Acquisition-related amortization, net			0.71
Rightsizing and other costs, net			0.09
Loss on assets held for sale			0.32
2019 Guidance for Adjusted Earnings per Share from Continuing Operations (Non-GAAP)	$	5.75		$	5.85

DOVER CORPORATION

ADDITIONAL INFORMATION

(unaudited)(in thousands)

Quarterly Cash Flow

	2019						2018
	Q1		Q2		Q2 YTD		Q1		Q2		Q2 YTD		Q3		Q4		FY 2018
Net Cash Flows Provided By (Used In):
Operating activities	$	24,524	$	208,709	$	233,233	$	15,535	$	159,205	$	174,740	$	243,944	$	370,509	$	789,193
Investing activities	(217,690)		(69,755)		(287,445)		(122,597)		(51,606)		(174,203)		(35,922)		(35,355)		(245,480)
Financing activities	36,067		(60,596)		(24,529)		(289,103)		(227,734)		(516,837)		(232,476)		(148,525)		(897,838)

Quarterly Free Cash Flow (Non-GAAP)

	2019									2018
	Q1			Q2			Q2 YTD			Q1			Q2			Q2 YTD			Q3			Q4			FY 2018
Cash flow from operating activities	$	24,524		$	208,709		$	233,233		$	15,535		$	159,205		$	174,740		$	243,944		$	370,509		$	789,193
Less: Capital expenditures	(37,122)			(53,970)			(91,092)			(44,678)			(51,686)			(96,364)			(38,192)			(36,438)			(170,994)
Free cash flow	$	(12,598)		$	154,739		$	142,141		$	(29,143)		$	107,519		$	78,376		$	205,752		$	334,071		$	618,199
Free cash flow as a percentage of revenue	(0.7)		%	8.5		%	4.0		%	(1.8)		%	6.0		%	2.3		%	11.8		%	18.5		%	8.8		%

Revenue Growth Factors

	Three Months Ended June 30, 2019
	Engineered Systems		Fluids		Refrigeration & Food Equipment		Total
Organic	1.7	%	7.5	%	(2.8)	%	2.9	%
Acquisitions	—	%	2.1	%	—	%	0.8	%
Dispositions	—	%	(1.4)	%	—	%	(0.5)	%
Currency translation	(2.6)	%	(3.0)	%	(1.3)	%	(2.5)	%
Total *	(0.9)	%	5.2	%	(4.1)	%	0.7	%

	Six Months Ended June 30, 2019
	Engineered Systems		Fluids		Refrigeration & Food Equipment		Total
Organic	3.7	%	11.1	%	(1.2)	%	5.5	%
Acquisitions	—	%	1.7	%	—	%	0.7	%
Dispositions	—	%	(0.8)	%	—	%	(0.3)	%
Currency translation	(3.0)	%	(3.6)	%	(1.5)	%	(3.0)	%
Total *	0.7	%	8.4	%	(2.7)	%	2.9	%
* Totals may be impacted by rounding.

Non-GAAP Disclosures

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 earnings from continuing operations, adjusted diluted earnings per share from continuing operations, free cash flow, and organic revenue growth are not financial measures under GAAP and should not be considered as a substitute for earnings from continuing operations, diluted earnings per share from continuing operations, 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 earnings from continuing operations represents earnings from continuing operations adjusted for the effect of acquisition-related amortization, rightsizing and other costs, loss on assets held for sale, and the Tax Cuts and Jobs Act. 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. Management believes this information is 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. Adjusted diluted earnings per share from continuing operations represents adjusted earnings from continuing operations divided by average diluted shares.

Free cash flow represents net cash provided by operating activities minus capital expenditures. Management believes that free cash flow is an important measure 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 performance and trends between periods.