Third quarter sales increased 6.0% year over
year to $927.9 million
EPS of $0.92, up 21.7% versus 2023
Raising fiscal 2024 EPS guidance
Donaldson Company, Inc. (NYSE: DCI) (Donaldson or the Company),
a global leader in technology-led filtration products and
solutions, today reported third quarter fiscal 2024 generally
accepted accounting principles (GAAP) net earnings of $113.5
million, compared with $93.7 million in fiscal 2023. Third quarter
2024 GAAP earnings per share (EPS)1 were $0.92 compared with 2023
earnings per share of $0.76.
“The Donaldson team delivered outstanding performance in the
third quarter, generating record sales and earnings with robust
margins, while continuing to set a stronger foundation for future
profitable growth through ongoing strategic investments,” said Tod
Carpenter, chairman, president and chief executive officer.
“Despite mixed end-market conditions, we maintained focus on our
customers and delivered our technology-led filtration products and
services across our diversified portfolio of businesses.”
“Driven by third quarter results and our expectations for strong
performance in the fourth quarter, we are increasing our earnings
outlook for the full year. Looking ahead, we remain committed to
returning value to our shareholders through the execution of our
longer-term strategic initiatives and continued progress towards
our fiscal 2026 Investor Day targets.”
________________________ 1 All EPS figures refer to diluted
EPS.
Third Quarter Operating
Results
Sales of $927.9 million were up 6.0% compared with 2023 as a
result of volume growth and pricing benefits.
Three Months Ended
Nine Months Ended
April 30, 2024
April 30, 2024
Reported % Change
Constant Currency %
Change
Reported % Change
Constant Currency %
Change
Mobile Solutions segment
Off-Road
(9.8
)%
(8.9
)%
(10.6
)%
(11.2
)%
On-Road
(6.0
)
(4.2
)
(1.5
)
(0.6
)
Aftermarket
10.9
11.7
6.6
6.3
Total Mobile Solutions segment
5.5
6.3
2.6
2.3
Industrial Solutions segment
Industrial Filtration Solutions
2.4
2.9
5.2
4.7
Aerospace and Defense
5.9
5.9
8.0
7.1
Total Industrial Solutions segment
2.9
3.3
5.6
5.0
Life Sciences segment
Total Life Sciences segment
24.2
26.5
8.4
8.0
Total Company
6.0
%
6.8
%
3.9
%
3.5
%
Mobile Solutions segment (Mobile) sales increased 5.5% from
higher volumes and pricing. Aftermarket sales increased 10.9%
driven by continued market share gains and destocking in the prior
year period. On-Road and Off-Road sales decreased 6.0% and 9.8%,
respectively, from a decline in global equipment production.
Industrial Solutions segment (Industrial) sales increased 2.9%
as a result of volume growth and pricing. Aerospace and Defense
sales grew 5.9% supported by robust Aerospace end-market
conditions. Industrial Filtration Solutions (IFS) sales grew 2.4%
driven by dust collection replacement part and Power Generation
sales.
Life Sciences segment (Life Sciences) sales increased 24.2% from
strong volume growth resulting from Bioprocessing Equipment sales
timing and Disk Drive.
Gross margin was 35.6%, up 260 basis points from 33.0% in 2023
driven by leverage on higher sales, pricing benefits and input cost
deflation.
Operating expenses as a percentage of sales were 20.1%, an
increase from 18.8% in the prior year, due to increased hiring and
investments in the scaling of acquired Life Sciences
businesses.
Operating income as a percentage of sales (operating margin) of
15.5% increased 130 basis points year over year from 14.2% in 2023
as a result of gross margin improvement, partially offset by an
increase in operating expenses.
Interest expense was $5.0 million, approximately flat compared
with prior year as lower debt levels offset higher interest rates.
Other income, net increased to $5.4 million compared with $2.6
million in 2023, primarily from foreign exchange gains versus
foreign exchange losses in the prior year period. The Company’s
effective tax rate was 21.2% versus 22.9% a year ago driven by an
increase in discrete tax benefits.
Year-to-date, Donaldson paid $90.3 million in dividends and
repurchased 1.5% of its outstanding shares for $114.0 million.
Updated Fiscal 2024
Outlook
Full-year EPS is forecast to be between $3.33 and $3.39, up from
prior guidance of between $3.24 and $3.32 and compared with fiscal
2023 GAAP and adjusted2 EPS of $2.90 and $3.04, respectively. Sales
are expected to increase between 4% and 6% year over year, with a
pricing benefit of approximately 2% and a negligible impact from
currency translation.
Mobile sales are forecast to increase between 2% and 4% versus
2023. Off-Road sales and On-Road sales are expected to decrease low
double-digits and low single-digits, respectively due to softening
end-market demand and related reductions in global equipment
production. Aftermarket sales are forecast to grow mid-single
digits, benefitting from market share gains and destocking in the
prior year period.
Industrial sales are expected to increase between 6% and 8%
compared with prior year. IFS sales are expected to increase
mid-single digits as a result of sales momentum in dust collection
and Power Generation. Aerospace and Defense sales, driven by strong
end-market conditions, are expected to grow low double-digits.
Life Sciences sales are forecast to grow mid-teens year over
year supported by growth across all businesses including Food &
Beverage, Bioprocessing Equipment and Consumables, and Disk
Drive.
Operating margin is expected to be between 15.0% and 15.4%
versus 14.0%, or 14.6% on an adjusted basis, in 2023.
Year-over-year gross margin improvement is forecast to offset an
increase in operating expenses, driven primarily by investments in
the Life Sciences segment.
Interest expense is forecast to be approximately $22 million and
other income is expected to be between $15 million and $17 million.
Donaldson projects a fiscal 2024 effective income tax rate of
between 23% and 24%.
Capital expenditures are forecast to be between $90 million and
$105 million and free cash flow conversion is expected to be
between 95% and 105%. For the full year, Donaldson anticipates
repurchasing approximately 2% of its shares outstanding.
________________________ 2 Fiscal 2023 adjusted results exclude
$21.8 million of non-recurring charges largely related to the
Company’s organizational redesign as well as costs associated with
exiting a lower-margin customer program. The tables attached to
this press release include a reconciliation of GAAP to non-GAAP
measures.
Miscellaneous
The Company will webcast its third quarter fiscal 2024 earnings
conference call today at 9:00 a.m. CT. To listen to the webcast,
visit the “Events & Presentations” section of Donaldson’s
Investor Relations website (IR.Donaldson.com), and click on the
“listen to webcast” option. The webcast replay will be available at
approximately 12:00 p.m. CT today. Also available on the website is
the Company’s supplemental quarterly earnings presentation.
Statements in this release regarding future events and
expectations, such as forecasts, plans, trends and projections
relating to the Company’s business and financial performance, are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and are identified by
words or phrases such as “will likely result,” “are expected to,”
“will continue,” “will allow,” “estimate,” “project,” “believe,”
“expect,” “anticipate,” “forecast,” “plan” and similar expressions.
These forward-looking statements speak only as of the date such
statements are made and are subject to risks and uncertainties that
could affect the Company’s performance and could cause the
Company’s actual results for future periods to differ materially
from any opinions or statements expressed. These factors include,
but are not limited to, challenges in global operations; impacts of
global economic, industrial and political conditions on product
demand; impacts from unexpected events, including natural
disasters; effects of unavailable raw materials or material cost
inflation; inability to attract and retain qualified personnel;
inability to meet customer demand; inability to maintain
competitive advantages; threats from disruptive technologies;
effects of highly competitive markets with pricing pressure;
exposure to customer concentration in certain cyclical industries;
inability to manage productivity improvements; inability to achieve
commitments to ESG; results of execution of any acquisition,
divestiture and other strategic transactions; vulnerabilities
associated with information technology systems and security;
inability to protect and enforce intellectual property rights;
costs associated with governmental laws and regulations; impacts of
foreign currency fluctuations; and effects of changes in capital
and credit markets. These and other factors are described in Part
I, Item 1A, “Risk Factors” of the Company’s Annual Report on Form
10-K for the fiscal year ended July 31, 2023. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, unless required by law. The results
presented herein are preliminary, unaudited and subject to revision
until the Company files its results with the United States
Securities and Exchange Commission on Form 10-Q.
About Donaldson Company,
Inc.
Founded in 1915, Donaldson (NYSE: DCI) is a global leader in
technology-led filtration products and solutions, serving a broad
range of industries and advanced markets. Diverse, skilled
employees at over 140 locations on six continents partner with
customers—from small business owners to R&D organizations and
the world’s biggest OEM brands. Donaldson solves complex filtration
challenges through three primary segments: Mobile Solutions,
Industrial Solutions and Life Sciences. Additional information is
available at www.Donaldson.com.
DONALDSON COMPANY, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF EARNINGS
(In millions, except per share
amounts)
(Unaudited)
Three Months Ended
Nine Months Ended
April 30,
April 30,
2024
2023
Change
2024
2023
Change
Net sales
$
927.9
$
875.7
6.0
%
$
2,650.9
$
2,551.3
3.9
%
Cost of sales
597.8
586.9
1.9
1,711.3
1,690.8
1.2
Gross profit
330.1
288.8
14.3
939.6
860.5
9.2
Selling, general and administrative
161.7
145.8
10.9
473.5
444.7
6.5
Research and development
24.8
19.0
31.1
68.2
56.2
21.4
Operating expenses
186.5
164.8
13.2
541.7
500.9
8.2
Operating income
143.6
124.0
15.8
397.9
359.6
10.7
Interest expense
5.0
5.1
(2.1
)
16.1
14.3
12.4
Other income, net
(5.4
)
(2.6
)
NM(1)
(14.1
)
(6.1
)
NM(1)
Earnings before income taxes
144.0
121.5
18.5
395.9
351.4
12.7
Income taxes
30.5
27.8
9.9
91.6
84.5
8.4
Net earnings
$
113.5
$
93.7
21.1
%
$
304.3
$
266.9
14.0
%
Weighted average shares – basic
120.8
121.6
(0.6
)%
120.8
122.0
(1.0
)%
Weighted average shares – diluted
122.9
123.5
(0.5
)%
122.6
123.7
(0.9
)%
Net EPS – basic
$
0.94
$
0.77
21.9
%
$
2.52
$
2.19
15.2
%
Net EPS – diluted
$
0.92
$
0.76
21.7
%
$
2.48
$
2.16
15.0
%
Dividends paid per share
$
0.25
$
0.23
8.7
%
$
0.75
$
0.69
8.7
%
Note: Amounts may not foot due to
rounding.
(1) NM = not meaningful
DONALDSON COMPANY, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In millions)
(Unaudited)
April 30,
July 31,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$
223.7
$
187.1
Accounts receivable, net
638.4
599.7
Inventories, net
444.7
418.1
Prepaid expenses and other current
assets
93.9
81.1
Total current assets
1,400.7
1,286.0
Property, plant and equipment, net
642.8
652.9
Goodwill
475.3
481.1
Intangible assets, net
174.6
188.1
Other long-term assets
172.7
162.4
Total assets
$
2,866.1
$
2,770.5
Liabilities and Stockholders’
Equity
Current liabilities:
Short-term borrowings
$
49.4
$
34.1
Current maturities of long-term debt
25.0
125.0
Accounts payable
370.0
304.9
Accrued employee compensation and related
taxes
123.2
119.4
Deferred revenue
25.8
25.3
Income taxes payable
37.9
32.3
Dividends payable
—
30.4
Other current liabilities
103.9
85.0
Total current liabilities
735.2
756.4
Long-term debt
481.8
496.6
Non-current income taxes payable
42.0
56.5
Deferred income taxes
17.5
32.3
Other long-term liabilities
105.6
108.0
Total liabilities
1,382.1
1,449.8
Total stockholders’ equity
1,484.0
1,320.7
Total liabilities and stockholders’
equity
$
2,866.1
$
2,770.5
DONALDSON COMPANY, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Nine Months Ended
April 30,
2024
2023
Operating Activities
Net earnings
$
304.3
$
266.9
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Depreciation and amortization
73.5
67.3
Deferred income taxes
(16.6
)
(9.6
)
Stock-based compensation expense
18.3
17.1
Other, net
2.0
3.8
Changes in operating assets and
liabilities
(15.0
)
8.2
Net cash provided by operating
activities
366.5
353.7
Investing Activities
Purchases of property, plant and
equipment
(65.8
)
(92.8
)
Acquisitions, net of cash acquired
(2.0
)
(62.3
)
Net cash used in investing activities
(67.8
)
(155.1
)
Financing Activities
Proceeds from long-term debt
119.7
80.0
Repayments of long-term debt
(228.8
)
(135.0
)
Change in short-term borrowings
15.9
23.1
Purchase of treasury stock
(113.8
)
(119.3
)
Payment of contingent consideration
(1.7
)
—
Dividends paid
(90.3
)
(84.1
)
Exercise of stock options and other
41.5
31.2
Net cash used in financing activities
(257.5
)
(204.1
)
Effect of exchange rate changes on
cash
(4.6
)
(1.8
)
Increase (decrease) in cash and cash
equivalents
36.6
(7.3
)
Cash and cash equivalents, beginning of
period
187.1
193.3
Cash and cash equivalents, end of
period
$
223.7
$
186.0
CONSOLIDATED RATE
ANALYSIS
(Unaudited)
Three Months Ended
Nine Months Ended
April 30,
April 30,
2024
2023
2024
2023
Gross margin
35.6
%
33.0
%
35.4
%
33.7
%
Operating expenses
20.1
%
18.8
%
20.4
%
19.6
%
Operating margin
15.5
%
14.2
%
15.0
%
14.1
%
Other income, net
(0.6
)%
(0.3
)%
(0.5
)%
(0.2
)%
Depreciation and amortization
2.7
%
2.6
%
2.8
%
2.6
%
EBITDA
18.7
%
17.0
%
18.3
%
17.0
%
Effective tax rate
21.2
%
22.9
%
23.1
%
24.0
%
Earnings before income taxes - Mobile
Solutions
18.4
%
15.0
%
17.9
%
14.8
%
Earnings before income taxes - Industrial
Solutions
18.7
%
18.8
%
18.1
%
18.0
%
Earnings before income taxes - Life
Sciences
0.7
%
0.3
%
(4.8
)%
9.5
%
Cash conversion ratio
105.9
%
104.6
%
98.8
%
97.8
%
Three Months Ended
Nine Months Ended
April 30,
April 30,
2024
2023
2024
2023
Adjusted Rates
Gross margin
35.6
%
33.0
%
35.4
%
33.8
%
Operating expenses
20.1
%
18.8
%
20.4
%
19.0
%
Operating margin
15.5
%
14.2
%
15.0
%
14.8
%
Other income, net
(0.6
)%
(0.3
)%
(0.5
)%
(0.2
)%
Depreciation and amortization
2.7
%
2.6
%
2.8
%
2.6
%
EBITDA
18.7
%
17.0
%
18.3
%
17.6
%
Effective tax rate
21.2
%
22.9
%
23.1
%
24.1
%
Earnings before income taxes - Mobile
Solutions
18.4
%
15.0
%
17.9
%
14.8
%
Earnings before income taxes - Industrial
Solutions
18.7
%
18.8
%
18.1
%
18.0
%
Earnings before income taxes - Life
Sciences
0.7
%
0.3
%
(4.8
)%
9.5
%
Cash conversion ratio
105.9
%
104.6
%
98.8
%
93.3
%
Note: Rate analysis metrics are computed
by dividing the applicable amount by net sales, and cash conversion
ratio reflects free cash flow divided by net earnings. Adjusted
rates exclude the impact of certain items not related to ongoing
operations. Adjusted rates are non-GAAP measures; see the
Reconciliation of Non-GAAP Financial Measures schedule for
additional information.
SEGMENT DETAIL
(In millions)
(Unaudited)
Three Months Ended April
30,
Nine Months Ended April
30,
2024
2023
Change
2024
2023
Change
Net sales
Mobile Solutions segment
Off-Road
$
104.2
$
115.6
(9.8
)%
$
290.9
$
325.3
(10.6
)%
On-Road
35.7
38.0
(6.0
)
106.9
108.5
(1.5
)
Aftermarket
445.3
401.4
10.9
1,277.7
1,198.5
6.6
Total Mobile Solutions segment
585.2
555.0
5.5
1,675.5
1,632.3
2.6
Industrial Solutions segment
Industrial Filtration Solutions
228.6
223.3
2.4
663.7
631.1
5.2
Aerospace and Defense
40.5
38.2
5.9
115.0
106.5
8.0
Total Industrial Solutions segment
269.1
261.5
2.9
778.7
737.6
5.6
Life Sciences segment
Total Life Sciences segment
73.6
59.2
24.2
196.7
181.4
8.4
Total Company
$
927.9
$
875.7
6.0
%
$
2,650.9
$
2,551.3
3.9
%
Earnings (loss) before income
taxes
Mobile Solutions segment
$
107.9
$
83.4
29.4
%
$
299.3
$
242.3
23.5
%
Industrial Solutions segment
50.3
49.1
2.4
141.0
133.0
6.0
Life Sciences segment
0.5
0.2
NM(1)
(9.5
)
17.3
NM(1)
Corporate and unallocated
(14.7
)
(11.2
)
(31.3
)
(34.9
)
(41.2
)
15.3
Total Company
$
144.0
$
121.5
18.5
%
$
395.9
$
351.4
12.7
%
Earnings before income taxes
percentage
Mobile Solutions segment
18.4
%
15.0
%
3.4
%
17.9
%
14.8
%
3.1
%
Industrial Solutions segment
18.7
%
18.8
%
(0.1
)%
18.1
%
18.0
%
0.1
%
Life Sciences segment
0.7
%
0.3
%
0.4
%
(4.8
)%
9.5
%
(14.3
)%
Note: Earnings before income taxes
percentage is calculated by dividing earnings before income taxes
by net sales. Amounts may not foot due to rounding.
(1) NM = not meaningful
SEGMENT SALES PERCENT CHANGE
FROM PRIOR PERIODS BY GEOGRAPHY, AS REPORTED
(Unaudited)
Three Months Ended April 30,
2024
TOTAL
U.S.(1)/CA(2)
EMEA(3)
APAC(4)
LATAM(5)
Mobile Solutions segment
Off-Road
(9.8
)%
14.9
%
(19.5
)%
(30.5
)%
(26.5
)%
On-Road
(6.0
)
(2.5
)
18.1
(28.9
)
42.2
Aftermarket
10.9
16.7
3.2
0.3
19.2
Total Mobile Solutions segment
5.5
14.5
(3.3
)
(9.8
)
17.0
Industrial Solutions segment
Industrial Filtration Solutions
2.4
0.4
6.0
(9.9
)
45.9
Aerospace and Defense
5.9
11.2
(8.7
)
75.2
N/A
Total Industrial Solutions segment
2.9
2.5
4.0
(9.1
)
45.9
Life Sciences segment
Total Life Sciences segment
24.2
28.0
31.3
12.8
79.9
Total Company
6.0
%
10.5
%
2.2
%
(6.3
)%
20.9
%
Nine Months Ended April 30,
2024
TOTAL
U.S./CA
EMEA
APAC
LATAM
Mobile Solutions segment
Off-Road
(10.6
)%
1.5
%
(12.2
)%
(26.2
)%
(23.6
)%
On-Road
(1.5
)
—
17.7
(13.3
)
5.0
Aftermarket
6.6
8.8
1.3
5.7
9.5
Total Mobile Solutions segment
2.6
6.7
(2.3
)
(3.5
)
7.5
Industrial Solutions segment
Industrial Filtration Solutions
5.2
8.4
3.9
(5.9
)
14.2
Aerospace and Defense
8.0
9.6
1.6
65.5
N/A
Total Industrial Solutions segment
5.6
8.7
3.6
(5.0
)
14.2
Life Sciences segment
Total Life Sciences segment
8.4
(7.4
)
20.4
3.5
34.9
Total Company
3.9
%
7.0
%
1.7
%
(2.7
)%
8.6
%
Note: Amounts may not foot due to
rounding.
(1) United States (U.S.)
(2) Canada (CA)
(3) Europe, Middle East and Africa
(EMEA)
(4) Asia Pacific (APAC)
(5) Latin America (LATAM)
SEGMENT SALES PERCENT CHANGE
FROM PRIOR PERIODS BY GEOGRAPHY, CONSTANT CURRENCY
(Unaudited)
Three Months Ended April 30,
2024
TOTAL
U.S./CA
EMEA
APAC
LATAM
Mobile Solutions segment
Off-Road
(8.9
)%
14.9
%
(19.7
)%
(25.7
)%
(27.0
)%
On-Road
(4.2
)
(2.5
)
20.8
(23.1
)
40.1
Aftermarket
11.7
16.7
3.8
4.8
17.9
Total Mobile Solutions segment
6.3
14.5
(2.9
)
(5.1
)
15.7
Industrial Solutions segment
Industrial Filtration Solutions
2.9
0.4
5.6
(5.7
)
45.5
Aerospace and Defense
5.9
11.2
(9.0
)
82.3
N/A
Total Industrial Solutions segment
3.3
2.5
3.6
(4.9
)
45.4
Life Sciences segment
Total Life Sciences segment
26.5
28.0
31.0
19.0
78.8
Total Company
6.8
%
10.5
%
2.3
%
(1.5
)%
19.7
%
Nine Months Ended April 30,
2024
TOTAL
U.S./CA
EMEA
APAC
LATAM
Mobile Solutions segment
Off-Road
(11.2
)%
1.5
%
(15.5
)%
(22.7
)%
(25.1
)%
On-Road
(0.6
)
—
15.5
(9.0
)
2.4
Aftermarket
6.3
8.8
(1.1
)
9.2
7.8
Total Mobile Solutions segment
2.3
6.7
(4.9
)
0.1
5.8
Industrial Solutions segment
Industrial Filtration Solutions
4.7
8.4
1.0
(2.8
)
13.2
Aerospace and Defense
7.1
9.6
(2.0
)
70.2
N/A
Total Industrial Solutions segment
5.0
8.7
0.7
(1.8
)
13.2
Life Sciences segment
Total Life Sciences segment
8.0
(7.4
)
16.1
6.5
33.2
Total Company
3.5
%
7.0
%
(1.2
)%
0.7
%
7.0
%
Note: The constant currency presentation,
which is a non-GAAP measure, excludes the impact of fluctuations in
foreign currency exchange rates. The Company believes providing
constant currency information provides valuable supplemental
information regarding its results of operations. The Company
calculates constant currency percentages by converting its current
period local currency financial results using the prior period
exchange rates and compares these adjusted amounts to its prior
period reported results. Amounts may not foot due to rounding.
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
(In millions)
(Unaudited)
Three Months Ended
Nine Months Ended
April 30,
April 30,
2024
2023
2024
2023
Net cash provided by operating
activities
$
141.5
$
133.2
$
366.5
$
353.7
Net capital expenditures
(21.3
)
(35.2
)
(65.8
)
(92.8
)
Free cash flow
$
120.2
$
98.0
$
300.7
$
260.9
Net earnings
$
113.5
$
93.7
$
304.3
$
266.9
Income taxes
30.5
27.8
91.6
84.5
Interest expense
5.0
5.1
16.1
14.3
Depreciation and amortization
24.6
22.5
73.5
67.3
EBITDA
$
173.6
$
149.1
$
485.5
$
433.0
Adjusted net earnings
$
113.5
$
93.7
$
304.3
$
279.6
Adjusted income taxes
30.5
27.8
91.6
88.7
Interest expense
5.0
5.1
16.1
14.3
Depreciation and amortization
24.6
22.5
73.5
67.3
Adjusted EBITDA
$
173.6
$
149.1
$
485.5
$
449.9
Gross profit
$
330.1
$
288.8
$
939.6
$
860.5
Restructuring and other charges
—
—
—
1.5
Adjusted gross profit
$
330.1
$
288.8
$
939.6
$
862.0
Operating expense
$
186.5
$
164.8
$
541.7
$
500.9
Restructuring and other charges
—
—
—
(15.4
)
Adjusted operating expense
$
186.5
$
164.8
$
541.7
$
485.4
Operating income
$
143.6
$
124.0
$
397.9
$
359.6
Restructuring and other charges
—
—
—
16.9
Adjusted operating income
$
143.6
$
124.0
$
397.9
$
376.6
Net earnings
$
113.5
$
93.7
$
304.3
$
266.9
Restructuring and other charges, net of
tax
—
—
—
12.7
Adjusted net earnings
$
113.5
$
93.7
$
304.3
$
279.6
Diluted EPS
$
0.92
$
0.76
$
2.48
$
2.16
Restructuring and other charges per
share
—
—
—
0.10
Adjusted diluted EPS
$
0.92
$
0.76
$
2.48
$
2.26
Note: Although free cash flow, EBITDA,
adjusted EBITDA, adjusted gross profit, adjusted operating expense,
adjusted operating income, adjusted net earnings and adjusted
diluted EPS are not measures of financial performance under GAAP,
the Company believes they are useful in understanding its financial
results. Free cash flow is a commonly used measure of a company’s
ability to generate cash in excess of its operating needs. EBITDA
is a commonly used measure of operating earnings less non-cash
expenses. The adjusted basis presentation excludes the impact of
certain matters not related to the Company’s ongoing operations.
Management believes that the adjusted basis presentation reflects
management’s performance in operating the Company and provides a
meaningful representation of the performance of the Company’s core
business and is useful to understanding its financial results. A
shortcoming of these financial measures is that they do not reflect
the Company’s actual results under GAAP. Management does not intend
these items to be considered in isolation or as a substitute for
the related GAAP measures. Amounts may not foot due to
rounding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240604390767/en/
Sarika Dhadwal (952) 887-3753 Sarika.Dhadwal@Donaldson.com
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