(State of Incorporation) | (Commission file number) | (I.R.S. Employer Identification Number) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
104 | Cover page interactive data file (formatted as inline XBRL). |
DONALDSON COMPANY, INC. | ||||||||||||||
Date: | August 28, 2024 | By: | /s/ Amy C. Becker | |||||||||||
Amy C. Becker Chief Legal Officer and Corporate Secretary |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
July 31, 2024 | July 31, 2024 | ||||||||||||||||||||||
Reported % Change | Constant Currency % Change | Reported % Change | Constant Currency % Change | ||||||||||||||||||||
Mobile Solutions segment | |||||||||||||||||||||||
Off-Road | (13.0) | % | (11.7) | % | (11.2) | % | (11.3) | % | |||||||||||||||
On-Road | (11.8) | (9.7) | (4.1) | (3.0) | |||||||||||||||||||
Aftermarket | 12.6 | 13.9 | 8.1 | 8.2 | |||||||||||||||||||
Total Mobile Solutions segment | 6.1 | 7.4 | 3.5 | 3.6 | |||||||||||||||||||
Industrial Solutions segment | |||||||||||||||||||||||
Industrial Filtration Solutions | (1.5) | (0.8) | 3.3 | 3.2 | |||||||||||||||||||
Aerospace and Defense | 39.7 | 40.1 | 16.0 | 15.5 | |||||||||||||||||||
Total Industrial Solutions segment | 3.9 | 4.6 | 5.1 | 4.9 | |||||||||||||||||||
Life Sciences segment | |||||||||||||||||||||||
Total Life Sciences segment | 20.7 | 23.2 | 11.5 | 11.7 | |||||||||||||||||||
Total Company | 6.4 | % | 7.6 | % | 4.5 | % | 4.5 | % | |||||||||||||||
Current Targets | Prior Targets | |||||||||||||
(announced at 2023 Investor Day) | ||||||||||||||
FY23 - FY26 Sales CAGR | FY26 Operating Margin | FY23 - FY26 Sales CAGR | FY26 Operating Margin | |||||||||||
Mobile Solutions | 2% to 6% | 18.1% to 18.9% | 2% to 6% | 15.6% to 16.4% | ||||||||||
Industrial Solutions | 4% to 8% | 17.8% to 18.6% | 4% to 8% | 16.6% to 17.4% | ||||||||||
Life Sciences | 12% to 16% | 5% to 11% | 18% to 22% | 22.1% to 22.9% | ||||||||||
Total | 3% to 7% | 15.8% to 16.6% | 4% to 8% | 15.6% to 16.4% |
DONALDSON COMPANY, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | |||||||||||||||||||||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||||||
July 31, | July 31, | ||||||||||||||||||||||||||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||
Net sales | $ | 935.4 | $ | 879.5 | 6.4 | % | $ | 3,586.3 | $ | 3,430.8 | 4.5 | % | |||||||||||||||||||||||
Cost of sales | 600.6 | 579.4 | 3.7 | 2,311.9 | 2,270.2 | 1.8 | |||||||||||||||||||||||||||||
Gross profit | 334.8 | 300.1 | 11.6 | 1,274.4 | 1,160.6 | 9.8 | |||||||||||||||||||||||||||||
Selling, general and administrative | 163.2 | 157.6 | 3.6 | 636.7 | 602.3 | 5.7 | |||||||||||||||||||||||||||||
Research and development | 25.4 | 22.0 | 15.6 | 93.6 | 78.1 | 19.8 | |||||||||||||||||||||||||||||
Operating expenses | 188.6 | 179.6 | 5.0 | 730.3 | 680.4 | 7.3 | |||||||||||||||||||||||||||||
Operating income | 146.2 | 120.5 | 21.4 | 544.1 | 480.2 | 13.3 | |||||||||||||||||||||||||||||
Interest expense | 5.3 | 4.9 | 8.1 | 21.4 | 19.2 | 11.3 | |||||||||||||||||||||||||||||
Other expense (income), net | 1.5 | (1.7) | NM | (12.6) | (7.7) | 62.6 | |||||||||||||||||||||||||||||
Earnings before income taxes | 139.4 | 117.3 | 18.9 | 535.3 | 468.7 | 14.2 | |||||||||||||||||||||||||||||
Income taxes | 29.7 | 25.4 | 17.0 | 121.3 | 109.9 | 10.4 | |||||||||||||||||||||||||||||
Net earnings | $ | 109.7 | $ | 91.9 | 19.4 | % | $ | 414.0 | $ | 358.8 | 15.4 | % | |||||||||||||||||||||||
Weighted average shares – basic | 120.4 | 121.4 | (0.8) | % | 120.7 | 121.8 | (0.9) | % | |||||||||||||||||||||||||||
Weighted average shares – diluted | 122.5 | 123.2 | (0.6) | % | 122.6 | 123.6 | (0.8) | % | |||||||||||||||||||||||||||
Net EPS – basic | $ | 0.91 | $ | 0.76 | 19.7 | % | $ | 3.43 | $ | 2.95 | 16.3 | % | |||||||||||||||||||||||
Net EPS – diluted | $ | 0.90 | $ | 0.75 | 20.0 | % | $ | 3.38 | $ | 2.90 | 16.6 | % | |||||||||||||||||||||||
Dividends paid per share | $ | 0.27 | $ | 0.25 | 8.0 | % | $ | 1.02 | $ | 0.94 | 8.5 | % |
DONALDSON COMPANY, INC. AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(In millions) | |||||||||||
(Unaudited) | |||||||||||
July 31, | July 31, | ||||||||||
2024 | 2023 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 232.7 | $ | 187.1 | |||||||
Accounts receivable, net | 629.7 | 599.7 | |||||||||
Inventories, net | 476.7 | 418.1 | |||||||||
Prepaid expenses and other current assets | 99.0 | 81.1 | |||||||||
Total current assets | 1,438.1 | 1,286.0 | |||||||||
Property, plant and equipment, net | 645.5 | 652.9 | |||||||||
Goodwill | 478.4 | 481.1 | |||||||||
Intangible assets, net | 171.9 | 188.1 | |||||||||
Other long-term assets | 180.4 | 162.4 | |||||||||
Total assets | $ | 2,914.3 | $ | 2,770.5 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Short-term borrowings | $ | 28.3 | $ | 34.1 | |||||||
Current maturities of long-term debt | 25.0 | 125.0 | |||||||||
Accounts payable | 379.4 | 304.9 | |||||||||
Accrued employee compensation and related taxes | 140.9 | 119.4 | |||||||||
Deferred revenue | 19.7 | 25.3 | |||||||||
Income taxes payable | 42.6 | 32.3 | |||||||||
Dividends payable | 32.5 | 30.4 | |||||||||
Other current liabilities | 114.1 | 85.0 | |||||||||
Total current liabilities | 782.5 | 756.4 | |||||||||
Long-term debt | 483.4 | 496.6 | |||||||||
Non-current income taxes payable | 39.8 | 56.5 | |||||||||
Deferred income taxes | 16.1 | 32.3 | |||||||||
Other long-term liabilities | 103.4 | 108.0 | |||||||||
Total liabilities | 1,425.2 | 1,449.8 | |||||||||
Total stockholders’ equity | 1,489.1 | 1,320.7 | |||||||||
Total liabilities and stockholders’ equity | $ | 2,914.3 | $ | 2,770.5 |
DONALDSON COMPANY, INC. AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(In millions) | |||||||||||
(Unaudited) | |||||||||||
Twelve Months Ended | |||||||||||
July 31, | |||||||||||
2024 | 2023 | ||||||||||
Operating Activities | |||||||||||
Net earnings | $ | 414.0 | $ | 358.8 | |||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 98.4 | 92.3 | |||||||||
Deferred income taxes | (24.3) | (15.3) | |||||||||
Stock-based compensation expense | 22.0 | 20.4 | |||||||||
Other, net | (1.0) | 6.3 | |||||||||
Changes in operating assets and liabilities | (16.6) | 82.0 | |||||||||
Net cash provided by operating activities | 492.5 | 544.5 | |||||||||
Investing Activities | |||||||||||
Purchases of property, plant and equipment | (85.6) | (118.5) | |||||||||
Proceeds from sale of property, plant and equipment | 0.7 | 0.4 | |||||||||
Acquisitions, net of cash acquired | (2.0) | (209.2) | |||||||||
Net cash used in investing activities | (86.9) | (327.3) | |||||||||
Financing Activities | |||||||||||
Proceeds from long-term debt | 119.7 | 189.2 | |||||||||
Repayments of long-term debt | (228.8) | (219.6) | |||||||||
Change in short-term borrowings | (5.7) | 30.4 | |||||||||
Purchase of treasury stock | (162.7) | (141.8) | |||||||||
Payment of contingent consideration | (1.7) | — | |||||||||
Dividends paid | (122.8) | (114.4) | |||||||||
Tax withholding for stock compensation transactions | (8.0) | (4.3) | |||||||||
Exercise of stock options and other | 54.1 | 38.3 | |||||||||
Net cash used in financing activities | (355.9) | (222.2) | |||||||||
Effect of exchange rate changes on cash | (4.1) | (1.2) | |||||||||
Income (decrease) in cash and cash equivalents | 45.6 | (6.2) | |||||||||
Cash and cash equivalents, beginning of year | 187.1 | 193.3 | |||||||||
Cash and cash equivalents, end of year | $ | 232.7 | $ | 187.1 |
CONSOLIDATED RATE ANALYSIS | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
July 31, | July 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Gross margin | 35.8 | % | 34.1 | % | 35.5 | % | 33.8 | % | |||||||||||||||
Operating expenses | 20.2 | % | 20.4 | % | 20.4 | % | 19.8 | % | |||||||||||||||
Operating margin | 15.6 | % | 13.7 | % | 15.2 | % | 14.0 | % | |||||||||||||||
Other expense (income), net | 0.2 | % | (0.2) | % | (0.3) | % | (0.2) | % | |||||||||||||||
Depreciation and amortization | 2.7 | % | 2.9 | % | 2.7 | % | 2.7 | % | |||||||||||||||
EBITDA | 18.1 | % | 16.8 | % | 18.3 | % | 16.9 | % | |||||||||||||||
Effective tax rate | 21.3 | % | 21.7 | % | 22.7 | % | 23.4 | % | |||||||||||||||
Earnings before income taxes - Mobile Solutions | 18.3 | % | 16.2 | % | 18.0 | % | 15.2 | % | |||||||||||||||
Earnings before income taxes - Industrial Solutions | 20.1 | % | 19.2 | % | 18.6 | % | 18.4 | % | |||||||||||||||
Earnings (loss) before income taxes - Life Sciences | (1.2) | % | (12.4) | % | (3.9) | % | 4.1 | % | |||||||||||||||
Cash conversion ratio | 97.4 | % | 179.9 | % | 98.4 | % | 118.8 | % | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
July 31, | July 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Adjusted Rates | |||||||||||||||||||||||
Gross margin | 36.2 | % | 34.3 | % | 35.6 | % | 33.9 | % | |||||||||||||||
Operating expenses | 19.9 | % | 20.0 | % | 20.3 | % | 19.3 | % | |||||||||||||||
Operating margin | 16.3 | % | 14.3 | % | 15.4 | % | 14.6 | % | |||||||||||||||
Other expense (income), net | 0.2 | % | (0.2) | % | (0.3) | % | (0.2) | % | |||||||||||||||
Depreciation and amortization | 2.7 | % | 2.9 | % | 2.7 | % | 2.7 | % | |||||||||||||||
EBITDA | 18.8 | % | 17.3 | % | 18.4 | % | 17.5 | % | |||||||||||||||
Effective tax rate | 21.5 | % | 21.8 | % | 22.7 | % | 23.5 | % | |||||||||||||||
Earnings before income taxes - Mobile Solutions | 18.3 | % | 16.2 | % | 18.0 | % | 15.2 | % | |||||||||||||||
Earnings before income taxes - Industrial Solutions | 20.1 | % | 19.2 | % | 18.6 | % | 18.4 | % | |||||||||||||||
Earnings (loss) before income taxes - Life Sciences | (1.2) | % | (12.4) | % | (3.9) | % | 4.1 | % | |||||||||||||||
Cash conversion ratio | 93.3 | % | 173.0 | % | 97.3 | % | 113.6 | % |
SEGMENT DETAIL | |||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
Three Months Ended July 31, | Twelve Months Ended July 31, | ||||||||||||||||||||||||||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||
Net sales | |||||||||||||||||||||||||||||||||||
Mobile Solutions segment | |||||||||||||||||||||||||||||||||||
Off-Road | $ | 89.9 | $ | 103.4 | (13.0) | % | $ | 380.8 | $ | 428.7 | (11.2) | % | |||||||||||||||||||||||
On-Road | 32.9 | 37.3 | (11.8) | 139.8 | 145.8 | (4.1) | |||||||||||||||||||||||||||||
Aftermarket | 452.5 | 401.8 | 12.6 | 1,730.2 | 1,600.3 | 8.1 | |||||||||||||||||||||||||||||
Total Mobile Solutions segment | 575.3 | 542.5 | 6.1 | 2,250.8 | 2,174.8 | 3.5 | |||||||||||||||||||||||||||||
Industrial Solutions segment | |||||||||||||||||||||||||||||||||||
Industrial Filtration Solutions | 237.4 | 241.0 | (1.5) | 901.1 | 872.2 | 3.3 | |||||||||||||||||||||||||||||
Aerospace and Defense | 50.4 | 36.1 | 39.7 | 165.4 | 142.5 | 16.0 | |||||||||||||||||||||||||||||
Total Industrial Solutions segment | 287.8 | 277.1 | 3.9 | 1,066.5 | 1,014.7 | 5.1 | |||||||||||||||||||||||||||||
Life Sciences segment | |||||||||||||||||||||||||||||||||||
Total Life Sciences segment | 72.3 | 59.9 | 20.7 | 269.0 | 241.3 | 11.5 | |||||||||||||||||||||||||||||
Total Company | $ | 935.4 | $ | 879.5 | 6.4 | % | $ | 3,586.3 | $ | 3,430.8 | 4.5 | % | |||||||||||||||||||||||
Earnings (loss) before income taxes | |||||||||||||||||||||||||||||||||||
Mobile Solutions segment | $ | 105.2 | $ | 88.1 | 19.4 | % | $ | 404.5 | $ | 330.4 | 22.4 | % | |||||||||||||||||||||||
Industrial Solutions segment | 57.8 | 53.2 | 8.6 | 198.8 | 186.2 | 6.8 | |||||||||||||||||||||||||||||
Life Sciences segment | (0.9) | (7.4) | 87.8 | (10.4) | 9.9 | NM | |||||||||||||||||||||||||||||
Corporate and unallocated | (22.7) | (16.6) | (36.7) | (57.6) | (57.8) | 0.3 | |||||||||||||||||||||||||||||
Total Company | $ | 139.4 | $ | 117.3 | 18.9 | % | $ | 535.3 | $ | 468.7 | 14.2 | % |
Earnings (loss) before income taxes percentage | |||||||||||||||||||||||||||||||||||
Mobile Solutions segment | 18.3 | % | 16.2 | % | 2.1 | % | 18.0 | % | 15.2 | % | 2.8 | % | |||||||||||||||||||||||
Industrial Solutions segment | 20.1 | % | 19.2 | % | 0.9 | % | 18.6 | % | 18.4 | % | 0.2 | % | |||||||||||||||||||||||
Life Sciences segment | (1.2) | % | (12.4) | % | 11.2 | % | (3.9) | % | 4.1 | % | (8.0) | % |
SEGMENT SALES PERCENT CHANGE FROM PRIOR PERIODS BY GEOGRAPHY, AS REPORTED | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
Three Months Ended July 31, 2024 | |||||||||||||||||||||||||||||
TOTAL | U.S.(1)/CA(2) | EMEA(3) | APAC(4) | LATAM (5) | |||||||||||||||||||||||||
Mobile Solutions segment | |||||||||||||||||||||||||||||
Off-Road | (13.0) | % | 13.9 | % | (30.7) | % | (18.2) | % | (32.6) | % | |||||||||||||||||||
On-Road | (11.8) | (6.4) | 1.1 | (34.1) | 47.0 | ||||||||||||||||||||||||
Aftermarket | 12.6 | 15.9 | 7.4 | 3.5 | 21.6 | ||||||||||||||||||||||||
Total Mobile Solutions segment | 6.1 | 13.5 | (4.0) | (4.9) | 18.8 | ||||||||||||||||||||||||
Industrial Solutions segment | |||||||||||||||||||||||||||||
Industrial Filtration Solutions | (1.5) | 1.4 | (8.2) | 0.5 | 22.7 | ||||||||||||||||||||||||
Aerospace and Defense | 39.7 | 51.8 | 13.0 | 18.3 | |||||||||||||||||||||||||
Total Industrial Solutions segment | 3.9 | 10.8 | (5.9) | 0.8 | 22.7 | ||||||||||||||||||||||||
Life Sciences segment | |||||||||||||||||||||||||||||
Total Life Sciences segment | 20.7 | (14.7) | 17.4 | 47.0 | 36.8 | ||||||||||||||||||||||||
Total Company | 6.4 | % | 11.5 | % | (2.8) | % | 3.1 | % | 19.5 | % | |||||||||||||||||||
Twelve Months Ended July 31, 2024 | |||||||||||||||||||||||||||||
TOTAL | U.S./CA | EMEA | APAC | LATAM | |||||||||||||||||||||||||
Mobile Solutions segment | |||||||||||||||||||||||||||||
Off-Road | (11.2) | % | 4.4 | % | (16.9) | % | (24.3) | % | (25.9) | % | |||||||||||||||||||
On-Road | (4.1) | (1.6) | 13.4 | (18.8) | 15.3 | ||||||||||||||||||||||||
Aftermarket | 8.1 | 10.5 | 2.8 | 5.1 | 12.5 | ||||||||||||||||||||||||
Total Mobile Solutions segment | 3.5 | 8.4 | (2.7) | (3.8) | 10.2 | ||||||||||||||||||||||||
Industrial Solutions segment | |||||||||||||||||||||||||||||
Industrial Filtration Solutions | 3.3 | 6.6 | 0.2 | (4.2) | 16.2 | ||||||||||||||||||||||||
Aerospace and Defense | 16.0 | 19.9 | 4.7 | 49.0 | |||||||||||||||||||||||||
Total Industrial Solutions segment | 5.1 | 9.2 | 0.7 | (3.4) | 16.2 | ||||||||||||||||||||||||
Life Sciences segment | |||||||||||||||||||||||||||||
Total Life Sciences segment | 11.5 | (9.4) | 19.6 | 13.0 | 35.4 | ||||||||||||||||||||||||
Total Company | 4.5 | % | 8.1 | % | 0.5 | % | (1.2) | % | 11.2 | % | |||||||||||||||||||
SEGMENT SALES PERCENT CHANGE FROM PRIOR PERIODS BY GEOGRAPHY, CONSTANT CURRENCY | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
Three Months Ended July 31, 2024 | |||||||||||||||||||||||||||||
TOTAL | U.S./CA | EMEA | APAC | LATAM | |||||||||||||||||||||||||
Mobile Solutions segment | |||||||||||||||||||||||||||||
Off-Road | (11.7) | % | 13.9 | % | (30.0) | % | (13.8) | % | (30.5) | % | |||||||||||||||||||
On-Road | (9.7) | (6.4) | 3.4 | (29.1) | 57.3 | ||||||||||||||||||||||||
Aftermarket | 13.9 | 15.9 | 8.5 | 6.9 | 24.0 | ||||||||||||||||||||||||
Total Mobile Solutions segment | 7.4 | 13.5 | (3.0) | (1.1) | 21.2 | ||||||||||||||||||||||||
Industrial Solutions segment | |||||||||||||||||||||||||||||
Industrial Filtration Solutions | (0.8) | 1.4 | (7.7) | 3.8 | 25.2 | ||||||||||||||||||||||||
Aerospace and Defense | 40.1 | 51.8 | 14.1 | 22.6 | |||||||||||||||||||||||||
Total Industrial Solutions segment | 4.6 | 10.8 | (5.3) | 4.2 | 25.2 | ||||||||||||||||||||||||
Life Sciences segment | |||||||||||||||||||||||||||||
Total Life Sciences segment | 23.2 | (14.7) | 18.2 | 53.0 | 41.2 | ||||||||||||||||||||||||
Total Company | 7.6 | % | 11.5 | % | (1.9) | % | 7.1 | % | 21.9 | % | |||||||||||||||||||
Twelve Months Ended July 31, 2024 | |||||||||||||||||||||||||||||
TOTAL | U.S./CA | EMEA | APAC | LATAM | |||||||||||||||||||||||||
Mobile Solutions segment | |||||||||||||||||||||||||||||
Off-Road | (11.3) | % | 4.4 | % | (19.1) | % | (20.6) | % | (26.4) | % | |||||||||||||||||||
On-Road | (3.0) | (1.6) | 12.3 | (14.4) | 15.9 | ||||||||||||||||||||||||
Aftermarket | 8.2 | 10.5 | 1.3 | 8.6 | 11.8 | ||||||||||||||||||||||||
Total Mobile Solutions segment | 3.6 | 8.4 | (4.4) | (0.2) | 9.6 | ||||||||||||||||||||||||
Industrial Solutions segment | |||||||||||||||||||||||||||||
Industrial Filtration Solutions | 3.2 | 6.6 | (1.6) | (1.0) | 16.1 | ||||||||||||||||||||||||
Aerospace and Defense | 15.5 | 19.9 | 2.4 | 53.5 | (56.8) | ||||||||||||||||||||||||
Total Industrial Solutions segment | 4.9 | 9.2 | (1.2) | (0.2) | 16.1 | ||||||||||||||||||||||||
Life Sciences segment | |||||||||||||||||||||||||||||
Total Life Sciences segment | 11.7 | (9.4) | 16.7 | 16.6 | 35.3 | ||||||||||||||||||||||||
Total Company | 4.5 | % | 8.1 | % | (1.4) | % | 2.3 | % | 10.6 | % |
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
July 31, | July 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Net cash provided by operating activities | $ | 126.0 | $ | 190.8 | $ | 492.5 | $ | 544.5 | |||||||||||||||
Net capital expenditures | (19.1) | (25.5) | (84.9) | (118.1) | |||||||||||||||||||
Free cash flow | $ | 106.9 | $ | 165.4 | $ | 407.6 | $ | 426.3 | |||||||||||||||
Net earnings | $ | 109.7 | $ | 91.9 | $ | 414.0 | $ | 358.8 | |||||||||||||||
Income taxes | 29.7 | 25.4 | 121.3 | 109.9 | |||||||||||||||||||
Interest expense | 5.3 | 4.9 | 21.4 | 19.2 | |||||||||||||||||||
Depreciation and amortization | 24.9 | 25.1 | 98.4 | 92.3 | |||||||||||||||||||
EBITDA | $ | 169.6 | $ | 147.3 | $ | 655.1 | $ | 580.2 | |||||||||||||||
Adjusted net earnings | $ | 114.5 | $ | 95.6 | $ | 418.8 | $ | 375.2 | |||||||||||||||
Adjusted income taxes | 31.3 | 26.6 | 122.9 | 115.3 | |||||||||||||||||||
Interest expense | 5.3 | 4.9 | 21.4 | 19.2 | |||||||||||||||||||
Depreciation and amortization | 24.9 | 25.1 | 98.4 | 92.3 | |||||||||||||||||||
Adjusted EBITDA | $ | 176.0 | $ | 152.2 | $ | 661.5 | $ | 602.0 | |||||||||||||||
Gross profit | $ | 334.8 | $ | 300.1 | $ | 1,274.4 | $ | 1,160.6 | |||||||||||||||
Restructuring and other charges | 3.8 | 1.4 | 3.8 | 2.9 | |||||||||||||||||||
Adjusted gross profit | $ | 338.6 | $ | 301.5 | $ | 1,278.2 | $ | 1,163.5 | |||||||||||||||
Operating expense | $ | 188.6 | $ | 179.6 | $ | 730.3 | $ | 680.4 | |||||||||||||||
Restructuring and other charges | (2.6) | (3.5) | (2.6) | (18.9) | |||||||||||||||||||
Adjusted operating expense | $ | 186.0 | $ | 176.1 | $ | 727.7 | $ | 661.5 | |||||||||||||||
Operating income | $ | 146.2 | $ | 120.5 | $ | 544.1 | $ | 480.2 | |||||||||||||||
Restructuring and other charges | 6.4 | 4.9 | 6.4 | 21.8 | |||||||||||||||||||
Adjusted operating income | $ | 152.6 | $ | 125.4 | $ | 550.5 | $ | 502.0 | |||||||||||||||
Net earnings | $ | 109.7 | $ | 91.9 | $ | 414.0 | $ | 358.8 | |||||||||||||||
Restructuring and other charges, net of tax | 4.8 | 3.7 | 4.8 | 16.4 | |||||||||||||||||||
Adjusted net earnings | $ | 114.5 | $ | 95.6 | $ | 418.8 | $ | 375.2 | |||||||||||||||
Diluted EPS | $ | 0.90 | $ | 0.75 | $ | 3.38 | $ | 2.90 | |||||||||||||||
Restructuring and other charges per share | 0.04 | 0.03 | 0.04 | 0.14 | |||||||||||||||||||
Adjusted diluted EPS | $ | 0.94 | $ | 0.78 | $ | 3.42 | $ | 3.04 |
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Cover Page |
Aug. 28, 2024 |
---|---|
Cover [Abstract] | |
Entity Central Index Key | 0000029644 |
Amendment Flag | false |
Document Type | 8-K |
Document Period End Date | Aug. 28, 2024 |
Entity Registrant Name | DONALDSON COMPANY, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-7891 |
Entity Tax Identification Number | 41-0222640 |
Entity Address, Address Line One | 1400 West 94th Street |
Entity Address, City or Town | Minneapolis |
Entity Address, State or Province | MN |
Entity Address, Postal Zip Code | 55431 |
City Area Code | 952 |
Local Phone Number | 887-3131 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $5.00 par value |
Trading Symbol | DCI |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
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