Donaldson Reports First Quarter Fiscal Year 2024 Sales and Earnings
- Record sales and earnings projected for fiscal 2024
- Gross margin strength driven by robust operational performance
- Industrial Solutions segment showed strong demand and volume growth
- Sales were approximately flat compared with 2023
- Operating expenses as a percentage of sales increased due to hiring and acquisition-related expenses
- Life Sciences segment sales declined 4.1% year over year
First quarter sales were
EPS of
Fiscal 2024 sales and EPS projected at record levels, consistent with previous guidance
“I am pleased with our first quarter earnings results which reflect gross margin strength driven by robust operational performance,” said Tod Carpenter, chairman, president and chief executive officer. “We have begun fiscal 2024 on solid footing, delivering our technology-led filtration products and services to our customers globally. Industrial Solutions performance in the quarter was a particular area of strength, with our focused growth initiatives driving outstanding results.”
“We continue to expect record sales and earnings in fiscal 2024 while investing for long-term profitable growth across our diversified portfolio. Ongoing investments in our Life Sciences business, R&D and the scaling of our acquisitions enable us to execute our balanced growth strategy and pave the way to achieving our fiscal 2026 Investor Day targets.”
______________________
1 All EPS figures refer to diluted EPS.
First Quarter Operating Results
Sales of
|
Three Months Ended |
||||
|
October 31, 2023 |
||||
|
Reported %
|
|
Constant
|
||
Mobile Solutions segment |
|
|
|
||
Off-Road |
(8.6 |
)% |
|
(10.9 |
)% |
On-Road |
4.8 |
|
|
4.7 |
|
Aftermarket |
(1.9 |
) |
|
(3.0 |
) |
Total Mobile Solutions segment |
(2.7 |
) |
|
(3.9 |
) |
|
|
|
|
||
Industrial Solutions segment |
|
|
|
||
Industrial Filtration Solutions |
7.4 |
|
|
5.9 |
|
Aerospace and Defense |
5.9 |
|
|
4.0 |
|
Total Industrial Solutions segment |
7.2 |
|
|
5.6 |
|
|
|
|
|
||
Life Sciences segment |
|
|
|
||
Total Life Sciences segment |
(4.1 |
) |
|
(6.8 |
) |
|
|
|
|
||
Total Company |
(0.1 |
)% |
|
(1.6 |
)% |
|
|
|
|
||
Mobile Solutions segment (Mobile) sales decreased
Industrial Solutions segment (Industrial) sales increased
Life Sciences segment sales declined
Gross margin was
Operating expenses as a percentage of sales were
Operating income as a percentage of sales (operating margin) of
Interest expense was
Donaldson paid
Fiscal 2024 Outlook
Consistent with the prior outlook, full-year EPS is forecast to be between
Mobile sales are forecast to increase between
Industrial sales are expected to increase between
Life Sciences sales are forecast to grow approximately
Operating margin is expected to be between
Interest expense is forecast to be approximately
Capital expenditures are forecast to be between
Miscellaneous
The Company will webcast its first 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 |
|||||||||
|
October 31, |
|||||||||
|
|
2023 |
|
|
2022 |
|
Change |
|||
Net sales |
$ |
846.3 |
|
|
$ |
847.3 |
|
|
(0.1 |
)% |
Cost of sales |
|
545.4 |
|
|
|
560.1 |
|
|
(2.6 |
) |
Gross profit |
|
300.9 |
|
|
|
287.2 |
|
|
4.8 |
|
Selling, general and administrative |
|
155.0 |
|
|
|
149.2 |
|
|
3.8 |
|
Research and development |
|
21.3 |
|
|
|
18.7 |
|
|
14.0 |
|
Operating expenses |
|
176.3 |
|
|
|
167.9 |
|
|
5.0 |
|
Operating income |
|
124.6 |
|
|
|
119.3 |
|
|
4.5 |
|
Interest expense |
|
5.5 |
|
|
|
4.5 |
|
|
20.7 |
|
Other income, net |
|
(3.8 |
) |
|
|
(1.8 |
) |
|
NM(1) |
|
Earnings before income taxes |
|
122.9 |
|
|
|
116.6 |
|
|
5.4 |
|
Income taxes |
|
30.8 |
|
|
|
29.4 |
|
|
4.7 |
|
Net earnings |
$ |
92.1 |
|
|
$ |
87.2 |
|
|
5.7 |
% |
|
|
|
|
|
|
|||||
Weighted average shares – basic |
|
120.9 |
|
|
|
122.6 |
|
|
(1.4 |
)% |
Weighted average shares – diluted |
|
122.6 |
|
|
|
123.9 |
|
|
(1.1 |
)% |
|
|
|
|
|
|
|||||
Net EPS – basic |
$ |
0.76 |
|
|
$ |
0.71 |
|
|
7.1 |
% |
Net EPS – diluted |
$ |
0.75 |
|
|
$ |
0.70 |
|
|
6.8 |
% |
|
|
|
|
|
|
|||||
Dividends paid per share |
$ |
0.25 |
|
|
$ |
0.23 |
|
|
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) |
|||||
|
October 31, |
|
July 31, |
||
|
|
2023 |
|
|
2023 |
Assets |
|
|
|
||
Current assets: |
|
|
|
||
Cash and cash equivalents |
$ |
217.8 |
|
$ |
187.1 |
Accounts receivable, net |
|
582.5 |
|
|
599.7 |
Inventories, net |
|
429.6 |
|
|
418.1 |
Prepaid expenses and other current assets |
|
83.2 |
|
|
81.1 |
Total current assets |
|
1,313.1 |
|
|
1,286.0 |
Property, plant and equipment, net |
|
642.3 |
|
|
652.9 |
Goodwill |
|
469.3 |
|
|
481.1 |
Intangible assets, net |
|
181.7 |
|
|
188.1 |
Other long-term assets |
|
162.2 |
|
|
162.4 |
Total assets |
$ |
2,768.6 |
|
$ |
2,770.5 |
|
|
|
|
||
Liabilities and Stockholders’ Equity |
|
|
|
||
Current liabilities: |
|
|
|
||
Short-term borrowings |
$ |
74.6 |
|
$ |
34.1 |
Current maturities of long-term debt |
|
210.2 |
|
|
125.0 |
Accounts payable |
|
324.9 |
|
|
304.9 |
Accrued employee compensation and related taxes |
|
110.2 |
|
|
119.4 |
Deferred revenue |
|
26.0 |
|
|
25.3 |
Income taxes payable |
|
45.5 |
|
|
32.3 |
Dividends payable |
|
— |
|
|
30.4 |
Other current liabilities |
|
91.2 |
|
|
85.0 |
Total current liabilities |
|
882.6 |
|
|
756.4 |
Long-term debt |
|
366.6 |
|
|
496.6 |
Non-current income taxes payable |
|
56.8 |
|
|
56.5 |
Deferred income taxes |
|
27.4 |
|
|
32.3 |
Other long-term liabilities |
|
99.1 |
|
|
108.0 |
Total liabilities |
|
1,432.5 |
|
|
1,449.8 |
|
|
|
|
||
Total stockholders’ equity |
|
1,336.1 |
|
|
1,320.7 |
Total liabilities and stockholders’ equity |
$ |
2,768.6 |
|
$ |
2,770.5 |
DONALDSON COMPANY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) |
|||||||
|
Three Months Ended |
||||||
|
October 31, |
||||||
|
|
2023 |
|
|
2022 |
||
Operating Activities |
|
|
|
||||
Net earnings |
$ |
92.1 |
|
|
$ |
87.2 |
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
24.3 |
|
|
|
22.4 |
|
Deferred income taxes |
|
(4.6 |
) |
|
|
(3.4 |
) |
Stock-based compensation expense |
|
10.5 |
|
|
|
9.7 |
|
Other, net |
|
(0.2 |
) |
|
|
4.5 |
|
Changes in operating assets and liabilities |
|
15.9 |
|
|
|
(2.2 |
) |
Net cash provided by operating activities |
|
138.0 |
|
|
|
118.2 |
|
|
|
|
|
||||
Investing Activities |
|
|
|
||||
Purchases of property, plant and equipment |
|
(23.2 |
) |
|
|
(28.1 |
) |
Net cash used in investing activities |
|
(23.2 |
) |
|
|
(28.1 |
) |
|
|
|
|
||||
Financing Activities |
|
|
|
||||
Proceeds from long-term debt |
|
35.0 |
|
|
|
— |
|
Repayments of long-term debt |
|
(73.8 |
) |
|
|
(40.0 |
) |
Change in short-term borrowings |
|
41.5 |
|
|
|
(3.3 |
) |
Purchase of treasury stock |
|
(53.3 |
) |
|
|
(45.7 |
) |
Dividends paid |
|
(30.2 |
) |
|
|
(28.2 |
) |
Exercise of stock options and other |
|
1.9 |
|
|
|
4.4 |
|
Net cash used in financing activities |
|
(78.9 |
) |
|
|
(112.8 |
) |
Effect of exchange rate changes on cash |
|
(5.2 |
) |
|
|
(9.6 |
) |
Increase (decrease) in cash and cash equivalents |
|
30.7 |
|
|
|
(32.3 |
) |
Cash and cash equivalents, beginning of period |
|
187.1 |
|
|
|
193.3 |
|
Cash and cash equivalents, end of period |
$ |
217.8 |
|
|
$ |
161.0 |
|
CONSOLIDATED RATE ANALYSIS (Unaudited) |
|||||
|
Three Months Ended |
||||
|
October 31, |
||||
|
2023 |
|
2022 |
||
Gross margin |
35.6 |
% |
|
33.9 |
% |
Operating expenses |
20.8 |
% |
|
19.8 |
% |
Operating margin |
14.7 |
% |
|
14.1 |
% |
Other income, net |
(0.4 |
)% |
|
(0.2 |
)% |
Depreciation and amortization |
2.9 |
% |
|
2.6 |
% |
EBITDA |
18.0 |
% |
|
16.9 |
% |
Effective tax rate |
25.1 |
% |
|
25.2 |
% |
Earnings before income taxes - Mobile Solutions |
17.1 |
% |
|
14.5 |
% |
Earnings before income taxes - Industrial Solutions |
17.6 |
% |
|
16.4 |
% |
Earnings before income taxes - Life Sciences |
(7.0 |
)% |
|
17.2 |
% |
Cash conversion ratio |
124.6 |
% |
|
103.3 |
% |
|
|
|
|
||
|
Three Months Ended |
||||
|
October 31, |
||||
|
2023 |
|
2022 |
||
Adjusted Rates |
|
|
|
||
Gross margin |
35.6 |
% |
|
33.9 |
% |
Operating expenses |
20.8 |
% |
|
18.9 |
% |
Operating margin |
14.7 |
% |
|
15.0 |
% |
Other income, net |
(0.4 |
)% |
|
(0.2 |
)% |
Depreciation and amortization |
2.9 |
% |
|
2.6 |
% |
EBITDA |
18.0 |
% |
|
17.8 |
% |
Effective tax rate |
25.1 |
% |
|
25.2 |
% |
Earnings before income taxes - Mobile Solutions |
17.1 |
% |
|
14.5 |
% |
Earnings before income taxes - Industrial Solutions |
17.6 |
% |
|
16.4 |
% |
Earnings before income taxes - Life Sciences |
(7.0 |
)% |
|
17.2 |
% |
Cash conversion ratio |
124.6 |
% |
|
97.0 |
% |
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 October 31, |
|||||||||
|
|
2023 |
|
|
2022 |
|
Change |
|||
Net sales |
|
|
|
|
|
|||||
Mobile Solutions segment |
|
|
|
|
|
|||||
Off-Road |
$ |
94.7 |
|
|
$ |
103.7 |
|
|
(8.6 |
)% |
On-Road |
|
37.8 |
|
|
|
36.0 |
|
|
4.8 |
|
Aftermarket |
|
407.5 |
|
|
|
415.3 |
|
|
(1.9 |
) |
Total Mobile Solutions segment |
|
540.0 |
|
|
|
555.0 |
|
|
(2.7 |
) |
|
|
|
|
|
|
|||||
Industrial Solutions segment |
|
|
|
|
|
|||||
Industrial Filtration Solutions |
|
210.6 |
|
|
|
196.0 |
|
|
7.4 |
|
Aerospace and Defense |
|
35.6 |
|
|
|
33.6 |
|
|
5.9 |
|
Total Industrial Solutions segment |
|
246.2 |
|
|
|
229.6 |
|
|
7.2 |
|
|
|
|
|
|
|
|||||
Life Sciences segment |
|
|
|
|
|
|||||
Total Life Sciences segment |
|
60.1 |
|
|
|
62.7 |
|
|
(4.1 |
) |
|
|
|
|
|
|
|||||
Total Company |
$ |
846.3 |
|
|
$ |
847.3 |
|
|
(0.1 |
)% |
|
|
|
|
|
|
|||||
Earnings (loss) before income taxes |
|
|
|
|
|
|||||
Mobile Solutions segment |
$ |
92.2 |
|
|
$ |
80.3 |
|
|
14.8 |
% |
Industrial Solutions segment |
|
43.3 |
|
|
|
37.6 |
|
|
15.2 |
|
Life Sciences segment |
|
(4.2 |
) |
|
|
10.8 |
|
|
NM(1) |
|
Corporate and unallocated |
|
(8.4 |
) |
|
|
(12.1 |
) |
|
30.6 |
|
Total Company |
$ |
122.9 |
|
|
$ |
116.6 |
|
|
5.4 |
% |
Earnings before income taxes percentage |
|
|
|
|
|
|||
Mobile Solutions segment |
17.1 |
% |
|
14.5 |
% |
|
2.6 |
% |
Industrial Solutions segment |
17.6 |
% |
|
16.4 |
% |
|
1.2 |
% |
Life Sciences segment |
(7.0 |
)% |
|
17.2 |
% |
|
(24.2 |
)% |
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 October 31, 2023 |
|||||||||||||
|
TOTAL |
|
|
|
EMEA(3) |
|
APAC(4) |
|
LATAM(5) |
|||||
Mobile Solutions segment |
|
|
|
|
|
|
|
|
|
|||||
Off-Road |
(8.6 |
)% |
|
(5.0 |
)% |
|
(1.6 |
)% |
|
(23.7 |
)% |
|
(28.2 |
)% |
On-Road |
4.8 |
|
|
2.4 |
|
|
13.0 |
|
|
11.0 |
|
|
(18.9 |
) |
Aftermarket |
(1.9 |
) |
|
(1.6 |
) |
|
(2.7 |
) |
|
2.6 |
|
|
(5.2 |
) |
Total Mobile Solutions segment |
(2.7 |
) |
|
(1.8 |
) |
|
(2.0 |
) |
|
(2.4 |
) |
|
(6.8 |
) |
|
|
|
|
|
|
|
|
|
|
|||||
Industrial Solutions segment |
|
|
|
|
|
|
|
|
|
|||||
Industrial Filtration Solutions |
7.4 |
|
|
10.3 |
|
|
12.1 |
|
|
(12.5 |
) |
|
12.9 |
|
Aerospace and Defense |
5.9 |
|
|
4.8 |
|
|
8.4 |
|
|
19.3 |
|
|
NA |
|
Total Industrial Solutions segment |
7.2 |
|
|
9.2 |
|
|
11.6 |
|
|
(11.9 |
) |
|
12.9 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Life Sciences segment |
|
|
|
|
|
|
|
|
|
|||||
Total Life Sciences segment |
(4.1 |
) |
|
(7.9 |
) |
|
12.8 |
|
|
(17.4 |
) |
|
21.7 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Company |
(0.1 |
)% |
|
1.7 |
% |
|
3.4 |
% |
|
(7.1 |
)% |
|
(4.5 |
)% |
|
|
|
|
|
|
|
|
|
|
|||||
Note: Amounts may not foot due to rounding.
(1)
(2)
(3)
(4)
(5) |
||||||||||||||
SEGMENT SALES PERCENT CHANGE FROM PRIOR PERIODS BY GEOGRAPHY, CONSTANT CURRENCY (Unaudited) |
||||||||||||||
|
Three Months Ended October 31, 2023 |
|||||||||||||
|
TOTAL |
|
|
|
EMEA |
|
APAC |
|
LATAM |
|||||
Mobile Solutions segment |
|
|
|
|
|
|
|
|
|
|||||
Off-Road |
(10.9 |
)% |
|
(5.0 |
)% |
|
(8.7 |
)% |
|
(21.5 |
)% |
|
(30.1 |
)% |
On-Road |
4.7 |
|
|
2.4 |
|
|
5.5 |
|
|
13.9 |
|
|
(21.2 |
) |
Aftermarket |
(3.0 |
) |
|
(1.6 |
) |
|
(8.1 |
) |
|
5.5 |
|
|
(6.6 |
) |
Total Mobile Solutions segment |
(3.9 |
) |
|
(1.8 |
) |
|
(7.9 |
) |
|
0.3 |
|
|
(8.3 |
) |
|
|
|
|
|
|
|
|
|
|
|||||
Industrial Solutions segment |
|
|
|
|
|
|
|
|
|
|||||
Industrial Filtration Solutions |
5.9 |
|
|
10.3 |
|
|
5.7 |
|
|
(10.2 |
) |
|
11.7 |
|
Aerospace and Defense |
4.0 |
|
|
4.8 |
|
|
0.6 |
|
|
21.0 |
|
|
NA |
|
Total Industrial Solutions segment |
5.6 |
|
|
9.2 |
|
|
5.0 |
|
|
(9.7 |
) |
|
11.7 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Life Sciences segment |
|
|
|
|
|
|
|
|
|
|||||
Total Life Sciences segment |
(6.8 |
) |
|
(7.9 |
) |
|
4.5 |
|
|
(16.8 |
) |
|
20.1 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Company |
(1.6 |
)% |
|
1.7 |
% |
|
(3.0 |
)% |
|
(4.8 |
)% |
|
(6.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|||||
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 |
||||||
|
October 31, |
||||||
|
|
2023 |
|
|
2022 |
||
Net cash provided by operating activities |
$ |
138.0 |
|
|
$ |
118.2 |
|
Net capital expenditures |
|
(23.2 |
) |
|
|
(28.1 |
) |
Free cash flow |
$ |
114.8 |
|
|
$ |
90.1 |
|
|
|
|
|
||||
Net earnings |
$ |
92.1 |
|
|
$ |
87.2 |
|
Income taxes |
|
30.8 |
|
|
|
29.4 |
|
Interest expense |
|
5.5 |
|
|
|
4.5 |
|
Depreciation and amortization |
|
24.3 |
|
|
|
22.4 |
|
EBITDA |
$ |
152.7 |
|
|
$ |
143.5 |
|
|
|
|
|
||||
Adjusted net earnings |
$ |
92.1 |
|
|
$ |
92.9 |
|
Adjusted income taxes |
|
30.8 |
|
|
|
31.3 |
|
Interest expense |
|
5.5 |
|
|
|
4.5 |
|
Depreciation and amortization |
|
24.3 |
|
|
|
22.4 |
|
Adjusted EBITDA |
$ |
152.7 |
|
|
$ |
151.1 |
|
|
|
|
|
||||
Operating expense |
$ |
176.3 |
|
|
$ |
167.9 |
|
Restructuring and other charges |
|
— |
|
|
|
(7.6 |
) |
Adjusted operating expense |
$ |
176.3 |
|
|
$ |
160.3 |
|
|
|
|
|
||||
Operating income |
$ |
124.6 |
|
|
$ |
119.3 |
|
Restructuring and other charges |
|
— |
|
|
|
7.6 |
|
Adjusted operating income |
$ |
124.6 |
|
|
$ |
126.9 |
|
|
|
|
|
||||
Net earnings |
$ |
92.1 |
|
|
$ |
87.2 |
|
Restructuring and other charges, net of tax |
|
— |
|
|
|
5.7 |
|
Adjusted net earnings |
$ |
92.1 |
|
|
$ |
92.9 |
|
|
|
|
|
||||
Diluted EPS |
$ |
0.75 |
|
|
$ |
0.70 |
|
Restructuring and other charges per share |
|
— |
|
|
|
0.05 |
|
Adjusted diluted EPS |
$ |
0.75 |
|
|
$ |
0.75 |
|
Note: Although free cash flow, EBITDA, adjusted EBITDA, adjusted gross profit, adjusted operating expense, adjusted operating income, adjusted income taxes, 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/20231129766852/en/
Sarika Dhadwal (952) 887-3753
Sarika.Dhadwal@Donaldson.com
Source: Donaldson Company, Inc.
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