DONALDSON COMPANY, INC.
Select Recast Segment Results
The following are summaries of segment net sales, earnings (loss) before income taxes and earnings before income taxes percentage presented under the new segment reporting structure for the periods presented:
DONALDSON COMPANY, INC. AND SUBSIDIARIES
SEGMENT DETAIL
(In millions)
(Unaudited)
| Year ended July 31, | ||||||
| 2022 | 2021 | 2020 | ||||
| Net sales | ||||||
| Mobile Solutions segment | ||||||
| Off-Road | $ | 390.5 | $ | 316.3 | $ | 244.3 |
| On-Road | 136.1 | 138.8 | 124.4 | |||
| Aftermarket | 1,599.9 | 1,363.3 | 1,195.8 | |||
| Total Mobile Solutions segment | 2,126.5 | 1,818.4 | 1,564.5 | |||
| Industrial Solutions segment | ||||||
| Industrial Filtration Solutions | 780.5 | 684.8 | 659.4 | |||
| Aerospace and Defense | 120.5 | 96.2 | 117.7 | |||
| Total Industrial Solutions segment | 901.0 | 781.0 | 777.1 | |||
| Life Sciences segment | ||||||
| Total Life Sciences segment | 279.1 | 254.5 | 240.2 | |||
| Total Company | $ | 3,306.6 | $ | 2,853.9 | $ | 2,581.8 |
| Earnings (loss) before income taxes | ||||||
| Mobile Solutions segment | $ | 293.8 | $ | 276.1 | $ | 203.1 |
| Industrial Solutions segment | 133.0 | 81.0 | 92.5 | |||
| Life Sciences segment | 64.9 | 65.2 | 58.6 | |||
| Corporate and unallocated | (53.3) | (41.3) | (19.0) | |||
| Total Company | $ | 438.4 | $ | 381.0 | $ | 335.2 |
| Earnings before income taxes percentage | ||||||
| Mobile Solutions segment | 13.8 | % | 15.2 | % | 13.0 | % |
| Industrial Solutions segment | 14.8 | % | 10.4 | % | 11.9 | % |
| Life Sciences segment | 23.3 | % | 25.6 | % | 24.4 | % |
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
DONALDSON COMPANY, INC. AND SUBSIDIARIES
SEGMENT DETAIL
(In millions)
(Unaudited)
| Three Months Ended | ||||||||||
| October 31, 2022 | July 31, 2022 | April 30, 2022 | January 31, 2022 | October 31, 2021 | ||||||
| Net sales | ||||||||||
| Mobile Solutions segment | ||||||||||
| Off-Road | $ | 103.7 | $ | 103.8 | $ | 104.4 | $ | 91.9 | $ | 90.4 |
| On-Road | 36.0 | 35.4 | 36.1 | 33.1 | 31.5 | |||||
| Aftermarket | 415.3 | 430.9 | 415.1 | 388.5 | 365.4 | |||||
| Total Mobile Solutions segment | 555.0 | 570.1 | 555.6 | 513.5 | 487.3 | |||||
| Industrial Solutions segment | ||||||||||
| Industrial Filtration Solutions | 196.0 | 217.3 | 198.5 | 191.4 | 173.3 | |||||
| Aerospace and Defense | 33.6 | 34.6 | 31.3 | 27.1 | 27.5 | |||||
| Total Industrial Solutions segment | 229.6 | 251.9 | 229.8 | 218.5 | 200.8 | |||||
| Life Sciences segment | ||||||||||
| Total Life Sciences segment | 62.7 | 68.0 | 67.8 | 70.5 | 72.8 | |||||
| Total Company | $ | 847.3 | $ | 890.0 | $ | 853.2 | $ | 802.5 | $ | 760.9 |
| Earnings (loss) before income taxes | ||||||||||
| Mobile Solutions segment | $ | 80.3 | $ | 89.9 | $ | 79.7 | $ | 58.6 | $ | 65.6 |
| Industrial Solutions segment | 37.6 | 46.9 | 34.3 | 27.2 | 24.6 | |||||
| Life Sciences segment | 10.8 | 13.8 | 14.0 | 16.7 | 20.4 | |||||
| Corporate and unallocated | (12.1) | (22.1) | (16.7) | (8.0) | (6.5) | |||||
| Total Company | $ | 116.6 | $ | 128.5 | $ | 111.3 | $ | 94.5 | $ | 104.1 |
| Earnings before income taxes percentage | ||||||||||
| Mobile Solutions segment | 14.5 | % | 15.8 | % | 14.3 | % | 11.4 | % | 13.5 | % |
| Industrial Solutions segment | 16.4 | % | 18.6 | % | 14.9 | % | 12.4 | % | 12.3 | % |
| Life Sciences segment | 17.2 | % | 20.3 | % | 20.6 | % | 23.7 | % | 28.0 | % |
Note: Earnings before income taxes percentage is calculated by dividing earnings before income taxes by net sales. Amounts may not foot due to rounding.
2
DONALDSON COMPANY, INC. AND SUBSIDIARIES
SEGMENT DETAIL
(In millions)
(Unaudited)
| Three Months Ended | ||||||||
| July 31, 2021 | April 30, 2021 | January 31, 2021 | October 31, 2020 | |||||
| Net sales | ||||||||
| Mobile Solutions segment | ||||||||
| Off-Road | $ | 86.7 | $ | 92.5 | $ | 75.0 | $ | 62.1 |
| On-Road | 33.7 | 39.7 | 33.4 | 32.0 | ||||
| Aftermarket | 367.8 | 362.8 | 322.7 | 310.0 | ||||
| Total Mobile Solutions segment | 488.2 | 495.0 | 431.1 | 404.1 | ||||
| Industrial Solutions segment | ||||||||
| Industrial Filtration Solutions | 187.4 | 181.2 | 163.9 | 152.3 | ||||
| Aerospace and Defense | 28.7 | 24.2 | 20.9 | 22.4 | ||||
| Total Industrial Solutions segment | 216.1 | 205.4 | 184.8 | 174.7 | ||||
| Life Sciences segment | ||||||||
| Total Life Sciences segment | 68.9 | 64.6 | 63.2 | 57.8 | ||||
| Total Company | $ | 773.2 | $ | 765.0 | $ | 679.1 | $ | 636.6 |
| Earnings (loss) before income taxes | ||||||||
| Mobile Solutions segment | $ | 76.6 | $ | 80.5 | $ | 62.0 | $ | 57.0 |
| Industrial Solutions segment | 29.2 | 25.0 | 11.1 | 15.7 | ||||
| Life Sciences segment | 19.5 | 16.5 | 14.0 | 15.2 | ||||
| Corporate and unallocated | (11.3) | (11.1) | (13.2) | (5.7) | ||||
| Total Company | $ | 114.0 | $ | 110.9 | $ | 73.9 | $ | 82.2 |
| Earnings before income taxes percentage | ||||||||
| Mobile Solutions segment | 15.7 | % | 16.3 | % | 14.4 | % | 14.1 | % |
| Industrial Solutions segment | 13.5 | % | 12.2 | % | 6.0 | % | 9.0 | % |
| Life Sciences segment | 28.3 | % | 25.5 | % | 22.2 | % | 26.3 | % |
Note: Earnings before income taxes percentage is calculated by dividing earnings before income taxes by net sales. Amounts may not foot due to rounding.
3
DONALDSON COMPANY, INC. AND SUBSIDIARIES
SEGMENT DETAIL - RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions)
(Unaudited)
| Year ended July 31, | ||||||
| 2022 | 2021 | 2020 | ||||
| Earnings before income taxes | ||||||
| Mobile Solutions segment - GAAP | $ | 293.8 | $ | 276.1 | $ | 203.1 |
| Restructuring charges | - | 0.4 | - | |||
| Adjusted Mobile Solutions segment | $ | 293.8 | $ | 276.5 | $ | 203.1 |
| Industrial Solutions segment - GAAP | $ | 133.0 | $ | 81.0 | $ | 92.5 |
| Restructuring charges | - | 8.6 | - | |||
| Adjusted Industrial Solutions segment | $ | 133.0 | $ | 89.6 | $ | 92.5 |
| Life Sciences segment - GAAP | $ | 64.9 | $ | 65.2 | $ | 58.6 |
| Restructuring charges | - | - | - | |||
| Adjusted Life Sciences segment | $ | 64.9 | $ | 65.2 | $ | 58.6 |
| Adjusted earnings before income taxes percentage | ||||||
| Mobile Solutions segment | 13.8 | % | 15.2 | % | 13.0 | % |
| Industrial Solutions segment | 14.8 | % | 11.5 | % | 11.9 | % |
| Life Sciences segment | 23.3 | % | 25.6 | % | 24.4 | % |
| Three Months Ended | ||||||||||
| October 31, 2022 | July 31, 2022 | April 30, 2022 | January 31, 2022 | October 31, 2021 | ||||||
| Earnings before income taxes | ||||||||||
| Mobile Solutions segment - GAAP | $ | 80.3 | $ | 89.9 | $ | 79.7 | $ | 58.6 | $ | 65.6 |
| Restructuring charges | - | - | - | - | - | |||||
| Adjusted Mobile Solutions segment | $ | 80.3 | $ | 89.9 | $ | 79.7 | $ | 58.6 | $ | 65.6 |
| Industrial Solutions segment - GAAP | $ | 37.6 | $ | 46.9 | $ | 34.3 | $ | 27.2 | $ | 24.6 |
| Restructuring charges | - | - | - | - | - | |||||
| Adjusted Industrial Solutions segment | $ | 37.6 | $ | 46.9 | $ | 34.3 | $ | 27.2 | $ | 24.6 |
| Life Sciences segment - GAAP | $ | 10.8 | $ | 13.8 | $ | 14.0 | $ | 16.7 | $ | 20.4 |
| Restructuring charges | - | - | - | - | - | |||||
| Adjusted Life Sciences segment | $ | 10.8 | $ | 13.8 | $ | 14.0 | $ | 16.7 | $ | 20.4 |
| Adjusted earnings before income taxes percentage | ||||||||||
| Mobile Solutions segment | 14.5 | % | 15.8 | % | 14.3 | % | 11.4 | % | 13.5 | % |
| Industrial Solutions segment | 16.4 | % | 18.6 | % | 14.9 | % | 12.4 | % | 12.3 | % |
| Life Sciences segment | 17.2 | % | 20.3 | % | 20.6 | % | 23.7 | % | 28.0 | % |
Note: Adjusted earnings before income taxes percentage is calculated by dividing adjusted earnings before income taxes (which exclude the impact of certain items not related to ongoing operations) by net sales. Adjusted rates are non-GAAP measures.
4
DONALDSON COMPANY, INC. AND SUBSIDIARIES
SEGMENT DETAIL - RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions)
(Unaudited)
| Three Months Ended | ||||||||
| July 31, 2021 | April 30, 2021 | January 31, 2021 | October 31, 2020 | |||||
| Earnings before income taxes | ||||||||
| Mobile Solutions segment - GAAP | $ | 76.6 | $ | 80.5 | $ | 62.0 | $ | 57.0 |
| Restructuring charges | - | - | 0.4 | - | ||||
| Adjusted Mobile Solutions segment | $ | 76.6 | $ | 80.5 | $ | 62.4 | $ | 57.0 |
| Industrial Solutions segment - GAAP | $ | 29.2 | $ | 25.0 | $ | 11.1 | $ | 15.7 |
| Restructuring charges | - | - | 8.6 | - | ||||
| Adjusted Industrial Solutions segment | $ | 29.2 | $ | 25.0 | $ | 19.7 | $ | 15.7 |
| Life Sciences segment - GAAP | $ | 19.5 | $ | 16.5 | $ | 14.0 | $ | 15.2 |
| Restructuring charges | - | - | - | - | ||||
| Adjusted Life Sciences segment | $ | 19.5 | $ | 16.5 | $ | 14.0 | $ | 15.2 |
| Adjusted earnings before income taxes percentage | ||||||||
| Mobile Solutions segment | 15.7 | % | 16.3 | % | 14.5 | % | 14.1 | % |
| Industrial Solutions segment | 13.5 | % | 12.2 | % | 10.7 | % | 9.0 | % |
| Life Sciences segment | 28.3 | % | 25.5 | % | 22.2 | % | 26.3 | % |
Note: Adjusted earnings before income taxes percentage is calculated by dividing adjusted earnings before income taxes (which exclude the impact of certain items not related to ongoing operations) by net sales. Adjusted rates are non-GAAP measures.
Non-GAAP Financial Information
These Select Recast Segment Results contain financial measures that have not been prepared in conformity with GAAP. They include adjusted earnings before income taxes and adjusted earnings before income taxes as a percentage of net sales. Tables showing the reconciliation of these non-GAAP financial measures to the comparable GAAP measures are included. Management believes these non-GAAP metrics are commonly used financial measures for investors to evaluate the Company's operating performance and, when read in conjunction with the Company's consolidated financial statements, present a useful tool to evaluate the Company's ongoing operations and performance from period to period. In addition, these are some of the factors the Company uses in internal evaluations of the overall performance of its businesses. Management acknowledges that there are many items that impact a company's reported results and the adjustments reflected in these non-GAAP measures are not intended to present all items that may have impacted these results. In addition, these non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies.
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Disclaimer
Donaldson Co. Inc. published this content on 25 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 January 2023 15:47:00 UTC.
