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Donaldson (DCI) Q1 FY2024 earnings: revenue $846 million, down 0.1% on the year

Donaldson Co. Inc. (DCI) reported revenue of $846 million for Q1 FY2024, the quarter ended 31 October 2023, down 0.1% on the same quarter a year earlier. Net income was $92 million, up 5.6% on the year, and diluted earnings per share $0.75. The figures are the company's own, from the 10-Q it filed with the SEC on 6 December 2023.

Revenue$846 milliondown 0.1%
Net income$92 millionup 5.6%
Diluted EPS$0.75
QuarterQ1 FY2024ended 31 October 2023

The quarter, against the one before and a year earlier

LineQ1 FY2024Quarter beforeA year earlierChange on the year
Revenue846n/an/an/a
Cost of revenue545n/an/an/a
Gross profit301n/an/an/a
Gross margin35.6%n/an/a
Research and development21.3n/an/an/a
Selling, general and administrative155n/an/an/a
Operating income125n/an/an/a
Operating margin14.7%n/an/a
Interest expense5.5n/an/an/a
Pre-tax income123n/an/an/a
Income tax30.8n/an/an/a
Effective tax rate25.1%n/an/a
Net income92.1n/an/an/a
Net margin10.9%n/an/a
Diluted EPS$0.75n/an/an/a
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ1 FY2024Quarter beforeA year earlierChange on the year
Operating cash flow138n/an/an/a
Capital expenditure23.2n/an/an/a
Free cash flow115n/an/an/a
Free cash flow margin13.6%n/an/a
Cash from investing-23.2n/an/an/a
Cash from financing-78.9n/an/an/a
Depreciation and amortisation24.3n/an/an/a
Share-based compensation10.5n/an/an/a
Buybacks53.3n/an/an/a
Dividends paid30.2n/an/an/a
Dividend per share$0.25n/an/an/a
Diluted shares, weighted123mn/an/an/a
Shares outstanding at period end120mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ1 FY2024Quarter beforeA year earlierChange on the year
Shareholders' equity1,336n/an/an/a
Short-term borrowings74.6n/an/an/a
Debt367n/an/an/a
Other liabilities991n/an/an/a
Total liabilities and equity2,769n/an/an/a
Fixed assets642n/an/an/a
Goodwill469n/an/an/a
Intangible assets182n/an/an/a
Cash and equivalents218n/an/an/a
Receivables582n/an/an/a
Inventory430n/an/an/a
Other assets245n/an/an/a
Total assets2,769n/an/an/a

Quarterly results, the last 12 quarters

Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025 †Q2 FY2025Q3 FY2025 †Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026Q4 FY2026 *
Revenue8468779289359008709409819358969951,059
Cost of revenue545568598601580564618642607596662675
Gross profit301309330335320306322339329300333384
Gross margin36%35%36%36%36%35%34%35%35%33%34%36%
R&D21.322.124.825.422.721.221.422.519.218.619.219.1
SG&A155157162163166159152165170162159188
Operating income12513014414613112687.4152149119155177
Operating margin15%15%15%16%15%14%9%15%16%13%16%17%
Interest expense5.55.65.05.35.55.95.77.17.17.76.514.7
Pre-tax income12312914413913012587.0150148117155167
Tax rate25%23%21%21%24%23%34%24%23%21%24%23%
Net income92.198.711411099.095.957.811411492.5118129
Net margin11%11%12%12%11%11%6%12%12%10%12%12%
Diluted EPS$0.75$0.81$0.92$0.90$0.81$0.79$0.48$0.97$0.97$0.78$1.00$1.10
Operating cash flow13887.014212672.990.487.716812533.0135200
Capital expenditure23.221.321.319.825.118.914.720.314.215.023.314.9
Free cash flow11565.712010647.871.573.014811118.0112185
Buybacks53.333.327.248.974.47.219159.391.519.70.00.0
Dividends paid30.230.130.032.532.432.232.335.034.734.634.737.2
Shares outstanding120m120m120m120m119m120m117m116m115m116m116m116m
Filing10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 October 2023, filed 6 December 2023, accession 0000029644-23-000136: the filing on EDGAR. All of Donaldson Co. Inc.'s filings: EDGAR company page.

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