Donaldson (DCI) Q3 FY2024 earnings: revenue $928 million, up 6.0% on the year

Donaldson Co. Inc. (DCI) reported revenue of $928 million for Q3 FY2024, the quarter ended 30 April 2024, up 6.0% on the same quarter a year earlier. Net income was $114 million, up 21.1% on the year, and diluted earnings per share $0.92. The figures are the company's own, from the 10-Q it filed with the SEC on 4 June 2024.

Revenue$928 millionup 6.0%

Net income$114 millionup 21.1%

Diluted EPS$0.92

QuarterQ3 FY2024ended 30 April 2024

The quarter, against the one before and a year earlier

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Revenue	928	877	n/a	n/a
Cost of revenue	598	568	n/a	n/a
Gross profit	330	309	n/a	n/a
Gross margin	35.6%	35.2%	n/a
Research and development	24.8	22.1	n/a	n/a
Selling, general and administrative	162	157	n/a	n/a
Operating income	144	130	n/a	n/a
Operating margin	15.5%	14.8%	n/a
Interest expense	5.0	5.6	n/a	n/a
Pre-tax income	144	129	n/a	n/a
Income tax	30.5	30.3	n/a	n/a
Effective tax rate	21.2%	23.5%	n/a
Net income	114	98.7	n/a	n/a
Net margin	12.2%	11.3%	n/a
Diluted EPS	$0.92	$0.81	n/a	n/a

$ million except per share.

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. 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

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Operating cash flow	142	87.0	n/a	n/a
Capital expenditure	21.3	21.3	n/a	n/a
Free cash flow	120	65.7	n/a	n/a
Free cash flow margin	13.0%	7.5%	n/a
Cash from investing	-23.3	-21.3	n/a	n/a
Cash from financing	-85.8	-92.8	n/a	n/a
Depreciation and amortisation	24.6	24.6	n/a	n/a
Share-based compensation	3.8	4.0	n/a	n/a
Buybacks	27.2	33.3	n/a	n/a
Dividends paid	30.0	30.1	n/a	n/a
Dividend per share	$0.00	$0.50	n/a	n/a
Diluted shares, weighted	123m	122m	n/a	n/a
Shares outstanding at period end	120m	120m	n/a	n/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

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Shareholders' equity	1,484	1,376	n/a	n/a
Short-term borrowings	49.4	50.4	n/a	n/a
Debt	482	352	n/a	n/a
Other liabilities	851	1,005	n/a	n/a
Total liabilities and equity	2,866	2,784	n/a	n/a
Fixed assets	643	647	n/a	n/a
Goodwill	475	476	n/a	n/a
Intangible assets	175	179	n/a	n/a
Cash and equivalents	224	194	n/a	n/a
Receivables	638	599	n/a	n/a
Inventory	445	433	n/a	n/a
Other assets	267	255	n/a	n/a
Total assets	2,866	2,784	n/a	n/a

Quarterly results, the last 12 quarters

	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025	Q3 FY2025 †	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *
Revenue	846	877	928	935	900	870	940	981	935	896	995	1,059
Cost of revenue	545	568	598	601	580	564	618	642	607	596	662	675
Gross profit	301	309	330	335	320	306	322	339	329	300	333	384
Gross margin	36%	35%	36%	36%	36%	35%	34%	35%	35%	33%	34%	36%
R&D	21.3	22.1	24.8	25.4	22.7	21.2	21.4	22.5	19.2	18.6	19.2	19.1
SG&A	155	157	162	163	166	159	152	165	170	162	159	188
Operating income	125	130	144	146	131	126	87.4	152	149	119	155	177
Operating margin	15%	15%	15%	16%	15%	14%	9%	15%	16%	13%	16%	17%
Interest expense	5.5	5.6	5.0	5.3	5.5	5.9	5.7	7.1	7.1	7.7	6.5	14.7
Pre-tax income	123	129	144	139	130	125	87.0	150	148	117	155	167
Tax rate	25%	23%	21%	21%	24%	23%	34%	24%	23%	21%	24%	23%
Net income	92.1	98.7	114	110	99.0	95.9	57.8	114	114	92.5	118	129
Net margin	11%	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 flow	138	87.0	142	126	72.9	90.4	87.7	168	125	33.0	135	200
Capital expenditure	23.2	21.3	21.3	19.8	25.1	18.9	14.7	20.3	14.2	15.0	23.3	14.9
Free cash flow	115	65.7	120	106	47.8	71.5	73.0	148	111	18.0	112	185
Buybacks	53.3	33.3	27.2	48.9	74.4	7.2	191	59.3	91.5	19.7	0.0	0.0
Dividends paid	30.2	30.1	30.0	32.5	32.4	32.2	32.3	35.0	34.7	34.6	34.7	37.2
Shares outstanding	120m	120m	120m	120m	119m	120m	117m	116m	115m	116m	116m	116m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K

Each quarter as filed, linked to its filing.

* 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 30 April 2024, filed 4 June 2024, accession 0000029644-24-000067: the filing on EDGAR. All of Donaldson Co. Inc.'s filings: EDGAR company page.

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