Donaldson (NYSE: DCI) reported third-quarter financial results on Tuesday. The transcript from the company's third-quarter earnings call has been provided below.

唐纳森（纽约证券交易所代码：DCI）于周二公布了第三季度财务业绩。以下是公司第三季度财报电话会议的文字记录。

This content is powered by Benzinga APIs. For comprehensive financial data and transcripts, visit https://www.benzinga.com/apis/.

此内容由 Benzinga API 提供。有关全面的财务数据和文字记录，请访问 https://www.benzinga.com/apis/。

View the webcast at https://events.q4inc.com/attendee/539545782

查看网络直播：https://events.q4inc.com/attendee/539545782

Summary

摘要

Donaldson Company, Inc. reported its strongest quarterly performance to date with record sales of $995 million, a 6% increase from the previous year, driven by currency translation, net pricing benefits, and volume growth.

唐纳森公司报告了迄今为止最强劲的季度业绩，销售额创下 9.95 亿美元的纪录，比去年增长 6%，主要受汇率转换、净定价收益和销量增长的推动。

The company successfully closed its acquisition of Facet Filtration, which is expected to enhance its Industrial Solutions portfolio and contribute to future revenue growth, particularly in aerospace and power generation markets.

公司成功完成了对 Facet Filtration 的收购，预计将增强其工业解决方案组合，并为未来的收入增长做出贡献，特别是在航空航天和发电市场。

Despite macroeconomic uncertainties and operational challenges, Donaldson delivered robust financial results, with an adjusted EPS of $1.06 and an operating margin of 16.6%, marking a significant improvement from the previous quarter.

尽管面临宏观经济不确定性和运营挑战，唐纳森仍交出了强劲的财务业绩，调整后的每股收益为 1.06 美元，营业利润率为 16.6%，较上个季度显著改善。

Mobile solutions saw an 8% sales increase, driven by strong volume growth and aftermarket sales, while industrial solutions faced a slight decline due to volume drops, offset by pricing and currency benefits.

移动解决方案的销售额增长了 8%，得益于强劲的销量增长和售后市场销售，而工业解决方案由于销量下降略有下滑，但通过定价和汇率收益得以抵消。

The company revised its fiscal 2026 guidance, now expecting consolidated organic sales growth between 3% and 5%, with a notable focus on operational improvements and margin expansion in upcoming quarters.

公司修订了 2026 财年的指引，现在预计合并的有机销售增长将在 3% 到 5% 之间，特别关注未来几个季度的运营改善和利润率扩张。

Full Transcript

完整记录

OPERATOR

主持人

After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press Star one to raise your hand. To withdraw your question, press Star one again. I will now hand the conference over to Sarika Dodwal, Head of Investor Relations. Please go ahead.

在今天的准备发言后，我们将举行问答环节。如果您想提问，请按星号 1 举手。要撤回您的问题，请再次按星号 1。现在我将会议交给投资者关系负责人 Sarika Dodwal，请继续。

Sarika Dodwal (Head of Investor Relations)

Sarika Dodwal（投资者关系负责人）

Good morning. Thank you for joining Donaldson's third quarter fiscal 2026 earnings conference call. With me today are Rich Lewis, President and CEO and Brad Pogalz, Chief Financial Officer. This morning we will provide a summary of our third quarter performance and our outlook for fiscal 2026. During today's call we will discuss non-GAAP or adjusted results for third quarter 2026. Non GAAP results exclude pre tax charges of 9.8 million including 9 million of restructuring and other and 800,000 of business development charges. This compares to prior year pre tax charges of 65.8 million including 4.2 million of restructuring and other 800,000 of business development charges, 62 million for the impairment of intangible assets and a $1.2 million gain on the sale of fixed assets. A reconciliation of GAAP to non-GAAP metrics is provided within the schedules attached to this morning's press release. Before I turn it over to Rich, a quick note on our recently completed acquisition of Facet Filtration. Facet performance will be included in our consolidated fourth quarter earnings results reported in the Aerospace and Defense Business unit within Industrial Solutions. With that, please keep in mind that any forward looking statements made during this call are subject to risks and uncertainties which are described in our press release and SEC filings. I will now turn the call over to Rich.

早上好。感谢您参加唐纳森 2026 财年第三季度收益电话会议。今天与我一起的是总裁兼首席执行官 Rich Lewis 和首席财务官 Brad Pogalz。今天早上我们将提供第三季度业绩的摘要以及对 2026 财年的展望。在今天的电话会议中，我们将讨论 2026 财年第三季度的非 GAAP 或调整后结果。非 GAAP 结果不包括 980 万美元的税前费用，其中包括 900 万美元的重组及其他费用和 80 万美元的业务发展费用。这与去年税前费用 6580 万美元相比，包括 420 万美元的重组及其他费用、80 万美元的业务发展费用、6200 万美元的无形资产减值和 120 万美元的固定资产出售收益。GAAP 与非 GAAP 指标的对账在今天早上的新闻稿附带的时间表中提供。在我将时间交给 Rich 之前，简单提一下我们最近完成的 Facet Filtration 收购。Facet 的业绩将包含在我们合并的第四季度收益结果中，报告在工业解决方案的航空航天和国防业务单元内。请记住，在此次电话会议中所做的任何前瞻性声明都面临风险和不确定性，这些风险和不确定性在我们的新闻稿和 SEC 文件中有描述。现在我将电话交给 Rich。

Rich Lewis (President and CEO)

Rich Lewis（总裁兼首席执行官）

Thanks Sarika and Good morning everyone. Third quarter was a strong quarter for Donaldson Company And as expected marked a significant step up in performance from our second quarter results. I am proud of our team whose hard work resulted in the company's strongest quarter to date with respect to sales, adjusted operating margin and adjusted eps. We successfully navigated macro uncertainty including uneven cyclical dynamics and the ongoing conflict in the Middle East. To that end, I specifically want to thank our team in Abu Dhabi whose dedication and resolve have been on display over the last several months. Our leaders have ensured employees feel as safe as possible and that our local operations continue globally this quarter we continue to serve our customers through our expanded product portfolio and high on time delivery rates including in the higher margin Mobile solutions, aftermarket business, food and beverage and our disk drive business.. We made further progress on optimizing our cost structure as we closed the last two plants identified within our Footprint optimization initiative. We are now focused on ramping up production in the receiving sites which puts us on the path to delivering incremental efficiencies in the future. Lastly, subsequent to quarter end we closed our acquisition of Facet Filtration, adding high performance, fuel and fluid capabilities to our expanding Industrial solutions product portfolio. Facet increases our exposure to durable growing end markets including aerospace and power generation and strengthens our aftermarket position with approximately 70% of revenues driven by recurring regulated replacement part sales with highly accretive margins. We welcome the Facet team to the Donaldson and integration integration efforts are underway as demonstrated this quarter. Donaldson is committed to delivering for all our stakeholders including our customers, shareholders and employees. We continually do this through our leadership position infiltration which was built on decades of solving our customers most difficult filtration problems our best in class technology uniquely powerful because we focus on filtration capabilities and then leverage these technologies across multiple end markets our ability to help customers meet evolving environmental and operational goals by helping to protect equipment, processes and people and our clear strategic and balanced growth strategy. This is how we have and continue to win. Now I will cover some third quarter highlights, Brad will discuss the quarterly financials and full year guidance in more detail and then I will return for some closing remarks. At a high level, sales were a record 995 million 6% above prior year driven by currency translation, net pricing benefits and volume growth. Operating margin was 16.6% up 30 basis points over prior year and an increase of 260 basis points from second quarter expense. Leverage on higher sales was partially offset by gross margin pressure from production shifts to support customer specific requirements and power generation. Within Industrial Solutions, adjusted earnings per share were 1 $1.06 7% above 2025. Now I'll cover some highlights by segment. In mobile solutions sales were 630 million up 8% inclusive of strong volume growth. Aftermarket sales were 498 million up 8% with growth in all regions and in both channels. We grew double digits in our independent channel where our product availability, revenue, reliability, and consistency continue to drive share gains. This quarter we had a large competitive win with a major North America fleet operator supplying a mix of air, lube and fuel products. These types of programs allow us to strengthen our future dealer relationships and create meaningful future pull through opportunities for incremental sales. On the first fit side off road sales were were 104 million, an increase of 9% versus prior year led by strength in construction on Road. Sales of 28 million increased 5% as truck production began to ramp particularly in EMEA Touching on China within mobile sales were up 6% due to strength and off road performance in China has been encouraging and the growing export market is supporting demand for our technology led solutions. In industrial solutions sales were 282 million down 1% driven by volume declines partially offset by net pricing and currency benefits. IFS sales of 237 million grew 2% from net pricing and power generation volume growth primarily in EMEA where sales of new equipment more than doubled as we continue to benefit from the super cycle. Partially offsetting this favorability were volume declines and new equipment sales for industrial gases and dust collection. Importantly, we are encouraged by the positive macro indicators we are seeing for our capex based businesses including strengthening industrial production and capital expenditures in certain regions including North America and apac. This more supportive backdrop combined with our new product introductions gives us confidence in our ability to win in these markets. Last month we launched our Stratos Mist collector as part of our dust collection product portfolio. With modern machining operations, elevated levels of smaller mist particles and contaminants need to be captured. We are solving this customer problem through Stratos reliable continuous duty filtration which comes in a space efficient footprint and supports multiple industries. Early indications are positive including strong customer interest and quoting activity. Switching over to aerospace and defense sales were 45 million, down 14% versus 2025 due to weaker new equipment. Sales volumes were pressured by ongoing supply chain constraints and project timing. In life sciences, sales of 84 million increased 13% largely as a result of robust new equipment volume in food and beverage and ongoing strength in disk drive. Momentum continues in our food and beverage business where sales grew over 30% supported by new equipment sales and with a growing installed base driving consumables demand. We are excited about the customer and channel partner reception to our new technology led offerings and continue to build out our portfolio. In March we expanded our LifeTech product line by introducing our most advanced high loading performance filter largely for use in bottled water filtration applications. This product is built with Donaldson Membrane manufactured in our own Material Research center and is designed to improve efficiency and filter life driving lower total cost of ownership and value to our customers. In summary, I am pleased with our third quarter results. We exited the quarter with robust order volumes, elevated backlogs and focused execution giving us confidence in delivering on our record organic guidance ranges inclusive of record sales of over 3.8 billion or a 4% increase over prior year driven by growth in several key high margin businesses. Operating margin expansion versus 2025 earnings per share roughly 8% above prior year and free cash flow conversion of approximately 90%. Important as we remain committed to returning value to our shareholders. With that, I will now turn it over to Brad, who will provide more details on the financials and our outlook for fiscal 2026.

感谢 Sarika，大家早上好。第三季度对唐纳森公司来说是一个强劲的季度，正如预期的那样，业绩较第二季度有了显著提升。我为我们的团队感到自豪，他们的辛勤工作使公司在销售、调整后的营业利润率和调整后的每股收益方面达到了迄今为止的最佳季度。我们成功应对了宏观不确定性，包括周期性动态的不均衡和中东持续的冲突。为此，我特别想感谢我们在阿布扎比的团队，他们在过去几个月中展现出的奉献精神和决心。我们的领导者确保员工感到尽可能安全，并且我们的本地运营在本季度继续全球化，我们通过扩展的产品组合和高准时交付率继续为客户提供服务，包括高利润的移动解决方案、售后业务、食品和饮料以及我们的硬盘驱动业务。我们在优化成本结构方面取得了进一步进展，关闭了在我们的足迹优化计划中识别的最后两家工厂。我们现在专注于在接收地点提高生产，这使我们走上了未来实现增量效率的道路。最后，在季度结束后，我们完成了对 Facet Filtration 的收购，增加了高性能的燃料和流体能力，丰富了我们不断扩展的工业解决方案产品组合。Facet 增加了我们对耐用增长终端市场的曝光，包括航空航天和发电，并通过约 70% 的收入来自于经常性受监管的替换零件销售，增强了我们的售后市场地位，这些销售具有高度的增值利润。我们欢迎 Facet 团队加入唐纳森，整合工作正在进行中，本季度已有所体现。唐纳森致力于为所有利益相关者提供服务，包括我们的客户、股东和员工。我们通过在过滤领域的领导地位不断实现这一目标，这一地位建立在数十年解决客户最棘手的过滤问题的基础上。我们的最佳技术独特而强大，因为我们专注于过滤能力，并将这些技术应用于多个终端市场。我们帮助客户满足不断变化的环境和运营目标，保护设备、流程和人员，以及我们清晰的战略和均衡的增长战略。这就是我们如何赢得胜利的原因。现在我将介绍一些第三季度的亮点，Brad 将更详细地讨论季度财务和全年的指导，然后我将回来做一些总结性发言。从高层来看，销售额创下了 9.95 亿美元的纪录，比去年增长了 6%，主要受汇率转换、净定价收益和销量增长的推动。营业利润率为 16.6%，比去年上升了 30 个基点，比第二季度的费用增加了 260 个基点。由于生产转移以支持客户特定要求和发电的影响，销售增长的杠杆效应部分被毛利率压力抵消。在工业解决方案中，调整后的每股收益为 1.06 美元，比 2025 年增长了 7%。现在我将按部门介绍一些亮点。在移动解决方案中，销售额为 6.3 亿美元，同比增长 8%，包括强劲的销量增长。售后市场销售额为 4.98 亿美元，同比增长 8%，所有地区和渠道均有增长。我们在独立渠道的增长超过两位数，我们的产品可用性、收入、可靠性和一致性继续推动市场份额的增长。本季度，我们与一家主要的北美车队运营商达成了一项大型竞争性胜利，提供了一系列空气、润滑和燃料产品。这类项目使我们能够加强未来的经销商关系，并为增量销售创造有意义的未来拉动机会。在首次配备方面，越野销售额为 1.04 亿美元，同比增长 9%，主要受建筑行业的强劲推动。公路销售额为 2800 万美元，同比增长 5%，因为卡车生产开始加速，特别是在欧洲、中东和非洲地区。谈到中国，移动销售额增长了 6%，得益于越野性能的强劲表现，出口市场的增长也支持了我们技术驱动解决方案的需求。在工业解决方案中，销售额为 2.82 亿美元，同比下降 1%，主要由于销量下降，部分被净定价和汇率收益抵消。IFS 销售额为 2.37 亿美元，主要由于净定价和发电销量增长而增长 2%，尤其是在欧洲、中东和非洲地区，新的设备销售额翻了一番，因为我们继续受益于超级周期。部分抵消这一有利因素的是工业气体和除尘设备的新设备销售的销量下降。重要的是，我们对资本支出基础业务的积极宏观指标感到鼓舞，包括北美和亚太地区的工业生产和资本支出的增强。这种更具支持性的背景，加上我们新产品的推出，使我们对在这些市场中获胜的能力充满信心。上个月，我们推出了 Stratos Mist 收集器，作为我们除尘产品组合的一部分。随着现代机械操作，小颗粒雾状物和污染物的浓度升高，需要被捕获。我们通过 Stratos 可靠的连续工作过滤解决了这一客户问题，该产品具有空间高效的外形，并支持多个行业。早期迹象积极，包括强烈的客户兴趣和报价活动。转向航空航天和国防，销售额为 4500 万美元，同比下降 14%，主要由于新设备的疲软。销售量受到持续的供应链限制和项目时机的压力。在生命科学领域，销售额为 8400 万美元，同比增长 13%，主要得益于食品和饮料领域新设备销量的强劲和硬盘驱动业务的持续增长。我们的食品和饮料业务持续保持势头，销售额增长超过 30%，得益于新设备销售和不断增长的安装基础推动的消耗品需求。我们对客户和渠道合作伙伴对我们新技术驱动产品的反响感到兴奋，并继续扩展我们的产品组合。在 3 月份，我们通过推出我们最先进的高负载性能过滤器，扩展了我们的 LifeTech 产品线，主要用于瓶装水过滤应用。该产品采用唐纳森膜制造，生产于我们自己的材料研究中心，旨在提高效率和过滤寿命，从而降低总拥有成本，为客户创造价值。总之，我对我们的第三季度业绩感到满意。我们以强劲的订单量、较高的积压和专注的执行力结束了本季度，使我们对实现创纪录的有机指导范围充满信心，包括创纪录的销售额超过 38 亿美元，较去年增长 4%，主要得益于几个关键高利润业务的增长。营业利润率扩张，调整后的每股收益比去年增长约 8%，自由现金流转化率约为 90%。这很重要，因为我们仍然致力于为股东回报价值。接下来，我将把时间交给 Brad，他将提供有关财务和我们 2026 财年的展望的更多细节。

Brad Pogalz

Brad thanks Rich Good morning everyone. The topic we had been discussing with many of you since our last report was our plan to drive a strong sequential improvement in operating margin and we're pleased to say on that point we delivered. While the operational work is not yet done in our industrial segment, our mobile and life sciences segments performed very well, all complemented by sharp prioritization of initiatives across the company. I want to thank my global colleagues for their diligence and commitment as we propelled the company to new records for sales, operating margin and eps. As I detail third quarter results, note that my profit comments exclude the impact from the non recurring charges Sarika Dodwal referenced earlier. Total sales increased 6% and adjusted EPS of $1.06 grew 7% over the prior year. Third quarter operating margin of 16.6% was up 30 basis points from the prior year and at an all time high versus second quarter operating margin increased 260 basis points due to both gross margin improvement and and expense leverage. Breaking down the components of the year over year operating margin expansion. Expense leverage remains a consistent strength at Donaldson Co. Third quarter operating expense as a rate of sales was 17.8%, an improvement of 40 basis points from the prior year, showcasing the structural expense discipline that affords us the latitude to make investment choices while driving margin expansion. Third quarter gross margin was 34.4%, down 10 basis points from 2025 as benefits from pricing volume and mix were more than offset by about 100 basis points of headwinds from short term operating inefficiencies in our industrial segment. More specifically, we realized about 80 basis points of pressure from from the production shifts to Mexico for large turbine systems. In our power generation business; we're seeing improved delivery performance and operational alignment, so we view third quarter as the low point and expect to be fully recovered midway through fiscal 2027. footprint optimization initiatives added a little under 20 basis points of pressure due to costs associated with plant closures and transfers of production. These initiatives were designed to improve our cost structure and the last two plant closures were completed during the quarter. The work is now transitioned to ramping up productivity in the new locations. We expect these industrial based initiatives to generate annualized benefits of about $10 million once we hit run rate productivity during fiscal 2027. I want to take a moment to recognize the teams that have been working on these projects. It has been an incredible effort and we're in the final stages due entirely to their commitment, collaboration and resilience. The work being done strengthens Donaldson's foundation for long term success, so I want to especially thank everyone involved in this massive undertaking. In terms of Profitability by segment, the gross margin impacts from power generation and footprint optimization drove pressure on the pre tax margin in our industrial segment which was 13.4% in the quarter versus 18.1% in the prior year. The margin was lower than we anticipated but did step up from the second quarter. We expect that trend to continue in the fourth quarter driven by higher sales and improved operational performance in our other two segments. We were pleased with the profit performance. Mobile solutions margin was an all time high of 20.2% 210 basis points above prior year primarily due to volume, leverage and favorable mix related to aftermarket sales strength. Life sciences pre tax margin was 8.1% up 30 basis points from the prior year. Importantly, last year's profitability benefited from an earn out reversal from the purologics business. Excluding this prior year, one time benefit pre tax margin would have increased more than 8 percentage points. Volume, leverage and favorable mix from our higher margin food and beverage and distrib businesses combined with a focused expense structure drove the improvement. As of the end of the quarter, the company remains in a strong position with robust orders record backlog and notable progress made on the footprint projects. All of that factored into our revised outlook for fiscal 26 which contemplates another sequential step up in sales and margin and we will also have Facet included in our results for the first time. Given the newness of facet, I want to break out our guidance in terms of organic performance and then lay out the impact Facet will have on some key measures. With that our consolidated organic sales are expected to grow between 3% and 5% with the midpoint being about 1% higher than prior guidance due to sales strength in our mobile solutions and life sciences segments. Additionally, pricing and currency translation are each expected to contribute a little more than 1% to growth in mobile solutions. Sales are expected to grow between 3.5% and and 5.5% slightly above our prior guidance driven by an improved but still mid single digit increase outlook in aftermarket sales as a result of share gains and higher vehicle utilization rates in our first fit businesses. Off road sales are projected to grow mid single digits from improvements in select end markets and on road sales are expected to decrease low single digits versus flat previously as global truck production remains tempered in industrial solutions, organic sales are forecast to be between flat and up 2% with the midpoint of this range consistent with the prior guide ifs. Sales are expected to grow in the low single digits driven by robust volume growth in power generation and favorable currency and pricing in dust collection, aerospace and defense sales are projected to decline mid single digits due to the timing of certain programs as we continue to navigate supply chain issues. In life sciences, we project sales to increase between 9% and 11%, up from 5% to 9% previously, reflecting continued volume strength in food and beverage and disk drive. With our focused expense structure, we expect full year pretax margin in the mid to high single digits driven by our year to date performance and reflective of another margin step up in the fourth quarter. Our organic operating margin guidance is now forecast between 15.8% and 16.2% versus 16 to 16.4% previously. The current range implies full year organic operating margin expansion between 10 and 50 basis points, with expense leverage being partially offset by gross margin pressure. It's worth reiterating that our fiscal 2026 margin performance will be at a record level despite dealing with temporary operational inefficiencies which we advanced meaningfully in the quarter and have a clear path to eliminating with the strength of our underlying business. I I am confident we will get past these headwinds and generate more meaningful margin expansion in future periods. Now I'll give a few points on facets impact to what I just laid out. We expect fourth quarter sales between 25 and $30 million, adding around 70 to 80 basis points to the full year growth rate. The impact on operating margin is likely immaterial this year, but as robust business performance is offset by amortization costs, debt incurred from the transaction will add about $9 million of interest expense in the quarter with the net dilution to eps of about $0.03 excluding facet adjusted EPS is projected between $3.94 and $4.01 per share with the midpoint reflecting an 8% increase from the prior year, about double the rate of our sales growth. Now onto our balance sheet and cash flow outlook, our capital expenditures are expected to be between $60 million and $75 million with focused investments including new products and technologies across all segments. Rich highlighted several new product introductions earlier and we intend to continue leading in the area. We project cash conversion in the range of 85 to 95%, an improvement versus 2025 and consistent with historical averages. Our balance sheet remains a strength including facet. Our Leverage ratio is approximately 1.8 times net debt to EBITDA, still leaving us ample financial flexibility to thoughtfully invest for future growth. Integral to the Donaldson story is our capital allocation strategy, how we build for our future and simultaneously return value today. Our priorities in that regard are unchanged. First, reinvest back into the company. We're committed to maintaining our position as the leader in technology led filtration. We do this through our R and D investments in strategically important high growth high margin areas where we have a clear path to win. We're proud to have a portfolio of patent protected products and have nearly 3,000 active US and international patents with over 120 patents awarded in calendar year 2025. In addition to R and D, we think critically about our investments in working capital and capital expenditure investing for efficiency today and and growth for tomorrow by ensuring we meet our customers needs. Our second capital deployment priority is disciplined M and A. We will continue to pursue opportunities that strengthen our portfolio and meet our strategic and financial criteria with Facet being an excellent example. The financial strength of Donaldson is evidenced by our ability to invest for profitable growth and still return cash to shareholders. With that, our third capital allocation priority is dividends. As of the end of calendar 2025 we have paid dividends for 70 years in a row. We've also increased our dividend for 30 years in a row and recently announced an additional 7% dividend increase. We're committed to remaining as a proud member of the S and P High High yield dividend. Aristocrat Index Share repurchase is our fourth capital deployment priority. Share repurchase is our variable lever and as we indicated last quarter, we have paused our repurchasing activity to focus on paying down our Facet related debt. Year to date we have repurchased 1.2% of shares outstanding, offsetting stock compensation dilution. As Sarika Dodwal mentioned, beginning in the fourth quarter our reporting will include Facet and I'm excited to fold their financial strength into our results. We're working towards a strong finish to fiscal 2026 and I'm confident our strategy, deployed by the talented Donaldson teams around the world, will deliver. Now I'll turn the call back to Rich.

布拉德感谢瑞奇，大家早上好。我们自上次报告以来与许多人讨论的话题是我们计划在运营利润率上实现强劲的连续改善，我们很高兴地说，在这一点上我们做到了。尽管我们在工业部门的运营工作尚未完成，但我们的移动和生命科学部门表现非常出色，这一切都得益于公司各项举措的明确优先级。我想感谢我的全球同事们的勤奋和承诺，因为我们推动公司在销售、运营利润率和每股收益方面创下新纪录。在我详细说明第三季度的业绩时，请注意我的利润评论不包括萨里卡·多德瓦尔之前提到的非经常性费用的影响。总销售额增长了 6%，调整后的每股收益为 1.06 美元，比去年增长了 7%。第三季度的运营利润率为 16.6%，比去年提高了 30 个基点，并且创下历史新高；与第二季度相比，运营利润率提高了 260 个基点，这得益于毛利率的改善和费用杠杆的提升。分解年度运营利润率扩张的组成部分，费用杠杆在唐纳森公司始终保持强劲。第三季度的运营费用占销售额的比率为 17.8%，比去年改善了 40 个基点，展示了我们在结构性费用上的纪律，使我们能够在推动利润率扩张的同时进行投资选择。第三季度的毛利率为 34.4%，比 2025 年下降了 10 个基点，因为定价、销量和产品组合的好处被我们工业部门短期运营效率低下带来的约 100 个基点的压力所抵消。更具体地说，我们在大型涡轮系统的生产转移到墨西哥方面感受到约 80 个基点的压力。在我们的发电业务中，我们看到交付表现和运营协调有所改善，因此我们将第三季度视为低点，并预计在 2027 财年中期完全恢复。足迹优化举措由于与工厂关闭和生产转移相关的成本，增加了不到 20 个基点的压力。这些举措旨在改善我们的成本结构，最后两家工厂的关闭在本季度完成。工作现在已转向在新地点提高生产力。我们预计这些基于工业的举措在 2027 财年达到运行率生产力后将产生约 1000 万美元的年化收益。我想花一点时间来表彰那些一直在这些项目上工作的团队。这是一项令人难以置信的努力，我们正处于最后阶段，完全得益于他们的承诺、合作和韧性。正在进行的工作巩固了唐纳森长期成功的基础，因此我特别感谢所有参与这一重大工作的人员。在各个部门的盈利能力方面，发电和足迹优化的毛利率影响导致我们工业部门的税前利润率承压，本季度为 13.4%，而去年为 18.1%。这一利润率低于我们的预期，但比第二季度有所上升。我们预计这一趋势将在第四季度继续，主要受益于销售增长和其他两个部门的运营表现改善。我们对利润表现感到满意。移动解决方案的利润率创下历史新高，达到 20.2%，比去年提高了 210 个基点，主要得益于销量、杠杆和与售后市场销售强劲相关的有利产品组合。生命科学的税前利润率为 8.1%，比去年提高了 30 个基点。重要的是，去年的盈利能力受益于来自普罗逻辑业务的收益反转。如果不考虑去年的一次性收益，税前利润率将增加超过 8 个百分点。来自我们高毛利的食品和饮料及分销业务的销量、杠杆和有利产品组合，加上专注的费用结构，推动了这一改善。截至本季度末，公司仍处于强劲的地位，拥有强劲的订单、创纪录的积压和在足迹项目上取得的显著进展。所有这些因素都考虑在内，修订后的 2026 财年展望预计销售和利润率将再次实现连续增长，我们还将首次将 Facet 纳入我们的业绩中。鉴于 Facet 的全新性，我想将我们的指导分解为有机表现，然后阐明 Facet 对一些关键指标的影响。我们的合并有机销售预计将增长 3% 至 5%，中间值比之前的指导高出约 1%，这得益于我们移动解决方案和生命科学部门的销售强劲。此外，定价和货币转换预计各自将对移动解决方案的增长贡献超过 1%。销售预计将增长 3.5% 至 5.5%，略高于我们之前的指导，主要受益于售后市场销售的改善，但仍然是中位数的单一数字增长，这得益于市场份额的增加和我们首次适配业务中更高的车辆利用率。越野销售预计将因特定终端市场的改善而增长中位数的单一数字，而公路销售预计将比之前的持平下降低个位数，因为全球卡车生产仍然受到抑制。在工业解决方案方面，有机销售预计将在持平和增长 2% 之间，范围的中间值与之前的指导一致。预计销售将以低个位数增长，主要受益于发电领域的强劲销量增长以及尘埃收集、航空航天和国防领域的有利货币和定价。由于某些项目的时间安排，我们预计生命科学的销售将增长 9% 至 11%，高于之前的 5% 至 9%，反映出食品和饮料及磁盘驱动器领域的持续销量强劲。凭借我们专注的费用结构，我们预计全年税前利润率将在中到高个位数之间，得益于我们年初至今的表现，并反映出第四季度利润率的再次提升。我们的有机运营利润率指导现在预计在 15.8% 至 16.2% 之间，而之前为 16% 至 16.4%。当前范围意味着全年有机运营利润率扩张在 10 到 50 个基点之间，费用杠杆部分被毛利率压力抵消。值得重申的是，尽管面临临时的运营效率低下，我们在 2026 财年的利润率表现将处于历史最高水平，而我们在本季度大幅推进并有明确的消除路径，得益于我们基础业务的强劲。我对我们能够克服这些阻力并在未来时期实现更有意义的利润率扩张充满信心。现在我将给出一些关于 Facet 对我刚才所述内容影响的要点。我们预计第四季度销售将在 2500 万到 3000 万美元之间，为全年增长率增加约 70 到 80 个基点。今年对运营利润率的影响可能微不足道，但由于强劲的业务表现被摊销成本抵消，交易产生的债务将在本季度增加约 900 万美元的利息费用，净稀释每股收益约为 0.03 美元，排除 Facet 后调整后的每股收益预计在 3.94 美元至 4.01 美元之间，中间值反映出比去年增长 8%，约为我们销售增长率的两倍。现在进入我们的资产负债表和现金流展望，我们的资本支出预计将在 6000 万到 7500 万美元之间，重点投资包括所有部门的新产品和技术。瑞奇之前强调了几项新产品的推出，我们打算继续在这一领域保持领先。我们预计现金转换率将在 85% 到 95% 之间，相较于 2025 年有所改善，并与历史平均水平一致。我们的资产负债表仍然是一个优势，包括 Facet。我们的杠杆比率约为 1.8 倍的净债务与 EBITDA，仍然为我们提供了充足的财务灵活性，以便深思熟虑地投资于未来的增长。唐纳森故事的核心是我们的资本配置战略，即我们如何为未来构建，同时今天回报价值。在这方面，我们的优先事项没有改变。首先，重新投资于公司。我们致力于保持我们在技术驱动的过滤领域的领导地位。我们通过在战略上重要的高增长高利润领域进行研发投资来实现这一目标，在这些领域我们有明确的胜算。我们自豪地拥有一系列受专利保护的产品，并在 2025 日历年获得了近 3000 项美国和国际专利，其中超过 120 项专利在 2025 年获得。除了研发，我们还对我们的营运资本和资本支出投资进行深思熟虑，以确保我们满足客户的需求，今天实现效率并为明天的增长投资。我们的第二个资本部署优先事项是有纪律的并购。我们将继续追求增强我们投资组合并符合我们战略和财务标准的机会，Facet 就是一个很好的例子。唐纳森的财务实力体现在我们能够投资于盈利增长的同时仍然向股东返还现金。为此，我们的第三个资本配置优先事项是分红。截至 2025 日历年末，我们已连续 70 年支付分红。我们还连续 30 年增加分红，并最近宣布额外 7% 的分红增长。我们致力于继续作为标准普尔高收益分红贵族指数的骄傲成员。股票回购是我们的第四个资本部署优先事项。股票回购是我们的可变杠杆，正如我们在上个季度所指出的，我们已暂停回购活动，以专注于偿还与 Facet 相关的债务。截至目前，我们已回购了 1.2% 的流通股，以抵消股票补偿稀释。正如萨里卡·多德瓦尔提到的，从第四季度开始，我们的报告将包括 Facet，我很高兴将他们的财务实力纳入我们的业绩中。我们正朝着 2026 财年强劲收官而努力，我相信我们在全球各地的唐纳森团队实施的战略将会取得成功。现在我将把电话交回给瑞奇。

Rich Lewis (President and CEO)

Rich Lewis（总裁兼首席执行官）

Thanks Brad. While I've been a Donaldson employee for over two decades, my first 90 days as CEO have been remarkable. I've had the chance to meet with countless employees, customers and investors around the globe and I am increasingly proud of the work we have collectively done to fulfill our mission of advancing filtration for a cleaner world. Our deep technical expertise, strong culture, track record and financial position have allowed us to operate from a position of strength and I take great pride and responsibility in building upon that success. For more than a decade, our strategic investments have driven the growth and diversification of our high performing company and there is ample opportunity for us to further enhance our performance. We are continuing to invest in attractive markets where we have a clear path to win, while also critically evaluating our existing portfolio of businesses, ensuring each business has earned a place in our portfolio. With this rigor, our foundation becomes stronger, positioning us to deliver value for all of our stakeholders. I am excited about the journey that lies ahead and humbled by the opportunity to lead such a talented organization through this next phase of our evolution. I look forward to reporting on our progress. With that, I now turn the call back to the operator to open the line for questions.

谢谢你，Brad。虽然我在 Donaldson 工作了超过二十年，但作为首席执行官的前 90 天让我感到非凡。我有机会与全球无数员工、客户和投资者会面，我对我们共同为实现更清洁世界的过滤使命所做的工作感到越来越自豪。我们深厚的技术专长、强大的企业文化、良好的业绩记录和财务状况使我们能够在强势地位上运营，我对此感到非常自豪并承担着相应的责任，继续在这一成功的基础上发展。十多年来，我们的战略投资推动了我们高绩效公司的增长和多元化，我们还有充足的机会进一步提升我们的表现。我们将继续投资于那些我们有明确胜算的有吸引力的市场，同时也在认真评估我们现有的业务组合，确保每个业务在我们的组合中都有其应有的位置。通过这种严格的评估，我们的基础将变得更强大，使我们能够为所有利益相关者创造价值。我对未来的旅程感到兴奋，并为能够带领这样一个才华横溢的组织进入下一个发展阶段而感到谦卑。我期待着向大家报告我们的进展。接下来，我将把电话交回给接线员，开启提问环节。

OPERATOR

接线员

We will now begin the question and answer session. If you would like to ask a question, please press Star one To raise your hand. To withdraw your question, press Star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality if you are muted locally, please remember to unmute your device. Please stand by while we compile the Q and A roster. Your first question comes from Brian Blair with Oppenheimer. Please go ahead.

我们现在将开始问答环节。如果您想提问，请按星号 1 以举手。要撤回您的问题，请再次按星号 1。我们建议您在提问时拿起听筒，以确保最佳音质。如果您在本地静音，请记得取消静音。请稍等，我们正在整理问答名单。您的第一个问题来自 Oppenheimer 的 Brian Blair。请继续。

Brian Blair (Equity Analyst)

Brian Blair（股票分析师）

Morning everyone. Morning Brian. I was hoping to level set a bit on footprint optimization, power gen ramp up and the impact on industrial margins. I realized that most of the pieces are now in place and sounds like your team is confident in driving better operating leverage going forward, but there's still quite a number of moving parts at hand. Is the right way to think about this that by the midpoint of fiscal 27 you're back, all else equal to 18% -ish margin at a prior run rate and then we're layering on the 10 million in cost savings? Or is that unfair or overly aggressive based on mix outlook or any other consideration?

大家早上好。早上好，Brian。我希望能对足迹优化、发电提升及其对工业利润率的影响进行一些基础性的讨论。我意识到大部分因素现在都已到位，听起来你的团队对未来推动更好的运营杠杆充满信心，但仍然有很多变数。我们是否可以这样理解，到 2027 财年的中点，假设其他条件不变，你们的利润率将回到 18% 左右的先前水平，然后再加上 1000 万美元的成本节省？还是说这个想法不公平或过于激进，基于组合前景或其他考虑？

Brad Pogalz

Yeah Brian, I would say if you just take footprint and the power gen situation and factor those in, I think that's a fair assessment. That would put us clearly back to prior high water marks for the industrial business and then I think as you look forward from there we'll have the rolled in savings that we had mentioned. Of course if there's other major mix changes that could have an impact, we'll have to explain those and talk about those as those arise at this point. I would not foresee anything meaningful at this point, but you know, we'll continue to monitor the situation and keep you informed.

是的，Brian，我认为如果你考虑足迹和发电情况，并将这些因素纳入考虑，我认为这是一个合理的评估。这将使我们明显回到工业业务的先前高点，然后我认为从那里看，我们将有之前提到的滚动节省。当然，如果有其他重大组合变化可能会产生影响，我们将需要对此进行解释并讨论。此时，我不预见会有任何重大变化，但我们会继续监测情况并保持你们的知情。

Brian Blair (Equity Analyst)

Brian Blair（股票分析师）

Okay, understood. And he's obviously owned Sassa for about a month now. So obviously early stage. Maybe offer a little color on the initial steps of integration. Remind us of the cost synergies contemplated in your deal model. I believe that's all procurement. And then most importantly, elaborate on commercial synergy potential. If I recall the phrase correctly, the journey of refinery to the wing. That has a nice ring to it.

好的，明白了。他显然已经拥有 Sassa 大约一个月了，所以显然还处于早期阶段。也许可以提供一些关于整合初步步骤的背景。提醒我们在你的交易模型中考虑的成本协同效应。我相信这都是采购方面的。最重要的是，详细说明商业协同效应的潜力。如果我没记错的话，炼油厂到机翼的旅程这个短语听起来不错。

Rich Lewis (President and CEO)

Rich Lewis（总裁兼首席执行官）

Yeah. So as you mentioned, we just closed Facet and I would just tell you if you just go back to the sort of the rationale for the acquisition, you know, it's a great end market with a lot of natural tailwind, higher margins, So think double our margin profile, higher growth rates. We continue to be encouraged by what we've seen. We did our first deep business review with the team post close and the outlook for the business over the next 12 months, even in spite of the situation in the Middle East is still strong. We're very encouraged by what we're seeing with Facet from a cost synergy. You're right, it's all on the procurement side. It was in the neighborhood of around 4 to 5 million dollars. Brad can clarify the exact amount. And then on the revenue synergy side, we didn't build any revenue synergies into our justification, but we do believe that there are some. So for example, they'll sell a fuel system into a particular marine application. It also requires air filtration. So they have relationship with customers that we do not. And we have relationship with customers that they do not. So over time we believe we'll be able to leverage additional growth synergies. It's not determined at this point how large those will be, but we're encouraged by what we've seen so far.

是的。正如你提到的，我们刚刚完成了 Facet 的收购，我想告诉你，如果你回顾一下收购的理由，你会发现这是一个很好的终端市场，具有很多自然的顺风，利润率更高，所以想想我们的利润率翻倍，增长率更高。我们对所看到的情况感到鼓舞。我们在收购后与团队进行了第一次深入的业务审查，尽管中东的情况不佳，但未来 12 个月的业务前景仍然强劲。我们对 Facet 在成本协同方面的表现感到非常鼓舞。你说得对，这完全是在采购方面，金额大约在 400 万到 500 万美元之间。Brad 可以澄清确切的金额。在收入协同方面，我们在论证中没有建立任何收入协同，但我们确实相信存在一些。例如，他们会向特定的海洋应用销售燃油系统，这也需要空气过滤。因此，他们与我们没有的客户建立了关系，而我们与他们没有的客户也有关系。因此，随着时间的推移，我们相信能够利用额外的增长协同。目前尚不确定这些协同效应的规模，但我们对迄今为止所看到的情况感到鼓舞。

Brad Pogalz

Nothing to add for me. Brian Rich has the cost right and I think it's just it's been a good month of getting to know the team and starting to work the plans together.

我没有其他要补充的。Brian，Rich 说的成本是正确的，我认为这是一个很好的月份，让我们开始了解团队并共同制定计划。

Brian Blair (Equity Analyst)

Brian Blair（股票分析师）

Understood. Appreciate the color. Thanks again.

明白了。感谢你的说明。再次感谢。

OPERATOR

接线员

Your next question comes from Angel Castillo with Morgan Stanley. Please go ahead.

您的下一个问题来自摩根士丹利的 Angel Castillo。请继续。

Oliver

Hey, good morning guys. This is Oliver on for angel this morning. Just a quick question on on your operating margin guide. I mean that seems to imply a pretty substantial step up in fourth quarter in industrial solutions. Can you just help us bridge some of the key drivers there? Is it mostly mix or operating leverage or something else there? Thanks.

嘿，早上好，大家。这是 Oliver，今天早上代替 Angel 提问。关于你们的运营利润率指引，我有一个简单的问题。这似乎暗示在工业解决方案的第四季度会有相当大的提升。你能帮我们梳理一下其中的一些关键驱动因素吗？主要是组合、运营杠杆还是其他因素？谢谢。

Brad Pogalz

Hi, Oliver. Yeah, I mean you've got it right. We're definitely implying the step up in Q4 and as I commented in my remarks, we expected more of a step up in Q3, but we feel good about the endpoint where we've worked through some things. And as I noted on Footprint specifically, two plants were closed and now it's about that final phase of transitioning and getting productivity in the new homes. So the step up there is really about improved operational performance. Volumes are contemplated up from here, and then on top of it, some of the more meaningful headwinds are behind us in terms of overall profit.

嗨，Oliver。是的，我是说你说对了。我们确实暗示了第四季度的增长，正如我在发言中提到的，我们原本预计第三季度会有更大的增长，但我们对最终结果感到满意，因为我们已经解决了一些问题。正如我特别提到的，Footprint 方面有两个工厂关闭，现在正处于过渡的最后阶段，努力提高新工厂的生产力。因此，增长实际上是关于改善运营表现。预计未来的产量会有所增加，并且在整体利润方面，一些更重要的阻力已经过去。

Oliver

Okay, great, that's helpful. And then just a question on AMD, I mean, you know, year to date, it seems like we're down kind of in the mid teens organically. Can you just give us a sense of the orders in the backlog? If you can still ship those, you know, this year with the supply chain constraints or, you know, potentially does this become a tailwind in 202027? If we all ship those orders, then

好的，很好，这很有帮助。然后关于 AMD 的问题，我是说，到目前为止，似乎我们的有机增长大约下降了中个位数。你能给我们一些关于积压订单的情况吗？如果你们仍然能够在供应链限制下在今年发货，或者说这是否可能在 2027 年成为一个顺风？如果我们都能发出这些订单的话，

Brad Pogalz

yeah. Oliver, if you think about.

是的，Oliver，如果你考虑一下。

OPERATOR

操作员

Please hold for technical delay.

请稍等，技术延迟。

Brad Pogalz

All right, Oliver, I think we're back. We lost connection.

好的，Oliver，我想我们恢复了。我们失去了连接。

Oliver

Yeah, I can hear you.

是的，我能听到你。

Brad Pogalz

Yeah, so A and D, we exited Q3 with near record backlogs and it's been increasing steadily throughout the year. So there is an element of, Hey, we only have three months left. How much will we be able to get out? And as you mentioned, there are some recurring supply chain issues that we're working through. We do expect that you'll see continued improvement in the next few quarters. But yeah, as a tailwind into F27, that's probably a good way to think about it.

是的，所以 A 和 D，我们在第三季度结束时积压订单接近创纪录，并且在全年稳步增加。因此，有一个因素是，嘿，我们只剩下三个月了，我们能发出多少？正如你提到的，我们正在解决一些反复出现的供应链问题。我们确实预计在接下来的几个季度会看到持续改善。但作为 2027 年的顺风，这可能是一个不错的思路。

Oliver

Perfect. Thanks guys.

完美。谢谢你们。

OPERATOR

操作员

Your next question comes from Adam Farley with Stifel. Please go ahead.

下一个问题来自 Stifel 的 Adam Farley。请继续。

Adam Farley (Equity Analyst)

Adam Farley（股票分析师）

Good morning, everyone. Good morning. And then we first saw in the mobile aftermarket strength, just a little more color on, you know,, how the original equipment (OE) channel progressed following last quarter's expected balance sheet management. And then, you know,, what's, what's driving the double digit strength on the independent side.

大家早上好。早上好。然后我们首先在移动后市场看到了强劲的表现，能否再多说一下，关于原始设备（OE）渠道在上个季度的预期资产负债管理后的进展情况。然后，是什么推动了独立市场的双位数增长。

Rich Lewis (President and CEO)

Rich Lewis（总裁兼首席执行官）

So Adam, you know, if you think about. Let's just talk about the OE side. You know, we came out of Q2 and the OEs were aggressively managing their balance sheet, as you mentioned, the expectation was we would see a reversal of that. I think clearly that came through. I would call it a. Probably a destocking in Q2 and a little bit of restocking in Q3, and we'll have straight pull through demand in Q4, albeit at a very high level. Just in general, utilization rates are really strong right now globally. And we see that very broad based. It's not just one region, it's across the entire world through both Channels. On our independent aftermarket side, we mentioned that we had picked up a nice new business award that'll start shipping here in Q4 and will be a nice tailwind into next year. So overall a mix of volume, pricing and we feel really encouraged by what we're seeing out in the market right now.

所以 Adam，你知道，如果你考虑一下。我们先谈谈 OE 方面。你知道，我们在第二季度结束时，OE 们在积极管理他们的资产负债表，正如你提到的，预期是我们会看到这种情况的逆转。我认为这显然是实现了。我会称之为第二季度的去库存和第三季度的小幅补库存，第四季度我们将有直接的需求拉动，尽管水平非常高。一般来说，全球的利用率现在非常强劲。我们看到这种情况非常广泛，不仅仅是一个地区，而是遍布全球的两个渠道。在我们的独立后市场方面，我们提到我们获得了一项不错的新业务合同，将在第四季度开始发货，并将成为明年的一个良好顺风。因此，总体而言，量、价格的组合让我们对目前市场的表现感到非常鼓舞。

Adam Farley (Equity Analyst)

Adam Farley（股票分析师）

That's really helpful. Maybe staying on the mobile business. On the first-fit side, how do you characterize the end markets? Maybe on a relative basis. I know you pulled out construction, but maybe what are you seeing or expecting on some of the other end markets in first Fit?

这真的很有帮助。也许继续谈谈移动业务。在首次适配方面，你如何描述最终市场？也许相对而言。我知道你排除了建筑，但你在首次适配方面对其他一些最终市场有什么看法或预期？

Rich Lewis (President and CEO)

Rich Lewis（总裁兼首席执行官）

So let's start on the sort of the positive side. So construction, as you mentioned, mining, they continue to run sort of, I'd call them mid cycle levels, good order patterns. On the AG and trucking side, we continue to be at trough levels or near those levels. We have seen pockets of improvement in certain areas of ag. So think small AG and turf, but those are more niche applications. I'd say broad based AG remains constrained. On the trucking side, we're seeing elevated order patterns especially in North America in the second half as we enter the new EPA regulations in 2027. But overall demand on both of those markets for the first fit remains muted. And as we spoke a minute ago, most of our revenue over 75% recurring revenue on the replacement side. And we can see those demand and backlog still remaining pretty strong.

所以我们先从积极的一面开始。正如你提到的，建筑、采矿，他们继续保持中周期水平，订单模式良好。在农业和卡车方面，我们仍然处于低谷水平或接近这些水平。我们在某些农业领域看到了一些改善的迹象。所以考虑到小型农业和草坪，但这些更多是小众应用。我认为广泛的农业仍然受到限制。在卡车方面，尤其是在北美，我们看到订单模式上升，特别是在 2027 年新 EPA 法规实施的下半年。但总体而言，这两个市场的首次适配需求仍然疲软。正如我们刚才提到的，我们超过 75% 的收入是来自替换市场的经常性收入。我们可以看到这些需求和积压仍然保持相当强劲。

Adam Farley (Equity Analyst)

Adam Farley（股票分析师）

Okay, thank you for taking my questions.

好的，谢谢你回答我的问题。

OPERATOR

操作员

Your next question comes from Brian Drab with William Blair. Please go ahead.

下一个问题来自 William Blair 的 Brian Drab。请继续。

Brian Drab (Equity Analyst)

Brian Drab（股票分析师）

Hi. Thanks for taking my questions. I just wonder if you could talk a little bit more about the aerospace and defense business in the last quarter. I think the main issue you highlighted was project timing. Now I think it sounds like project timing and supply chain. Could you just elaborate on what's happening in the supply chain and is that your supply chain? Are you seeing disruptions in customer supply chain, this dampening demand and, and kind of give us some visibility there to when that gets resolved.

嗨。谢谢你回答我的问题。我只是想知道你能否多谈谈上个季度的航空航天和国防业务。我认为你强调的主要问题是项目时机。现在我认为听起来像是项目时机和供应链。你能否详细说明供应链中发生了什么？这是你们的供应链吗？你们是否在客户的供应链中看到干扰，这影响了需求，并给我们一些关于何时解决的可见性。

Rich Lewis (President and CEO)

Rich Lewis（总裁兼首席执行官）

Sure. Yeah. Thanks Brian. Good morning. And yeah, maybe just start big picture where we're hearing from our customers, it does sound like from our customers that they have a number of supply chain challenges. Very rarely are our supply chain challenges the ones that are keeping them from building product. If you look at our specific situation, it's probably twofold. So let us talk about the lumpy project timing, we talked about. We've seen a lot of strengthening coming out of the first half in our aerospace and defense backlogs. So that's those project timing,, those new orders coming in that we expected. So that has strengthened significantly. Really comes down to our ability to ship those. It's primarily on the system side. So if you think about it, these are large engineered, highly complex systems that we're selling to our customers and in many cases we're waiting on one part or one material to ship those. So there is a handful of challenges that we're working through. Based on our timelines, we would expect the vast majority of these to be recovered through Q1 of next fiscal into calendar year at the latest. Probably the only one internally would be. We did close that plant in California in last quarter and we're working on the ramp up at the new site. Like our supplier challenges that will also continue into the early part of next fiscal. But overall we'll carry a strong tailwind into next year and we would expect most of these issues to get resolved through a series of actions.

当然。是的。谢谢你，Brian。早上好。也许我们可以从大局开始，听听客户的反馈，似乎我们的客户面临着许多供应链挑战。我们的供应链挑战很少是阻碍他们生产产品的原因。如果你看看我们的具体情况，可能有两个方面。所以让我们谈谈我们之前提到的项目时间不均的问题。我们看到航空航天和国防的订单积压在上半年有了很大的增强。这些项目的时间安排，以及我们预期的新订单都显著增强。实际上，这主要取决于我们交付这些订单的能力。主要是在系统方面。所以如果你考虑一下，这些是我们销售给客户的大型工程、复杂系统，在许多情况下，我们在等待一个零件或一种材料来交付这些订单。因此，我们正在解决一些挑战。根据我们的时间表，我们预计绝大多数这些问题将在下一个财年的第一季度得到解决，最迟到日历年结束。可能唯一的内部问题是，我们在上个季度关闭了加州的工厂，目前正在新地点进行增产。像我们的供应商挑战一样，这些问题也将持续到下一个财年的早期。但总体而言，我们将在明年迎来强劲的顺风，我们预计大多数问题将通过一系列措施得到解决。

Brian Drab (Equity Analyst)

Brian Drab（股票分析师）

Okay, thank you. And then this is one more on the outlook. The three 3 to 5% revenue growth. What is the breakdown there between in your mind, between price and volume and you know, how much is price contributing and is this, you know, are you having to adjust based on tariffs and steel prices, etc.

好的，谢谢。那么这是关于前景的另一个问题。3% 到 5% 的收入增长。你认为这其中价格和销量的比例如何？价格贡献多少？你们是否需要根据关税和钢铁价格等进行调整？

Brad Pogalz

Hey, Brian, the price is relatively consistent with where we've been so far this year. Probably a little more than 1%. I will point out though, if you remember one year ago, we were starting to lap the real hit from tariffs. We were paying those costs. So year over year it looks a little bit different to your question about what we're getting right now. You know, of course, I think the biggest thing that we're all watching is the inflation and the impact from the Middle East conflict. And it really didn't come through in Q3. So I would say we're poised for that. We'll use surcharges where appropriate. We'll use price increases where appropriate, but that's something we didn't factor in meaningful incremental price in our forecast as a result of that. I would consider it more of an organic forecast in that regard.

嘿，Brian，价格与我们今年迄今为止的水平相对一致，可能略高于 1%。不过我想指出的是，如果你还记得一年前，我们开始受到关税的真正影响。我们当时在支付这些成本。因此，年比年看起来有些不同，关于你现在问到的情况。我认为我们都在关注的最大问题是通货膨胀和中东冲突的影响。这在第三季度并没有显现出来。所以我会说我们为此做好了准备。我们会在适当的情况下使用附加费，也会在适当的情况下提高价格，但这不是我们在预测中考虑的有意义的额外价格。我会认为这在某种程度上是一个有机的预测。

Brian Drab (Equity Analyst)

Brian Drab（股票分析师）

Okay, and Brett, can you just quickly remind me, did Section 232 change impact anything? I know you moved a lot of volume to Mexico and you're shipping a lot of that into the U.S. yeah,

好的，Brett，你能快速提醒我一下，232 条款的变化是否影响了什么吗？我知道你们将很多量转移到了墨西哥，并且将很多货物运往美国。是的，

Brad Pogalz

sorry, I didn't mean to cut you off. Yes, the change there is at this point, I would say negligible for us. There's a few parts that we're looking at and obviously the metal content is the biggest one. So think about our hydraulic filters are a good example. But in terms of the net impact to tariffs. And despite these changes with 232, it's not something that I would say is material for Donaldson.

抱歉，我不是故意打断你。是的，目前的变化对我们来说可以说是微不足道的。有一些零件我们在关注，显然金属含量是最大的一个。所以想想我们的液压过滤器就是一个很好的例子。但就关税的净影响而言，尽管 232 条款有这些变化，但我不会说这对 Donaldson 是重要的。

Brian Drab (Equity Analyst)

Brian Drab（股票分析师）

Okay, got it. Talk to you more later. Thank you. Thanks.

好的，明白了。稍后再聊。谢谢。

OPERATOR

操作员

Your next question comes from Robert Mason with Baird. Please go ahead.

下一个问题来自 Baird 的 Robert Mason。请继续。

Robert Mason (Equity Analyst)

Robert Mason（股票分析师）

Good morning. Thanks for the question. Just first question around FAFSA, you know the expectation that that comes in about $0.03 dilutive. Yeah, I guess more or less on a GAAP basis. That includes the amortization. And the thought that the GAAP the margin impact is immaterial in the fourth quarter. Is that are those good benchmarks to annualize and carry into fiscal 27 or is there anything unique about the fourth quarter quarter? Presumably you would deleverage some along the way, but how to think about that on an annualized basis? Sure, you really touched on an important

早上好。谢谢你的提问。第一个问题是关于 FAFSA 的，你知道预期会有大约 0.03 的稀释。是的，我想这在 GAAP 基础上大致如此。这包括摊销。而且考虑到 GAAP 的利润影响在第四季度是微不足道的。这些是可以年化并带入 2027 财年的良好基准吗？还是说第四季度有什么独特之处？假设你在这个过程中会有一些去杠杆，但如何在年化基础上考虑这个问题？当然，你触及了一个重要的

Brad Pogalz

point is the deleveraging. So thinking about fourth quarter and we talked about roughly $9 million of interest expense, all sequel, that ends up being a high watermark as we work to pay it down over the course of the coming quarters in terms of the net impact. The other side of it would be the expected and expected growth in revenue and then profit expansion that comes with facet, whereas amortization of course ends up being a fixed amount. We'll give some more details on the very specific components of that when we do our fiscal 27 outlook in a few months. But to your question, I would caution against just saying $0.03 times four is the annualized number. It definitely goes less than that. And as we said on the call last quarter, we would expect facet accretion on a gap basis in year two and it's cash basis much more quickly.

点，那就是去杠杆。所以考虑到第四季度，我们提到大约 900 万美元的利息支出，所有续集，这最终成为我们在接下来的几个季度中努力偿还的高点，就净影响而言。另一方面是预期的收入增长和随之而来的利润扩张，而摊销当然是一个固定金额。我们将在几个月后进行 2027 财年展望时提供一些更具体的细节。但对于你的问题，我会提醒不要仅仅说 0.03 乘以 4 就是年化数字。肯定会少于这个数字。正如我们在上个季度的电话中所说，我们预计在第二年会有基于 GAAP 的 FAFSA 增值，而在现金基础上会更快。

Robert Mason (Equity Analyst)

Robert Mason（股票分析师）

Understood, understood.

明白了，明白了。

Rich Lewis (President and CEO)

Rich Lewis（总裁兼首席执行官）

Just as a follow up, Rich, your

作为跟进，Rich，你的

Robert Mason (Equity Analyst)

Robert Mason（股票分析师）

commentary around the mobile aftermarket certainly tended to the positive with some things kicking in here even in the fourth quarter on the share gain, you know. But if I step back and look at what that in your full year guide kind of implies sequentially, it's maybe not as strong seasonal as I would normally expect. I don't know, maybe my math is off. But is that conservatism on your part or is there you know, anything else kind of discreet that is keeping kind of this seasonal lift less than what we've seen historically?

关于移动售后市场的评论显然是偏向积极的，甚至在第四季度也有一些事情在分享增长方面开始显现。但是如果我退一步看看你们的全年指导所暗示的顺序，可能没有我通常预期的那么强劲的季节性。我不知道，也许我的计算有误。但这是你们的保守态度，还是说还有其他什么因素使得这种季节性提升低于我们历史上看到的水平？

Rich Lewis (President and CEO)

Rich Lewis（总裁兼首席执行官）

Yeah, it's a little bit of what we spoke about a minute ago where we had the OES doing the destocking in Q2 and then they restocked probably we think to a little bit more aggressive level than pull through demand. It's honestly a little Bit hard to pin that down. Exactly. But we're assuming there'll be a slight pullback and we'll just have pull through demand. No more stocking destocking in Q4. I would say, you know, to be determined. Order rates still look really strong in the Q4, but we'll continue to monitor it throughout the quarter. But that's the main impact there.

是的，这有点像我们刚才谈到的，我们在第二季度让 OES 进行去库存，然后他们可能以比需求更激进的水平进行了补货。老实说，这很难准确界定。但我们假设会有轻微的回落，我们将只会有需求拉动。第四季度不会再有库存去库存的情况。我会说，这还需要观察。第四季度的订单率看起来仍然非常强劲，但我们会在整个季度内继续监测。这是主要影响。

Robert Mason (Equity Analyst)

罗伯特·梅森（股票分析师）

Very good, thank you.

非常好，谢谢。

OPERATOR

操作员

Your next question comes from Lawrence Alexander with Jefferies. Please go ahead.

您的下一个问题来自杰富瑞的劳伦斯·亚历山大。请继续。

Dan Rizwan (Equity Analyst)

丹·瑞兹万（股票分析师）

Hey guys, it's Dan Rizwan from Lawrence. Thanks for taking my question. So you mentioned, I mean obviously market share gains are a big part of kind of the growth, the growth algorithm. I was wondering if it's, if how it's split between increased penetration with existing customers versus new customers, if new customers is harder to get or that's not how we should think about it or just any color on how that's working.

嘿，大家好，我是劳伦斯的丹·瑞兹万。感谢你们回答我的问题。你提到，市场份额的增长显然是增长算法的重要组成部分。我想知道这在现有客户的渗透率增加与新客户之间的分配情况如何，如果获取新客户更困难，或者我们不应该这样考虑，或者只是关于这方面的任何信息。

Rich Lewis (President and CEO)

里奇·刘易斯（总裁兼首席执行官）

Yeah, I would say it's really a business by business conversation because if you go to some of our businesses, like in our mobile OE world, we have business with the vast majority of the large OEs. So it's about taking share with those existing customers. Disk drive would be a similar story. But then if you get into like our food and beverage business, a big part of their Q3 story was taking share at new customers. You know, we talked about last time the cooling systems for data centers. That's a brand, that's an adjacency that we've just pushed into. So I would, it's a mix and it probably varies by business and the maturity of the business.

是的，我会说这实际上是一个业务对业务的对话，因为如果你去看我们的某些业务，比如在我们的移动 OE 领域，我们与绝大多数大型 OE 有业务往来。所以这是在现有客户中争取市场份额。磁盘驱动器的情况也是类似的。但如果你进入我们的食品和饮料业务，他们第三季度的一个重要故事就是在新客户中争取市场份额。你知道，我们上次谈到的数据中心冷却系统。这是一个品牌，这是我们刚刚进入的一个邻近领域。所以我认为这是一个混合，可能因业务和业务的成熟度而异。

Dan Rizwan (Equity Analyst)

丹·瑞兹万（股票分析师）

Okay. And then I'm sorry if I missed this. So obviously interest rates going up, but you still have a, a very healthy balance sheet. But I was wondering if you're shifting your strategic priorities to focus more on debt reduction and lessening share repurchases. I'm thinking more of 2027 and beyond or just for 2027, really. I don't know if it's just going to be a short term shift in how you kind of allocate your available cash.

好的。如果我错过了这一点，我感到抱歉。显然，利率在上升，但你们的资产负债表仍然非常健康。但我想知道你们是否在战略优先事项上转向更关注债务减少，而减少股票回购。我更关注 2027 年及以后的情况，或者只是针对 2027 年，实际上我不知道这是否只是短期内你们在如何分配可用现金上的变化。

Brad Pogalz

布拉德·波戈兹

Hey, Dan. So the share repurchases as we talked about, we paused to do some pay down on Facet, but I would say this isn't a suspension at all. Share repurchase has always been the variable lever. We've got fresh debt minted right now. Obviously we'll give more updates on our plans in a few months, but it's something that would ebb and flow based on our opportunities. And the point to make too is that we would still look for M and A opportunities in the market. It's got to be the right strategic fit. It's got to be something like a facet, good qualifications that come with FaceTime, but share repurchase will move according to those opportunities.

嘿，丹。正如我们所谈到的，股票回购我们暂停了一些以偿还 Facet 的债务，但我会说这并不是暂停。股票回购一直是一个可变的杠杆。我们现在有新的债务显现出来。显然，我们将在几个月内提供更多关于我们计划的更新，但这将根据我们的机会而波动。还有一点要提的是，我们仍然会在市场上寻找并购机会。必须是合适的战略契合，必须是像 Facet 这样的东西，具有良好的资格，但股票回购将根据这些机会而变化。

Dan Rizwan (Equity Analyst)

丹·瑞兹万（股票分析师）

Thank you very much.

非常感谢。

OPERATOR

操作员

Your next question comes from Tim Feen with Raymond James. Please go ahead.

您的下一个问题来自雷蒙德·詹姆斯的蒂姆·芬。请继续。

Tim Feen (Equity Analyst)

蒂姆·芬（股票分析师）

Thank you. Good morning. First question, Brad, maybe one for you. Just on the gross margins and circling back to the comments earlier around some of the potential inflation bubbling up that, that, that hasn't yet flown through the P and L. Did that, did the gross margin change? Did that, did that come into play or was it more on the industrial side and that impacted that. And I'm just thinking as we, as we put the calendar to 27, you know, based on where we sit today, which you know, could change tomorrow, obviously, but just how you think your position is from a broader kind of price cost perspective.

谢谢。早上好。第一个问题，布拉德，也许是给你的。关于毛利率，回到之前关于一些潜在通胀上升的评论，这些通胀尚未流入损益表。毛利率有变化吗？这是否起了作用，还是更多地在工业方面影响了这一点。我只是想知道，随着我们进入 2027 年，基于我们今天的情况，当然，这可能明天会改变，但你如何看待从更广泛的价格成本角度来看你的定位。

Brad Pogalz

布拉德·波戈兹

Sure. Overall we're positioned pretty well from price cost. So the impacts in the quarter, as you point out, it was really about these very specific industrial things. So we talked about essentially reconciling 100 basis points of pressure that are attributable to the industrial segment for temporary activities and all else equal, then that would imply gross margin up 90 basis points versus the minus 10 year over year price, volume and mix were all contributing there. So I feel like our pricing muscle is in a really good spot. To the extent that we see pressure from the Middle East, we'll react and we'll react quickly. And in the past quarter it was only upside for us.

当然。总体而言，我们在价格成本方面的定位相当不错。因此，正如你所指出的，这个季度的影响确实是关于这些非常具体的工业因素。所以我们谈到了基本上调和 100 个基点的压力，这归因于工业部门的临时活动，其他条件相同，那么这将意味着毛利率比去年上升 90 个基点，而价格、销量和组合都在贡献。因此，我觉得我们的定价能力处于一个非常好的位置。如果我们看到来自中东的压力，我们会迅速反应。在过去的一个季度，这对我们来说只有好处。

Tim Feen (Equity Analyst)

蒂姆·芬（股票分析师）

Okay, interesting. And then on the, the aftermarket piece within mobile, how do you, I know you want, you don't want to go out on thoughts on 27, but the new contract that you want, we're not talking a scope of the Napa win from years past, I assume, right. In terms of how to size that. Yeah.

好的，有趣。那么在移动领域的售后市场部分，你如何看待，我知道你不想对 2027 年发表看法，但你想要的新合同，我们不是在谈论几年前 Napa 赢得的范围，我假设，对吧？关于如何评估这个。

Rich Lewis (President and CEO)

里奇·刘易斯（总裁兼首席执行官）

Think about it in two pieces. So first it's not the size of an APPA win, but it is a sizable win. And what it does strategically is it gets our products on the shelf at a number of dealers that we had not been present before, which then creates future growth opportunities. We actually think the future growth opportunity is bigger than the current business award. So it is a nice catalyst for our growth over the next couple years.

可以分为两个部分来考虑。首先，它不是 APPA 赢得的规模，但它是一个相当可观的胜利。从战略上讲，它使我们的产品能够在一些我们之前没有出现过的经销商的货架上，这样就创造了未来的增长机会。我们实际上认为未来的增长机会比当前的业务奖励更大。因此，这是我们未来几年增长的一个良好催化剂。

Brad Pogalz

布拉德·波戈兹

Tim, maybe I'll add on that. I talk in my section about capital deployment and working capital every quarter. We hear from our aftermarket partners about wins that they've got in the field and some are bigger than others. Of course, but it's consistency and reliability that are helping us get share here. This is a durable part of our growth plans in aftermarket as well.

蒂姆，也许我会补充一点。我在我的部分中谈到每个季度的资本部署和营运资本。我们听到我们的售后合作伙伴在现场获得的胜利，有些比其他的更大。当然，但一致性和可靠性帮助我们在这里获得市场份额。这也是我们在售后市场增长计划中的一个持久部分。

Rich Lewis (President and CEO)

里奇·刘易斯（总裁兼首席执行官）

Excellent. Thank you very much.

非常好，非常感谢。

OPERATOR

操作员

There are no further questions at this time. I will now turn the call back to Rich Lewis for closing remarks.

目前没有进一步的问题。我现在将电话交回给里奇·刘易斯进行结束语。

Rich Lewis (President and CEO)

里奇·刘易斯（总裁兼首席执行官）

Thank you. That concludes our call for today. Thanks to everyone who participated. We look forward to reporting our fourth quarter fiscal 2026 results in August.

谢谢。这次电话会议到此结束。感谢所有参与者。我们期待在八月份报告 2026 财年第四季度的业绩。

OPERATOR

主持人

Thank you and goodbye. This concludes today's call. Thank you for attending. You may now disconnect.

谢谢，再见。这次电话会议到此结束。感谢您的参与。您现在可以挂断电话。

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唐纳森 2026 年第三季度财报电话会议记录